Russia Fined Google With Incredibly Vast Amount of $2.5 Decillion

A Russian court has imposed an unprecedented fine of approximately $2.5 decillion (or two undecillion rubles) on Google. This fine stems from Google's refusal to reinstate the accounts of pro-Kremlin media outlets on YouTube. The fine began accumulating in 2020, with daily penalties doubling each week, leading to this astronomical amount.

It's an incredibly vast sum, far exceeding the global GDP.

As of 2023, the global GDP is approximately $105 trillion,which is the total monetary value of all goods and services produced worldwide in a given year.

The fine imposed on Google by a Russian court is indeed staggering.

Going forward with details on how this situation developed – It was in 2020 when Google-owned YouTube blocked several pro-Kremlin media accounts, including Tsargrad TV and RIA FAN, due to violations of sanctions legislation and trade rules. This led to a series of lawsuits by these media outlets, and in October 2024, the court ruled in their favor. The court ordered Google to reinstate the accounts and imposed a daily fine of 100,000 rubles ($1,025) for non-compliance. This fine doubled every week, leading to the astronomical total of $2.5 decillion.

The court's decision has been described as "bizarre" due to the sheer size of the fine, which far exceeds the global GDP. Despite the enormity of the fine, Google has not yet commented publicly on the ruling or its next steps.

This case highlights the ongoing tensions between Russia and major Western tech companies, especially in the context of geopolitical conflicts and sanctions.

DBT and ISRO to Work Together on Space Biotech, Space BioManufacturing, & BioAstronautics

The Department of Biotechnology (DBT) and the Indian Space Research Organisation (ISRO) have signed a memorandum of understanding (MoU) to collaborate on space biotechnology, space bio-manufacturing, and bioastronautics. This collaboration aims to integrate biotechnology with space technology, fostering innovation in human health research, novel pharmaceuticals, biotherapeutics, regenerative medicine, and bio-based technologies for efficient waste management.

The partnership will focus on microgravity experiments, including the impact of microgravity on edible algae, the growth of cyanobacteria with urea in space, and research on supplements to prevent muscle loss in microgravity. These experiments are part of the upcoming Axiom-4 mission and the Gaganyaan mission, India's first crewed space mission.

This collaboration is expected to spur innovation and development in the fields of human health research, bio-manufacturing, and bioastronautics, benefiting both national space programs and societal applications.

India is set to establish its own space station, named Bharatiya Antariksh Station, by 2035. This ambitious project was announced by Union Minister of State for Science and Technology, Dr. Jitendra Singh, following a this MoU between ISRO and the DBT, to integrate biotechnology with space technology, fostering a new era of scientific innovation.

The BioE3 (Biotechnology for Economy, Environment, and Employment) Policy is another key initiative outlined in the MoU. This policy aims to foster high-performance biomanufacturing in the country, with a goal of reaching a $300 billion bioeconomy by 2030.

@DBTIndia and @isro signed the #MoU to work
together on Space Biotechnology, Space Biomanufacturing, & Bioastronautics. Together we are dedicated to achieve remarkable advancements in finding sustainable solutions. #InnovationCollaboration @DrJitendraSingh @rajesh_gokhale pic.twitter.com/HySYxQF1RB

— Department of Biotechnology (@DBTIndia) October 30, 2024

Adani in Advance Talks With Odisha for Its First Greenfield Cement Manufacturing Plant

The Adani Group is in advanced discussions with the Odisha government to set up its first greenfield cement plant. This plant will be constructed from the ground up, marking a significant expansion for Adani in the cement sector. The proposed plant will have a production capacity of 4 million tonnes per annum (MTPA) and is expected to be operational by the 2028 financial year.

Adani group that has so far only acquired cement businesses has also prepared a strategy to build new facilities from scratch.

The group has finalized its discussions with the Odisha government and the target is to make the cement plant ready by FY28.

This move is part of Adani's broader strategy to become one of India's largest cement producers. The investment for this project is estimated to be between ₹3,000-3,500 crore.

Earlier in August, Adani Group's Ambuja Cements has announced a significant investment of ₹1,600 crore to set up its first cement grinding unit in Bihar. However, this involves establishing a facility to grind cement clinker into finished cement, rather than constructing a cement manufacturing plant from the ground up.

Since entering the cement industry in 2022 by acquiring Ambuja Cements, the Adani Group has made several strategic acquisitions to rapidly expand its production capacity.

The Adani Group has made several strategic acquisitions to expand its presence in the cement industry. These include the acquisition of Sanghi Industries' cement business, which significantly boosted Adani's production capacity.

Additionally, Adani acquired Hyderabad-based Penna Cement, further expanding its footprint in southern India. The acquisition of CK Birla group's Orient Cement also added substantial capacity to Adani's portfolio. Gujarat-based Saurashtra Cement is in advanced discussions for acquisition by Adani. The group is also exploring the acquisition of Jaiprakash Associates' cement business and considering the acquisition of Vadraj Cement, owned by ABG Shipyard.

These acquisitions are part of Adani's ambitious plan to become one of India's largest cement producers, aiming for a production capacity of 140 million tonnes per annum by the financial year 2027-28.

Back to Adani's Ambuja Cements, Ambuja reported a 42.5% year-on-year decline in net profit for the second quarter of the fiscal year 2024-25, with net profit falling to ₹455.96 crore. Despite the profit decline, Ambuja Cements achieved a 9% growth in sales volume, reaching 14.2 million tonnes in Q2, the highest in the past five years.

To recall, last year in March it was reported that Adani Group is setting up two new cement manufacturing plants in Andhra Pradesh, with a combined capacity of 10 million tonnes per annum (MTPA). These plants said to be be located in Kadappa and Nadikudi.

Apart from cement, Adani Enterprises has begun operations of a new copper unit in Mundra, Gujarat, with a capacity of 1 million tonnes per annum (MTPA). The project is expected to create 7,000 direct and indirect employment opportunities.

OpenAI Chairman & Ex- Google/Facebook Executive's AI Startup Sierra Gets $4.5 Bn Valuation

Sierra, an Al startup co-founded by Bret Taylor, former Google executive and former CTO of Facebook (Now Meta), has recently raised $175 million in a funding round led by Greenoaks Capital. This round has given Sierra a valuation of $4.5 billion, a significant jump from its previous valuation of nearly $1 billion earlier this year.

Taylor is most notable for leading the team that co-created Google Maps and his tenures as the CTO of Facebook (now Meta Platforms), as the chairman of Twitter, Inc.'s board of directors prior to its acquisition by Elon Musk, and as the co-CEO of Salesforce (alongside co-founder Marc Benioff). Taylor was additionally one of the founders of FriendFeed and the creator of Quip.

Since 2023, Bret Taylor is chairman of OpenAI and a board member of Shopify. In the same year, he co-founded Sierra AI with Clay Bavor, Taylor's long time friend who spent 18 years at Google, where he held various leadership roles, including leading Google Labs, Google's AR/VR efforts (Project Starline and Google Lens). 

Sierra focuses on providing Al-powered customer service chatbots to enterprises, helping companies like WeightWatchers and Sirius XM enhance their customer interactions.

The AI startup aims to differentiate itself by reducing "hallucinations," where Al models generate false information, ensuring that brands can trust their Al agents.

This funding round comes less than a year after Sierra's public launch, and it highlights the growing investor interest in AI applications that generate steady revenue.

Before the latest funding round, Sierra had raised $110 million in a round led by Sequoia Capital and Benchmark at a valuation of nearly $1 billion. This round also saw participation from Thrive Capital and ICONIQ.

Sierra's rapid growth and increasing valuation highlight the strong investor confidence in its Al solutions for enterprises.

Headquartered in San Francisco, California, Sierra AI emphasizes creating more empathetic and conversational AI interactions, contrasting it with frustrating automated systems like airline bots. The startup allows clients to customize the AI agent's personality to match their corporate brand.

Sierra aims to provide personalized AI solutions to help these companies improve customer interactions.

Beside these, Sierra has been focusing on enhancing its AI models to reduce "hallucinations," where AI generates false information. This ensures that brands can trust their AI agents to interact with customers accurately and reliably.

