Food Inflation, Zepto, Paytm Layoffs,Binance, Sun Pharma, Google, OpenAI, Etc.

June 22, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

Market Briefs

Main Briefs

RBI Highlights Food Inflation as Key Challenge to Disinflation:

PC: Money Control

  • RBI MPC minutes highlight food inflation as a major obstacle to faster disinflation.

  • Despite some progress, high food prices remain problematic.

  • The committee stresses the importance of ongoing vigilance and measures to tackle inflation.

  • Current inflation trends require continued attention and action from policymakers.

  • Other inflation components are showing improvement.

  • High food prices challenge the achievement of inflation targets.

Quick-Commerce Giant Zepto Reaches $3.6 Billion Valuation After Major Funding:

  • Zepto raises $665 million, achieving a $3.6 billion valuation.

  • This funding round is the largest in 2024 to date.

  • Strong investor confidence in Zepto's business model and growth.

  • Funds will be used to expand operations and improve technology.

  • Zepto is a leading player in the Indian quick-commerce market.

Indian Briefs, You Can’t Miss:

  1. Paytm Employees Cry Foul Over Layoffs, Take Battle to Labour Ministry.

  2. Ola Electric Hits Speed Bump as Investors Push Back on IPO Valuation

  3. Crypto Players Cheer as India Opens Doors to Binance, Promises Healthy Competition.

  4. Market Moves: Anil Agarwal Set to Offload 2.5% of Vedanta.

  5. Hindustan Zinc and AEsir Tech to Revolutionize Energy Storage with Zinc Batteries.

  6. Pharma Powerhouse: Sun Pharma and Takeda to Bring New Gastrointestinal Drug to India

World Briefs

  • Google Halts Plan to Charge Service Fees on Real-Money Gaming Apps.

  • Trump Pledges Green Card Pathway for Foreign Graduates, Inspired by Indian and Chinese Successes.

AI Briefs

  • Digital Doppelgangers: Ukrainian Students' Faces Misused by AI on Chinese Social Media.

  • Data Revolution: OpenAI Acquires Startup to Help Businesses Navigate Information.

  • Future of AI: SoftBank Leader Anticipates Massive Intelligence Surge.

  • Strategic Move: OpenAI Buys Rockset to Enhance Data Handling for Businesses.

Company Of The Day

Company Name: Hinduja Group

PC: Business Standard

  • Founder: Parmanand Hinduja

  • Year Of Foundation: 1914

  • Headquarter: Mumbai, Maharashtra, India

  • Industry:

    Hinduja Group, an Indian conglomerate, operates in eleven sectors such as automotive, oil, finance, IT, cyber security, healthcare, infrastructure, media, power, and real estate. 

  • Why Is It in the News?

    Swiss court sentences four members of the Hinduja family to up to 4.5 years for exploiting their servants.