Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The benchmark indices bounced back in a volatile session, erasing earlier losses as Nifty reached a new high of 22,252.50 due to widespread buying across sectors. However, the banking sector was painted red due to days top losers being IndusInd Bank, HDFC Bank, and Kotak Mahindra Bank.

BUSINESS

Hanooman: India's Game-Changing AI Marvel to Launch in March

What happened

In a big step forward, a group called BharatGPT, backed by Mukesh Ambani’s Reliance Industries Ltd. and eight leading Indian universities, is set to launch its ChatGPT-style service named Hanooman in March. The unveiling took place during a technology conference in Mumbai, showcasing the large language model's capabilities.

Hanooman, named after the Hindu God Hanuman, aims to revolutionize artificial intelligence (AI) in India, with applications spanning 11 local languages in key sectors like healthcare, governance, financial services, and education.

Why it matters

This initiative is a significant leap for India in the global AI race. Backed by industry giant Reliance Industries and collaborating with prestigious institutions like the Indian Institute of Technology (IIT), BharatGPT's Hanooman represents a private-public partnership, a unique approach in the country. The model's potential impact on sectors like healthcare and education can be transformative, providing tailored solutions for India's diverse linguistic landscape.

While Silicon Valley companies like OpenAI focus on larger language models (LLMs), BharatGPT's effort stands out by addressing local needs and complexities. Hanooman aims to be user-friendly, offering speech-to-text capabilities, a crucial feature in a country where millions cannot read or write.

Reliance Jio's involvement adds a strategic dimension, with plans to customize models for specific uses, including the ongoing development of Jio Brain. As a platform utilizing AI for its vast subscriber network, Reliance Jio's participation amplifies the potential societal impact of Hanooman.

Zoom out

BharatGPT's launch of Hanooman signifies a pivotal moment for India's AI landscape, combining the strengths of major corporations, academia, and startups. As the March launch approaches, all eyes are on this ambitious endeavour that could mark a turning point in India's AI journey.

BIG MONEY MOVES

Union Cabinet greenlights 100% FDI in the space sector

The Union Cabinet has greenlit amendments in the Foreign Direct Investment (FDI) policy for the space sector, allowing up to 100% FDI in manufacturing components for satellites. The move aims to attract investors, with specific limits for different sub-sectors.

The revised FDI policy permits up to 74% FDI for Manufacturing & Operation, Satellite Data Products, up to 49% for Launch Vehicles, associated systems, creation of Spaceports, and up to 100% for Manufacturing of components for satellites and ground segment.

Ambuja Cements invests Rs 1,000 crore in Jharkhand for growth and jobs

Ambuja Cements, under Adani Group, plans to invest ₹1,000 crore in a new cement grinding unit with a capacity of 4 million tonnes per annum in Jharkhand's Godda district. The project aims to address fly ash disposal sustainably and create over 2,500 jobs, further boosting the economic and social landscape of the state. Ambuja Cements already runs two plants in Jharkhand, totalling 6 MTPA.

BUSINESS

Grasim Industries adds a splash of colour to its business with Birla Opus launch

What happened

Grasim Industries, the Aditya Birla Group's flagship company, has made a colourful splash into the paint business with the unveiling of a new brand- Birla Opus. This strategic move intensifies the competition in the decorative paints sector, currently dominated by giants like Asian Paints and Berger. Grasim, headquartered in Mumbai, has ambitious plans to secure a profitable second position in the paints market.

Why it matters

Grasim's foray into the paints industry signifies a bold step in diversification, aiming to become a formidable player in a sector currently dominated by established names. The company aims to double its planned investment to a whopping ₹10,000 crore, indicating its commitment to establishing a strong foothold in the paints market.

• The broader Indian paints and coatings industry is poised for substantial growth, with expectations to reach ₹1 lakh crore in the next five years. 

• Grasim's substantial allocation of ₹ 4,307 crore for the paints business, underlines its confidence in the sector's potential as a high-growth driver. 

• The company's annual report reflecting a 23% growth in consolidated revenues further reinforces the optimism surrounding its venture into the paint business.

The company's strategic entry into the paint industry aligns with the surge in real estate demand in India, and it joins the league of new entrants like Pidilite and JSW, challenging the dominance of established players.

Zoom out

Grasim's strategic entry into the paint business with Birla Opus is not just about entering a new market; it's about setting a new standard. With an ambitious target, a comprehensive product range, and a unique launch approach, Grasim aims to reshape the competitive landscape in the paints industry. 

BIG PICTURE

Uber Eats embarks on first-ever robot-led deliveries in Japan

Uber Eats is set to revolutionize food delivery in Japan with the introduction of self-driving robots in collaboration with Mitsubishi Electric and Cartken. The 'Model C' robot, slated to hit Tokyo streets as early as March, promises swift urban delivery. This move not only marks Uber Eats' first autonomous venture outside the US but also addresses labour shortages and environmental concerns. The partnership aims to bring futuristic delivery solutions, combining technology and efficiency.

NIIF grabs iBus networks, making waves in the telecom sector

India's National Investment and Infrastructure Fund (NIIF) is set to acquire a majority stake of 55-60% for ₹1,600 crores in iBus Networks, a leading provider of in-building wireless solutions. iBus serves clients like Airtel, Jio, and Vodafone Idea, providing in-building sharing and last-mile connectivity solutions. The deal positions NIIF as a significant player in India's telecom infrastructure sector, with iBus delivering Wi-Fi coverage for 160 plus million sq. feet.

BUSINESS

My11Circle Seals ₹625 Crore IPL Deal, Outplays Dream11

What happened

The fantasy gaming app My11Circle has emerged victorious, securing an official partner status for the Indian Premier League (IPL) by betting ₹125 crore per year for five years. The Board of Control for Cricket in India (BCCI) is yet to make an official announcement, but sources confirm the gaming app's triumph over incumbent Dream11, which bid ₹103 crores per year.

My11Circle's ₹625 crore IPL bet showcases the escalating value of sports partnerships in the gaming industry. The BCCI's transparent bidding process has set the stage for exclusivity, ensuring no other fantasy gaming entity can be an official partner for the next five years in the same category.

Why it matters

The cricket board has planned to grant official partner status to six entities across different categories.
 

• The financial services slot witnessed a fierce duel, with Angel Broking outbidding Groww, securing a five-year partnership at ₹82 crore per year. 

• Rupay claimed uncontested victory in the financial services-cards category with a bid of ₹70 crore per year for three years.

• Ceat remains the 'strategic time out' partner, sealing the deal at ₹48 crore per year.

Being an official partner of the IPL guarantees My11Circle unparalleled visibility. The brand will be intricately woven into the fabric of one of the most-watched cricket leagues globally, offering exposure to a massive and diverse audience. This strategic alliance opens avenues for engaging marketing campaigns, ensuring My11Circle stays top-of-mind for cricket fans.

Zoom out

In the dynamic world of sports partnerships, My11Circle's big win reshapes the landscape, challenging the dominance of the previous partner Dream11. The BCCI's strategic move to auction official partner rights signals a new era of transparency and competition, ultimately enhancing the IPL's commercial appeal.

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