To recall, in mid of this year, an another California-based AI startup Alembic introduced a new AI system that tackles the issue of "Hallucinations" in artificial intelligence. Alembic announced that it has developed a new Al system that it claims completely eliminates the generation of false information that plagues other Al technologies, a problem known as "hallucinations".

Several startups are actively working on addressing the AI hallucination problem. Squirro uses Retrieval Augmented Generation (RAG) technology to ensure that every piece of information generated by their AI is traceable to a source, promising zero hallucinations.

Similar to Squirro, SiftHub employs RAG technology and fine-tuned large language models with industry-specific knowledge to generate personalized responses with zero hallucinations.

Among these AI Startups, Sierra as one of the most highly valued AI startups. The AI startup has crossed $20 million in annualized revenue, according to Reuters.

Air India Receives Approval to Modify Aircraft Interiors In-House with Tata Technologies

• Initiative with Tata Technologies to enhance in-house capabilities for optimizing performance, safety, and fleet efficiency
• Air India is the first airline in India to attain this level of authorisation. 

Air India, India’s leading global airline, has received the Design Organisation Approval (DOA) from the Directorate General of Civil Aviation (DGCA) designated as CAR 21 approval. A significant milestone, this will enable Air India to independently make design changes in-house and implement modifications to its aircraft interiors more efficiently.

Air India is the first airline in India to attain this level of authorisation, accelerating its ability to execute restoration tasks for continuous improvement of its fleet.

The approval was handed over to Campbell Wilson, Chief Executive Officer and Managing Director, Air India by D.C. Sharma, Director General, DGCA on 25 October 2024 in the presence of other senior officials of Air India and DGCA, the civil aviation regulator.

Air India had earlier entered a collaboration with Tata Technologies, a global engineering and product development digital services company, to enhance aircraft interiors in its fleet aligned with the CAR 21 approval for aircraft modifications. The DOA is a transformative step towards enhancing Air India’s in-house capabilities, which has been bolstered by decisions to set up its own engineering, maintenance and training facilities. This will enhance operational efficiency and make the airline more self-reliant.

Campbell Wilson, Chief Executive Officer & Managing Director, Air India said, “India’s aviation sector is on a growth trajectory and Air India is playing a leading role in it. The approval reaffirms our capabilities to maintain our fleet and commitment to enhance customer experience of our aircraft interiors. The collaboration with Tata Technologies will help us meet customer expectations, aligning with our broader goals of operational excellence and self-reliance.”

Warren Harris, Chief Executive Officer and Managing Director of Tata Technologies, speaking on the collaboration with Air India, said: “Our partnership with Air India represents a significant step forward in redefining air travel experiences through innovation and strategic engineering. By leveraging our global aerospace expertise, we are committed to delivering next-generation aircraft interiors that not only meet the highest standards of functionality and safety but also enhance customer satisfaction. This collaboration is a testament to our dedication to engineering a better world and supporting the advancement of the Indian aviation sector.”

The partnership will streamline Air India’s operations by integrating innovative digital thread solutions and smart Maintenance, Repair, and Overhaul (MRO) services. This will improve operational efficiency, reduce downtime, and ensure that Air India’s fleet remains fit to fly, further enhancing passenger safety, comfort and operational reliability.

Infosys Launches Small Language Models Built Using NVIDIA AI

Infosys Unveils Small Language Models – Infosys Topaz BankingSLM and Infosys Topaz ITOpsSLM – Built on NVIDIA AI Stack

The small language models will be integrated into products and services as part of Infosys Topaz offerings to provide enterprises with a foundation to build their specialized models.

Infosys today announced the launch of its small language models – Infosys Topaz BankingSLM and Infosys Topaz ITOpsSLM – built using the powerful NVIDIA AI Stack. The collaboration leverages NVIDIA AI and Infosys Topaz offerings to provide a robust foundation for implementing and scaling enterprise AI. These models are developed as part of the Infosys center of excellence dedicated to NVIDIA technologies and built to help businesses quickly adopt and scale AI.

The small language models utilize general and industry-specific data, enhanced by NVIDIA’s AI Enterprise and NVIDIA AI Foundry in collaboration with Sarvam AI. The models are fine-tuned with Infosys data and integrated into existing offerings, like Infosys Finacle and Infosys Topaz for business and IT operations, creating robust foundational models for industry-specific applications. Infosys also provides these models as services that include pretraining-as-a-service and fine-tuning-as-a-service, to help businesses build their own custom AI models securely, in compliance with industry standards.

As part of the center of excellence, Infosys is working with NVIDIA on NIM™ Agent Blueprints to streamline AI application development and integrate innovations such as the new Digital Human blueprint for customer service, multimodal PDF data extraction and various other use cases for Infosys Topaz offerings. Beyond these, the collaboration extends to digitalization efforts, addressing areas like 3D workflows and digital twins with NVIDIA Omniverse Enterprise, and Infosys Responsible AI suite, using NVIDIA NeMo Guardrails. The center of excellence also unveiled an exclusive AI Experience Zone, featuring the latest capabilities from NVIDIA AI and Infosys Topaz. The zone is designed to foster co-innovation in AI solutions, such as agentic and physical AI use cases, across sectors such as telecommunications, retail, and financial services.

Balakrishna D. R. (Bali), Executive Vice President, Global Services Head, AI and Industry Verticals, Infosys, said, “As we further our enterprise AI journey with NVIDIA, our focus is now on delivering foundational small language models as services for businesses to build on. By integrating the NVIDIA AI stack with Infosys Topaz, we are taking advantage of very advanced enterprise AI capabilities to tackle unique business challenges, enhance operational efficiency, and deliver bespoke solutions that drive business value for our clients. Our dedicated center of excellence ensures continuous innovation and establishes Infosys as a preferred partner for our clients’ AI-powered transformation.”

Jay Puri, Executive Vice President, Worldwide Field Operations, NVIDIA, said, “Generative AI and the recent advancements in agentic and physical AI are ushering in a new era of innovation and productivity for enterprises worldwide. NVIDIA's full-stack AI platform combined with Infosys Topaz empowers businesses to build and deploy custom AI applications that will transform industries, helping businesses unlock their full potential.”

Over Half A Lakh Youth To Get Appointment Letter from PM Modi Tomorrow

Prime Minister Narendra Modi will distribute over 51,000 appointment letters to newly appointed youth on October 29, 2024, through video conferencing. This event is part of the Rozgar Mela, which highlights the government's commitment to prioritizing employment generation and empowering the youth with meaningful opportunities to contribute to nation-building.

The Rozgar Mela will be organized at 40 locations nationwide, with new recruits joining various Central Government Ministries and Departments, such as the Department of Revenue, Department of Higher Education, Ministry of Home Affairs, Ministry of Defence, and Ministry of Health and Family Welfare.

The newly appointed recruits will also have the opportunity to undertake foundational training through Karmayogi Prarambh, an online module available on the iGOT Karmayogi portal, which offers over 1400 e-learning courses to equip them with essential skills.

This initiative is a significant step towards building a Viksit Bharat (Developed India) and providing the youth with the tools they need to serve effectively in their roles.

Over 700 Rozgar Melas have been organized across 28 states and union territories, with more than 2.18 lakh registrations and around 93 thousand candidates selected by private companies.

The Rozgar Mela is a significant initiative by the Indian government to boost employment opportunities for the youth. Organized by the National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship, these events bring together job seekers and employers for a day of interviews and applications.

Typically, the event caters to youth aged 18-35 with various academic qualifications, from 8th grade to graduates.

Swiggy Reduces IPO Valuation by 25%, BlackRock & CPPIB To Invest

Swiggy has reduced its IPO valuation to $11.3 billion, which is 25% lower than its initial target of $15 billion. This decision was influenced by market volatility and the underwhelming debut of Hyundai India.

Despite the cut, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are set to invest in Swiggy's IPO, which is expected to be one of the largest stock offerings in India this year.

Swiggy's IPO is scheduled to open on November 6, 20242. The company plans to raise funds through a fresh issue of equity shares and an offer-for-sale of existing shares.

