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< Back Dream11 acquires fantasy cricket stock broking platform Sixer Ishita Nigam 9 Oct 2023 Founded in 2018 in New Delhi, Sixer allows users to invest in fantasy stocks of cricket players. Stock prices vary as per the cricketer’s on-field performance. To offer an add-on thrill on its platform, fantasy sports platform Dream11 acquired the fantasy cricket stockbroking platform Sixer last month. Delhi-based online trading platform founded in 2018, Sixer lets users trade in fantasy stocks of cricketers. Stock performance varies as per their real life performance on the field. The startup had raised $3 million in June 2021 from Genting Ventures, Bullpen Capital, and Velo Partners. Dream11 recently received a show cause notice from the Directorate General of GST Intelligence (DGGI) to pay ₹28,000 crores tax as per 28% rate for bets worth ₹100,000 crores placed on its portal since 2017. A 28% GST applies to every deposit made on the portal each time it is rotated via a game. So, tax must be paid for every bet placed on the portal. Industry representatives approached the government to reconsider the GST slab to avoid raising tax liability for the industry. Previous Next

< Back Income tax collections more than doubled since FY15 18 Oct 2024 Personal income tax collections spiked by 294.3% from ₹2.66 lakh crore in FY15 to ₹10.55 lakh crore in FY24, with Maharashtra leading the pack. Improved compliance, better awareness, and reduced corporate tax led to India’s income tax reserves filling up. Compared to 5.7 crore taxpayers in FY15, 10.41 crore Indians paid taxes in FY24. The number of IT returns increased more than twice from ₹4.04 crore in FY15 to ₹8.61 crore in FY24. Corporate tax collections also rose by 112.85% from ₹4.28 lakh crore to ₹9.11 lakh crore in this duration. The tax-to-GDP ratio was boosted by 6.64% in the current financial year FY25 compared to 5.55% in FY15. However, the direct tax contribution to the overall tax collection increased slightly from 56.16% to 56.72% in the same period. Leading the pack in terms of contributions to direct tax collections were Maharashtra, Karnataka, New Delhi, Tamil Nadu, and Gujarat, accounting for more than 72% or ₹14.19 lakh crore of the total ₹19.61 lakh crore. Maharashtra contributed ₹7.61 lakh crore to the direct tax collections. Previous Next

< Back US to remove restrictions on 3 Indian nuclear companies 16 Jan 2025 Inclusion in the Entity List restricts access to American nuclear technology. During his recent visit to New Delhi, the US National Security Advisor (NSA) Jake Sullivan announced on January 6th their decision to remove three Indian companies from the Entity List – Indira Gandhi Atomic Research Centre (IGCAR), Indian Rare Earths Limited (IREL), and the Bhabha Atomic Research Centre (BARC). Steps are being taken to lift the restrictions. This move will promote cooperation for essential minerals and a clean energy supply chain and reduce barriers to collaborative research and development between India and the US. It will enable the implementation of the Indo-US Civil Nuclear pact signed 16 years ago. However, it does not mean India will gain unrestricted access to American nuclear technology. Simultaneously, the Bureau of Industry and Security (BIS) under the US Department of Commerce added 11 Chinese companies to the Entity List. The US had restricted over 200 entities after India had conducted nuclear tests in 1998. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp, LinkedIn, Facebook, X, and Instagram. Previous Next

< Back McDonald’s and Crocs launch footwear merchandise 20 Nov 2023 The brand will offer a fast food themed footwear collection inspired by McDonald’s characters Grimace, Birdie, and Hamburglar. McDonald's has partnered with Crocs to sell its fast food themed footwear in select countries, in some Crocs retail and wholesale outlets and Crocs.com . The footwear range falls between $70 and $75, inspired by McDonald’s Birdie, Grimace, and Hamburglar characters. The Grimace-inspired shoes are faux fur lined sandals, while the other two are clogs. The red and yellow coloured clogs in sync with the brand’s theme will also be available. Customers can also get the option to buy matching socks starting at $20. The merchandise includes McDonald’s themed Jibbitz charms like the brand’s golden arches, the Big Mac, and French fires that can be attached to the clogs. The fast food giant had partnered with British skate brand PALACE in August to launch limited edition merchandise. This is McDonald’s first-ever shoe collaboration as the brand attempts to utilise the similar fanbase the two brands share. Previous Next

