The second wave of the COVID-19 pandemic has stopped in its tracks the green shoots of economic recovery that were visible. Simultaneously, it induced a triple crisis of disrupting the supply chain, demand, and workforce for India's fragile Micro, Small, and <keyword id="126907" type="COMPANY" weightage="20" keywordseo="Medium-Enterprises">Medium Enterprises</keyword> (<keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>), which are often cited as the backbone of the Indian Economy. While MSMEs were already finding it difficult to manage their cash flows including the rigorous lending criteria of banks and non-banking finance companies (NBFCs) with limited assets to use as collaterals, this disruption meant a double whammy of further delay in settling of their receivables as well as lenders becoming more risk averse. While the government and the Reserve Bank of India (RBI) announced a slew of measures, including the issuance of credit schemes and calling out financial institutions to adopt cash-flow-based lending, yet the transmission of these relief measures to a majority of MSMEs remains a challenge. This highlights that the crux of the problem is not the lack of schemes, rather the informal nature of MSMEs and lack of organised set of financial documents, which casts a unique challenge for lenders to assess the creditworthiness of these enterprises. Today, just 40% of the sector’s credit demand is met by formal credit. Add to that the information asymmetry between the data available for MSMEs vis-à-vis large and mid-sized corporates where the lenders’ tend to apply the same lens of existing credit-risk assessment processes to MSMEs to those applicable for larger corporates. This often multiplies the operating cost for lenders to serve MSMEs as compared to the return on their loans. Though this scenario and the increasing credit requirements of MSMEs point to a colossal credit gap of ₹ 30 lakh crore, it underscores the critical role financial technology (FinTech) companies and new-age lenders can play in supporting MSMEs to adapt to the changing reality and respond to the challenges. <cmsannotation type="cmsannotation" annotationid="Capitalising on creditworthiness" comment="subhead" text="Capitalising on creditworthiness">Capitalising on creditworthiness</cmsannotation> The marriage between technology and financial services provides digital lenders an opportunity to focus on making MSMEs profitable and creditworthy. Alternative sources of data, such as cash flow, utility bill payments, point-of-sale transaction records, and even information from e-accounting programs can help put in place a comprehensive model to assess MSMEs’ business health. Further, by incorporating Artificial Intelligence, Machine Learning, and analytics into these models, lenders can build a more accurate financial health model with a comprehensive credit risk profile to detect and mitigate fraud and NPA risks. <cmsannotation type="cmsannotation" annotationid="Unlocking cash flow and reducing days sales outstanding" comment="subhead" text="Unlocking cash flow and reducing days sales outstanding">Unlocking cash flow and reducing days sales outstanding</cmsannotation> In addition to simplifying the lending process, innovative technology leveraged by FinTechs can enable electronic invoice presentation, processing, and reconciliation that will also help in better credit monitoring. Considering that chasing late payments is a tiresome process that leads to locked up working capital, e-invoicing can help in significantly removing procedural delays resulting from manual processing of invoices. It also reduces the time required to make and receive payments, gives a real-time status of pending invoices, and helps release locked up cash flow. In addition, MSMEs can also leverage these e-invoices to avail loans instantly, as the process to verify the genuineness of invoices by lenders can be reduced significantly. <cmsannotation type="cmsannotation" annotationid="Financing through digital supply chain platforms" comment="subhead" text="Financing through digital supply chain platforms">Financing through digital supply chain platforms</cmsannotation> <keyword id="168300" type="COMPANY" weightage="20" keywordseo="digitalisation">Digitalisation</keyword> of supply chains has been a game-changer for MSMEs that has enabled faster liquidity for them. While banks continue to assess creditworthiness for collateral-based lending to MSMEs, new-age lending platforms can digitally evaluate transaction data through AI-driven credit models in near real-time and offer trade financing products and services contextualised to the parties involved in the trade. Some platforms allow integration of their products and services into banks’ MSME platforms, which can subsequently be offered to MSME customers through digital medium. While no one solution can bridge the existing credit gap for MSMEs, leveraging alternative financing tools, such as e-invoice financing, peer-to-peer lending, and TReDS can go a long way in addressing this issue and create an enabling environment for MSMEs. Further, with the COVID-19 pandemic continuing to disrupt economic activities worldwide, FinTechs, banks, and NBFCs will have to come together to build differentiated lending models to forge the right balance for financial stability and create solutions for the credit needs of MSMEs. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Cash, capital and credit trickle down to small businesses at a frustratingly slow pace — tech can speed them up

<ul><li><keyword id="6354321" type="COMPANY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> City Police Commissioner and Additional District Magistrate have issued orders to extend <keyword id="6382007" type="UNKNOWN" weightage="20" keywordseo="Section-144">section 144</keyword> in Bengaluru city till June 21.</li><li>Section 144 of the CrPC prohibits the <keyword id="6360302" type="UNKNOWN" weightage="20" keywordseo="gathering">gathering</keyword> of more than 4 people at public places.</li><li>The state government had imposed a weekend curfew in the state from June 18 to June 21.</li></ul>Bengaluru City Police Commissioner and Additional District Magistrate has issued orders to extend section 144 in Bengaluru city till June 21, according to news agency ANI. The order was initially imposed by the state government on April 18. Section 144 of the CrPC (Code of Criminal Procedure) prohibits the gathering of more than 4 people at public places. Those who violate the rule can be booked or detained. Meanwhile, railway stations, bus stands and airports have been exempted from the order. The state government, last week, imposed a weekend curfew in the state starting from 7 p.m., on June 18 till 5 a.m., on June 21 due to a surge of COVID-19 cases in the city. However, the state government permitted resumption of activities in a graded manner to revive the businesses. On April 27, a <keyword id="9330088" type="UNKNOWN" weightage="20" keywordseo="statewide-lockdown">statewide lockdown</keyword> was imposed across <keyword id="6354780" type="PERSON" weightage="20" keywordseo="Karnataka">Karnataka</keyword>. Chief Minister BS Yediyurappa imposed lockdown in 20 districts including the capital during the second wave of COVID-19 pandemic. The Karnataka government had imposed section 144 for 12 hours on New Year’s eve too, to avoid large gatherings at parties. <keyword id="2755451" type="COMPANY" weightage="20" keywordseo="Bengaluru-urban">Bengaluru Urban</keyword> recorded 1,470 new COVID-19 cases and 12 fatalities in the last 24 hours, pushing the overall tally to 11,98,158 positive cases and 15,319 deaths, so far. The number of COVID cases have more than halved as compared to June 1 when there were 3,418 new cases and 276 fatalities. Other cities like Noida, <keyword id="6355192" type="PERSON" weightage="20" keywordseo="Lucknow">Lucknow</keyword>, and the entire state of Rajasthan have also declared section 144 to curb the spread of COVID-19 situation. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Section 144 extended in Bengaluru till June 21 — railway stations, bus stands, airports exempted from the order

