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Adani's joint venture company with Israeli firm Elbit as well as IdeaForge Technology are among the 14 drone companies that have been selected as beneficiaries of the production-linked incentive (<keyword id="53367" type="General" weightage="60" keywordseo="pli" source="Orion">PLI</keyword>) scheme to boost <keyword id="12100363" type="General" weightage="20" keywordseo="drone-manufacturing" source="Orion">drone manufacturing</keyword> in India, the aviation ministry said on Wednesday. Under the <keyword id="8941225" type="General" weightage="100" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> that was announced last year, the incentive for a manufacturer of drones and drone components will be 20 per cent of the “value addition” made by the company during the next three years. The value addition is calculated as the annual sales revenue from drones and drone components (net of GST) minus the purchase cost (net of GST) of drone and drone components. On Wednesday, the ministry released the names of 14 drone companies selected as beneficiaries of the PLI scheme. Dhaksha Unmanned Systems, IdeaForge Technology, IoTechWorld Aviation, Omnipresent Robot Technologies and Raphe Mphibr are five drone manufacturers selected as beneficiaries, it mentioned. Absolute Composites, Adani-Elbit Advanced Systems India, Adroitec Information Systems, Alpha Design Technologies, Inventgrid India, Paras Aerospace, SASMOS HET Technologies, ZMotion Autonomous Systems and Zuppa Geo Navigation Technologies are nine drone component manufacturers selected for the PLI scheme, it noted. The Ministry of Civil Aviation had on March 10 invited applications from the drone industry for the PLI scheme. The ministry had on September 16, 2021, announced a PLI scheme for drones and drone components with an allocation of Rs 120 crore spread over three financial years. The ministry said on Wednesday: “The list of beneficiaries is likely to be expanded further since some more manufacturers are likely to exceed the eligibility criteria for the full financial year 2021-22." "The final list of PLI beneficiaries is expected to be released by June 30 after detailed scrutiny of their financial results and other specified documents," it mentioned. The ministry said the eligibility criteria for the PLI scheme includes an annual sales turnover of Rs 2 crore for drone companies and Rs 50 lakh for drone components manufacturers; and value addition of over 40 per cent of sales turnover. The PLI scheme came in September 2021 as a follow-through of the liberalised <keyword id="2730972" type="General" weightage="20" keywordseo="drone-rules" source="Orion">Drone Rules</keyword>, 2021, released by the ministry on August 25, 2021. Aviation Minister Jyotiraditya Scindia had on September 16, 2021 said that the Indian drone industry will have a total turnover of up to Rs 15,000 crore by 2026 as the government has given a major boost to the sector with the PLI scheme. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/five-banks-that-offer-cheaper-home-loan-rates-in-india/articleshow/90959872.cms">Five banks that offer cheaper home loan rates in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/indian-livelihoods-turn-less-green-sharp-decline-in-hiring-green-jobs-over-the-last-five-years-compared-to-the-global-average/articleshow/90971775.cms">Indian livelihoods turn less green! Sharp decline in hiring green jobs over the last five years compared to the global average</a>

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

<ul><li><keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> is leaving no stone unturned in his bid to diversify from a select few industries like oil, retail and telecom to software and beyond. </li><li>SankhyaSutra Labs, a subsidiary of <keyword id="9093411" type="General" weightage="20" keywordseo="Jio-Platforms" source="Orion">Jio Platforms</keyword>, showcased software for drone and aircraft design, pitting itself as an option as India liberalises its drone policies and doubles down on defence indigenisation. </li><li>Gautam Adani, too, has announced his foray by picking up a 50% stake in General Aeronautics, a drone maker. </li></ul>Mukesh Ambani has set his sights on the Indian government’s defence indigenisation efforts. After drones, Ambani Senior is looking to enter the critical space of aircraft design through a Bengaluru-based subsidiary, SankhyaSutra Labs. The Reliance subsidiary, under <keyword id="2003276" type="General" weightage="20" keywordseo="Jio" source="Orion">Jio</keyword> Platforms, showcased a Made in India software that can be used to design aircraft at the AeroCon 2022 — an aerospace conference organised by the Society of Automobile Engineering. The company said that it intends to launch a major product in October this year, but stopped short of specifying exactly what it would be about. SankhyaSutra’s focus seems to be on making it easier and cheaper to simulate aircraft designs. Simulation plays a significant role in all aircraft design, particularly in defence. <div type="Article" hostid="261" msid="91892935" title="These four drone company stocks gave record breaking returns in one year" mstype="2" mssubtype="0"></div> “Accurate and reliable simulations can potentially reduce the need for expensive and time-consuming experiments, such as wind tunnel experiments, used for the design of aircraft,” said Dr. Vinay Kariwala, vice president of business development and SankhyaSutra Labs. “This opens up several possibilities by making aircraft design faster and cheaper, as well as allowing exploration of unconventional and radically new design alternatives,” he added. The company said it uses a combination of physics, mathematics and computer science for its designing tools. <cmsannotation type="cmsannotation" annotationid="Ambani joins Adani in capitalising on India’s drone needs" comment="subhead" text="Ambani joins Adani in capitalising on India’s drone needs">Ambani joins Adani in capitalising on India’s drone needs</cmsannotation> Last week, SankhyaSutra also showcased its products and solutions for drones at the Drone Festival of India 2022, where Prime Minister Narendra Modi was also present. India liberalised its drone policies and lifted restrictions on drone usage and expanded it from just defence to other sectors like — agriculture, tourism, healthcare and more. The potential of drones has caught the fancy of both Ambani and Gautam Adani - two of India’s richest men. The Adani Group recently picked up a 50% stake in a drone company called General Aeronautics. Drone company stocks have <a href="https://www.businessinsider.in/stock-market/news/these-four-drone-company-stocks-gave-record-breaking-returns-in-one-year/articleshow/91892935.cms">delivered record returns</a> of up to 160%. All the four listed entities – Paras Defence, Zen Technologies, RattanIndia Enterprises, and Bharat Electronics had gained momentum. It remains to be seen if Gautam Adani will follow Mukesh Ambani in launching a dedicated defence vertical as India doubles down on achieving Atmanirbharta (self-reliance) in defence. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/these-four-drone-company-stocks-gave-record-breaking-returns-in-one-year/articleshow/91892935.cms">These four drone company stocks gave record breaking returns in one year</a> <a href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-together-borrowed-more-than-1-out-of-every-5-from-foreign-lenders/articleshow/91909834.cms">Mukesh Ambani and Gautam Adani account for $1 out of every $5 of foreign loans</a> <a href="https://www.businessinsider.in/business/corporates/news/rakesh-jhunjhunwalas-delta-corp-stock-lost-more-than-a-third-of-its-value-in-two-months/articleshow/91957129.cms">Rakesh Jhunjhunwala’s gamble on this stock is proving to be a bust after it slips 20% in a month</a>

