BUSINESS
Elon Musk's xAI Secures $6 Billion to Drive Next-Gen Tech Innovation
xAI says closing the Series B funding round is led by Valor Equity Partners, Vy Capital, and Andreessen Horowitz, among other leading investors, to hasten the commercialization of its first line of pioneering products and further build infrastructure. In its mission statement, xAI said that it is committed to developing AI that can be characterized by honesty, competence, and universal benefit in its mission to discover the truth of the cosmos.
Significant RBI Dividend to Government Viewed Positively for India's Rating by Fitch
The new government budget, which will come after June's declaration of results, is also due to be presented in July, wherein the decision for using this dividend will be taken. The government has shown its resolve to progressively reduce the deficit to 4.5 percent of GDP by FY26. Fitch Ratings emphasized that sustained reduction in the deficit, especially if supported by enduring revenue-raising reforms, would have a positive impact on India's sovereign rating fundamentals in the medium term.
Government to Auction Rs 29,000 Crore in Bonds on May 31
The second tranche, "New GOI SGrB 2034," valued at Rs 6,000 crore, will also be auctioned via a yield-based auction using multiple price methods. The third set, comprising 7.34 per cent Government Security 2064 worth Rs 11,000 crore, will be auctioned through a price-based auction using multiple price methods. Additionally, the government may retain additional subscriptions up to Rs 2,000 crore for each of the three securities.
Goldman Sachs ups India’s GDP growth forecast to 6.7%
“Going forward, we expect investment growth momentum to sustain with extra fiscal space for infrastructure spending given a higher-than-expected dividend transfer by the RBI. As a result, we recently revised our growth forecasts for 2024 slightly higher by 10 bps to 6.7 per cent,” noted Andrew Tilton, head of emerging markets economic research at Goldman Sachs, in a statement.
Escalating US-China Trade Tensions as Tariff Exclusions Expire for Numerous Chinese Goods
The Office of the United States Trade Representative (USTR) has now decided to further extend additional tariff duties on about half of the 429 products that came under such actions.
India's Trade Balance: Deficit Prevails with Nine of Top Ten Partners in 2023-24
A deeper look at the data suggests the deficit to have aggravated with key players like China, Russia, Korea, and Hong Kong when compared to the previous fiscal year. The trend was positive with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq, as the deficit narrowed.
Adani Ports Set to Join Sensex Following BSE Reshuffle on June 24
Reviewing the market performance, the shares of Adani Ports and Special Economic Zone were down 1.83 per cent on Friday, closing at Rs 1,416.90 a piece. An interesting update from IIFL Alternative Research earlier this week suggested a possibility of Adani Enterprises replacing Wipro in the benchmark Sensex.
India’s growth momentum to continue in April-March quarter of 2024-25: Finance Ministry Report
Highlighting the encouraging trends across pivotal high-frequency growth indicators such as GST collections, e-way bills, electronic toll collections, vehicle sales, purchasing managers’ indices, and digital transactions, the Finance Ministry emphasized the burgeoning vitality of the economy. The industrial as well as service sectors continue to perform well, supported by strong domestic demand and a cautiously optimistic external demand scenario. This uptick may augur well for Indian manufacturing units, considering the strategic "China Plus One" approach.
Google plans to Invest $350 Million for minority stake in Flipkart's Latest Funding Round
Flipkart is currently in the process of raising USD 1 billion in this funding round, with a significant USD 600 million commitment already secured from its parent company, Walmart, according to sources.
India clocks record rise in exports, employment at 18-year high in May: Insights from PMI Data
The PMI figures indicated the third-highest upswing in private sector output since July 2010. While the manufacturing segment remained a positive factor for the growth of sales and production, it was the service sector which fuelled the latest acceleration in the overall economic activity.
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