Zomato, Apple, Unacademy, Zerodha, Bitcoin, Tesla, Etc

Market Briefs

Main Briefs

Zomato Withdraws NBFC Licence Application, Focuses on Core Food Delivery Business:

• Withdrawal of Application: Zomato has decided to withdraw its application for a Non-Banking Financial Company (NBFC) licence.

• Strategic Shift: The company stated that it no longer intends to enter the lending business, indicating a strategic shift in its business focus.

• Business Priorities: Zomato aims to concentrate on its core food delivery and related services, rather than diversifying into financial services.

• Regulatory Compliance: The decision to withdraw follows the company's assessment of the regulatory landscape and business feasibility.

• Future Plans: Zomato continues to explore opportunities to enhance its primary offerings and drive growth within the food tech industry.

Apple Exceeds Majority of PLI Scheme Targets, Boosting Manufacturing in India:

• PLI Scheme Success: Apple has surpassed 5 out of the 6 targets set under India's Production-Linked Incentive (PLI) scheme.

• Manufacturing Milestone: This achievement highlights Apple's significant progress in enhancing its manufacturing capabilities in India.

• Economic Impact: Apple's success under the PLI scheme is expected to contribute to job creation and economic growth in the country.

• Government Collaboration: The PLI scheme is part of the Indian government's efforts to boost local manufacturing and reduce dependency on imports.

• Future Expansion: Apple's performance under the scheme may encourage further investment and expansion of its manufacturing footprint in India.

Indian Briefs, You Can’t Miss:

1. Unacademy Implements Layoffs, Axes 250 Jobs Across Multiple Functions.

2. Zerodha’s Nithin Kamath Warns of Higher Brokerage for F&O Trades Due to SEBI's Uniform Charges.

3. HDFC Bank FII Limit Change Could Boost MSCI(Morgan Stanley Capital International) Index Weight.

4. TCS Signs Five-Year Title Partnership Deal with Sydney Marathon.

5. Multiple NBFCs(Non-Banking Financial Company), Including Ujjivan and Fino Finance, Surrender Licenses.

6. Tata Hitachi Plans Rs 200 Cr Investment for FY25, Focuses on Localization.

7. Vi Might Receive Rs 2,000 Crore Equity Boost from Vodafone UK.

World Briefs

1. Record Profits Fuel Revolut CEO’s Confidence in Securing UK Bank License.

2. Report Predicts Bitcoin Could Reach New All-Time High This Year.

3. 2024: Biden Revokes 8 Licenses for China’s Huawei.

4. Morgan Stanley Sees Humanoids in Tesla's Future by 2040.

5. Trump-Related Risks Propel Dollar Close to 38-Year Peak vs Yen.

AI Briefs

• Meta to Introduce Generative AI in Metaverse Gaming.

• Figma's AI Design Feature Suspended Over Apple Weather App Similarities.

• YouTube Allows Removal Requests for AI-Generated Face and Voice Simulations.

Company Of The Day

Company Name:  Space Zone India

• Founder: Anand Megalingam

• Year Of Foundation: Feb, 2018

• Headquarter: Chennai, TamilNadu, India

• Industry:

  Space Zone is a Defense and Aerospace Company based in Chennai with a vision to provide low-cost sustainable solutions in Defense and Space Industries.

• Why Is It in the News?

  Launches lined up for 2024:
  The year 2024 will be action-packed with significant missions, such as the uncrewed Gaganyaan test flight, the third developmental flight of the Small Satellite Launch Vehicle, and the NASA-ISRO Synthetic Aperture Radar mission.