Swiggy's IPO is one of the largest public issues in India this year and is seen as a significant step for the company as it aims to achieve profitability and expand its services.

The food delivery company aims to raise around ₹11,300 crore through the IPO. This includes a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of up to ₹6,800 crore.

The proceeds from the upcoming IPO will be used for technology and cloud infrastructure, expanding its presence through its subsidiary Scootsy, branding, business promotion, and general corporate purposes.

Recently, Swiggy Instamart has introduced a "Shopping List" feature after receiving user feedback on X (formerly Twitter).

PM Modi and Spanish PM Pedro Sanchez Jointly Inaugurate TATA Aircraft Complex for Manufacturing C-295 Aircraft in Vadodara, Gujarat

• The C-295 Aircraft facility in Vadodara reinforces India's position as a trusted partner in global aerospace manufacturing:PM
• Make in India, Make for the World:PM
• The C-295 aircraft factory reflects the new work culture of a New India:PM
• India's defence manufacturing ecosystem is reaching new heights:PM

The Prime Minister, Shri Narendra Modi and the Prime Minister of Spain, Mr Pedro Sanchez jointly inaugurated the TATA Aircraft Complex for manufacturing C-295 aircraft at TATA advanced systems limited (TASL) Campus in Vadodara, Gujarat today. Both Prime Ministers also took a walkthrough of the exhibition showcased on the occasion.

Addressing the gathering, the Prime Minister remarked that it is the Prime Minister of Spain, Mr Pedro Sanchez’s first visit to India and the partnership between the two countries is finding a new direction today. Noting the inauguration of the TATA Aircraft Complex for manufacturing C-295 aircraft, the Prime Minister said that it would not only strengthen the relations between the two nations but also give momentum to the mission of ‘Make in India, Make for the World’. Shri Modi conveyed his best wishes to the entire team of Airbus and TATA on the occasion. The Prime Minister also paid his tributes to Late Shri Ratan Tata ji.

The Prime Minister underlined that the factory of C295 aircraft is a reflection of the new work culture of New India and said that India’s speed from idea to the execution of any project in the country can be witnessed here. Recalling the foundation stone laying of the factory in October 2022, the Prime Minister said that the facility is now ready for production of C295 aircrafts.

Emphasizing the focus on eliminating unaccounted delays in the planning and execution of projects, the Prime Minister recalled the setting up of Bombardier Train Coach manufacturing facility in Vadodara as the Chief Minister of Gujarat and said that factory was ready in record time for production. “Metro Coaches made in this factory are being exported to other nations today”, he added. Shri Modi expressed confidence that the aircrafts made in today’s inaugurated facility would also be exported.

Quoting the famous Spanish poet, Antonio Machado, the Prime Minister remarked that as we start treading towards the goal, the path towards the goal is created automatically. Noting that India’s defence manufacturing ecosystem was scaling new peaks today, Shri Modi said that if concrete steps were not taken 10 years ago then it would have been impossible to reach this destination today. He added that a decade ago, the priority and identity of defence manufacturing were about import and none could imagine that defence manufacturing could take place on such a large scale in India. The Prime Minister remarked that the Government decided to walk on a new path, set new goals for India, whose results are evident today.

The Prime Minister said that India’s transformation of the defense sector exemplifies how a right plan and partnership can turn possibilities into prosperity. He underlined that strategic decisions have spurred the growth of a vibrant defense industry in India over the last decade. “We expanded private sector participation in defense manufacturing, made public sector units more efficient, restructured ordnance factories into seven major companies, and empowered DRDO and HAL”, said Shri Modi.

He said establishing defense corridors in Uttar Pradesh and Tamil Nadu infused new energy into the sector. Touching upon iDEX (Innovation for Defence Excellence) scheme, the Prime Minister said that it has driven the growth of around 1,000 defense startups in the past five to six years. He informed that India’s defense exports have increased 30 times over the past decade, with the country now exporting equipment to over 100 countries.

The Prime Minister laid emphasis on skilling and job creation and said that projects like the Airbus-Tata factory will create thousands of jobs. He said that the factory will support indigenous manufacturing of 18,000 aircraft parts, providing immense opportunities for MSMEs across India. Noting that India is one of the biggest suppliers of parts for the world's major aircraft companies even today, Shri Modi said that the new aircraft factory will give a big boost to new skills and new industries in India.

The Prime Minister underlined that he was looking at today's program beyond the manufacturing of transport aircraft. Highlighting the unprecedented growth and transformation of India's aviation sector in the last decade, Shri Modi remarked that India was providing air connectivity to hundreds of small cities in the country, while simultaneously working to make India a hub of aviation and MRO domain. He added that this ecosystem will also pave the way for Made in India civil aircraft in the future. Noting that various Indian airlines have ordered 1200 new aircraft, Shri Modi said that this only meant the newly inaugurated factory will play a major role from designing to manufacturing civil aircraft to meet the needs of India and the world in the future.

Noting that Vadodara City was a stronghold of MSMEs, Shri Modi remarked that the city will act as a catalyst in these efforts of India. He added that the city also had a Gatishakti University, which was preparing professionals for different sectors of India. The Prime Minister also noted that there were many companies related to many sectors like the pharma sector, Engineering and Heavy Machinery, Chemicals and Petrochemicals, Power and Energy Equipment in Vadodara. He added that now this entire region was also going to be a major hub of aviation manufacturing in India. Shri Modi congratulated the Government of Gujarat and its Chief Minister Bhupendra Patel and his entire team for their modern industrial policies and decisions.

Noting that Vadodara was also an important cultural city of India, Shri Modi said he was elated to welcome all the friends from Spain. “The cultural connect between India and Spain has its own importance”, stated the Prime Minister. He remarked that Father Carlos Valle had come from Spain and settled in Gujarat and spent fifty years of his life. He further added that Father Valle had enriched the culture with his thoughts and writings. Shri Modi stated that he also had the good fortune of meeting Father Valle and the Government of India honored him with Padma Shri for his great contribution.

Shri Modi noted that yoga was highly popular in Spain too and Spanish football was also liked in India. Remarking about the football match between Real Madrid and Barcelona clubs which took place yesterday, Shri Modi said that Barcelona's great victory was a topic of discussion in India too and the fervor of the fans of both the clubs was same in India as it is in Spain. Throwing light on India and Spain’s multifaceted partnership, the Prime Minister said, “Whether it's food, films, or football, our strong people-to-people connect has always strengthened our ties.” Shri Modi expressed happiness that India and Spain have decided to celebrate 2026 as the India-Spain Year of Culture, Tourism, and AI.

Concluding the address, the Prime Minister expressed confidence that today's event will inspire many new joint collaboration projects between India and Spain. He extended an invitation to the Spanish industry and innovators and encouraged them to come to India and become partners in the country's development journey.

Under the C-295 program, a total of 56 aircrafts are to be delivered out of which 16 are being delivered directly by Airbus from Spain and remaining 40 are to be made in India.

Tata Advanced Systems Ltd is responsible for making these 40 aircrafts in India. This facility becomes the first private sector Final Assembly Line (FAL) for military aircraft in India. It will involve the full development of a complete ecosystem from the manufacture to assembly, test and qualification, to delivery and maintenance of the complete lifecycle of the aircraft.

Apart from Tatas, leading defence public sector units such as Bharat Electronics Ltd. and Bharat Dynamics Ltd, as well as private Micro, Small and Medium Enterprises will contribute to this program. Earlier in October 2022, Prime Minister had laid the foundation stone for the Vadodara Final Assembly Line (FAL).

PM Modi To Launch 1st Truly Private Make in India Aerospace Assembly Line, Today

• 2026 Will Mark A New Era
• C-295 – 1st Made in India Military Aircraft To Roll Out in 2026 From Vadodara

Prime Minister Narendra Modi, along with his Spanish counterpart Pedro Sanchez, is set to inaugurate India's first private sector final assembly line for military aircraft. This significant event will take place at the Tata Advanced Systems Ltd. (TASL) facility in Vadodara, Gujarat, on October 28, 2024.

