Retail Direct App, Range Rover In India, Zoho Investment, Motorola New Launch, LIC & Health Insuarance, Etc.

Market Briefs

Main Briefs

RBI Launches PRAVAAH, Retail Direct App, and FinTech Repository:

Overview:

• The Reserve Bank of India (RBI) has launched three initiatives to enhance regulatory processes, boost retail investment, and improve fintech sector data.

PRAVAAH Portal:

• Streamlines authorizations, licences, and regulatory approvals.

• Features secure online submissions and status tracking.

Retail Direct Mobile App:

• Simplifies government securities transactions for retail investors.

• Available on Android and iOS for primary and secondary market transactions.

FinTech Repository:

• Provides comprehensive data on Indian fintech firms.

• Includes EmTech Repository for emerging technologies in RBI-regulated entities.

Launch Details:

• Initiatives announced by Governor Shaktikant Das.

• Aim to improve regulatory efficiency and market accessibility.

LR to Assemble Flagship Range Rover in India:

Summary:

• Jaguar Land Rover (JLR), owned by Tata Motors, will start assembling the flagship Range Rover and Range Rover Sport models in India.

• This initiative, at JLR's Pune plant, will lead to significant price reductions and reflects JLR's confidence in the Indian market.

Local Assembly:

• Range Rover price drops from Rs 3.3 crore to Rs 2.6 crore.

• Range Rover Sport price drops from Rs 1.8 crore to Rs 1.4 crore.

• Other models like Velar, Evoque, F-PACE, and Discovery Sport are already assembled in Pune.

Market Impact:

• Local assembly reduces prices by 18-22%.

• JLR aims to double Indian sales in 2-3 years.

• India's luxury car market grew by 25% in 2023.

Production:

• Additional production in India supplements the UK’s Solihull plant.

• Solihull to produce fully electric and top SV models.

• Plans to launch six new ICE and EV models in India.

Sales Growth:

• JLR India sold a record 4,436 units in 2023, up 81% from 2022.

• Anticipates continued growth driven by rising high-net-worth individuals and a stable economy.

• Expects luxury EV market penetration to double to 8% in 2-3 years.

1. Zoho's Sridhar Vembu invests in Tamil Nadu-based drone startup Yali Aerospace.

2. Grow's active user base is set to cross 1 crore in May.

3. Sony focuses on its audio business to increase India's revenue share to 30%, says MD Nayyar.

4. Silent layoffs in the Indian IT sector impact over 20,000 employees.

5. Spacetech startup Agnikul Cosmos cancels its maiden rocket launch for the fourth time.

6. Space tech startup Pixxel plans to launch six satellites using ISRO and SpaceX rockets.

7. Insurtech firm CoverSure raises $4 million in funding led by Enam Holdings.

8. India and France begin negotiations this week on a mega Rs 50,000 crore deal for 26 Rafale Marine jets.

9. Adani Group aims to enter India's payments and e-commerce market, according to a report.

10. LIC is considering entering the health insurance market and eyeing acquisitions.

11. Motorola Moto G04s is set to launch in the Indian smartphone market.

12. Government bodies and banks will use the 160 and 161 numbering series for service calls, says DoT.

World Briefs

• OpenAI establishes a Safety and Security Committee led by senior executives.

• Ledger begins shipping its high-end hardware crypto wallet.

• Singapore may consider using Chabahar Port to create a trade and transit corridor between Southeast Asia and Central Asia.

AI Briefs

• Iyo One Earbuds with integrated generative AI-powered chatbots are now available for pre-order.

Company Of The Day

Company Name: Agnikul

• Founder:  Moin SPM, Satyanarayanan Chakravarthy, Srinath Ravichandran

• Year Of Foundation: 2017

• Headquarter: Chennai, Tamil Nadu, India

• Industry:

  Agnikul is a space tech startup that manufactures and launches orbital-class rockets for micro and nano satellites.

• Why Is It in the News?

  Agnikul is a space tech startup that manufactures and launches orbital-class rockets for micro and nano satellites.