PM Narendra Modi is at present on a 2-day Kerala visit. He will flag off the first water metro of India. The metro rail connects ten islands around Kochi. The train will operate through battery-operated electric-hybrid boats. This is for seamless connectivity with the city. Water Metro gives distinct urban transportation. It offers convenience and travel experience to the already prevalent traditional metro systems. This metro mode of transit will be valuable in cities such as Kochi. Loknath Behera, the Managing Director at Kochi Metro Rail Limited, spoke to ANI ahead of PM’s visit. He said that the water metro…
Author: Editorial Team
India has jumped six places to rank 38th out of 139 countries in the World Bank’s Logistic Performance Index (LPI) 2023. India has significantly improved its logistic index since 2014, when it was 54th. This improvement in the logistic index reflects significant investments in hard and soft infrastructure and technology. This follows the launch of the National Master Plan for multimodal connectivity, the PM Gati Shakti initiative, in October 2021 to reduce logistics costs and boost the economy by 2024-25. The National Logistics Policy (NLP) was launched in 2022. Improvements in Logistic Index The report highlights India’s remarkable improvement in…
HDFC and Axis Banks today are 2 of India’s largest private lenders. They signed definitive agreements on the 21st April to pick up a 9.94 per cent equity stake each in the life insurance business of Go Digit, as shown by the regulatory filings. Go Digit is the IPO-bound insurtech unicorn. HDFC had already proposed the investment in August 2022. Axis then made a similar proposal in September 2022. This is per their regulatory filings that are with the Bombay Stock Exchange. HDFC and Axis Banks said on Saturday that they had signed agreements to buy up to 9.94 per…
The Reserve Bank of India (RBI) has toughened its stance on previous compliance lapses relating to funding abroad subsidiaries and joint ventures by corporates. Numerous corporations face difficulty making new financial commitments to their offshore subsidiaries. The central bank has stated that companies must identify the previous compliance lapses regarding funding and pay the fines before permitting remittances. The RBI has refused a proposal from banks to allow corporates to transfer funds over on the back of an escrow account mechanism. It has asked banks to review old cross-border transfer records to identify all reporting lapses. Reporting errors may be…
On Tuesday, in Mumbai, there was the grand launch of the Apple store in BKC. Today, Tim Cook has launched the second Apple Store in India at Saket, in the Delhi region. Apple Store Launch The launch signifies a new chapter in the history of the city. This is because the Apple Saket features a unique design inspired by its heritage. Here, customers can walk through a beautifully designed curved storefront at the store. This comes with white oak tables. The table displays Apple’s products and other accessories. The store also features a good Apple Pickup station. From here, customers…
Mesa School of Business is a new business school in Bangalore, India. It aims to bridge the gap between industry and academia. The school has raised INR 34 crore in investment from Elevation Capital and other notable angel investors. It will offer a unique 12-month, full-time PG program in Startup Leadership. Ankit Agarwal and Varun Limaye, the founders, intend to provide a practical, application-based curriculum. This is created and presented in collaboration with startup executives and potential employers. The school plans to offer individualized mentorship, industry exposure, and workshops focused on leadership development. Mesa School’s inaugural cohort will consist of…
Coca-Cola reportedly plans to acquire a minority stake in the Indian online food ordering app, Thrive. If the deal goes through, it will be Coca-Cola’s first investment in a startup in the Indian market. The company is yet to disclose the size of the deal and other finer details. Thrive and Coca-Cola Deal Thrive’s strategic investment by Coca-Cola will give the beverage maker a clear edge over its rivals in India. Coca-Cola’s acquisition of a minority stake in Thrive is expected to encourage consumer loyalty towards Coca-Cola’s beverages, particularly when placing food orders through the Thrive app. Additionally, it will…
Apple has expanded its retail presence in India by opening its first store in Mumbai. The store is at Jio World Drive in Mumbai’s Bandra Kurla Complex (BKC). It spans over 20,000 square feet across two levels and will employ approximately 100 people who can speak 25 languages. Moreover, Apple’s second store in India is set to open on April 20 in Delhi’s Saket. It will cover an estimated 8,400 square feet. With the opening of these stores, Apple aims to create deeper connections with its customers in India, the world’s second-largest smartphone market. Apple’s Keen Interest in India Apple…
Tesla CEO Elon Musk announced his plans to create a new artificial intelligence (AI) system, ‘TruthGPT,’ rivaling ChatGPT and Bard. In an interview with Tucker Carlson on Monday, Musk shared that he intends to create a “third option” in the AI race between Microsoft’s OpenAI and Alphabet’s Google and DeepMind. According to Musk, Microsoft and Google are the two leading heavyweights in the AI industry. He aims to provide a competitive alternative with TruthGPT. However, Musk did not disclose further details about TruthGPT. Elon Musk Plans TruthGPT New AI Company According to state filings, Musk recently incorporated a new AI…
Mumbai-based hyperlocal search engine Just Dial has reported a significant jump in its net profit for the fourth quarter of the financial year 2022-23 (FY23) due to a strong recovery from the pandemic-led slump. The company’s net profit surged 278.4% year-on-year (YoY) to INR 83.8 Cr during Q4 FY23. This represents an 11.3% increase from INR 75.3 Cr in Q3 FY23. The company’s operating revenue also rose by 39.5% YoY to INR 232.5 Cr in Q4 FY23, with a 5% increase from INR 221.4 Cr in Q3 FY23. Active Listings and Unique Visitors Increase Just Dial’s total active listings grew…