Mukesh Ambani sets sights on defence – showcases Made in India software for aircraft design

<ul><li>DRDO developed a counter-drone technology system in 2020, however it did not get any order from the Indian armed forces. </li><li>Experts believe that the drone as well as counter-drone technology are fairly young and still need improvements. </li><li>Indian government rolled out guidelines against rogue <keyword id="94769" type="PERSON" weightage="20" keywordseo="drones">drones</keyword> in 2013, yet the country doesn’t have enough anti-drone devices.</li></ul>As the government of India has just started recognising the potential use cases of drones in the Indian healthcare system, it was hit with a harsh reality that the enemies of the state have taken leaps to incorporate this technology to harm the South Asian nation. Two bombs were<a href="https://www.indiatoday.in/india/story/jammu-iaf-base-drone-attack-jawans-saw-heard-bombs-drop-1821316-2021-06-30"> dropped</a> at the Indian Air Force station in Jammu, in the early hours of June 27 this year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 27, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two bombs dropped on IAF base in Jammu between 1:43 a.m.-1:50 a.m. </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 27, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two more drones were spotted over IAF military stations at 11:45 p.m. and 2:40 a.m. </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">June 28, 2021 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two similar devices were noticed in Ratnuchak-Kaluchak military area in Jammu. This prompted soldiers to open fire. </td></tr><tr><td colspan="2" style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Source: Media reports </td></tr></tbody></table> This compelled the Indian government and security forces to go on a shopping spree to buy expensive counter-drone systems. While there are not many counter-drone technology makers in India, few of these players include state-owned Defence Research &amp; Development Organisation (DRDO), Bharat Electronics Limited (BEL), ideaForge and Big Bang Boom Solutions. According to media <a href="https://indianexpress.com/article/india/bsf-it-ministry-companies-border-security-drone-attack-7386310/">reports</a>, there are over 500 companies that can help the country find a solution to its drone problem. All these companies may not make devices to harm or kill drones, but can certainly help in tracking them. There are also several military tech private companies in the country, including Adani Defence &amp; Aerospace and Kadet Defence Systems that make drones for surveillance and technology for other combat purposes; Atindriya Systems provides electronic systems and software solutions for defense, and Trijatta that develops radars and encryption devices for the military. The government of India has been aware of the potential threat that rogue drones could pose in the security of the nation and issued a <a href="https://www.civilaviation.gov.in/sites/default/files/Counter_rogue_drone_guidelnes_NSCS.pdf">National Counter Rogue Drone Guidelines </a>two years ago. The policy highlights that the drone factor should be taken seriously as unmanned aircrafts, consumer drones and do-it-yourself (DIY) drones are readily available over the internet. The policy, referring to the Israel-Lebanon war of 2006, highlights "In certain incidents, the small drones were also armed with explosive ordnance, to convert them into potentially lethal guided missiles, thus demonstrating the growing sophistication with which these potent warriors have found relevance in combat zones." Yet it has found itself short of any large scale counter-drone system. The Jammu attack in itself did not cost much, but it did highlight the urgency to invest in a counter-drone system that could prevent bigger attacks in the long run. In the coming months, the government of India wants to sign multi-million dollar [who’s saying this?] contracts with both domestic and foreign firms to procure these technologies. <div type="image" title="India has limited options for weapons that can take down enemy drones" msid="84836842" hostid="261"></div> The anti-drone technology has a massive headroom to cover Kruthi Aramanamada, head of marketing at ideaForge, explained to Business Insider that counter-drone technology is expensive and fairly new as it came into existence only a decade ago. The technology is not fully matured and there is still a lot of scope of research and development (R&amp;D) in this segment, she added. Meanwhile, Anshuman Tripathi, a drone technology expert who is also a member of the National Security Advisory Board, <a href="https://www.indiatoday.in/india/story/combating-the-drone-menace-india-needs-to-pick-up-pace-with-anti-drone-measures-1823517-2021-07-03">said</a>, "Drones are still evolving and solutions to handle them are incomplete. It's a matter of a few years when the technology matures and you can standardise equipment as you go forward." Even