< Back Air India introduces Wi-Fi on domestic, int’l flights 6 Jan 2025 From January 1st, 2025, Air India introduced the service on all flights operated by Airbus A350, a few Airbus A321neo, and Boeing 787-9. On January 1st, Air India became the first Indian carrier to introduce Wi-Fi onboard domestic and international routes. The service will be available to all passengers free of cost during the introductory period. The airline hasn’t yet specified till when the complementary period will last. Users can use Wi-Fi on Android and iOS smartphones, laptops, and tablets and connect multiple devices above an altitude of 10,000 feet. To use Wi-Fi, users can select the ‘Air India Wi-Fi’ network from Wi-Fi settings. On being directed to the Air India portal on the browser, enter the PNR and last name to access complimentary internet service. The national carrier conducted a pilot programme on international routes to New York, Singapore, London, and Paris. In-flight Wi-Fi connectivity depends on satellite systems, routes, government regulations, and bandwidth availability. However, Air India intends to gradually extend the services to more aircraft in its fleet. Previous Next

< Back MS Teams app to be launched on Android Auto in February 8 Jan 2024 Users will be able to join meetings and make calls directly from the calendar view mirrored on the car’s screen via the Android Auto app. After a year’s delay, the Microsoft Teams app will finally be available on Android Auto starting in February. The app will allow users to make calls via speed dial and join meetings directly from the calendar view on the Teams app. Although driving and working are incompatible and illegal in many cities, this feature could come in handy, especially for parked cars, joining conference calls, or narrating tasks. However, MS Teams won’t allow video calls, and users will have to park their cars and take video calls from their mobile phones. More details are awaited by the company. The Teams app has been available on iOS CarPlay since 2021. Android Auto is Google’s app that mirrors phone functions onto the car screen. It offers enlarged icons, easy-to-browse menus and voice-activated controls to make it easier to command while driving. Previous Next

< Back India’s renewable power generation rises 86% since 2014 9 Oct 2024 Global investors pledged to invest ₹32 lakh crore at the RE-Invest 2024 Summit. India’s renewable energy (RE) rose to 360 billion units in 2024 from 193.5 billion units in 2014. Its capacity has increased 175% from 75 gigawatts (GW) to 208 GW against its target of 500 GW renewable energy by 2030. Projects for 91 GW of power are currently in tendering. India now ranks 4th globally in renewable energy installed and wind power capacity. Its solar energy capacity has grown 33 times since 2014. In 2023, India achieved two Nationally Determined Contribution targets ahead of time. Between 2005 and 2019, the share of carbon emissions intensity to GDP was reduced by 33%, against the target of 33-35% by 2030. It also had a target to achieve an overall electric power installed capacity from renewable sources of around 40% by 2030. On October 31st, 2023, it recorded this capacity from renewable sources at 186.46 MW, which is 43.81% of the total installed capacity. Previous Next

< Back Telecom Department, mobile operators target fake int’l callers with Indian numbers 27 May 2024 The ‘Sanchar Saathi’ portal’s RICWIN module will identify international callers with an Indian number and assist users in reporting such callers. The Sanchar Saathi portal, launched by the Department of Telecommunication (DoT) in May 2023, assists in identifying fake international callers with Indian numbers. These international criminals manipulate the Caller Line Identity (CLI) to display local numbers to conduct financial fraud, cybercrime, fake digital arrests, drugs and narcotics in couriers, FedEx scams, and impersonating government and police officials. The Telecom Service Providers already block international callers with Indian landline numbers and have also been directed by the DoT to block mobile calls. Using Sanchar Saathi, users can report fraud cases, check the mobile numbers issued in their names, and disconnect the ones they did not take. The portal’s TAFCOP module assists in checking the genuineness of the device while buying a new mobile phone. The CEIR module can help block and track a lost or stolen phone. The Chakshu mode facilitates reporting fraud, suspecting and unsolicited calls, SMSes, and WhatsApp messages. Previous Next