Set to be a complete example of Atmsnirbharta, the C-295 Manufacturing plant will be a Powerhouse for jobs with direct employment of 3000+ at various sites, and over 15000 indirect employment, 1 million+ hours of labor effort per aircraft by TASL & suppliers.

Key Highlights:

Aircraft: The facility will produce 40 C-295 military tactical transport aircraft in collaboration with Airbus Spain.

Make in India: This project is a flagship initiative under the Make in India program, marking the first instance of a complete military aircraft being manufactured in India by a private company.

Operational Timeline: The first C-295 aircraft from this facility is expected to be delivered by September 2026, with the final aircraft set to be handed over by August.

Capabilities: The C-295 aircraft can transport up to nine tonnes of cargo or up to 71 soldiers and is suitable for various missions, including maritime surveillance, medical evacuations, and disaster relief.

The C-295 Aircraft

This project is a significant milestone for India's aerospace sector, enhancing the country's defense capabilities and promoting self-reliance in military manufacturing.

From Stick Holding Depot in Prayagraj to Training Centre at Air Force Station, Agra, the project will expand India's aviation ecosystem as besides the Vadodara's new assembly line it will also boost local industries.

Moreover, the Indian Air Force (IAF) will be inducting the C-295 aircraft. The IAF has already received six C-295 aircraft from Spain, which were delivered in flyaway condition. The remaining 40 aircraft will be manufactured in India by Tata Advanced Systems Ltd (TASL) at the new assembly line in Vadodara 2 The first domestically produced C-295 is expected to roll out in September 2026, with the final aircraft to be delivered by August 2031.

The C-295 aircraft will replace the aging Avro-748 planes and enhance the IAF's tactical transport capabilities.

Kenyan Court Suspends Adani Energy's $736 Mn Deal

Kenyan high court has suspended a $736 million (approximately ₹6,189 crore) deal between the state-owned Kenya Electricity Transmission Company (KETRACO) and Adani Energy Solutions. The agreement, signed earlier this month, aimed to build and operate high-voltage power transmission lines over a 30-year period.

The Law Society of Kenya challenged the deal, arguing that it was a "constitutional sham" and lacked transparency. They also claimed that there was insufficient public participation in the project, which is required under Kenya's Public-Private Partnerships Act of 2021.

This suspension could have significant implications for Kenya's energy infrastructure and foreign investment climate. The court's decision adds uncertainty to the partnership, which was intended to address power outages and support economic growth in the country.

As of now, Gautam Adani or the Adani Group has not publicly commented on the Kenyan court's suspension of the $736 million deal. The situation is still developing, and it's likely that the Adani Group will issue a statement or response in the near future.

Apart from this deal, the Adani Group's proposal to operate Kenya's main airport, Jomo Kenyatta International Airport (JKIA), for 30 years was also challenged and eventually suspended in court, last month. The Law Society of Kenya and the Kenya Human Rights Commission argued that the deal was unaffordable, threatened job losses, and lacked transparency. The court blocked the proposal, citing concerns about good governance and accountability.

The Law Society of Kenya has raised issues about the lack of meaningful public participation in the agreements with Adani Group, which is required under Kenya's Public-Private Partnerships Act of 2021.

These disputes highlight the challenges and scrutiny faced by the Adani Group in its efforts to expand its infrastructure projects in Kenya.

ISRO to Test India's First Electric Propulsion System, by December

India's space agency, ISRO (Indian Space Research Organisation), is planning to test its indigenously developed electric propulsion system for satellites by December 2024. This technology aims to reduce satellite weight and fuel requirements, enhancing satellite efficiency and functionality. The test will feature Indian-made electric thrusters and travelling wave tube amplifiers.

This development is significant as it represents a step towards more sustainable and cost-effective satellite missions.

It is to be noted that the electric thruster being developed by ISRO is part of the propulsion system for satellites, not a full-fledged rocket.

Unlike traditional chemical rockets, which provide powerful but short-lived thrust, electric thrusters, such as ion thrusters, provide continuous but much weaker thrust. They use electric energy to accelerate ions and create thrust, which is more efficient for long-duration missions in space.

In essence, these thrusters help satellites maneuver and maintain their orbits without using large amounts of chemical propellants. It's a step towards more efficient and sustainable space missions.

ISRO's electric thruster, part of the Technology Demonstrator Satellite (TDS-01), uses indigenously developed electric propulsion to reduce satellite weight and fuel requirements.

Technical Details

Propellant: The thruster uses ionized Argon gas as propellant, which is powered by solar energy.

Thrust: Electric propulsion generates lower thrust compared to traditional chemical propulsion, meaning it takes longer to reach the desired orbit. For example, it may take three months to reach geostationary orbit, compared to one week with chemical thrusters.

Fuel Efficiency: A typical four-tonne satellite requires 2-2.5 tonnes of liquid fuel for traditional propulsion, whereas electric propulsion reduces this requirement to just 200 kg.

Weight Reduction: The reduced fuel requirement allows the satellite to be lighter, with a satellite weighing about two tonnes achieving the operational capabilities of a 4-tonne satellite.

Travelling Wave Tube Amplifiers (TWTAS): The TDS-01 will also feature Indian-made TWTAs, which are essential for enhanced communications and data relay capabilities.

Several agencies and companies are involved in ISRO's electric thruster project.

Notably, apart from ISRO's commercial arm, NSIL (NewSpace India Limited), and IN-SPACe, space technology startup Bellatrix Aerospace is also collaborating with ISRO by providing their Arka Hall Effect Thruster and Rudra Green Propulsion System.

Electric Propulsion system by other countries

Electric propulsion systems are widely used by several countries for their spacecraft. NASA has been a pioneer in electric propulsion, using systems like Hall Effect Thrusters (HETs) and lon Thrusters on missions such as the Dawn spacecraft and the Lunar Reconnaissance Orbiter. The Russian space agency has a long history with electric propulsion, using Electrothermal Thrusters on satellites like the Meteor series and Elektro satellite. European Space Agency (ESA) has utilized electric propulsion on missions like SMART-1, which was the first European mission to the Moon, and the BepiColombo mission to Mercury.

Linkedin Fined €310 Mn for GDPR Infringement

The Irish Data Protection Commission (DPC) has fined LinkedIn €310 million (approximately $335 million) for violating the General Data Protection Regulation (GDPR). The fine was issued due to LinkedIn's inadequate handling of user data for behavioral analysis and targeted advertising. 

LinkedIn was fined for inadequate handling of user data for behavioral analysis and targeted advertising. The DPC found that LinkedIn did not obtain valid consent from users and failed to provide clear information about how user data was being used. 

This fine is one of the largest ever issued under the GDPR and serves as a strong reminder of the importance of data protection compliance. 

Key points of the infringement include:

• Invalid Consent: LinkedIn did not obtain valid consent from users for processing their data. 
• Lack of Transparency: LinkedIn failed to provide clear information about how user data was being used. 
• Fairness and Lawfulness: The. processing of personal data was found to be unfair and unlawful 

LinkedIn has stated that it is working to ensure its ad practices comply with the DPC's decision.

LinkedIn attempted to justify its data processing practices using consent, legitimate interests, and contractual necessity, but the DPC found these justifications invalid.

The professionals networking platform did not properly inform users about its data processing activities, violating the GDPR principles of transparency and fairness.

LinkedIn has been given three months to bring its data processing practices into compliance with the GDPR

Last year in May, Meta was fined €1.2 billion (approximately $1.3 billion) by the Irish Data Protection Commission for transferring personal data of European users to the United States without adequate data protection mechanisms.

In July 2021, Amazon was fined €746 million (approximately $888 million) by the Luxembourg National Commission for Data Protection for its advertising targeting system that operated without proper consent.

In 2019, Google was fined €50 million (approximately $57 million) by France's data protection authority for failing to provide clear information about its data processing activities and not seeking proper consent for targeted advertising. 

