A Delhi-based entrepreneur, Sivesh Kumar, co-founder and COO of Coffea India, has gained widespread attention for creating a LinkedIn profile for his two-year-old son, Tiger Chauhan. Earlier this week, Kumar set up the profile and has been regularly posting updates.

Tiger Chauhan’s LinkedIn bio states, “I am just a kid, trying to find my place in this world. My father’s friend always says that ‘network is Net worth’. So I am here to network which will help me in my career.”

In his first post on August 26, the young boy shared that he is “here to network” in hopes of securing a spot in a prestigious pre-school. “I turned two today and already started to feel the pressure of this world. With all the talks at home to get me into school. Hmm, the pressure is real and me ‘nanhi si jaan’,” the post reads.

The post continues, “My father Sivesh Kumar’s friend Praveen Kumar Rajbhar always says that ‘Network is Networth’, so I am here to network which will help me (to start with) get into a good pre-school. And further will take one step at a time. I am trying to stay away from social media (as nobody gives me the phone at home), but still for my career will try to log in once a week. Looking for all the help.”

Many LinkedIn users commented on the post, welcoming Tiger to the “real world” and noting, “At just two, you’re already ahead of the game—most of us only realized the importance of networking after several cups of chai and a few gray hairs.” Others shared their best wishes and birthday greetings, with one user saying, “Happy birthday Tiger. I hope you sail through all the struggles of preschool really well! All the very best for the journey ahead. You can do it, master.”
Sivesh Kumar’s second post featured Tiger dressed as Lord Krishna for Janmashtami celebrations.

Sriharikota (Andhra Pradesh): ISRO on Friday launched its third and final developmental flight, Small Satellite Launch Vehicle-D3, carrying Earth Observation Satellite EOS-08.

The rocket lifted off majestically from the first launch pad at the Satish Dhawan Space Centre here, situated about 135 km east of Chennai at a pre-fixed time of 9.17 am.

The objectives of the SSLV-D3-EOS-08 mission include designing and developing a microsatellite and creating payload instruments compatible with the microsatellite bus, the Bengaluru-headquartered national space agency said.

Built on the Microsat/IMS-1 bus, EOS-08 carries three payloads–Electro Optical Infrared Payload (EOIR), Global Navigation Satellite System-Reflectometry payload (GNSS-R) and SiC UV Dosimeter.

The EOIR payload is designed to capture images in the Mid-Wave IR (MIR) and Long-Wave IR (LWIR) bands, both during the day and night, for applications such as satellite-based surveillance, disaster monitoring, environmental monitoring, fire detection, volcanic activity observation and industrial and power plant disaster monitoring.

The GNSS-R payload demonstrates the capability of using GNSS-R-based remote sensing for applications such as ocean surface wind analysis, soil moisture assessment, cryosphere studies over the Himalayan region, flood detection, and inland waterbody detection.

The SiC UV Dosimeter monitors UV irradiance at the viewport of the Crew Module in the Gaganyaan Mission and serves as a high-dose alarm sensor for gamma radiation.

I&B Minister Ashwini Vaishnaw

New Delhi: Facing widespread criticism, the government has withdrawn the new draft of the Broadcasting Services (Regulation) Bill, 2024, which had sparked concerns over potential government overreach in regulating online content. The draft Bill, which was privately shared with select stakeholders last month, faced pushback from independent content creators and tech companies.

The Ministry of Information and Broadcasting has reportedly asked stakeholders to return their copies of the draft Bill. The ministry is expected to revise the proposal and release a new draft after further consultations.

The draft Bill, which was an expansion of the November 2023 version, aimed to regulate not just OTT platforms and digital news but also social media accounts and online video creators. This move raised alarms about the freedom of speech, particularly among independent creators who would have been categorized as “OTT broadcasters” under the proposed regulations.

The draft also sought to establish a “Code of Ethics” for online content, which had already been challenged in court. The ministry’s statement, however, did not acknowledge the newly withdrawn draft, leading to confusion among stakeholders about the status of their feedback on the earlier version.

New Delhi: All the ten Adani group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after the US short-seller Hindenburg Research alleged that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.

Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on the BSE.