developed countries like the US, Russia and Israel are <a href="https://theprint.in/opinion/brahmastra/india-needs-to-shop-for-anti-drone-systems-we-are-already-late/688517/">pumping billions</a> of dollars into research and development of both drones and counter-drone systems. However, they have not found a foolproof system for both hard and soft kill as yet. Indian armed forces on a look out for counter-drone systems In June 2020, IAF floated a Request for Information (RFI) for Indian vendors for Counter Unarmed Aircraft System (CUAS), which can be used to bring down the rogue drone. Apart from that, other ministries and departments are also looking to sign such contracts. However, there have not been many insights on who may end up getting such contracts. One of the possible beneficiaries of this spree is likely to be Israel-based company Smart Shooter, a company that has been developing systems to help militaries track and engage moving targets. Indian Navy had placed an order to <a href="https://theprint.in/defence/navy-orders-israeli-smash-2000-plus-systems-to-tackle-drones-more-contracts-in-offing/562955/">procure </a>an unspecified number of Smart Shooter’s SMASH 2000 Rifle Sights in December 2020. However, the Indian Army wasn’t quite impressed with it after their trials in January 2021. They found that the system may work well for the Navy as they work in open terrain, but it is not feasible for other terrains. This highlighted another major challenge among the counter-drone technology — use cases. The counter-drone system is not a ‘one size fits all’ type of solution and has to be customised based on the criticality of the situation, Aramanamada added. The debate between indigenous or foreign technology remains Prof. P B Sujit, adjunct faculty at School of Engineering and Technology at BML Munjal University, said that the current counter-drone tech is limited and mostly sourced or licensed from other countries. He also noted that there are few Indian startups in the segment as well, but the quality of those solutions is undetermined at the moment. “The trust in Indian developed tech is low. With the history of India importing from Israel, it's natural to import this. Moreover Israel has good tech which has been field tested with Palestine stuff... So the confidence levels are right with the Israel tech,” he added. Apart from the Israeli plan, the government is also on a look out for the technology developed by domestic players and foreign public as well as private sector units, drone original equipment manufacturers, defence tech firms and Defence Research &amp; Development Organisation (DRDO). Indian stand on the counter-drone infrastructure includes only a few players at the moment: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DRDO anti-drone system was<a href="https://www.drdo.gov.in/sites/default/files/drdo-news-documents/NPC_15-16_Aug_2020.pdf"> first </a>deployed in India in 2020, during various national events including Prime Minister Narendra Modi’s Independence Day speech. However, it is not being used. The device had the capability to detect, intercept and destroy small drones. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DRDO also carried out an urgent demonstration of its anti-drone system to armed forces at Kolar, a city in Karnataka, earlier in July 2021. The system has a detection capability of up to four kilometres with ‘soft kill’ option by radio frequency jamming. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Security Guards had <a href="https://www.firstpost.com/india/why-india-needs-israel-as-drone-attacks-become-real-and-threatens-to-be-cataclysmic-9763551.html">awarded </a>a contract worth ₹1.49 crore to Bengaluru-based Accord Software &amp; System for procurement of indigenous Counter Drone Technology System. </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ideaForge has partnered with German tech firm Aaronia AG to develop anti-drone tech devices. However, the solutions have not been deployed on the ground yet. </td></tr></tbody></table> Even though the army and security forces are yet to deploy DRDO’s anti-drone system, Bharat Electronics Limited and three<a href="https://www.hindustantimes.com/india-news/bsf-to-test-drdo-anti-drone-system-on-border-ied-laden-uav-shot-down-in-jammu-101627010670994.html"> undisclosed </a>private companies have signed a technology transfer agreement with the government. The agreement would enable these players to mass-produce the system. SEE ALSO <a href="https://www.businessinsider.in/politics/political-media/news/there-are-at-least-four-hot-issues-in-india-that-the-government-has-no-data-for/articleshow/84820788.cms">There are at least four hot issues in India that the government has no data for</a> <a href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a> <a href="https://www.businessinsider.in/business/news/ola-expands-esop-pool-to-3000-crore-issues-stock-worth-400-crore-to-employees/articleshow/84820171.cms">Ola expands ESOP pool to ₹3,000 crore, issues stock worth ₹400 crore to employees</a>