Siemens Stiftung Launches Open Digital Resource to Scale Up STEM Education in India's Schools

STEM Education for Innovation: Experimento India project offers digital Open Education Resources that would benefit students from low-income communities

Siemens Stiftung (Foundation), a non-profit foundation established by Siemens AG in 2008, has recently entered into a Memorandum of Understanding (MoU) with Siemens Limited to deploy Experimento India in schools.

Experimento India is a collaborative project launched by Siemens Stiftung, Siemens Limited (India), and Pratham Education Foundation.

Experimento India's digital Open Education Resources (OER), integrated into Project Jigyaasa of Siemens Limited will be accessible to all school students.

The OER are integrated into Siemens Limited's Project Jigyaasa, which is active in over 170 government schools.

Experimento from Siemens Stiftung offers a diverse range of multimedia materials: from video activities for project-based learning, lesson plans for educators, student worksheets, quizzes and question banks. Its integration with Project Jigyaasa (curiosity-based learning initiative), will further enhance the learning outcomes in STEM (Science, Technology, Engineering, and Mathematics) subjects. Pratham Foundation is the project implementation partner.

Sunil Mathur, Chief Executive Officer, Siemens Limited, said, “India’s young population requires extensive hands-on learning and skilling to harness its full potential. Siemens Limited's strategy on education is based on a lifecycle approach and aligned to the Skill India mission of the Government.”

Dr. Nina Smidt, CEO and Spokesperson of the Board, Siemens Stiftung, said, “Having worked in Africa, Europe, and Latin America for over 15 years, we have experienced that students learn best from resources that are rooted in their contexts. The digital learning materials are adapted from our internationally acclaimed education program Experimento to the needs and requirements of Indian students. The resources are co-created with Indian academic experts, teachers and families and offered to students in their mother tongues. Thereby, breaking language barriers to learning science and technology.”

NTPC and Indian Army to Setup Solar Hydrogen-based Microgrid in Ladakh

NTPC and the Indian Army have partnered to establish a Solar Hydrogen-based Microgrid in Chushul, Ladakh. This project aims to provide a stable, year-round power supply using green hydrogen, replacing existing diesel generators.

The microgrid will supply 200kW of power round-the-clock throughout the year. This NTPC designed Solar Hydrogen-based microgrid system will operate independently and use hydrogen as an energy storage medium.

This initiative promotes carbon neutrality and reduces logistics dependencies in harsh, high-altitude conditions.

 

NTPC will maintain the project for 25 years, ensuring long-term sustainability. This system will replace existing diesel gensets at off-grid Army locations, providing a sustainable power supply despite harsh winter conditions, where temperatures drop to -30°C at an altitude of 4,400 meters.

Ladakh's high solar irradiance and low temperatures facilitate this project to produce and utilize green energy and eliminate reliance on fuel logistics and enhance self-sufficiency in remote areas.

In addition to the Solar Hydrogen-based Microgrid project in Chushul, NTPC is involved in several other initiatives in Ladakh. NTPC has initiated a trial run of hydrogen buses in Leh to promote sustainable transportation, and is setting up a hydrogen fuelling station and a solar plant in Leh, in collaboration with Indiam army.

NTPC is introducing five fuel cell buses for intracity routes in Leh. NTPC is advancing various decarbonisation initiatives, including hydrogen blending, carbon capture, and electric buses.

NTPC aims to achieve 60 GW of renewable energy capacity by 2032.

Siemens AG May Acquire Altair Engineering in Its Biggest Ever Acquisition

Siemens AG is reportedly considering acquiring Altair Engineering Inc., a leading provider of engineering software. This potential acquisition, valued at approximately $9.1 billion, would be one of Siemens' largest to date. Altair is known for its software solutions used in industries such as aerospace, automotive, energy, and financial services.

Siemens' CEO, Roland Busch, has been steering the company towards higher-margin, software-driven product lines, making this acquisition a strategic fit. The move aligns with Siemens' goal to enhance its capabilities in providing comprehensive engineering solutions and to catch up with competitors like Rockwell Automation and Schneider Electric.

While Siemens is actively exploring the acquisition of Altair Engineering Inc., there are reports indicating that other potential bidders could also emerge for Altair. Both Siemens and Altair have declined to comment on the matter, and discussions are still ongoing.

While discussions are ongoing, there's no guarantee that Siemens will ultimately decide to proceed with the acquisition.

Siemens AG's most recent major acquisition was the purchase of Varian Medical Systems in August 2020. Siemens Healthineers, a subsidiary of Siemens AG, acquired Varian for approximately $16.4 billion. This acquisition aimed to strengthen Siemens' position in the medical technology and cancer care market.

Altair reported strong financial results for the third quarter of 2023, with software product revenue increasing by over 14% year-over-year.

Last month, Altair itself made an acquisition with KSK Analytics, to expand its AI reach in Japan and the Asia Pacific region.

It was in last week when Indianweb2.com reported that Altair Engineering is currently exploring a potential sale. The company, which has a market value of nearly $9 billion, has received acquisition interest and is working with investment bankers to gauge interest from potential bidders.

India Should Manufacture Its Own AI – NVIDIA CEO, Huang

NVIDIA CEO Jensen Huang emphasized the importance of India manufacturing its own AI during the NVIDIA AI Summit in Mumbai on October 24, 2024. He stated, "It makes complete sense that India should manufacture its own AI".

Huang highlighted India's potential to become a global leader in AI, leveraging its vast pool of technical talent and immense data resources. He also mentioned that India could export AI in the future, similar to how it has exported software.

This vision aligns with NVIDIA's collaborations with Indian companies like Reliance Industries and Tech Mahindra to develop advanced AI infrastructure and solutions.

To capitalize on this country’s talent and India’s immense data resources, the country’s leading cloud infrastructure providers are rapidly accelerating their data center capacity. NVIDIA is playing a key role, with NVIDIA GPU deployments expected to grow nearly 10x by year’s end, creating the backbone for an AI-driven economy.

Together with NVIDIA, these companies are at the cutting edge of a shift Huang compared to the seismic change in computing introduced by IBM’s System 360 in 1964, calling it the most profound platform shift since then.

"This industry, the computing industry, is going to become the intelligence industry,” Huang said, pointing to India’s unique strengths to lead this industry, thanks to its enormous amounts of data and large population.

Huang identified three areas where AI will transform industries: sovereign AI, where nations use their own data to drive innovation; agentic AI, which automates knowledge-based work; and physical AI, which applies AI to industrial tasks through robotics and autonomous systems. India, Huang noted, is uniquely positioned to lead in all three areas.

India’s startups are already harnessing NVIDIA technology to drive innovation across industries and are positioning themselves as global players, bringing the country’s AI solutions to the world.

Nvidia founder and CEO Jensen Huang speaking with Reliance Industries Chairman Mukesh Ambani at NVIDIA’s AI Summit in Mumbai.

During the NVIDIA AI Summit in Mumbai, the CEO of NVIDIA, also praised Mukesh Ambani and Reliance Industries for their significant contributions to India's tech space. Huang highlighted the partnership between NVIDIA and Reliance to build AI infrastructure in India, emphasizing the country's large population of users as a key advantage.

Reliance and Nvidia partnering to build AI infrastructure in India #AI #AISummit #Reliance #Nvidia pic.twitter.com/0OM4NCVwep

— Reliance Industries Limited (@RIL_Updates) October 24, 2024

Huang also shared a light-hearted moment with Ambani, joking about the size of their respective homes and acknowledging Nita Ambani's role in building the Jio World Centre. He noted that India is central to NVIDIA's global AI strategy and expressed confidence in India's potential to become a leader in AI.

Notably, Reliance, in partnership with NVIDIA, is building AI factories to automate industrial tasks and transform processes in sectors like energy and manufacturing.

Tata Power and Singapore's Keppel Partner to Launch Cooling-as-a-Service (CaaS) Solutions in India

Tata Power Trading Company Limited, a wholly-owned subsidiary of Tata Power, one of India's largest integrated power companies, and Keppel, a Singapore-headquartered global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity, have entered into a collaboration arrangement to launch sustainable Cooling-as- a-Service (CaaS) solutions in India.

