BUSINESS
Musk's Boring Company raises $675 mn to scale Loop projects
Boring Company is Musk's project to build underground highways to alleviate traffic congestion. The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
ITC to invest in D2C community-commerce brand Mylo
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features.
Walmart opens platform for Indian sellers to reach 120 mn US consumers
As part of its efforts to expand sourcing from India to $10 billion a year by 2027, Walmart, along with Flipkart and cross-border commerce company Payoneer, has laid out a detailed roadmap for local sellers with export ambitions. "Now is the ideal time for sellers from India to get started as exporters on Walmart Marketplace.
Tesla robots will be worth more than car business: Musk
At Tesla's Texas gigafactory opening earlier this month, Musk had said that a new wave of products, like the Optimus robot, will be introduced in 2023. Musk told analysts during the company's Q1 2022 earnings call late on Wednesday that people did not realise the magnitude of the Optimus robot programme.
Cricket NFT platform Rario raises $120 mn led by Dream Capital
Singapore-based Rario currently has the largest share of cricket NFT rights globally through exclusive partnerships with six international cricket leagues and more than 900 cricketers. The platform said that with the new investment, it will get access to Dream Sports' 140 million users, who will be offered fiat-only products in India, with the potential to create the largest cricket NFT platform globally.
Canadian inflation spikes to 6.7%
Statistics Canada announced on Wednesday that inflationary pressure in the country remained widespread in March, as prices rose across all eight major components, reports Xinhua news agency. Prices increased against the backdrop of sustained price pressure in the country's housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets.
Equity benchmark indices extend gains
At 9.55 a.m., Sensex was 0.8 per cent up at 57,473 points, whereas Nifty 0.7 per cent up at 17,252 points. Among the stocks, Coal India, Asian Paints, ITC, IndusInd Bank, and Reliance Industries were the top five gainers, while Nestle India, Hindalco, Tata Steel, Tech Mahindra and ONGC were the top five losers, NSE data showed.
Tesla posts $3bn in profit, aims 1.5mn cars this year
In the first quarter, Tesla produced more than 305,000 vehicles and delivered more than 310,000 vehicles. The company said it delivered 295,324 Model 3 and Model Y vehicles, while 14,724 were for the Model S and X. On an earnings call with analysts late on Tuesday, Musk predicted that the electric car-maker would be able to ramp up production and produce 1.5 million cars this year.
Economic slowdown: Sitharaman calls for 'proactive collective efforts' by G-20
Addressing fellow ministers and central bank heads of the G-20 member countries, the minister attributed the slowdown to "prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty", according to a series of Twitter posts by the Ministry of Finance.
India's growth story continues despite Covid; more people turning into 'job creators
The increase is significant considering that number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years. The MCA had registered 1.55 lakh companies in 2020-2021. The incorporations during FY 2021-22 are 8 per cent more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.
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