MDH Quality Check, BharatPe One, EV Investments, Airtel International Packs, Razorpay UPI Launch, Etc

Market Briefs

Main Briefs

India Asks MDH, Everest for Quality Check Details Amid Hong Kong Allegations:

Hong Kong and Singapore suspended sales of certain MDH and Everest spice blends due to high levels of a cancer-causing pesticide. In response, India's spice exports regulator has asked MDH and Everest for details of quality checks.

Suspension of Sales:

• Hong Kong suspended sales of three MDH spice blends and an Everest spice mix for fish curries.

• Singapore also recalled the Everest spice mix and advised against its consumption.

India's Response:

• The Spices Board of India ordered quality checks on MDH and Everest spices.

• The companies have been asked to explain how the products were tested and if all regulations were met.

Company Reactions:

• Rajinder Kumar, executive vice president for MDH, declined to comment.

• Everest did not respond to queries on

  the Spices Board's decision.

• Everest stated that its spices were safe for consumption and exported only after receiving necessary clearances and approval from the laboratories of the Spice Board of India.

BharatPe Launches BharatPe One: Simplifying Payment Transactions:

Launch of BharatPe One:

• BharatPe has introduced BharatPe One, an all-in-one payment product integrating POS, QR code, and speaker into one device.

• The product will be initially launched in about 100 cities and scaled up to around 450 cities over the next 6 months.

• BharatPe One is equipped with a high-definition touchscreen display, 4G and Wi-Fi connectivity, and powered by the latest Android operating system, ensuring enhanced performance and security.

Versatile Payment Options:

• BharatPe One provides versatile payment acceptance options, including dynamic and static QR code, tap-and-pay, and traditional card payment options, supporting a wide range of debit and credit cards.

Merchants' Streamlined Transactions:

• BharatPe One is designed to streamline transactions for merchants, offering a user-friendly interface, portable design, and comprehensive transaction dashboards, catering to the diverse needs of offline merchants.

Statement by BharatPe CEO:

• BharatPe CEO Nalin Negi stated, "By combining multiple functionalities into one cost-effective device, we're providing a comprehensive solution tailored to the varied needs of small and medium businesses across diverse sectors."

Indian Auto Manufacturers Invest Rs 13,000 Crore in EV and EV Parts with PLI Scheme:

Investment in EV and EV Parts:

• Indian automobile and auto parts manufacturers invested Rs 13,000 crore in the past year under the government’s Production Linked Incentive (PLI) scheme for manufacturing electric vehicles (EV) and related parts.

Companies Invested:

• Eight automakers and parts suppliers, including Mahindra & Mahindra, Tata Motors, Bajaj Auto, Ola Electric, Toyota Kirloskar Auto Parts, TVS Motor Company, Sona BLW Precision Forgings, and Delphi TVS Technologies, have received approval and invested under the PLI scheme.

Government Target:

• The government aims to attract investments worth Rs 42,500 crore in the next 2-3 years, ahead of the initial timeline of five years.

PLI Scheme Details:

• The PLI scheme, with an outlay of Rs 25,938 crore, supports the local automotive industry's transition to eco-friendly technologies, encouraging the development and indigenous production of electric vehicles, hydrogen fuel cell vehicles, and advanced auto technologies to reduce fuel consumption and carbon emissions in the mobility sector.

• The scheme provides financial incentives of up to 18% to boost domestic manufacturing of advanced automotive technology products, aiming to deepen localization, overcome cost disabilities, and create economies of scale.

Impact and Estimations:

• The PLI scheme is expected to lead to incremental production of over Rs 2.3 lakh crore and create more than 750,000 jobs in the next five years, boosting India's share in global automotive trade.

Briefs, You Can’t Miss:

1. Airtel Offers International Roaming Packs Starting at Rs 133/day in 184 Countries.

2. AU Small Finance Bank (AU SFB) Introduces New Products to Boost Fee Income, Including AU SPONT Rupay Credit Card and Secured Credit Card - NOMO.

3. MS Dhoni Named Citroen's New Brand Ambassador: Sources.

4. Mahindra Finance Uncovers Approximately Rs 150 Crore Fraud in Retail Vehicle Loan Portfolio.

5. Court Questions Size of Patanjali Ayurved's Apology Published in 67 Newspapers, Comparing It to Full-Page Advertisements Typically Issued for Its Products.

6. Karnataka and Gujarat Lead India's Clean Energy Transition Race: Report.

7. IndiGo Announces Trial of In-Flight Entertainment on Delhi-Goa Route.

8. Razorpay Launches UPI Switch in Partnership with Airtel Payments Bank.

9. ICICI Prudential Life Insurance to Focus on Growing Absolute VNB Amid Slump in FY24.

10. India Ranks Fourth in Military Spending at $83.6 Billion: SIPRI Report.

World Briefs

• Dr. Reddy's Recalls Six Lots of Drugs in the US Due to Sub-Potency Concerns.

• Global Military Spending Reaches All-Time High in 2023 Following 7% Increase, Report Reveals.

• International Monetary Fund's Economic Counsellor Pierre-Olivier Gourinchas States "Fairly Minimal" Risk of Global Recession, Tells CNBC.

• Disney's Aaron LaBerge to Depart, Joins Penn Entertainment as Chief Technology Officer.

AI Briefs

• Microsoft's VASA-1 AI Model Generates Hyper-Realistic Talking Faces from a Single Photo and Speech Track.

• SoftBank to Invest 150 Billion Yen ($960 Million) to Enhance Computing Facilities by 2025 for the Development of Its Own Generative AI.

• Perplexity Reportedly Raising Over $250 Million at a Valuation of $2.5 Billion to $3 Billion for Its AI Search Platform.

• Amazon Plans to Host Companies' Custom Generative AI Models.

Company Of The Day

Company Name: Zepto

Founder: Aadit Palicha, Kaivalya V.

Year Of Foundation: 2020

Headquarter: Parel, Maharashtra, India

Industry: Zepto offers a 15-minute grocery delivery service through an e-grocery app that enhances the grocery shopping experience.

Why In News In India?

In April 2024, Flipkart tried to buy a big part of Zepto for under $2 billion, but the deal didn't happen.