CaaS enables businesses and building owners to subscribe to long-term, energy-efficient space cooling solutions without having to invest heavily in infrastructure, thus allowing them to enjoy significant energy and cost savings.

Aligned with India's Cooling Action Plan (ICAP) and its Smart Cities Mission, the Tata Power- Keppel collaboration aims to provide state-of- the-art CaaS solutions, delivered through the deployment of both large-scale District Cooling Systems (DCS) as well as individual building systems to serve India's key urban areas, commercial and industrial sectors. The collaboration will focus on high-demand environments, such as airports, IT parks, Special Economic Zones, data centres, and other industrial and commercial properties where the aggregation of cooling demand through solutions, such as DCS, can help to reduce energy use by up to 40% and cut carbon emissions by up to 50%.

Tata Power, with its rich legacy as a leading energy solutions provider across India, will bring its deep understanding of the local market and extensive infrastructure network to the collaboration. Tata Power will also provide comprehensive energy solutions through the supply of power, energy management services, e-mobility, solar PV/wind, and carbon offsets.

Keppel will harness its proven track record in designing and operating CaaS solutions in Asia to jointly explore opportunities with Tata Power in the Indian market. As the pioneer DCS provider in Singapore, Keppel has a combined cooling portfolio of more than 260,000 refrigeration tonnes in Asia, serving the commercial, retail, and residential sectors as well as mission-critical industrial customers, such as wafer fabrication, biomedical and data centres.

Commenting on the association, Mr Tarun Katiyar, CEO, Tata Power Trading Company Ltd. said, "This collaboration represents a significant milestone in transforming India’s energy landscape, aligning with our commitment to a sustainable and energy-efficient future. By supporting the India Cooling Action Plan and the Smart Cities Mission, we are paving the way for innovative, intelligent Cooling-as-a-Service solutions that foster energy-efficient ecosystems across urban and energy intensive hubs. Together, we will contribute towards India’s ambitious targets of doubling the rate of improvement in energy efficiency by 2030.”

Mr Poh Tiong Keng, Executive Director, Emerging Markets, EaaS, Infrastructure, Keppel said, "We are pleased to partner with Tata Power, leveraging their strong local presence, to deliver our innovative and proven Cooling-as-a-Service solutions to the vast Indian market. Leveraging artificial intelligence and machine learning, Keppel has successfully implemented energy-efficient cooling solutions in Singapore and other parts of Asia. Given that conventional cooling accounts for up to 50% of a building’s energy, we are confident that this collaboration will significantly transform India’s cooling landscape and support the country's Net Zero targets.”

According to the International Energy Agency, India is expected to become the world’s largest consumer of space cooling by 2050, accounting for 28% of total electricity demand and 45% of peak load. In such a scenario, the implementation of CaaS can play a critical role in supporting India’s sustainability goals.

Wipro Launches New Initiatives that Leverage the Full NVIDIA AI Stack

Wipro has announced new initiatives leveraging the full NVIDIA AI stack to help clients across multiple industries, including healthcare, communications, and financial services, quickly develop and implement new business strategies for the era of AI.

Wipro is providing ready-to-use templates for building agentic AI advocates in areas such as intelligent document processing, drug discovery, customer service, and claims processing.

Built on NVIDIA AI Enterprise, WeGA Studio leverages NVIDIA NIM Agent Blueprints to accelerate the deployment of AI virtual assistants, enhancing user experiences and streamlining operations.

In addition, for healthcare innovations, Wipro is using NVIDIA AI to improve member experiences, increase enrollment, and boost productivity in claims adjudication across its healthcare offerings.

Moreover, Wipro plans to expand into areas such as digital manufacturing and digital twins with NVIDIA Omniverse, delivering exceptional value to its global enterprise customers.

This collaboration aims to drive innovation and help enterprises harness the power of AI to transform their operations and achieve measurable business benefits.

TCS Launches NVIDIA Business Unit to Accelerate AI Adoption for Customers Across Industries

Tata Consultancy Services (TCS) has launched a new business unit in collaboration with NVIDIA to accelerate AI adoption for customers across various industries. This new unit is part of TCS' AI.Cloud business unit and builds on a collaboration with NVIDIA that spans over five years.

The new unit will develop tailored AI solutions for industries such as manufacturing, banking and financial services (BFSI), retail, telecom, and automotive.

The collaboration leverages NVIDIA's AI Enterprise and Omniverse platforms, including AI microservices and AI Agent Blueprints, to deliver these solutions. TCS will utilize its global centers of excellence to design and deliver curated AI adoption strategies.

TCS' deep domain expertise combined with NVIDIA's AI technology will help build and deploy agentic AI solutions.

This initiative aims to drive enterprise-wide AI transformation and foster innovation across industries.

Early this month, Accenture also announced the formation of a new NVIDIA Business Group to accelerate AI adoption in enterprises. This group will train 30,000 professionals globally to help clients scale AI solutions and reinvent business processes.

TCS' new NVIDIA unit also offers TCS’ proprietary framework, which brings together its deep domain expertise, enterprise contextual knowledge and NVIDIA AI technology for building and deploying agentic AI solutions - including NVIDIA NIM microservices and NVIDIA NIM Agent Blueprints, which are part of the NVIDIA AI Enterprise software platform and NVIDIA AI Foundry – to deliver value at scale to customers. TCS and NVIDIA have collaborated to build innovative, value chain-centric solutions and offerings for industry verticals on the NVIDIA AI platform. They include:

• TCS Manufacturing AI for Industrials: This offering leverages the power of AI and large language models (LLMs) to transform raw data into actionable insights for manufacturing enterprises. While general-purpose LLMs lack the capabilities to understand specific industry nuances, TCS’ Manufacturing AI for Industrials LLMs leverage the company’s contextual knowledge, technical prowess and the power of NVIDIA’s application frameworks to help accurately address industry challenges.
• TCS AI Spectrum for BFSI: This offering delivers innovative and secure ways of infusing the power of LLMs and AI into BFSI lines at enterprise scale. Built on the NVIDIA AI Enterprise platform, it enables faster decision-making, improved regulatory compliance and enhanced risk management for financial institutions.
• TCS Cognitive Visual Receiving: This is a holistic composite AI offering built on NVIDIA AI Enterprise and Omniverse that revolutionizes retail warehousing with greater accuracy, efficiency and speed by automating quality check, product identification, measurement and attribute extraction.
• TCS AI-Native Telco Offerings: These offerings built on NVIDIA AI and NVIDIA Aerial Omniverse Digital Twin enables telcos to rapidly create custom telco domain-specific models to meet business needs such as autonomous network anomaly management, billing & revenue assurance, 3D network visualization and customer experience.
• TCS AI-based Autonomous Vehicle Platform: TCS’ IoT and Digital Engineering unit is working with NVIDIA to leverage generative AI and deep learning technologies, such as Omniverse for simulation and NVIDIA AI Enterprise for synthetic data generation, to accelerate the development of end-to-end autonomous features and capabilities for automotive OEMs and tier 1 suppliers.

Additionally, TCS is also working on a new suite of digital twin solutions built on the NVIDIA Omniverse development platform, enabling clients to design, simulate, operate, and optimize products and production facilities across heavy industries:

• Factory of the Future: Real-time factory planning, monitoring, and predictive maintenance in a virtual environment, reducing downtime and speeding up time to market.
• In-Car Digital Twin: Autonomous vehicle simulation using Omniverse’s physics-based simulations, reducing the need for physical testing.
• Aero Care Efficiency: Digital twins creation for aircraft components, enabling immersive training, enhanced problem-solving and the early detection of failures, helping improve safety and reduce operational risks.
• Smart Farming Digital Twin: Farming scenario simulations with real-world physics, including soil interactions, terrain analysis, and weather conditions to improve equipment performance, process optimization and sustainability in modern agriculture.

The collaboration with NVIDIA is part of TCS' broader efforts to strengthen its AI-readiness and build end-to-end capabilities powered by NVIDIA technology to foster enterprise-wide AI transformation for its key customers.  