< Back GIFT City, Gujarat, pulling Indian startup HQs back home Ishita Nigam 19 Sept 2023 International Financial Services Centres Authority (IFSCA) set up an International Financial Services Centre (IFSC) in Gujarat to stop Indian startups from setting up headquarters in foreign locations. PhonePe shifted its headquarters back home from Singapore last year, and up to 20 Indian startups are planning to follow suit. Among those who are interested in ‘Desh Wapsi’ or reverse flipping are Groww and Razorpay. These companies set up their base abroad due to high taxes, unsupportive business environment, mandatory guidelines from investors like Y Combinator, and ineffective Intellectual Property Laws. That’s when IFSCA’s International Financial Services Centre was set up in GIFT City, Gujarat. The Gujarat International Finance Tec-City (GIFT City) is a foreign territory in India, offering tax exemptions and simplified financial norms. The 530+ startups registered there can transact in foreign currency, move their capital and investments in and out of India, and enjoy a business-friendly environment with access to venture capitalists and fintech centres. SEBI, RBI, Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI) regulate GIFT City’s functioning. Previous Next

< Back Chinese AI entrant sends US stock markets crashing 28 Jan 2025 DeepSeek, a Chinese AI chatbot, performed better than ChatGPT with fewer resources. DeepSeek, founded by Liang Wenfeng in May 2023, specialises in efficient and affordable open source large language models (LLMs). Open sourcing makes it available to researchers and developers. It has two models DeepSeek-V3 and DeepSeek-R1. DeepSeek uses Reinforcement Learning (RL), allowing its models to comprehend and improve more efficiently. Its models were built using 50,000 Graphic Processing Units (GPUs) compared to OpenAI’s 500,000 GPUs. DeepSeek’s cost-effective offerings caused the US tech indices to lose around $1 trillion. Nvidia’s stocks plummeted by 17% on Monday, and the company lost $589 billion in one day, the biggest single-day loss to a US company ever. Nvidia saw a meteoric rise in net profits from $4.8 billion in 2022 to $66.7 billion in 2024 mainly due to its GPUs that sell for $25,000 per piece. DeepSeek’s model used Nvidia’s GPUs for training. With this, Apple became the most valuable company globally again. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp, LinkedIn, Facebook, X, and Instagram. Previous Next

< Back No funding, unsellable EVs deepen BluSmart’s troubles 8 Apr 2025 Gensol Engineering, BluSmart’s sister concern, witnessed its market cap slide from ₹4,250 crore in May 2024 to now ₹665 crore. On March 28th, Refex withdrew its deal to buy 2,997 EVs from Gensol. Gensol, founded in 2012, is a listed solar engineering and construction enterprise. BluSmart, founded in 2019, is its sister concern. Anmol Singh Jaggi founded both companies. BluSmart’s rise in Delhi-NCR and Bengaluru is attributed to better-quality cabs, punctuality, and well-trained drivers with minimal cancellations. It raised USD24 million in July 2024 from MS Dhoni’s Family Office, ReNew, and Zurich-based responsibility Investments. BluSmart positioned as a sustainable alternative to Uber and Ola, who hire drivers having their own cars. Gensol took loans from the Indian Renewable Energy Development Agency (IREDA) to buy EVs, which BluSmart picked up. BluSmart’s profits did not benefit Gensol as they are separate entities. Gensol now has IREDA’s unpaid loans worth ₹470 crores, thus affecting its credit rating, reputation, and share price. BluSmart entered a leasing partnership with Mahindra & Mahindra, Kinto, and Orix. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp , LinkedIn , Facebook , X , and Instagram . Previous Next

< Back Union Cabinet unanimously approves One Nation, One Election report 19 Sept 2024 The panel led by former Indian president Ram Nath Kovind had presented the report in March ahead of the Lok Sabha election announcement. The ‘One Nation, One Election’ report was part of the Law Ministry’s 100-day agenda for the new government. The bill could be introduced during Parliament’s winter session. It suggests several changes in the election format, including simultaneous elections for the Lok Sabha and State Assemblies, thus reducing the election frequency to save resources and boost social cohesion. The polls of local bodies like Municipalities and Panchayats are proposed to be held within 100 days of the Lok Sabha and Assembly elections. It also recommended introducing common voter ID and electoral roll cards by the Election Commission of India (ECI) and establishing a specialised Implementation Group to ensure proper execution of this panel’s recommendations. Its complete implementation requires amendments to the Constitution and the Representation of the People Act. A PTI report states that the Law Commission may recommend simultaneous elections at the central, state, and local levels starting in 2029. Previous Next