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Losing Sheen? Decoding Nykaa’s volatile 2023 & calling out the risks ahead

Inc42 · 1y ago

Losing Sheen? Decoding Nykaa’s volatile 2023 & calling out the risks ahead

In 2023, Nykaa faced challenges such as rising competition, high inflation, and increasing customer acquisition costs. However, the stock managed to regain investor confidence by the end of the year, with a pick-up in its beauty and personal care and fashion verticals. The company's fashion segment showed better-than-expected results, leading to a rally in the stock. Despite competition from players like Reliance and Tata, Nykaa has regained some of its lost sheen with improved margins. Analysts hold mixed views on the stock's outlook for 2024.

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'Work from home failed for us in most critical areas,' says Zerodha’s Nithin Kamath

Inshorts · 1y ago

'Work from home failed for us in most critical areas,' says Zerodha’s Nithin Kamath

Zerodha CEO Nithin Kamath said that the work from home model didn't work for some of his employees. Kamath said the model failed for the organisation in the most critical areas. "It worked out great in first year, started losing its sheen in the second year and became detrimental to creativity...by the third year," Zerodha's CTO Kailash Nadh wrote.

California Democrats urge US president Joe Biden not to scrap chips R&D funding

Economic Times

Economic Times · 1y ago

California Democrats urge US president Joe Biden not to scrap chips R&D funding

California Governor Gavin Newsom and Senator Alex Padilla are urging the Biden administration to reverse its decision to cancel a subsidy program for semiconductor research and development facilities. The program, funded by the Chips and Science Act, was scrapped due to overwhelming demand for funding awards to subsidize chip production. Newsom and Padilla argue that without robust support for commercial R&D, the US risks losing global leadership in the semiconductor industry. They are calling on the Department of Commerce to reconsider its decision and invest in commercial R&D to support domestic semiconductor manufacturing.

Cryptocurrency comeback: Indian exchanges shine amid offshore challenges

Economic Times

Economic Times · 1y ago

Cryptocurrency comeback: Indian exchanges shine amid offshore challenges

The article highlights the recent surge in registrations and deposits on Indian cryptocurrency exchanges like CoinDCX, CoinSwitch, Unocoin, and BuyUcoin. This surge is attributed to fears of losing out on foreign assets as the Indian government blocked access to several offshore platforms. However, there are still challenges ahead, such as the use of VPNs to trade on non-compliant platforms and the reluctance of investors to bring back assets due to high taxation in India. The article also questions the future of foreign platforms like Binance in the Indian market.

Ashneer Grover shuts down fantasy cricket app CrickPe

Inshorts · 5m ago

Ashneer Grover shuts down fantasy cricket app CrickPe

Ashneer Grover-led fantasy cricket platform CrickPe has halted operations within a couple of years of its launch. The fantasy platform, which was the first product of Grover startup Third Unicorn, was launched ahead of the start of the Indian Premier League (IPL) in 2023. However, it has stopped rolling out new contests.

Alphabet shares take $120 billion blow as search warnings blare

Economic Times

Economic Times · 3m ago

Alphabet shares take $120 billion blow as search warnings blare

Alphabet Inc.'s shares experienced a significant decline, losing $120 billion in market value, as revealed competition risks in its search business due to AI advancements emerged. Apple's exploration of AI integration in its web browser and declining use of Google as a default search engine contributed to the concerns. Despite Alphabet's strong search advertising business and market share, investor anxiety persists over potential disruptions and profitability risks due to evolving AI competition.

Decoding Deepinder Goyal’s Plan To Make ‘District’ A Super Brand

Inc42 · 11m ago

Zomato, an online food delivery platform, is set to acquire Uber's food delivery business in India. The deal will enable Zomato to expand its presence in the "going-out" space and develop new services for its customers. The acquisition will also serve as a launchpad for Zomato's new app, District, which is expected to be released soon. Zomato aims to generate over INR 10,000 crore in Gross Order Value by the end of the 2025 fiscal year through its going-out business.

Ex-OpenAI staff call for “right to warn” about AI risks without retaliation

Arstechnica

Arstechnica · 1y ago

Ex-OpenAI staff call for “right to warn” about AI risks without retaliation

A group of former OpenAI and Google DeepMind employees has penned an open letter calling on AI companies to allow their employees to voice concerns about AI risks without fear of retaliation. The letter highlights the potential risks of AI, including inequality, manipulation, and loss of control, and argues that companies need to be more transparent about their systems' capabilities and risks. The signatories call for four key principles, including not enforcing agreements that prohibit criticism and supporting a culture of open criticism. The letter has received support from prominent figures in the AI community.

Earnings pressure likely on OMCs as crude prices climb: ICICI Securities

Economic Times

Economic Times · 1m ago

Earnings pressure likely on OMCs as crude prices climb: ICICI Securities

ICICI Securities reports diverging earnings outlooks for Indian oil and gas companies due to Middle East tensions and volatile crude prices. Oil Marketing Companies may experience earnings pressure, while upstream firms might see benefits with crude around USD 73–74 per barrel. Despite market disruptions, the impact on Indian firms is manageable. However, further conflict escalation could pose risks. The brokerage maintains current estimates and recommends caution, highlighting Iran's increased crude exports amid geopolitical challenges.

Exclusive: Decoding Bluestone’s pre-IPO round

Entrackr

Entrackr · 11m ago

Exclusive: Decoding Bluestone’s pre-IPO round

Omnichannel jewellery retailer Bluestone has raised Rs 600 crore (approximately $72 million) led by Prosus (through its subsidiary MIH Investments) and with participation from Steadview, Think Investments, and Pratithi Growth Fund. The board at Bluestone has passed a special resolution 1,03,80,622 Series H compulsory cumulative preference shares at an issue price of Rs 578 to raise Rs 600 crore or $72 million, its internal fining accessed by Entrackr from Registrar of Companies show. Prosus led the round with Rs 351 crore or $42.2 million while Steadview Capital, Think Investments and Pratithi Growth Fund pumped in Rs 80 crore, Rs 84 crore, and Rs 35 crore respectively. The 27 other investors participated with the rest of the primary capital into Bluestone. This is part of an earlier reported Rs 900 crore pre-IPO round out of which Rs 300 crore is secondary. The funds will be used for expansion, ongoing operations, capital expenditure, and other general corporate purposes, the filing further added. According to startup data intelligence platform TheKredible, the company has been valued at around $972 million post-allotment. Following the fresh proceeds, Prosus holds 4.48% of the company while Steadview Capital, Think Investments and Pratithi Growth command 1.04%, 1.10%, and 1.08%, respectively. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewellery collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During the fiscal, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore. Its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. Bluestone’s close competitor CaratLane, which is owned by Titan, reported Rs 3,081 crore revenue with Rs 79 crore profit in FY24.

Decoding the hype over building an AI brain smarter than humans

Economic Times

Economic Times · 1y ago

Decoding the hype over building an AI brain smarter than humans

Artificial super intelligence (ASI) is the ultimate stage of AI technology, surpassing artificial general intelligence (AGI). ASI would possess cognitive abilities that surpass human intelligence in all domains of interest. ASI is currently a theoretical concept, as the technology has not yet advanced to that level. While OpenAI aims to develop AGI, Softbank CEO Masayoshi Son envisions the creation of ASI, which he believes could be achieved within 10 years. The potential impact of ASI is considered significant, with experts highlighting both its potential benefits and risks to humanity.

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