India has limited options for weapons that can take down enemy drones

<ul><li>India has decided to open up its inventory of <keyword id="6430693" type="UNKNOWN" weightage="20" keywordseo="Satellite-Data">satellite data</keyword> to Indian companies.</li><li>Bigwigs like the <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Group, <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> and the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> — companies wanting to get into the space sector using data — also have a lot to gain.</li><li>However, the frequency and speed at which these images are captured still leave a lot to be desired. </li></ul>The Indian government has announced that it’s opening up its treasure trove of geospatial data and services, including maps, to all Indian entities. “What is readily available globally does not need to be regulated,” said the country’s Department of Science and Technology, in a <a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1698073&amp;fbclid=IwAR2mym1Rh_bFaTBao_wAAlOyksKlrQtJk8qCPvL5eQ9GCv2sAQjerfRCgAM">press statement.</a> The move will not only benefit India's burgeoning startup ecosystem, but also bigwigs like <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Group, <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>’s Adani Group and <keyword id="6364063" type="DEFINITION" weightage="20" keywordseo="Adi-Godrej">Adi Godrej</keyword>’s Godrej Group. According to Mumbai-based think tank Gateway House’s Chaitanya Giri, big conglomerates that have not classically been in the space industry — but have a foothold in the FMCG and agriculture — have been wanting to get into the space sector by using data. “They want to use precision agricultural techniques using <keyword id="21340" type="PERSON" weightage="20" keywordseo="Satellite-images">satellite images</keyword> to increase their output or to maintain the efficacy of their crops because most of them have benefitted from contractual farming, which is now a ‘hot topic’ in India,” Giri told Business Insider referring the recent the <a href="https://www.businessinsider.in/india/news/farmers-plan-to-block-delhi-jaipur-and-delhi-agra-highways-starting-december-12-and-start-nationwide-protests-on-december-14/articleshow/79644167.cms">farmer’s protests against the India’s government’s new farm laws</a>. Reliance, on the other hand, asserted in January that it has ‘<a href="https://www.businessinsider.in/business/corporates/news/reliance-says-it-has-absolutely-no-plan-to-enter-contract-farming-urges-government-to-stop-vandalism-amidst-ongoing-farmers-protests/articleshow/80091733.cms">absolutely no plans</a>’ to enter contract farming. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> Insurance companies also have something to gain In addition to the Ambani’s and Adani’s of the country, insurance companies could also be potential beneficiaries of satellite data being available for use in India. In professional agriculture in foreign countries, you can actually see the amount of pests through satellite imaging. You can identify where the pests are, where they are not and where they may be headed. And if crops do suffer any kind of damage, crop insurance can be claimed on the basis of satellite images. “Canadian insurance companies have collaborated with satellite imagery suppliers to provide imagery for any person who’s crop has been damaged. This can lead to a lot of new algorithms and methods to quantify the extent of damage and depending on the extent of damage — quantify the premiums and payouts,” explained Giri. What’s the catch? While these companies are looking to get into the sector, the frequency and speed at which these images are captured still leave a lot to be desired. “The concept of setting up small satellites in large numbers is yet to start at <keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword> [Indian Space Research Organisation]. So that’s where the constellation concept is still in its nascent stages,” explained Pawan Kumar Chandana, the CEO and co-founder of Skyroot Aerospace. “That’s where rapid, very high frequency images of Earth are still not yet available.” India needs to open up its satellite images for startups regardless Regardless of who stands to benefit from the treasure trove of satellite data that the Indian government has now put out in the public domain, startups are happy. “This announcement reaffirms our unique capability in all kinds of high definition mapping from drones, aircrafts, satellites, mobile, terrestrial to underground — where the company has done pioneering work in India and abroad,” said Sajid Malik, the chairman and managing director of Genesys International, which claims to be the largest 3D mapping company in India. The biggest challenge about maps has always been getting the spatial data and the biggest source for spatial data is satellite images. The new guidelines remove the barrier of red-tape and getting permissions — giving <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword> and companies a leg up. “If they tie-up with ISRO and others, they will get access to a huge database and technology on a continuous basis and India will have its own company that will have these maps and won’t have to depend on Google Maps,” said TV Mohanas Pai, former director of Infosys and current chairman of Manipal Global Education, in a statement. But it’s not just mapping companies that have something to gain. Anyone working in logistics, transportation, aerial vehicles, and other areas where mapping is the foundation for other applications also has something to celebrate. According to Giri, Indian startups are being approached by European incubators and Australian venture capitalists. While it’s a welcome sign, it also raises an alarm. “You have startups that are working in critical areas, critical technologies — you really don’t want them to be bought out by nefarious players,” he explained. SEE ALSO: <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/defense/news/list-of-10-latest-defence-deals-that-india-has-signed-in-the-last-six-months/slidelist/80926534.cms">List of 10 latest defence deals that India has signed in the last six months</a> <a href="https://www.businessinsider.in/finance/banks/news/bank-of-india-central-bank-of-india-indian-overseas-bank-and-bank-of-maharashtra-rally-by-over-10-on-hopes-of-privatisation/articleshow/80971254.cms">Bank of India, Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra rally by over 10% on hopes of privatisation</a>

From Ambani, Adani to Godrej — India's treasure trove of satellite data goes beyond helping startups