Larsen &amp; Toubro Infotech, a global technology consulting and <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">digital</keyword> solutions company has signed a definitive agreement to acquire Cuelogic Technologies, a <keyword id="6022571" type="COMPANY" weightage="20" keywordseo="digital-engineering">Digital Engineering</keyword> and Outsourced Product Development company, headquartered in Pune, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernization, and runs Innovation Lab as a service for its clients in the USA and India. Digital Engineering is a significant market opportunity, and this acquisition will provide instant access to a fast-growing business with impressive client roster, and more than 300 employees. Cuelogic works with enterprise clients on multiple facets of digitalization such as UX Consulting, <keyword id="1968247" type="COMPANY" weightage="20" keywordseo="DevOps">DevOps</keyword>, AI Consulting, IoT, Applications Modernization, Cloud Architecture &amp; Integration. With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses. Sanjay Jalona, CEO &amp; Managing Director, <keyword id="2162690" type="COMPANY" weightage="20" keywordseo="LTI">LTI</keyword>, said: "We believe rapid productization is an essential requirement for accelerated digitalization across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally. I welcome Cuelogic team, their customers, and partners to LTI family." Nikhil Ambekar, CEO, Cuelogic Technologies, said: "When Vikrant, Neel, and I cofounded Cuelogic, our goal was to bring rapid and reliable product development services to enterprises, and help them scale their digital transformation. Our digital expertise and unique culture have helped us build a solid foundation. As a company obsessed with engineering excellence, we find LTI to be our ideal partner for the next phase of our journey. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities." Cuelogic will be integrated with the Digital practice of LTI. This is the seventh acquisition by LTI since the company got listed in 2016. Earlier acquisitions have bolstered company's expertise around data &amp; analytics, cloud consulting, intelligent automation, and industry-specific platforms. About LTI LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 400 clients succeed in a converging world. With operations in 31 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI's Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword>, our unique heritage gives us unparalleled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 35,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Larsen & Toubro Infotech to buy Pune-based digital engineering firm CueLogic

The mobile banking app of the largest private sector lender <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, which has been under the regulatory lens for network outages, was down for an hour on Tuesday due to unspecified issues. The city headquartered bank said the issues were faced for an hour late in the morning on Tuesday and the same was resolved in an hour. It urged customers to use the net banking alternative to transact in the interim. "We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly," the bank's vertical head of corporate communication Rajiv Banerjee tweeted. Banerjee urged customers to use the net banking alternative to carry out transactions in the interim and regretted the inconvenience caused. An hour later, he tweeted that the issues around mobile banking app are resolved and customers can use both net banking, which is accessed from browsers over laptops and desktop, and also the dedicated mobile banking app. It can be noted that after three instances of network outages, the RBI had taken a strict set of measures against HDFC Bank in December 2020, which included prohibiting the largest credit card player from selling new cards, and the <keyword id="6358156" type="COMPANY" weightage="20" keywordseo="central-bank">Central Bank</keyword> had also asked the lender to improve its systems before the curbs are lifted. "In the case of HDFC Bank, there were earlier episodes also. HDFC Bank has an overwhelming presence in the digital payment segment, in the internet banking segment. We have some concerns about certain deficiencies etc.. it is necessary that the HDFC Bank strengthens its IT systems before expanding further," <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> Governor <keyword id="6359111" type="PERSON" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> had said. "...We cannot have thousands and lakhs of customers who are using digital banking to be in any kind of difficulty for hours together and especially when we are ourselves giving so much emphasis on digital banking. Public confidence on digital banking has to be maintained," Das added. Admitting that the strictures passed by the RBI like completely banning new credit card issuances because of the shortcomings on the technology front are a "blot" on the reputation of the bank, its recently appointed managing director and chief executive Sashidhar Jagdishan said it has taken the right lessons from the regulatory interventions. "The fundamental part where we could probably have done better is resiliency and how do you recover faster when an outage happens," he had told analysts last month. The bank scrip was trading 0.78 per cent up at ₹1,491 apiece on the BSE at 1422 hrs as against gains of 0.52 per cent on the benchmark. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