Infosys to Establish AI Lab in London With University of Cambridge

Infosys is collaborating with the University of Cambridge to establish a new Al Lab in London. This lab aims to harness the power of Al to drive positive impact for clients, academia, and students.

The collaboration will leverage Infosys' industry expertise and Cambridge University's world-class education and research capabilities to address real-world challenges.

Additionally, Infosys unveiled its new and expanded Living Labs in London's Canary Wharf, which will serve as a hub for innovation activities. These labs will help clients accelerate their digital transformation journeys by leveraging emerging technologies like Infosys Topaz (an Al-first offering using generative Al technologies) and Infosys Cobalt (a cloud-powered solution for building robust digital architectures.

The London Living Labs and the AI Lab are housed within Infosys’ new state-of-the-art premises spread over 25,000 sq. ft. with a capacity for 200 employees. Designed using biophilic principles, the new workplace seamlessly blends adaptive and modular design and sustainable practices to create a truly modern environment offering a range of creative and collaborative spaces. The premises have also received a Gold SKA Rating, the highest standard, in recognition of the facility meeting the most rigorous sustainability criteria focusing on energy efficiency, water use, waste management, and environmental impact. The office marks an important milestone in Infosys’ journey of over 25 years in the UK.

The labs will offer interactive demonstrations, workshops, and personalized consultations to help organizations envision and implement their digital transformation strategies.

The opening of the Living Labs was marked by the presence of United Kingdom’s Minister for Digital Government and AI, Feryal Clark, University of Cambridge’s Head of Department of Applied Mathematics and Theoretical Physics, Professor Colm-cille Caulfield, and over 100 attendees including clients and partners.

From Infosys, Sushanth Tharappan (EVP & Head-HR), Karmesh Vaswani (EVP & Global Head Retail, Consumer Goods & Logistics), and Tarang Puranik (EVP & Head of Delivery for Europe) were present.

Starbucks Reports Steep Decline in Sales, Particularly in US (6%) & China (14%)

Starbucks has decided to suspend its financial guidance for 2025 after experiencing a significant decline in sales. The company reported a 7% drop in same-store sales for the fourth quarter ended September 29, 2024, which was twice as steep as analysts had expected.

The decline was particularly pronounced in the US, where transactions were down 10%, and in China, where comparable sales fell 14%.

Financial guidance is a company's forecast or projection of its future financial performance. It typically includes estimates of revenue, earnings, expenses, and other key financial metrics for a specific period, such as a quarter or a fiscal year. Financial guidance helps investors, analysts, and stakeholders understand the company's expectations and make informed decisions.

When a company like Starbucks withdraws its financial guidance, it indicates uncertainty about future performance, which can affect investor confidence and stock prices.

For the fourth quarter of fiscal year 2024, global comparable store sales declined 7%, and consolidated net revenues declined 3% to $9.1 billion, or a 3% decline on a constant currency basis. GAAP earnings per share is $0.80, down 25% over prior year. Non-GAAP earnings per share is also $0.80, declining 24% on a constant currency basis.

The company’s results were primarily driven by softness in North America’s revenues in the quarter, specifically a 6% decline in U.S. comparable store sales, driven by a 10% decline in comparable transactions, partially offset by a 4% increase in average ticket.

Starbucks' New CEO Brian Niccol has acknowledged the need for a fundamental change in strategy to return to growth. He plans to simplify the menu, adjust prices, enhance mobile ordering, and revamp marketing efforts. Starbucks will also focus on making its cafes more inviting and improving morning service.

Fourth Quarter 2024:

• Global Comparable Store Sales: Declined by 7%
• Consolidated Net Revenues: Fell by 3% to $9.1 billion
• GAAP Earnings Per Share: $0.80, down 25% over the prior year.
• Non-GAAP Earnings Per Share: Also $0.80, declining 24% on a constant currency basis. 
• US Sales: Declined by 6%, driven by a 10% drop in comparable transactions, partially offset by a 4% increase in average ticket.
• China Sales: Fell by 14%, with an 8% decline in average ticket and a 6% drop in comparable transactions.

Full Fiscal Year 2024:

• Global Comparable Store Sales: Declined by 2%.
• Consolidated Net Revenues: Increased by 1% to $36.2 billion.
• GAAP Earnings Per Share: $3.31, down 8% over the prior year. 
• Non-GAAP Earnings Per Share: Also $3.31, declining 6% on a constant currency basis

Soon Farmers Can Sell Carbon Credits, to Industries, Earned from Adopting Sustainable Agricultural Practices

The initiative to provide carbon credits to farmers in eight states is a groundbreaking effort to promote sustainable agriculture

Soon, Farmers in eight states will be financially rewarded for adopting sustainable agricultural practices, such as low tillage, direct-seeded rice (DSR), nitrogen management, and crop residue management.

The initiative to provide carbon credits to farmers is actually limited to eight specific states in India: Uttar Pradesh, Madhya Pradesh, Haryana, Punjab, Maharashtra, Gujarat, Andhra Pradesh, and Telangana.

This program aims to incentivize environmentally friendly farming and help farmers earn additional income through carbon credits.

The private company involved in this particular carbon credit program for farmers is Grow Indigo. It's a joint venture between Mahyco, an Indian seed company, and Indigo Ag, a US-based agriculture technology company. Grow Indigo is responsible for enrolling farmers, managing carbon credit projects, and ensuring that the credits are generated and sold according to the Verra certification standards.

How It Works

Farmers will be rewarded for adopting sustainable practices such as low tillage, direct-seeded rice (DSR), nitrogen management, and crop residue management. These practices help reduce greenhouse gas emissions and improve soil health.

Financial Rewards: The carbon credits earned by farmers can be sold to industries, such as aviation, mining, and fertilizer manufacturing, which need to offset their carbon footprints. Approximately 75% of the revenue from the sale of carbon credits will flow back to the farmers.

Third-Party Audit: The carbon credits are certified by Verra, a global voluntary greenhouse gas reduction program, ensuring that the credits are legitimate and verifiable.

Based on the certification by Verra, the carbon credits will be awarded to farmers in the next couple of months. This certification ensures that the carbon credits are legitimate and verifiable, providing farmers with a reliable way to earn additional income through sustainable agricultural practices

Impact: The program aims to benefit small and marginal farmers by providing them with an additional source of income while promoting environmentally friendly farming practices.

Grow Indigo has enrolled 80,000 farmers in Haryana, Punjab, Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh and Telangana covering diverse crops in over 40,000 hectare in various carbon programme.

This initiative is a significant step towards making agriculture more sustainable and helping farmers earn extra income through carbon credits.

To recall, earlier this month IndianWeb2 reported that India is gearing up for its first carbon credit sale, with the Food Corporation of India (FCI) playing a crucial role.

In July this year, the Agriculture Ministry has developed the framework for promoting the Voluntary Carbon Market (VCM) in the agricultural sector to encourage small and marginal farmers to get carbon credit benefits.Introducing carbon markets to farmers can accelerate the acceptance of eco-friendly agriculture practices while enhancing their income.

Bureau of Energy Efficiency (under the Ministry of Power) is also involved in developing the Carbon Credit Trading Scheme.

USD 9Bn Worth Software Firm Altair is Looking to Get Acquired

Altair Engineering, a prominent engineering software firm based in Troy, Michigan, is currently exploring a potential sale. The company, which has a market value of nearly $9 billion, has received acquisition interest and is working with investment bankers to gauge interest from potential suitors.

Some of the potential bidders include rival design software makers such as PTC and Cadence Design Systems. Altair's shares surged by over 14% following the news of the potential sale.

Founded in 1985, Altair provides a range of software solutions, including computer-aided engineering software that helps engineers design, analyze, and manufacture products. The company's founder, James Scapa, who also serves as the chairman and CEO, controls a significant portion of the voting stock.

Altair Engineering is exploring a potential sale primarily due to acquisition interest from several potential bidders. The company's strong market position, recent revenue growth, and attractive valuation have made it an appealing target for acquisition.

If the reported sales talks are successful, a deal could be signed in coming weeks, however a acquisition or sale transaction is not guaranteed and Altair may choose to stay independent.