From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Summer vacation have you dreaming about giving it all up and moving abroad? Luckily, six European towns are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/get-paid-to-move-to-europe-greece-spain-switzerland-italy-2024-7">offering cash to help you move there</a>.Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">without breaking the bank</a>.What's on deck:<ul><li>Markets: The June jobs report is <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">good news for a potential rate cut</a>.</li><li>Tech: The founder of Gen Z's new favorite app details <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">how she plans to avoid being just a fad</a>.</li><li>Business: The three worst letters in real estate: <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">HOA</a>.</li></ul>But first, hello campers!If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The cost of summer</h2><div type="image" title="illustration of coin on swan" height="880" width="1168" msid="111587548" hostid="261" sizebytes="82826"></div>School's out for summer, but the relief for kids is causing financial pain for their parents.Summer can be a money pit for parents scrambling <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">to keep their kids entertained in July and August</a>, write Business Insider's Juliana Kaplan and Madison Hoff.Summer childcare isn't cheap. Nearly a quarter of recently surveyed parents with kids in a summer program said they expect to pay more than $1,000 a month per child this summer. And those costs can balloon well beyond that, with one family spending $6,000 for a three-week sleepaway camp.Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together.Sometimes costs crop up before camp even starts. Parents spend hundreds, or even thousands, on <a target="_blank" href="https://www.businessinsider.com/parents-spend-hundreds-summer-camp-packing-services-kids-2024-6">packing and prepping their kids before shipping them off</a>.Just about everyone feels the squeeze on their wallets when the temperature rises.An Intuit Credit Karma survey found 61% of parents with children under 18 said it "feels even more expensive to raise kids in the summer months."It's a brutal reality check for parents who thought their days of high childcare costs were behind them when they became DIPS (<a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">dual income, public school</a>).Instead, some are even going into debt, despite sky-high credit card interest rates, to make it work.<div type="image" title="Illustration of a teddy bear with makeup in front of campgrounds and cabins." height="1500" width="3000" msid="111587547" hostid="261" sizebytes="1234734"></div>Things don't always get easier once kids are at camp, though.This year, skincare products proved to be <a target="_blank" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">a lightning rod for kids and parents at elite summer camps</a>, writes BI's Anna Silman. Outright bans or restrictions on luxury skincare products — because nine-year-olds need their daily lip oil — created chaos among their tweens.Of course, drama comes with the price of admission at these fancy establishments, which can run $16,000 for the summer.In 2021, Anna reported on how parents were <a target="_blank" href="https://www.businessinsider.com/sleepaway-camp-photo-drama-tyler-hill-2021-7">up in arms over the daily photos shown from camp</a>. Parents inundated camp employees with concerned or critical emails and calls as they tried to parent their children from hundreds of miles away.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/boeing-big-mea-culpa-just-dropped-does-not-look-pretty-2024-7">Boeing's big mea culpa just dropped and it doesn't look pretty.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">Modi's Russia visit shows India isn't worried about making the US mad.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/joe-biden-should-not-drop-out-election-prediction-allan-lichtman-2024-7">Kamala Harris won't save Democrats if she takes over for Biden, warns historian who correctly predicted 9 of the last 10 elections.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/france-election-results-new-popular-front-2024-7">France's left-wing alliance blocks a far-right majority, projection shows.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/russia-use-wwii-tactic-defend-against-ukrainian-drone-strikes-2024-7">Russia may resort to an old World War II tactic that had a key role in the D-Day landings to repel Ukrainian drone attacks.</a><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mint-butterfield-teen-child-tech-founders-found-safely-police-2024-4">ded Slack and mom cofounded Flickr, found safe, police say</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="man walking by power plants" height="546" width="1102" msid="111587552" hostid="261" sizebytes="147554"></div><ol><li>How to get in on the AI infrastructure trade everyone's talking about. You've read a lot about the role data centers and utilities play in powering AI. But where should you invest? <a target="_blank" href="https://www.businessinsider.com/ai-stocks-companies-building-out-infrastructure-goldman-sachs-picks-2024-7">Goldman Sachs identified 89 stocks across 10 sectors</a> that are key to AI infrastructure.</li><li>The June jobs report included a couple surprises. The US labor market added more jobs last month than expected (206,000). But an unexpected uptick in unemployment to 4.1% is good news for <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">investors hoping for an interest-rate cut</a>.</li><li>An activist short-seller's Pyrrhic victory. Hindenburg Research wiped out $150 billion in market value from the Adani Group when it accused the Indian conglomerate of sweeping fraud. Meanwhile, Hindenburg's rewards were meager: The short-seller made just $4 million for its efforts. <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">But its leader insists it's not about the money</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Phones with Noplace." height="553" width="738" msid="111587549" hostid="261" sizebytes="32544"></div><ol><li>Gen Z's new favorite social media is… MySpace 2.0? The app Noplace, which is going viral among young people, is a nod to the early days of social media before the "algos and ads" took over. <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">Its founder has a plan to keep it from fizzling out</a>.</li><li>How Andy Jassy secretly wooed Wall Street. After a rough start to his tenure as CEO, Jassy executed a stunning turnaround: He slashed costs, won over investors, and put a new stamp on Amazon's culture. More than a dozen employees, investors, and analysts explained <a target="_blank" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">how Jassy overhauled the tech giant for the better</a>.</li><li>Amazon laps Netflix in the race for TV ad dollars. Ad buyers told BI that <a target="_blank" href="https://www.businessinsider.com/amazon-beating-netflix-upfront-battle-for-tv-sports-dollars-2024-7">Amazon is leading streamers in the competition for advertisers</a>, thanks to its large sports footprint and lower prices. It also has a larger ad-supported audience, since it <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">switched on ads for all Prime Video users</a> in January.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Nosy neighbor with binoculars peeking over shrubs, shocked at neighbor's 'NO HOA' sign" height="900" width="1200" msid="111587555" hostid="261" sizebytes="92110"></div><ol><li>Down with homeowner associations. Millions of Americans live in neighborhoods with HOAs that operate as private quasi-governments. While a new Florida law has made strides to limit HOAs' power, it will take more than some modest adjustments. <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">We may need to break the system entirely</a>.</li><li>Stay greasy, McDonald's. Over the course of many years, McDonald's forays into healthy alternatives haven't panned out. That's probably because no one is going there to enjoy a salad. Customers know that. McDonald's does, too — <a target="_blank" href="https://www.businessinsider.com/mcdonalds-should-stick-to-unhealthy-food-burgers-chicken-2024-7">and it shouldn't forget it</a>.</li><li>Gen Z in Neverland. A growing share of young Americans are living with their parents way past college, and relying on the Bank of Mom and Dad for support. But it isn't all their fault. Lacking social safety nets, <a target="_blank" href="https://www.businessinsider.com/gen-z-living-at-home-relying-on-parents-safety-net-2024-7">American parents are often left to provide cover</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/when-to-quit-six-figure-job-for-mental-health">3 high-earners share when they knew it was time to quit their 6-figure jobs: 'It was literally driving me to the edge.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/samsung-apple-galaxy-iphone-battle-ai-intelligence-smartphones-2024-7">Samsung really wants to outsmart Apple in the Galaxy-iPhone battle</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-mocks-mark-zuckerberg-hydrofoil-video-2024-7">Elon Musk mocks Mark Zuckerberg's big hydrofoil swag moment and says he prefers to work instead of having fun on yachts</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-downgrade-ai-fully-valued-nvda-tech-2024-7">Why Nvidia just got a rare stock downgrade</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hamptons-nightlife-clash-between-elite-clubs-and-angry-locals-2024-7">Elite nightclubs are forcing the Hamptons into an identity crisis</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retire-early-expert-savings-advice-2024-7">I want to retire before 50, so I asked a financial planner for 3 ways to earn more on my savings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">Why your checking account may no longer be free</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">Tech workers look like the real winners of the AI talent war</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Samsung workers <a target="_blank" rel="noopener" href="https://www.reuters.com/technology/samsung-workers-union-south-korea-kicks-off-three-day-strike-2024-07-08/">began a three-day strike</a>.</li><li>Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Annie Smith, producer, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