HDFC Bank mobile app faces outage, issue resolved after one hour

The government has invited bids for the use of drones to deliver Covid vaccines and drugs to remote and difficult-to-reach areas to ensure last-mile coverage in select locations of the country. The Indian Council of Medical Research (<keyword id="6364396" type="COMPANY" weightage="20" keywordseo="ICMR">ICMR</keyword>) conducted a successful feasibility study in collaboration with the <keyword id="55119" type="COMPANY" weightage="20" keywordseo="Indian-Institute-of-Technology">Indian Institute of Technology</keyword> (<keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIt">IIT</keyword>), Kanpur and has developed a standard protocol for the delivery of vaccines using Unmanned Aerial Vehicles (UAV), according to the bid document. On behalf of the ICMR, the HLL Infra Tech Services Limited (Procurement Support Agency) has invited expression of interest (EOI) through the Central Public Procurement Portal from experienced Indian agencies for the delivery of medical supplies (vaccines/drugs) by UAVs. According to the tender criteria, the ICMR shall engage UAV operators who are able to conduct beyond visual line of sight (BVLOS) operations in fixed pre-defined flight paths, deliver medical supplies payload at select locations in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and return to the command station. During the prevailing pandemic, different agencies are helping the government prevent and control the transmission of COVID-19. To strengthen the delivery of vaccines, the ICMR successfully conducted a feasibility study to deliver vaccines through UAVs in collaboration with IIT, Kanpur, the bid document stated. "Based on the preliminary results of the study, the ICMR has developed a standard protocol for the successful delivery of vaccines using a UAV. "Now, based on the experience gained in the feasibility study, the ICMR is keen to develop a model for vaccine delivery by UAV in the field practice area to reach areas to cover last-mile coverage at difficult terrain in selected locations," it said. "The main objective of the proposed work is to develop a medical supplies delivery model and its feasibility in the field practice area by using UAVs in remote inaccessible (hard to reach) areas in selected locations in India," it added. According to the specifications, UAVs should be able to cover a minimum aerial distance of 35 km, able to take off vertically and carry a minimum payload of 4 kg and should be capable of returning to command station after delivering the payload. Initially, the tenure of engagement shall be 90 days. This can be extended further depending upon the performance of the UAV operator and the need of the program. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Government of India invites bids for delivery of COVID-19 vaccines to remote areas by drones to ensure last-mile coverage

As the next version of <keyword id="6354717" type="LOCATION" weightage="20" keywordseo="Windows">Windows</keyword> is expected to be unveiled on June 24, <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> has revealed that it will end <keyword id="6367209" type="UNKNOWN" weightage="20" keywordseo="support">support</keyword> for Windows 10. The company quietly announced the news in a support page update, as spotted by Thurrott. Previously, the page noted when Microsoft would end support for certain versions of Windows 10, reports Engadget. It now states Microsoft started supporting Windows 10 Home and Pro on July 29, 2015 and reveals the operating system's "retirement date". The end-of-support timeline puts the Windows 10 lifecycle at a hair over 10 years, similar to previous iterations of the OS. Microsoft recently cancelled Windows 10X, which was initially going to be for dual-screen devices. It said it would bring some features planned for that OS into the standard version of Windows. "Soon we will share one of the most significant updates to Windows of the past decade to unlock greater economic opportunity for developers and creators," Microsoft CEO <keyword id="276564" type="PERSON" weightage="20" keywordseo="Satya-Nadella">Satya Nadella</keyword> said recently. The executive went on to say he's been personally testing the latest iteration of the OS for the past several months. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms" style="">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms" style="">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Microsoft to end Windows 10 support in October 2025, new version to be unveiled this month

<keyword id="11441043" type="COMPANY" weightage="20" keywordseo="SimpliContract">SimpliContract</keyword>, an AI and SaaS-based contract lifecycle management (<keyword id="3467940" type="COMPANY" weightage="20" keywordseo="clm">CLM</keyword>) platform, said on Monday it has raised <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 1.8 million in a <keyword id="948731" type="PERSON" weightage="20" keywordseo="seed-funding">seed funding</keyword> round led by <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword> with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. This funding will drive its efforts in engineering, <keyword id="6019235" type="COMPANY" weightage="20" keywordseo="ai-research">AI research</keyword>, and marketing, the Bengaluru-headquartered company said in a statement. SimpliContract's product supports organisations across the contract lifecycle from request to renewal and enables effective collaboration for internal and external stakeholders such as vendors and customers, it said. The platform, built with customisable and intelligent workflows, seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, the statement said. Partner at Kalaari Capital, <keyword id="154262" type="PERSON" weightage="20" keywordseo="Ravinder-Singh">Ravinder Singh</keyword>, said, "90 per cent of global enterprises and 50 per cent of midsize organisations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from USD 1.5 billion today to USD 5.2 billion by 2027. We believe that the AI- powered CLM platform of SimpliContract will drive and ride this growth." "We are seeing significant interest and adoption in the market within a few months of launch. SimpliContracts AI-driven platform supports over 4,000 enterprise users and manages 30,000-plus contracts worth over USD two billion in value," CEO of SimpliContract, Guru Venkatesan, said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a>

SaaS startup SimpliContract raises $1.8 million in seed funding led by Kalaari Capital

Bharti <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> and Ericsson on Monday demonstrated a throughput of over 1 GBPS on the telecom operator's live <keyword id="11446337" type="UNKNOWN" weightage="20" keywordseo="5G-trial-network">5G trial network</keyword> in <keyword id="6361586" type="PERSON" weightage="20" keywordseo="Gurgaon">Gurgaon</keyword>'s Cyber Hub. When contacted, Ericsson confirmed the development. "Bharti Airtel...and Ericsson...today demonstrated a throughput of over 1 GBPS on Bharti's live 5G trial network in Gurgaon's Cyber Hub," Ericsson confirmed. Sources said Airtel has lit up its 5G trial network in Cyber Hub, Gurgaon, and that the site is operating in the 3500 MHz band as per Telecom Department norms, and delivering throughput of over 1 Gbps. To put a perspective, 1GBPS would download a full 4k movie in less than a minute. Airtel has been allotted 5G trial spectrum in 3500 MHz, 28 GHz and 700 MHz in <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword> NCR, Mumbai, <keyword id="6354925" type="PERSON" weightage="20" keywordseo="kolkata">Kolkata</keyword> and Bengaluru. It may be recalled that Department of Telecom (<keyword id="16054" type="COMPANY" weightage="20" keywordseo="DoT">DoT</keyword>) had last month allocated spectrum to operators to start 5G trials, in the country. The trials will be conducted at various locations, including Delhi, Mumbai, Kolkata, Bengaluru, Gujarat, Hyderabad, among others, say industry sources. Telecom operators have been allocated spectrum in 700 Mhz bands, 3.3-3.6 gigahertz (Ghz) band and 24.25-28.5 Ghz band across various locations. The trial spectrum allocation came after the Department of Telecom (DoT), on May 4, approved applications from <keyword id="6354504" type="PERSON" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, Bharti Airtel, Vodafone Idea and MTNL for conducting 5G trials without using technologies from Chinese companies. The DoT had approved trials of 5G with Ericsson, Nokia, <keyword id="10591" type="COMPANY" weightage="20" keywordseo="Samsung">Samsung</keyword> and C-DOT. In addition, Reliance Jio Infocomm will be conducting trials using its own indigenous technology. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Airtel and Ericsson demo over 1 GBPS throughput on live 5G trial network in Gurgaon's Cyber Hub

