Govt to decide if gold bond scheme should continue, decision like in sept: Sources; Zomato to launch new app, consolidating its 'going out' biz
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Zomato shares rise 11% after analysts project price target of up to ?350 post Q1 results
Brokerage firm CLSA has maintained its "buy" recommendation on food delivery aggregator Zomato Ltd. and raised its price target to ?350 from ?248 earlier. This is the highest price target for the stock on the street after it reported its June quarter results on Thursday afternoon.
CLSA has also raised its earnings estimates by 6% to 36% for Zomato between financial year 2025 - 2027, saying that Blinkit saw improved performance despite a sharp acceleration in dark stores. Along with CLSA, Motilal Oswal is the other brokerage which has a price target of ?300 now for Zomato. It wrote in its note that Blinkit is offering a generational opportunity to participate in the disruption of industries such as retail, grocery and e-commerce.
Ola Electric IPO: GMP signals 20% upside ahead of issue opening today; Should you apply?
The initial public offering (IPO) of Ola Electric Mobility Ltd. will open for bidding today, that is, Friday, August 2 and the issue can be subscribed until Tuesday, August 6. Ahead of the issue opening, the company raised ?2,673 crore from anchor investors.
In anticipation of the IPO opening, the grey market premium (GMP) for the shares of Ola Electric is trading at ?15, suggesting a potential premium of 20% if the trends sustain.The electric vehicle (EV) player is selling its shares in the range of ?72-76 apiece, where investors can bid for a minimum of 195 equity shares and its multiples thereafter.
Declare Wayanad landslides a ‘calamity of severe nature’: Shashi Tharoor urges Amit Shah
Congress MP Shashi Tharoor has urged Home Minister Amit Shah to declare the Wayanad landslides a "calamity of severe nature" under the Members of Parliament Local Area Development Scheme (MPLADS) regulations. According to the Thiruvananthapuram MP, the action will enable MPs to help the impacted districts immediately.
As per the letter shared on X, MPs can suggest up to ?1 crore in works for the affected districts from their MPLADS funds if the Wayanad landslides are deemed a "calamity of severe nature". After that, the willing MPs might "generously contribute funds" for projects related to rehabilitation and relief.
#TechTalks??
Indian space start-ups must build better products, not duplicate ISRO tech: ex-ISRO scientist Nambi Narayanan
Controversial aerospace engineer and former ISRO scientist, Nambi Narayanan, has called on Indian space-tech start-ups to do better. In an exclusive chat with CNBC-TV18, Narayanan said that space-tech start-ups ought to build better products, and focus specifically on take-off platforms and developing thruster technology.
"I haven't been too happy with the work done by Indian space start-ups," said Narayanan, "These start-ups can produce better take-off platforms." He added: "Our space start-ups are too focused on re-inventing the wheel; they shouldn't be duplicating what ISRO is already doing, and venture into areas where ISRO does not have expertise."
AI’s impact on cybersecurity: Its role in our digital way of life
In the dynamic realm of cybersecurity, artificial intelligence (AI), particularly the transformative power of generative AI, takes centre stage. Today, AI significantly enhances threat detection, response and prevention capabilities.
AI effortlessly analyses large datasets to identify patterns indicative of malicious activity, enabling organisations to detect and mitigate threats in real time. With generative AI, these applications have become more robust. However, it’s crucial to remember that these tools are also accessible to those with malicious intent.
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#ExpertEdge??
Data Privacy in the AI Era: Guarding information in a connected world
Artificial Intelligence (AI) is transforming our world in unprecedented ways. It promises to deliver cost savings, a competitive edge, and a foothold in the future of business. As AI development continues at high speed and AI systems become more advanced, the need for important privacy and ethical implications has also been highlighted.
As AI advances societal initiatives, leading to enhanced prosperity and new scientific discoveries, it can also cause biased decisions and lead to privacy violations. Thus, while the rate of AI adoption continues to rise, this growing use of AI has raised many concerns about its impact on user privacy.
#PersonalFinance??
BookMyForex launches zero fee remittance and bundled deals for international students
BookMyForex, an online retail foreign exchange platform in India, launched the "BookMyForex Student Offer" for Indian students going abroad. This offer includes zero fee remittances with a guarantee of the exact amount for transfers up to 1,000 units in any currency and up to ?5,000 cashback on international money transfers.
Students can also get up to a 25% discount on international flights and hotels through MakeMyTrip and offers on airport services and accommodations abroad. This offer is available for bookings made through the BookMyForex website or mobile app.
Govt to decide if gold bond scheme should continue; decision likely in September: Sources
The Narendra government is likely to discontinue the Sovereign Gold Bond (SGB) scheme, with a final decision expected in September, sources privy to the developments told CNBC-TV18.
The decision on the scheme's fate is expected to align with the Reserve Bank of India's borrowing meeting scheduled for September 2024. The Sovereign Gold Bond scheme was introduced as an investment option rather than a social security measure, sources told CNBC-TV18.
Sources close to the development said the scheme is seen as "one of the most expensive" tools for financing the government deficit. As of now, the government is not exploring any alternatives to the gold bond scheme.
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Zomato to launch a new app—District—consolidating its “going out” biz
Food aggregator Zomato is expanding beyond its core food delivery and quick commerce business with the launch of a new app — District. This new vertical will see consolidation of "going-out" business, including dining, movies, sports ticketing, live performances, shopping, staycations, and more.CEO Deepinder Goyal made the announcement in the letter to shareholders, saying, “Building a one stop destination app for going-out could be a game changer for each of these use cases, and we intend to do exactly that with our new District (by Zomato) app. If we execute this well, we see going-out becoming the 3rd large B2C business emerging out of Zomato.”
We'll see you on Monday with another 11:11