Stocks of Adani Green Energy declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Enterprises tumbled 5.43 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.

Hindenburg Research had on Saturday alleged that SEBI chairperson Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group chairman Gautam Adani – to round-trip funds and inflate stock prices.

Buch and her husband issued a statement calling Hindenburg’s latest tirade as an attack on the credibility of SEBI and attempted “character assassination”.

In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13. The NSE Nifty dropped 155.4 points to 24,212.10.

Buch and her husband Dhaval Buch in a joint statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as “private citizens living in Singapore”. These funds became “dormant” on her appointment in SEBI.

“SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest,” Hindenburg said.

Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.

The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.

Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.

UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.

HDFC Bank climbed 1.57 percent after the company’s consolidated net profit grew 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.

The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 percent to USD 83.18 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.

The BSE benchmark hit its new all-time high of 81,587.76 in the initial trade on Friday but failed to carry forward the winning momentum and tanked 738.81 points or 0.91 percent to settle below the 81,000-mark at 80,604.65.

The NSE Nifty tumbled 269.95 points or 1.09 percent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.

Andhra Pradesh IT Electronics and Human Resource Development Minister Nara Lokesh

Amaravati: Andhra Pradesh IT, Electronics and Human Resource Development Minister Nara Lokesh on Wednesday extended an open invitation to NASSCOM members to set up shop in the state, following concerns raised on neighbouring Karnataka’s proposal to reserve certain jobs for Kannadigas there.

The National Association of Software and Service Companies (NASSCOM) expressed disappointment over the Karnataka State Employment of Local Industries Factories Establishment Act Bill, 2024.

The IT industry body observed that the restrictions mandated by this bill “could force companies to relocate as local skilled talent becomes scarce”.

Amid this backdrop, Lokesh welcomed IT, IT services, Artificial Intelligence (AI) and related companies to relocate and expand in Andhra Pradesh.

“We understand your disappointment. We welcome you to expand or relocate your businesses to our IT, IT services, AI and data centre cluster at Vizag,” he said in a post on social media platform X.

Promising best-in-class facilities, the IT minister offered “uninterrupted power, infrastructure and the most suitable skilled talent” with “no restrictions from the government”.

Mumbai: Rupee depreciated 10 paise and settled for the day at 83.61 against the US dollar on Monday, weighed down by the overall strength of the American currency in the overseas market.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee at lower levels.

At the interbank foreign exchange market, the local unit opened at 83.53, but lost ground and touched its all-time low of 83.62 against the dollar. It finally settled at 83.61 against the American currency, registering a loss of 10 paise from its previous close.

On Friday, the rupee settled at 83.51 against the US dollar.

Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on positive US dollar and rising domestic inflation.

US dollar rose on safe haven demand amid political violence in the US, he said, adding that rising odds of a rate cut by the Federal Reserve in September may limit a sharp upside in the greenback.

“Traders may take cues from Empire State manufacturing index data from the US. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80,” Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower by 0.02 per cent at 104.07.

Brent crude futures, the global oil benchmark, were trading 0.09 per cent higher at USD 85.11 per barrel.

In the domestic equity market, the benchmark indices scaled all-time high levels. The 30-share BSE Sensex ended the day 145.52 points, or 0.18 per cent, higher at an all-time high of 80,664.86 points. The broader NSE Nifty settled 84.55 points, or 0.35 per cent, higher at a record 24,586.70 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,684.78 crore, according to exchange data.

According to the official data released on Monday, wholesale inflation in the country rose for the fourth consecutive month in June at 3.36 per cent on account of rise in prices of food articles, especially vegetables and manufactured items.

India’s merchandise exports in June increased 2.56 per cent to USD 35.2 billion even as the trade deficit widened to USD 20.98 billion during the month, the commerce and industry ministry data showed on Monday.

The government data released on Friday showed retail inflation increased to a four-month high of 5.08 per cent in June as food items, including vegetables became dearer.

The number of Prime Minister Narendra Modi’s followers on his X handle crossed the 100-million mark on Sunday, registering an impressive growth of nearly 30 million in the past three years, officials said.

He is already the most followed head of government on the social media platform globally.