<ul><li>Olectra Greentech is the largest <keyword id="12313326" type="General" weightage="20" keywordseo="electric-bus-maker" source="Orion">electric bus maker</keyword> in India. </li><li>It is a Hyderabad-based company and had recently announced setting up a massive 150-acre manufacturing facility to fulfill its growing order book. </li><li>Over the next year, the company says it plans to start manufacturing electric trucks, in addition to three-wheelers and buses. </li></ul>Hyderabad-based Olectra Greentech has quietly made its shareholders rich over the past year. An investment of ₹10,000 in the company exactly 12 months ago is now worth ₹67,000, which is a handsome return regardless of any other factor. Shares of Olectra Greentech were marginally up today (January 4) as of 12:30 p.m. <div type="image" title="Olectra Greentech 01_01_21 to 04_01_22." msid="88685123" hostid="261" caption="&amp;lt;p&amp;gt;Olectra Greentech share price over the past 12 months&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What does Olectra Greentech do?" comment="subhead" text="What does Olectra Greentech do?">What does Olectra Greentech do?</cmsannotation> Olectra Greentech is the largest manufacturer of electric buses in India, with a market share of around 40%. It has been making electric buses in partnership with BYD, China’s largest electric vehicle maker. In December 2020, the company <a href="https://economictimes.indiatimes.com/industry/renewables/olectra-greentech-to-set-up-indias-biggest-electric-bus-factory-with-10000-units-capacity/articleshow/88211313.cms">announced</a> that it is setting up a massive electric vehicle manufacturing plant on the outskirts of Hyderabad, with an initial outlay of ₹600 crore and a capacity of 10,000 units. The plant will be set up on a sprawling 150-acre land. At the time of the announcement, Olectra also revealed that it is currently in the process of fulfilling orders for 2,000 electric buses, which is worth ₹3,000-3,500 crore. <cmsannotation type="cmsannotation" annotationid="Why is Olectra Greentech’s share price surging?" comment="subhead" text="Why is Olectra Greentech’s share price surging?">Why is Olectra Greentech’s share price surging?</cmsannotation> <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">Electric vehicles</keyword> are the buzzword today, and there’s more than one reason for this. For the government, it’s about reducing the reliance on crude oil imports and pollution, and for the common man, it’s about reducing the impact of perennially rising petrol and diesel prices. As an investor, this presents a great opportunity to bet on stocks and companies which are into innovative battery technologies, or supply components for electric vehicles. We have seen a few companies like Sona Comstar make a blockbuster debut on the stock exchanges, making the most of the IPO boom and the growing interest in electric vehicles. But more than the idea of electric vehicles, Olectra Greentech’s strong fundamentals have played a big role in the company’s shares delivering multifold returns in the past year. Here’s how the company’s financials look like over the past five years: <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2016-17 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2017-18 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2018-19 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2019-20 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹104 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹161 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹170 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹281 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹8 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹8 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-₹15 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹13 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹8 crore </td></tr></tbody></table> Source: Company reports <cmsannotation type="cmsannotation" annotationid="What does the future hold for Olectra Greentech?" comment="subhead" text="What does the future hold for Olectra Greentech?">What does the future hold for Olectra Greentech?</cmsannotation> At the moment, Olectra’s chairman KV Pradeep says that the company has submitted bids for tenders for 6,000 more buses. Just yesterday, the company announced that it has won a bid for supplying 50 electric buses to a government transport authority. But the company is also looking beyond just electric buses – it has teamed up with a truck maker to develop electric trucks, with plans to start manufacturing them in 2022-23. Pradeep also mentions that the company is not reliant on BYD for technology anymore, thanks to an in-house research and development department. The new 150-acre manufacturing facility will be used for manufacturing electric buses, trucks and three-wheelers, the company said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/infoedge-and-zomatos-deepinder-goyal-invested-money-in-geniemode-10-month-old-tech-startup/articleshow/88683920.cms">After Deepinder Goyal and Kunal Shah, Info Edge backs this 10-month-old tech startup</a> <a href="https://www.businessinsider.in/business/corporates/news/saffola-parachute-oil-maker-marico-sees-poor-demand-from-customers-amid-high-inflation/articleshow/88682276.cms">Marico is paying the price for rising inflation because its buyers aren’t able to</a> <a href="https://www.businessinsider.in/tech/news/this-smart-collar-lets-you-track-your-dogs-health-and-location/articleshow/88681461.cms">This smart collar lets you track your dog’s health and location</a>