Additionally, Altair's founder and CEO, James Scapa, controls a significant portion of the voting stock, which could facilitate the sale process.

The ongoing consolidation in the engineering software industry, driven by the need for advanced technologies and market expansion, is making Engineering Software Companies an attractive acquisition targets as investors bet on companies that could benefit from the boom in Artificial Intelligence (AI).

This year in January, chip-design company Synopsys agreed to buy design software firm Ansys in a deal worth about $35 billion. Later in Accenture has acquired Excelmax Technologies, a semiconductor design services provider based in Bengaluru, India.

Founded in 1985 by James R. Scapa, George Christ, and Mark Kistner in Troy, Michigan, Altair Engineering initially started as an engineering consulting firm. Over the years, it branched out into product development and computer-aided engineering (CAE) software. Some of its early software products, like HyperWorks, OptiStruct, and HyperMesh, became widely used in the automotive industry.

The latest version of HyperWorks 2023 includes exciting updates to physicsAI, which streamlines the process of training machine learning models from historical data.

In its most recent quarterly earnings report, Altair posted an 8% rise in software revenue to $135.4 million.

Accenture Invests in Deepfake Detection Startup Reality Defender

Accenture has made a strategic investment in Reality Defender, a cybersecurity company specializing in deepfake detection, through its venture arm, Accenture Ventures.

Notably, Accenture has invested in Reality Defender as part of the startup's $33 million series-A-extended round of funding, which is led by Illuminate Financial, with participation from Accenture, Booz Allen Ventures, IBM Ventures, and the Jefferies Family Office.

Reality Defender, which won the RSA Innovation award, offers solutions to detect and prevent deepfake fraud across various industries, including financial services, media, and high-tech.

The partnership aims to equip clients with the ability to rapidly identify, detect, respond to, and prevent deepfake fraud, ensuring a more secure digital landscape. Reality Defender's technology includes real-time voice detection and audiovisual detection to catch even the most advanced AI-generated content.

Founded in 2021, by Ben Colman, Ali Shahriyari, and Gaurav Bharaj, and based in New York, Reality Defender provides solutions to detect and prevent deepfake fraud across various industries, including financial services, media, and high-tech. Ben Colman serves as the Co-Founder and CEO, Ali Shahriyari is the Co-Founder and CTO, and Gaurav Bharaj is the Co-Founder and Head of AI.

Reality Defender Founders - Ben Colman, Ali Shahriyari, and Gaurav Bharaj

 Reality Defender's technology includes real-time voice detection and audiovisual detection, which can identify even the most advanced AI-generated content. Reality Defender has recently introduced a tool for real-time video deepfake detection, which is currently in private beta for select clients.

The cybersecurity startup has received recognition for its innovative solutions, including winning the RSA Innovation award and being named the Most Innovative Company at RSA's Innovation Sandbox competition.

Accenture's Cyber Intelligence researchers have documented a staggering 223% spike in deepfake-related tool trading on dark web forums in the first quarter of 2024, compared to the same period in 2023. This escalating issue requires immediate attention and education to reduce its potential damaging impacts.

Accenture intends to integrate Reality Defender’s capabilities into its existing deepfake detection and protection offering, including extending it to their call center AI automation solution.

“As deepfakes become more convincing and harder to identify, organizations urgently need scalable and effective detection solutions,” said Paolo Dal Cin, global lead, Accenture Security. “Reality Defender offers a unique approach to proactively detect AI-related threats across image, audio, text and video. Our investment in Reality Defender demonstrates our strong commitment to helping clients confidently navigate the gen AI driven threat landscape, mitigate financial fraud and maintain the integrity of their digital communications.”

Reality Defender is the latest company to join Accenture Ventures’ Project Spotlight, an engagement and investment program focused on working with companies that create or apply disruptive enterprise technologies.

Most recently, the companies that have received investment from Accenture Ventures under Project Spotlight include Martian, Earli Inc, and an AI startup Turbine while cybersecurity/ quantum security companies are – Aliro Quantum, Tenchi Security, SpiderOak and Interos.

Adani Acquires Orient Cement at ₹ 8,100 Crore Equity Value

Acquisition adds 16.6 MTPA capacity (8.5 MTPA operational, 8.1 MTPA Ready to Execute).

Accelerates Ambuja’s journey to achieve 100+ MTPA operational capacity in FY 25

• Provides 6 MTPA potential additional capacity in North India, leveraging OCL’s high quality limestone reserves in Rajasthan
• Ambuja enters into a binding agreement to acquire 46.8% stake in Orient Cement Ltd (OCL). The acquisition helps to move towards target capacity of 140 MTPA by 2028.
• OCL has an existing 5.6 MTPA clinker and 8.5 MTPA cement operational capacity, 95 MW CPP, 10 MW WHRS, 33 MW Renewable Energy spread across the states of Telangana, Karnataka and Maharashtra. It improves Adani Group’s market share pan-India by 2% in the cement industry.
• OCL has secured a concession from Madhya Pradesh Power Generating Company Ltd (“MPPGCL”) to set up 2.0 MTPA Cement GU within the premises of Satpura Thermal Power Station in Sarni, MP.
• OCL also has a large high quality limestone mining lease in Chittorgarh, Rajasthan, providing the potential to set up additional 6 MTPA capacity in North India.
• The acquisition of OCL complements Ambuja’s existing cement footprint, reducing overall lead distances and logistics costs for the cement business and improving market share in our core markets.
• Acquisition will be funded through internal accruals, Ambuja remains debt free.

Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, today announced the signing of a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore. Ambuja will acquire 46.8% shares of OCL from its current promoters and certain public shareholders. The acquisition will be fully funded through internal accruals.

“This timed acquisition marks another significant step forward in Ambuja Cements’ accelerated growth journey, increasing cement capacity by ~30 MTPA within two years of Ambuja’s acquisition,” said Mr Karan Adani, Director of Ambuja Cements. “By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in FY 25. The acquisition will help to expand Adani Cement’s presence in core markets and improve its pan-India market share by 2%. OCL’s assets are highly efficient, equipped with railway sidings and well supported by captive power plants, renewable energy, WHRS and AFR facilities. OCL’s strategic locations, high-quality limestone reserves and requisite statutory approvals present an opportunity to increase cement capacity in the near term to 16.6 MTPA.”

Mr CK Birla, Chairman of Orient Cement and the CK Birla Group, said, “The CK Birla Group is continuously reallocating capital to sharpen its focus on consumer centric, technology driven and service-based businesses. I take pride in Orient Cement’s impressive geographies it operates in. We are confident that the Adani Group, with its strong focus on cement and infrastructure, is the ideal new owner to drive continued growth at Orient Cement for our people and stakeholders”.

Ms Amita Birla, Co-Chairman, CK Birla Group, added, “Orient Cement has a strong market presence, with sustainability initiatives, particularly in renewable energy, being a significant part of its DNA. I am convinced that Ambuja Cements is the right home for all our colleagues at Orient Cement, as well as our customers.”

OCL has 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. In addition, OCL also has a limestone mining lease in Chittorgarh for setting up an Integrated Unit (IU) with clinker of 4 MTPA and a split Grinding Unit (GU) of 6 MTPA in North India. OCL has also secured a concession from MPPGCL, Madhya Pradesh for setting up a Grinding Unit within the premises of Satpura Thermal Power Plant. Both these complement the Adani Group’s existing cement footprint. (Refer Annexure – 1 for OCL’s location wise cement capacity and other assets and Annexure - 2 for Adani Cement’s footprint post-acquisition of OCL.)

OCL has recently commissioned a WHRS in Chittapur IU and is in the final stage of commissioning 16 MW solar in Chittapur and 3.7 MW solar in Jalgaon. OCL’s efficient plants, highly motivated teams, strong balance sheet and well-distributed dealer network will be excellent additions to the Adani Group’s existing cement business. OCL’s existing dealers will move to Adani Cement’s market network, creating formidable synergies.

Ambuja plans to optimize OCL’s overall capacity utilization to enhance its cost and competitiveness and improve its operating performance while leveraging the synergies inherent in the existing cement business.