School's out, and parents' financial stress is in

<ul><li>India’s <keyword id="9490244" type="General" weightage="20" keywordseo="defense-exports" source="Orion">defense exports</keyword> hit ₹13,000 crore during the fiscal year 2021-22.</li><li>50% of India’s defense exports from 2017 to 2021 were to Myanmar, followed by Sri Lanka at 25%.</li><li>Defence Ministry is gearing up to launch 75 products in the domains of unmanned, robotics systems, intelligent monitoring systems, and more.</li></ul>India's efforts to become self-reliant in the defense sector are showing positive signs. During the fiscal year 2021-2022, India's defense exports touched a record ₹13,000 crore, said Defence Secretary Ajay Kumar. This is an increase of 54.1 percent as compared to the financial year 2020-21. The private sector accounted for 70 percent of the total exports, while the public sector companies did only 30 percent of the exports. In addition, Defence Ministry said the US was the principal buyer, following nations in Southeast Asia, Africa, and West Asia. The defense official said India exports <keyword id="214289" type="General" weightage="20" keywordseo="military-hardware" source="Orion">military hardware</keyword>, including advanced light helicopters, missiles, offshore patrol vessels, surveillance systems, personal protective gear, and various radars. Besides this, light combat aircraft, air-to-air missiles, sonars, and Akash surface-to-air missile systems hold export potential for India. In January, India signed a $374.96-million deal with the Philippines to supply three batteries for the BrahMos cruise missile. This deal emerged as the biggest defense export order for India. Sources said the majority of India’s defense export is in the aerospace sector, in which Indian companies have been manufacturing fuselage for foreign companies. For example, all fuselages of the American helicopter Apache sold worldwide are made in India and developed by a joint venture between Tata and Boeing. Similarly, Lohia Group and Adani Defence are making fuselages for Israeli drones. <cmsannotation type="cmsannotation" annotationid="₹35,000 crore export in next five years" comment="subhead" text="₹35,000 crore export in next five years">₹35,000 crore export in next five years</cmsannotation> Back in 2020, Prime minister Narendra Modi's government had set a target of ₹35,000 crore export in the aerospace sector and defense services and goods in the next five years. In addition, over 100 products are in the pipeline, including infrastructure to process and store data for classified applications of AI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-to-safe-my-smartphone-from-security-threats-and-data-leaks-in-2022/articleshow/92848396.cms">Five apps to keep your smartphone safe from security threats and data leaks in 2022</a> <a href="https://www.businessinsider.in/tech/enterprise/news/cios-may-be-the-answer-to-the-data-problem-in-esg-implementation/articleshow/92844908.cms">CIOs may be the answer to the data problem in ESG implementation</a>