Shares of this electric bus maker have surged 540% in the last 12 months

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>). </li><li>All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. </li><li>IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO.</li></ul>India’s benchmark indices Sensex and Nifty50 tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on Silicon Valley Bank (SVB). All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. Both the benchmark indices were down 1.2% midway on Monday – Sensex fell 705 points to 58,345, Nifty50 declined 200 points to 17,218. <a href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">India VIX</a>, which measures the volatility in the markets, rose sharply by over 13% on Monday. IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO. In the week ended on Friday, March 10, bears wiped out the gains of the preceding two weeks – Sensex closed 0.52% lower, while Nifty50 fell 0.31%. Most of the sectoral indices were in the red on Monday morning, with media, banks, auto and pharma sectors declining the most. IT was flat, while metals and financial services sectors were in the green. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.29% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.43% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.39% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.31% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.35% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.03% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.21% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid Corp </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.73% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.17% </td></tr></tbody></table> Source: NSE, March 13, 2023 <cmsannotation type="cmsannotation" annotationid="US authorities step in to protect SVB depositors" comment="subhead" text="US authorities step in to protect SVB depositors">US authorities step in to protect SVB depositors</cmsannotation> The run on the Silicon Valley Bank left the startup ecosystem on the edge over the weekend – SVB caters to nearly half of all the venture capital-funded startups in the US. However, the US authorities rushed to step in before the bank opens on Monday, announcing that the money of all the depositors will be available when the bank opens on Monday. That said, market sentiments were mixed on Monday morning. While Hang Seng rose 1.84%, Taiwan Weighted was flat. Shanghai Composite edged up 0.57%, while KOSPI was up 0.27%. Nikkei 225, however, fell the most, down by 1.58%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Nazara Technologies: The gaming platform reported that two of its subsidiaries have deposits worth ₹64 crore at the collapsed Silicon Valley Bank. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>: The Gautam Adani led group said it has completed full prepayment of margin-linked share backed financing aggregating to $2.15 billion, before the committed timeline of March 31, 2023. Also, promoters have prepaid a $500 million facility availed for financing the acquisition of Ambuja Cements. <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>: Media <a href="https://economictimes.indiatimes.com/industry/banking/finance/ten-more-banks-set-to-join-syndication-for-reliance-industries-ltds-3-billion-loan/articleshow/98591608.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral">reports</a> suggest that Reliance Industries’ $3 billion loan is in the final stages of completion, in a consortium consisting of three dozen banks. ICICI Bank: RBI has granted approval of extending the deadline to divest its shareholding in ICICI Lombard General Insurance to less than 30%. The deadline has been extended till September 9, 2024. M&amp;M: As per reports, the automaker is likely to sell 4.6% stake in automotive component supplier Mahindra CIE Automotive at a floor price of ₹355 per share through a block deal. Bank of Baroda: The lender plans to divest 49% stake in credit card subsidiary, BoB Financial Solutions. The bank is aiming at a 12 month timeline to bring in a partner for technology, distribution and sourcing knowledge. Sona BLW: Private equity firm Blackstone is likely to completely exit the investment in the auto component maker through a block deal on Monday. According to reports, the floor price has been set at ₹400 per share. Tech Mahindra: The IT company announced the appointment of Mohit Joshi as MD &amp; CEO to take over after CP Gurnani’s retirement on December 19, 2023. Joshi has two decades of experience in enterprise technology software &amp; consulting space. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a> <a href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a>

Sensex, Nifty50 tumble amid a sharp rise in volatility: Bank, auto stocks drag markets down

<ul><li>Nirmala Sitharaman is all set to make her fourth budget speech as India’s <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">Finance Minister</keyword>.</li><li>Stock markets have regained a lot of the recently lost value in the hope that the Narendra Modi government will spend enough money to boost private consumption.</li><li>This article will be updated with the most important parts of Sitharaman’s speech as soon as she starts speaking.</li></ul>Nirmala Sitharaman is all set to make her fourth budget speech as India’s Finance Minister. Stock markets have regained a lot of the recently lost value in the hope that the Narendra Modi government will spend enough money to boost private consumption. This may include income tax cuts as well, according to experts. The first part of her speech focussed on the government’s upcoming programme titled ‘Gati Shakti’. This programme involves big public investment in building modern infrastructure including roads, highways, seamless multimodal transport, and improving logistics networks to name a few. As part of this programme, the budget has allocated ₹20,000 crore to award 25,000 kilometres of highway projects in the financial year ending March 2023. In deference to the request from many states, the outlay of the Scheme for Financial Assistance to states has been increased from ₹10,000 crore to ₹15,000 crore. The allocation for FY23 is ₹1 lakh crore to catalyse overall investments in the economy. The 50-year interest free bonds are over and above the normal borrowings by the states. This will be used for Gati Shakti, rural road projects, town planning schemes etc. The Finance Minister has announced a fund to support startups in agriculture which will be routed via National Bank for Agriculture and Rural Development (NABARD). A credit guarantee trust will create additional credit of ₹2 lakh crore for small businesses. Desh Stack platform will provide API-based certification and help upskilled people find relevant jobs. The Finance Minister proposed the use of drones as a service in select Industrial Training Institutes (ITIs) in all states. A national digital university will be launched, in a hub-and-spoke model, where other public universities will collaborate. To improve access to mental healthcare, 23 tele-mental health centres will be launched, with National Institute of Mental Health and Neuro-Sciences (NIMHANS) as the nodal unit, and Indian Institutes of Information Technology (IIIT) Bangalore providing tech support. ₹60,000 crore budget allocation in FY23 to take piped water connections to 8.8 crore homes. 23 tele-mental health centres will be launched to improve access to mental healthcare. NIMHANS will function as the nodal unit, and IIIT Bangalore providing tech support. PM Awas Yojana, a subsidised housing scheme, gets a budget allocation of ₹48,000 crore. E-passports with embedded chips will be rolled out in 2022-23 to make it convenient for citizens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/minda-industries-sona-comstar-greaves-cotton-amongst-biggest-gainers-as-investors-bet-on-budget-2022-being-ev-friendly/articleshow/89264077.cms">Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-fmcg-companies-rise-on-hopes-of-consumption-boost-for-the-sector/articleshow/89263952.cms">Britannia, Dabur, Marico surge on hopes that budget will leave people with more money to buy stuff</a>