Officials noted that his followers are quite a few times more in number in comparison to most followed opposition leaders like AAP’s Arvind Kejriwal and Congress’ Rahul Gandhi who have 27.5 million and 26.4 million followers respectively.

Among other heads of government with a large following are US President Joe Biden (38.1 million) and Turkiye’s Recep Tayyip Eedogen (21.5 million).

In a post, Prime Minister Modi said, “A hundred million on @X! Happy to be on this vibrant medium and cherish the discussion, debate, insights, people’s blessings, constructive criticism and more. Looking forward to an equally engaging time in the future as well.”

An official said, “PM Modi has more followers even compared to active global athletes like Virat Kohli (64.1 million), Brazilian footballer Neymar Jr (63.6 million) and American basketball player LeBron James (52.9 million).”

“He is ahead of even celebrities like Taylor Swift (95.3 million), Lady Gaga (83.1 million), and Kim Kardashian (75.2 million),” the official said.

He said world leaders often eagerly engage with Modi on social media because connecting with him significantly boosts their own follower base, engagements, views and reposts. This was seen recently in Italy as well as Austria, the official added.

Prime Minister Modi is also an influential presence on YouTube and Instagram with nearly 25 million subscribers and more than 91 million followers respectively.

Since joining X, formerly known as Twitter, in 2009, he has consistently used it for constructive engagement, officials noted, highlighting that he has never blocked anyone.

“He maintains an active and engaging persona, follows numerous common citizens, interacts with them, replies to their messages, and has never blocked anyone. PM Modi has always used this platform organically, without ever resorting to paid promotions or bots,” an official said, adding that it reflects his ability to resonate with a diverse and dynamic audience.

In a post on X, External Affairs Minister S Jaishankar said, “Prime Minister @narendramodi crossing 100 million followers on X is a testimony to how he has revolutionized direct communication. Congratulate PM Modi on reaching this milestone. Confident that his vision will reach many more in the times ahead.”

New Delhi: Japan’s Softbank investment arm Softbank Vision Fund exited from Paytm in the June quarter at a loss of around USD 150 million, sources aware of the development said.

Softbank invested about USD 1.5 billion in One97 Communications — the owner of Paytm brand — in tranches in 2017.

“Softbank has exited Paytm at a loss of 10-12 per cent. The total loss is around USD 150 million,” one of the sources said.

Softbank held around 18.5 per cent stake in Paytm before the company’s initial public offering (IPO) in 2021. It held a 17.3 per cent stake through SVF India Holdings (Cayman) Ltd and 1.2 per cent through SVF Panther (Cayman) Ltd.

SVF Panther sold its entire stake during the IPO for Rs 1,689 crore, about USD 225 million.

“Softbank announced that it will exit Paytm in 24 months from the time of the IPO. The exit was in line with Softbank’s plan. However, the company did anticipate loss at that time,” another source said.

Softbank had acquired Paytm shares at an average price of about Rs 800 apiece.

Paytm share price was listed at Rs 1,955, lower by 9 per cent, and has not matched its issue price of Rs 2,150 apiece to date.

The share price of Paytm plummeted further after the Reserve Bank of India (RBI) banned its associate firm Paytm Payments Bank Ltd (PPBL) from carrying out transactions. It touched an all-time low of Rs 310 on May 9.

Paytm reported widening of losses to Rs 550 crore in the fourth quarter of 2023-24 following the ban on transactions related to its payments bank.

The company during the reported quarter wrote off Rs 227 crore investment for a 39 per cent stake in PPBL following future uncertainties associated with its business operations, including the uncertainty of any other regulatory development, etc.

For the year ended March 31, 2024, the company’s loss narrowed to Rs 1,422.4 crore. Paytm had recorded a loss of Rs 1,776.5 crore in FY23.

Billionaire Warren Buffet’s Berkshire Hathaway Inc also exited Paytm around seven months back by selling shares at a lower-than-acquired price.

The company had acquired 2.6 per cent stake in Paytm for Rs 1,279.7 per share at an aggregate value of Rs 2,179 crore, as per an official document.

The shares were disposed of at an average price of Rs 877.29 apiece, taking the transaction value to Rs 1,370.63 crore in November.

Paytm’s shares closed at Rs 467.25 apiece on Friday.