India's defense exports surge to ₹13,000 crore — private companies beat govt

<ul><li><keyword id="16368070" type="General" weightage="100" keywordseo="scrapuncle" source="Orion">ScrapUncle</keyword> offers scrap recycling services via its own website and app to homeowners and offices. </li><li>ScrapUncle received a grant of ₹23 lakh from Columbia University. </li><li>Sharks got into a bidding war over the startup, leading to its valuation getting doubled in a matter of minutes. </li></ul>In season 2 of the reality show <keyword id="11924074" type="General" weightage="80" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>, multiple entrepreneurs pitched products that aim to solve the nation’s problems. The latest startup that pitched the show, ScrapUncle, also falls into this club. Started in 2019, ScrapUnce is a Delhi-based startup that positions itself as a modern-day ‘kabbadiwala’ (scrap dealer), which <a href="https://www.linkedin.com/company/scrapuncle/about/">aims to bring </a>“a systematic change in India's recyclable waste management problem”. ScrapUncle offers scrap recycling services via a website and an app. Customers can book trained and verified agents to collect scrap from their homes or offices. These agents accurately weigh the scrap and provide the best value for it, claimed the founder, Mukul Chhabra. The startup also promises <a href="https://scrapuncle.com/home">‘responsible recycling of scrap items’</a> on its website. “Customers and scrap dealers face problems because this sector is extremely unorganised and neglected. But when local sellers are online, then why not scrap dealers?” said Chhabra on the show. Chhabra also stated that in two years, ScrapUncle has completed over 22,000 pickups in the Delhi-NCR region, and sent 14 lakh kilograms of scrap for recycling. <cmsannotation type="cmsannotation" annotationid="Finding heaven in a junkyard" comment="subhead2" text="Finding heaven in a junkyard">Finding heaven in a junkyard</cmsannotation> A BTech graduate from Indraprastha Institute of Information Technology in Delhi, Chhabra always had an entrepreneurial bent of mind. Before starting ScrapUncle, he co-founded DroneMed in 2017. DroneMed was a startup in the field of unmanned aerial vehicles i.e. drones. It received various awards and recognitions from organizations like DST, Tata Trusts, Indian Air Force, etc. including a grant of ₹10 lakh but the startup had to be shut down. However, 25-year-old Chhabra was always interested in setting up ScrapUncle. “I was interested in robotics since childhood. My maternal uncle is a scrap dealer. I’d visit his junkyard and look for electronic equipment for my robots and projects. For me, it was heaven. That’s also how I got a fair idea about how the sector functioned,” shared Chhabra on the show. From visiting various junkyards to moving scrap dealers in his apartment to understand their challenges, Chhabra researched the industry in detail before launching the business. Normally, a scrap dealer earns ₹30,000-35,000 on a monthly basis, but ScrapUncle collection partners earn anywhere between ₹60,000-70,000, claimed Chhabra. The startup also received a grant of ₹23 lakh from Columbia University. The company, which was founded in 2019, started full-time operations in August 2020, and currently, has monthly sales worth ₹27.5 lakh. Chhabra claimed the business grew 4x during Covid — as more people went in for decluttering. It achieved yearly sales of ₹35 lakh in FY21 and ₹1.48 crore in FY22. Chhabra also projected sales worth ₹6 crore for FY23. After hearing Chhabra’s pitch and vision, sharks Namita Thapar, Anupam Mittal, and Aman Jain commended him for providing dignity to the profession, and for his knowledge of the sector. <cmsannotation type="cmsannotation" annotationid="Fighting for ‘scraps’ of equity" comment="subhead2" text="Fighting for ‘scraps’ of equity">Fighting for ‘scraps’ of equity</cmsannotation> The co-founder of boAt, Aman Gupta, was the first one to back out from investing because he believed the startup was at a stage where it needed a lot of work. However, he shared that he was impressed by Chhabra’s earnest approach to the business. Impressed by his passion and clarity, Sugar Cosmetics’ cofounder Vineeta Singh made the first offer — ₹30 lakh for 5% equity stake, and ₹30 lakh in debt at 12% interest rate, valuing the company at ₹6 crore. “I don’t know if every city will have a ScrapUncle like this or if you’ll single-handedly be able to make this a pan-India business. But I feel you’re passionate and possess clarity. I want to bet on that,” shared Singh. Namita Thapar, executive director at Emcure Pharmaceuticals, backed out because she didn’t believe she could add any value to the startup. CarDekho’s co-founder Amit Jain highlighted the emerging market for car scrapping and made an offer at the same valuation as Singh but without the element of debt — ₹60 lakh for a 10% equity stake. “This (car scrapping) is an important moment for our industry, where cars that are 10-15 years old will be scrapped… mandatorily, by law” added Jain. Shaadi.com’s founder Anupam Mittal countered with his own offer of ₹60 lakh for an 8% equity stake, raising the valuation to ₹7.5 crore. Jain instantly revised his original offer — the same investment for ₹7% equity stake, which prompted Mittal to offer a revised deal with a 6% equity stake. Before Chhabra could even respond to any of the offers, Jain made a final offer — ₹60 lakh for a 5% equity stake that valued the company at ₹12 crore. In less than a minute the valuation doubled from ₹6 crore to ₹12 crore. Mittal then rescinded his offer, stating that Chhabra took too long to respond. Ultimately, Chhabra agreed to Jain’s offer – of ₹60 lakh for 5% equity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-to-pre-pay-1114-million-for-release-of-pledged-shares-ahead-of-maturity-in-september-2024/articleshow/97643602.cms">Adani Group to pre-pay $1,114 million for release of pledged shares ahead of maturity in September 2024</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mens-apparel-brand-snitch-sews-all-sharks-together-gives-king-of-bling-anupam-mittal-his-own-fashion-line/articleshow/97576836.cms">Men’s apparel brand Snitch sews all sharks together – Gives ‘King of Bling’ Anupam Mittal his own fashion line</a>

Young boy builds an online kabadiwala biz after being inspired by his uncle's scrapyard 'heaven'

<ul><li>Nifty IT Index is up 1.1% in early trade on July 29, right after <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> declared its earnings.</li><li><keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> and <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> ranked among the top five gainers on the Nifty 50, the benchmark index.</li><li>The Nasdaq-listed Cognizant increased its growth guidance to 10.2%-11.2% citing demand in the digital services segment.</li></ul>Shares of the information technology companies rose today as Cognizant reported a strong June quarter with an increase in growth guidance for 2021. The company posted a revenue growth of $4.6 billion which grew 14% year-on-year. Also, it increased growth guidance to 10.2%-11.2% due to improved demand in the digital services segment. And that has got the entire sector excited. HCL Technologies and Tech Mahindra are among the top five gainers on the Nifty 50. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains on July 29 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr></tbody></table>*as of 10:20 a.m. on July 29 Although Cognizant is a US-listed company, its growth and client base is similar to Indian IT companies and hence growth pickup in the global company is positive for Indian peers. The global IT firm beat expectations with June quarter strong performance as revenue was $125 million more than the high-end of the company’s guidance range. However, the company’s attrition rate is at 31%, the highest among peers, compared to 21% in the previous quarter. This led the company to hire more than 3 lakh employees. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-tata-motors-bandhan-and-pnb-bank-bank-of-india-and-many-other-stocks-down-with-10-in-last-one-month/articleshow/84847887.cms">From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month </a> <a href="https://www.businessinsider.in/tech/news/india-has-limited-options-for-weapons-that-can-take-down-enemy-drones/articleshow/84836724.cms">India has limited options for weapons that can take down enemy drones </a>