Budget 2022: Watch out for the highlights from Finance Minister Nirmala Sitharaman’s speech

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> gained 250 points to hit 60,000 in early trade while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> went up 56 points to 17,794.</li><li>Heavyweight stocks like Reliance Industries, HDFC, IT stocks and Bajaj twins were trading in a positive range, boosting the Nifty50.</li><li>Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remain wary of Fed’s monetary policy decisions amid mixed economic data.</li></ul>Indian benchmark indices opened in the green on Friday shrugging off negative cues from Asian and the US markets as corporate earnings and expectations of smaller rate hikes improved investor sentiments. The Sensex gained 250 points to hit 60,000 in early trade while the Nifty50 went up 56 points to 17,794. “Sentiments have improved in the domestic markets and even globally they seem to be improving temporarily. Greater consensus is building up that rate hikes going forward will be smaller than what they have been so far. While fear of recession is there but it is now reducing,” said Deepak Jasani, Head, Retail Research, HDFC Securities. “Equity markets may do well for the next 1-2 weeks. While Q2 earnings have not been great, FPIs have come back into buy mode over the last few days which is helping <keyword id="46038" type="General" weightage="20" keywordseo="indian-markets" source="Orion">Indian markets</keyword> stabilise,” said Jasani. Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remained wary of the US Fed’s monetary policy decisions amid mixed economic data. Also, the European Central Bank on Thursday raised interest rates by 75 basis points to the highest level since 2009 to fight a historic surge in inflation. Despite negative cues from global markets, Indian markets continued to rise. Heavyweight stocks like Reliance Industries, HDFC twins, IT stocks and Bajaj Auto were trading in a positive range, pushing up the Nifty50. Shares of Maruti Suzuki India rose over 1% in early trade ahead of its July-September quarter <keyword id="13655532" type="General" weightage="20" keywordseo="earnings-today" source="Orion">earnings today</keyword>. Among sectoral indices, auto, energy and FMCG were trading in the green. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.42% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.39% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.04% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.24% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.97% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharmaceutical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.75% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.35% </td></tr></tbody><tbody></tbody></table> Vedanta, Dr Reddy’s Laboratories, Tata Power, JSW Energy, Bandhan Bank, Blue Dart Express, Sona BLW and Eveready Industries are among companies set to release July-September quarter results today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/historic-decision-red-letter-day-bccis-pay-equity-decision-wins-hearts-of-smriti-irani-sachin-tendulkar-mithali-raj-and-more/articleshow/95125167.cms">Historic decision, red-letter day – BCCI’s pay equity decision wins hearts of Smriti Irani, Sachin Tendulkar, Mithali Raj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Amid startup funding crunch, Udaan raises $120 million and plans IPO after a year</a>

Sensex shrugs off weak global cues to hit 60,000

The <keyword id="1712766" type="ORGANIZATION" weightage="20" keywordseo="Central-Bank-of-Nigeria">Central Bank of Nigeria</keyword> is looking to launch its own central bank digital currency (CBDC) by the end of the year. Rakiya Mohammed, an information technology (IT) specialist at the Central Bank of <keyword id="6354767" type="COUNTRY" weightage="20" keywordseo="Nigeria">Nigeria</keyword> (CBN), <a href="https://www.today.ng/business/energy/official-cbn-launch-digital-currency-2021-370269">disclosed</a> that the bank has been exploring the concept of a central bank digital currency (CBDC) for the last two years and a ‘special announcement’ shall come soon. <div type="ExtQuote" text="Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace." auname="Rakiya Mohammed, an information technology (IT) specialist at the Central Bank of Nigeria (CBN), announced during a news briefing"></div> The cryptocurrency world is undergoing a period of rapid progression as governments and companies globally grapple with how they can leverage the technology for maximum returns. The G7, for instance, <a href="https://www.gov.uk/government/publications/g7-finance-ministers-meeting-june-2021-communique/g7-finance-ministers-and-central-bank-governors-communique">stated</a> that it’s working on a common set of CBDC principles for central banks to issue their own digital currency. The European Central Bank (<a href="https://www.ecb.europa.eu//press/pr/date/2021/html/ecb.pr210414~ca3013c852.en.html">ECB</a>) has highlighted that countries that choose not to launch a CBDC could be left out of the loop when it comes to cross border payments. Brazil, like Nigeria, is working on its own CBDC that will work as an extension of the physical currency that already exists. What is Nigeria planning? Nigeria initially tried to clamp down on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> at the beginning of 2021 and barred commercial banks and other financial institutions from servicing crypto exchanges. While the information revealed is vague, Mohammed’s announcement confirms that Nigerian authorities are actively considering CBDC as a viable alternative and intend to pursue it as soon as possible. The CBN’s digital currency will act complementary to naira cash notes, Nigeria’s local currency. Authorities are currently brainstorming the architecture, accessibility and privacy concerns of the system. The initial roll-out shall be a pilot program, similar to what <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword>’s been trying with e-yuan — also known as just digital yuan. It’s worth noting that the country <a href="https://www.reuters.com/world/africa/nigeria-extends-naira-incentive-offer-boost-diaspora-inflow-2021-05-06/">received</a> more than $26 billion via remittances in 2019, making a robust international transfer system a need of the hour. Ray Youssef, the CEO of peer-to-peer lending platform Paxful, <a href="https://www.coindesk.com/africa-is-leading-global-cryptocurrency-adoption-paxful-ceo">confirmed</a> last week that Nigeria is now its largest market in Africa. It holds the largest gas reserves on the continent and is also the peninsula’s largest oil and gas producer, which means there’s a lot of money going in and out of the country. Its citizens are actively adopting new technology and many have already invested in Bitcoin to park their cash. For remittances, digital currencies offer far more flexibility as forex charges are pretty much non-existent and third-party players are minimal. El Salvador became <a href="https://www.businessinsider.in/cryptocurrency/news/a-country-in-central-america-will-become-the-first-sovereign-government-to-approve-bitcoin-as-legal-tender/articleshow/83335659.cms">the first country</a> last week to accept Bitcoin as legal tender alongside the US dollar due to the same reasons. However, a CBDC offers more control to the central bank and adds sovereign value, eliminating the high volatility that has plagued cryptocurrencies since their debut. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">What is a CBDC?</h2>Unlike Bitcoin or <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a>, which are decentralised blockchains and entirely dependent on market forces, a CBDC — central bank digital currency — is an instrument that replaces a physical banknote with a digital token or record. It’s available exclusively in digital form and can only be issued by banks as well as selected financial institutions. A central bank can record and verify all CBDC transactions. Meanwhile, there’s no gold or other commodity reserve to back it. However, unveiling a CBDC is an extremely complex undertaking that requires years of planning, testing, and scaling. China <a href="https://www.scmp.com/comment/opinion/article/3136506/how-chinas-digital-currency-leading-race-displace-bitcoin-and-other">leads</a> the race currently and its pilot program is already active in a few cities. However, smaller countries like El Salvador cannot justify creating a new monetary policy out of scratch, and hence, choose to embrace existing cryptocurrencies. Right now, it’s impossible to say which system works more efficiently as each has its unique selling point. Cryptocurrencies offer some level of anonymity and are practically borderless. A CBDC, while not as decentralised, can offer a stable value in comparison to the volatility seen in private cryptocurrency. However, it raises questions of state-backed surveillance, tighter controls, and the high costs associated with the rollout. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Nigeria joins China, Brazil and others in the race to launch its own central bank digital currency

<ul><li>Spencer's is trailing behind <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> in terms of revenue, despite its heavy offline presence.</li><li>Revenue of Spencer’s was 30% less than online grocery delivery startup BigBasket in the financial year 2020.</li><li>BigBasket may record its best financial performance in 2021, whereas Spencer’s has reported a decrease in sales.</li></ul>The year 2020 has been a game changer for India Inc. in many aspects. From shopping to working, everything has taken a digital spin and the debate of ‘online vs offline’ has been getting much stronger. Thirty two-year old Spencer’s Retail, one of the prominent retail chains in India ⁠— owned by RP Sanjiv Goenka group ⁠— reported its annual financial report and it was a fairly decent one. The business was surely affected by the Covid-induced lockdown in the first quarter of fiscal year 2021 (FY21), but was flourishing the rest of the year. Yet, its revenue dipped 7% to ₹2,481 crore and losses widened to ₹163.8 crore. This really got us wondering how the company fares in comparison to other players in the grocery segment -- both online and offline. Online grocers are cumulatively the third largest player in the market behind DMart and <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword>, according to a report dated June 4 from the broking firm Motilal Oswal. BigBasket is the biggest of that lot. What’s more shocking is the fact that BigBasket, just 10 years old in the market, earns more revenue than Spencer’s. The comparison between BigBasket and Spencer’s may be of apples and oranges, but it is definitely an interesting one. The three-decade-old Spencer’s, which has a strong presence across 191 stores across 42 cities, earned almost 30% less than a decade-old online grocery business BigBasket in FY20. A scan of the last three financial statements (between FY18 to FY20) of the companies, revealed that this gap in revenue is not a new one. <img src="https://lh4.googleusercontent.com/fdn7Wt70vpj6iuOyUzkbtqB-9GyE1dFtCUvJDY3W8ofhObUc824pxaQlPtP0cOKQcE4s5qc-SpwYl1-MboZh7E9C2jL2u0gPKUIZHr-rKhjd9tKubxbb-C3u-GcE3mqKueL4LqKq" /> This trend is expected to be carried forward in FY21 as well, especially with the sort of growth BigBasket has witnessed last year. Being the biggest player in the online grocery space, the company has doubled its daily deliveries to 3 lakh compared to pre-Covid days. The company claims to have clocked a gross sale of ₹8,000 crore ($1.1 billion) in FY21. Though BigBasket is yet to report its financial statement for FY21, Business Insider has mailed the company seeking more details of their financial performance. It is expected to be the strongest one yet at least in terms of the revenue growth. No wonder, Tata Group was <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">compelled</a> to acquire BigBasket in order to pursue its Super App dreams. Spencer’s, on the other hand, has reported receding revenue and widening loss during FY21. Though the company did test out a hybrid model by experimenting with online delivery in partnership with Dunzo and Uber last year, that doesn’t seem to have made much of a difference for the company either. Its revenue from sales (operating revenue) reported a 7% dip to ₹2,428 crore compared to ₹2,644.80 crore reported in FY20. <img src="https://lh4.googleusercontent.com/j13AphdnD4_8HbP_utCGLrJELLk7sEUy7gy1ZUAPSys1IBSH7ijyXH5FkxIL2L8fBjUxzfcJq23Bt6ck8nf-I4ajiROH_MG7Wu_4Dwb9k3V_uwv8bP6eD2IPtzsIDfWv9aQ2AX7m" /> Well, BigBasket is actually much worse than Spencer’s in terms of its losses. The company had been burning cash ever since its inception in 2011 and is nowhere close to profitability. Whereas, Spencer’s had hit profitability in FY19, but went back to reporting a loss soon after. <img src="https://lh6.googleusercontent.com/11z1WDyTIpQ1x0IjNmuGWBngkgVNE66gKQN_bZoOSVSKYdJvJwlUVF2wsvDWcx97q9qkvUBEjZZcpnLR-XrPCl2j8atXS4jmfX0_w3e3HR3hZVqQvF4YCY4bsKBCfiEjAVgk3pZp" /> According to stock broking house Motilal Oswal’s latest report on the retail segment, the online grocery segment has grown about 30 times over the last seven to eight years to reach $3 billion. Currently, India has about 154 million transacting households. Of which, 130 million are already using online grocery solutions, creating an addressable market of $293 billion. Historically, the e-grocery segment has garnered a single-digit share of the overall organised grocery market in India, but 2020 brought these online grocery solutions to the forefront as stepping out of the house was no less than a health hazard, due to the pandemic. Not only Spencer’s, but other traditional retail players like DMart and BigBazaar were compelled to take up an omnichannel approach and started taking online mode of ordering in partnerships with logistics and transportation players like Uber, Ola, Dunzo, Rapido and more. Besides this, Reliance’s JioMart expanded its presence from three cities to 200 cities in May 2020 in order to take a<a href="https://www.businessinsider.in/business/ecommerce/news/heres-what-gives-jiomart-an-edge-over-its-competitors-according-to-goldman-sachs/articleshow/79054698.cms"> bigger share</a> of the market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Did you know? BigBasket makes more revenue than 32-year old Spencer’s Retail