Cognizant guidance gets peer stocks like HCL Tech and Tech Mahindra buzzing

<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> could be close to clinching an investment of ₹20,000 crore – something that it has been looking for since 2020.</li><li>This probable fundraise comes less than two months after its promoter, Vodafone Plc. pumped in ₹4,500 crore via its equity arms.</li><li>Amazon, one of the reported investors, has been exploring an entry in the Indian telecom sector since 2020 by picking up a stake in Vodafone Idea.</li></ul>Shares of Vodafone Idea have been gaining for the last two days - which is a rare occurrence. In fact, its market cap swelled by ₹2,000 crore after news of its fundraising plans, especially from a well capitalized global player like Amazon have started doing the rounds. For nearly three years now, Vodafone Idea has been <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-will-raise-up-to-25000-crore-by-selling-shares-and-taking-loans/articleshow/77933604.cms">trying to raise ₹25,000 crore</a> to tide over its AGR troubles as well as make network and spectrum investments into a market which now shows signs of optimism with low competitive intensity. As per media reports, it might be close to clinching a deal with global tech major Amazon, to raise as much as ₹20,000 crore. <div type="image" title="Vodafone Idea 01_01_22 to 31_05_22." msid="91906362" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price in 2022&amp;lt;/p&amp;gt;"></div> According to a report by the <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/close-to-tying-up-rs-20000-crore-to-fight-rivals-vodafone-idea-md-ravinder-takkar/articleshow/91731538.cms">Economic Times</a>, Vodafone Idea is expected to raise ₹10,000 crore via an equity stake sale, and ₹10,000 crore via debt. The latter would send its total debt over ₹2 lakh crore, but the company’s managing director Ravinder Takkar is not flinching, saying that the government owns nearly 90% of this debt. Earlier, the Takkar-led telco had said it <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-will-raise-up-to-25000-crore-by-selling-shares-and-taking-loans/articleshow/77933604.cms">needs ₹25,000 crore</a> to turn around its fortunes and remain competitive – of this, it has already <a href="https://www.businessinsider.in/business/news/vodafone-raises-stake-to-47-61-in-vodafone-idea-through-subsidiary-prime-metals/articleshow/90639253.cms#:~:text=Vodafone%20raises%20stake%20to%2047.61%25%20in%20Vodafone%20Idea%20through%20subsidiary%20Prime%20Metals,-Advertisement&amp;text=British%20telecom%20major%20Vodafone%20has,regulatory%20filing%20said%20on%20Monday.">raised ₹4,500 crore</a> in April. If they raise the said amount too, then their war chest will be almost full – and bring it back into the market with full force. <cmsannotation type="cmsannotation" annotationid="Vodafone Idea continues to lose millions of subscribers every month" comment="subhead" text="Vodafone Idea continues to lose millions of subscribers every month">Vodafone Idea continues to lose millions of subscribers every month</cmsannotation> Vodafone Idea’s bid to turn around its business and stabilize its operations will take a lot of work. It has been losing millions of subscribers every month. In the first three months of 2022, it lost 4.7 million subscribers. Throughout the fiscal year 2021-22, the telco lost nearly 23 million subscribers – an average of 1.9 million subscriber loss every month. <div type="image" title="Airtel Jio Vodafone Idea subscriber chart 2021-22." msid="91906564" hostid="261" caption="&amp;lt;p&amp;gt;Net subscriber additions in 2021-22&amp;lt;/p&amp;gt;"></div> In the same period, its rival Airtel added 8 million subscribers, although Jio lost nearly 19 million subscribers, too. However, Jio’s losses are on account of the telco wiping its slate clean of subscribers who are inactive and not paying. While it’s not certain who the investor is, a report by The Ken suggests it could be Amazon. The e-commerce giant has so far been left behind by its rivals Google, Facebook and Microsoft, who have all either partnered with Airtel and Reliance Jio, or have invested billions of dollars in these companies. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> Vodafone Idea, on the other hand, is yet to see a single dollar from them. Amazon was <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/amazon-verizon-may-invest-over-4-billion-in-indias-vodafone-idea-report/articleshow/77904230.cms">said</a> to be exploring a joint investment of $4 billion with US carrier Verizon in Vodafone Idea back in 2020, but that did not pan out. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-a-story-on-how-to-generate-wealth-via-hope-fomo-and-of-course-debt/articleshow/91829090.cms">Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt</a> <a href="https://www.businessinsider.in/stock-market/news/these-four-drone-company-stocks-gave-record-breaking-returns-in-one-year/articleshow/91892935.cms">These four drone company stocks gave record breaking returns in one year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-government-looking-for-ways-to-tax-nfts-as-per-a-new-report/articleshow/91882530.cms">After cryptos, the taxman could come for your NFTs says a new report</a>

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