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/570c8661dd08954b538b46b1-3100-2325/rtx29gnh.jpg" alt="India God" data-mce-source="Reuters/Rupak De Chowdhuri" data-mce-caption="A devotee with his body painted poses as he waits to perform during a ritual as part of the annual Shiva Gajan religious festival at Sona Palasi village, in West Bengal, India, April 11, 2016. Devotees offer sacrifices and perform acts of devotion during the festival in the hopes of winning the favour of Hindu god Shiva and ensuring the fulfilment of their wishes, and also to mark the end of the Bengali calendar year." />Reuters/Rupak De Chowdhuri A devotee with his body painted poses as he waits to perform during a ritual as part of the annual Shiva Gajan religious festival at Sona Palasi village, in West Bengal, India, April 11, 2016. Devotees offer sacrifices and perform acts of devotion during the festival in the hopes of winning the favour of Hindu god Shiva and ensuring the fulfillment of their wishes, and also to mark the end of the Bengali calendar year. </div></div></div>Good morning! Here's what you need to know on Tuesday.1. <a href="http://uk.businessinsider.com/r-hit-by-panama-row-uks-cameron-announces-new-tax-evasion-law-in-2016-2016-4" target="_blank">David Cameron announced on Monday new legislation making companies criminally liable if employees aid tax evasion will be introduced this year,</a> as he seeks to repair the damage from a week of questions about his personal finances.2. <a href="http://uk.businessinsider.com/r-scuffles-at-greek-macedonian-border-day-after-dozens-injured-2016-4" target="_blank">Scuffles broke out between migrants and Greek police on Monday after dozens tried to push a train carriage along rail tracks leading to Macedonia.</a> More than 10,000 migrants have been stranded at the Greek border outpost of Idomeni since February.3. <a href="http://www.businessinsider.com/r-brazil-congressional-committee-recommends-impeaching-president-rousseff-2016-4" target="_blank">An impeachment committee of Brazil's lower house of Congress voted 38-27 on Monday that there are grounds to impeach President Dilma Rousseff on charges of breaking budget laws.</a>4. <a href="http://uk.businessinsider.com/dubai-is-planning-to-build-a-tower-that-will-dwarf-the-worlds-tallest-building-2016-4" target="_blank">Dubai is planning to build a $ 1 billion tower which will eventually become the world's tallest building.</a> Developers are promising that the new tower will dwarf Dubai's Burj Khalifa, currently the world's tallest building.5. <a href="http://uk.businessinsider.com/tata-steel-sells-uk-business-to-greybull-capital-2016-4" target="_blank">Tata Steel has agreed to sell its struggling UK business to family office Greybull Capital for a "nominal sum."</a> After the deal completes Tata Steel <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> will be rebranded as "British Steel."6. <a href="http://www.businessinsider.com/afp-panama-papers-reveal-spies-used-mossak-fonseca-2016-4" target="_blank">Secret agents from several countries, including intermediaries of the CIA, have used the services of Panamanian law firm Mossack Fonseca in order to "conceal" their activities,</a> German newspaper Sueddeutsche Zeitung reported.7. <a href="http://www.businessinsider.com/r-syrian-army-sends-reinforcements-to-aleppo-2016-4" target="_blank">The Syrian army was on Monday reported to be sending reinforcements to Aleppo.</a> Renewed fighting in the city is threatening a fragile truce in the run-up to the next round of peace talks.8. <a href="http://uk.businessinsider.com/ten-biggest-bank-scandals-have-cost-uk-lenders-53-billion-2016-4" target="_blank">UK banks have set aside more than £53 billion since 2000 to cover the costs of the 10 biggest mis-selling and bad behaviour scandals, according to a new report.</a> New City Agenda says Payment Protection Insurance (PPI) is by far the most costly scandal, with £37.3 billion set aside over the last 15 years.9. <a href="http://uk.businessinsider.com/dell-plans-to-ipo-secureworks-2016-4" target="_blank">Dell plans to spin off SecureWorks, a security firm it bought for $612 million in 2011, in an IPO that would give the business a market cap of $1.4 billion</a>, according to regulatory filings submitted on Monday.10. <a href="http://www.businessinsider.com/afp-obama-calls-libya-his-worst-mistake-2016-4" target="_blank">Barack Obama says the biggest mistake of his presidency was the lack of planning for the aftermath of the fall of Libyan dictator Muammar Gaddafi.</a> The country is now spiraling into chaos and grappling with violent extremists.And finally ... <a href="http://uk.businessinsider.com/new-pictures-show-crossrail-progress-2016-4" target="_blank">Stunning new images show how far London's Crossrail has come in the last year.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

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