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New Delhi, Dec 18 () The government e-marketplace has signed two agreements with Bank of Maharashtra and UCO Bank to offer services like transfer of funds through GeM pool accounts and earnest money deposit (EMD) to the registered users on the portal.
The pact also include advising of performance bank guarantees (e-PBG).
The MoUs were signed on December 16, according to an official statement.
"Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities," the Commerce and Industry Ministry said in the statement.
It further said the GeM is also working with Banks, TReDs, and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance and rating of a seller on the marketplace. 
"This will help the sellers in general and the MSMEs in particular to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids," the statement said.
GeM SPV is the national public procurement portal for ensuring efficient and transparent mechanisms for procurement of goods and services by central and state government organisations.
It is an initiative of the Centre which offers a one stop inclusive platform for facilitating online procurement. GeM provides tools for direct purchase, bidding and reverse auction for ensuring transparent and efficient procurement. RSN BAL

Gem partners with UCO Bank, BoM for Payment related services

Mumbai, Jan 30 () Bank of Maharashtra and State Bank of India are the only two state-run banks that showed 'good' performance in terms of digital transactions in December with a score of 77 and 68 respectively, government data showed.
 The score for an individual bank is given by the Ministry of Electronics and Information Technology (MeitY) on various parameters such as percentage of digital transactions, merchant deployment achieved, system resilience and average percentage of technical decline for UPI or AePS transactions, among others.
 For digital transactions, the government has given a target of 4,000 crore digital transactions for the current fiscal.
 Banks' performance on various parameters, including digital transactions, is tracked on a monthly basis.
 During April to December, Bank of Maharashtra (BoM) achieved 102.70 per cent of the annual target of digital transactions, the latest data released by MeitY showed.
 For BoM, the government has set a target of 19.7 crore digital transactions during the current financial year.
 SBI achieved 99.09 per cent of the annual digital transactions target in the nine months of the current fiscal.
 In December, nine private lenders and two payments banks received good rating on digital transactions.
 Overall score of Yes Bank, Fino Payments Bank and HDFC Bank was 76 in December. ICICI Bank and IDFC First Bank scored 74 and 73, while Axis Bank and IDBI Bank scored 71 each, MeitY data showed. HV ABM
ABM

BoM, SBI only PSBs rated 'good' in digital transactions in Dec: Govt data

The former <keyword id="19935584" type="General" weightage="20" keywordseo="RSS-chief" source="keywords">RSS chief</keyword>, <keyword id="23419565" type="General" weightage="20" keywordseo="Subhash-Velingkar" source="keywords">Subhash Velingkar</keyword>, recently stirred significant controversy by demanding a <keyword id="20615498" type="General" weightage="20" keywordseo="DNA-test" source="keywords">DNA test</keyword> on the relics of <keyword id="23459102" type="General" weightage="20" keywordseo="St-Francis-Xavier" source="keywords">St. Francis Xavier</keyword>. Velingkar claims that the test would confirm the authenticity of the remains, but his statement has triggered protests and condemnation from Goa’s <keyword id="19935795" type="General" weightage="20" keywordseo="Catholic-community" source="keywords">Catholic community</keyword>, who view it as a direct affront to their faith. This article will explore the significance of St. Francis Xavier in Goa, examine the implications of a DNA test, and review the political and social reactions to Velingkar's statement. <h2>St. Francis Xavier in Goa</h2>St. Francis Xavier, one of the most venerated Catholic saints in the world, arrived in Goa in 1542 as a Jesuit missionary. He played a crucial role in establishing Christianity in Goa and spreading it across Asia. Known for his compassion and selfless dedication, he is affectionately referred to by Goans as “Goencho Saib” (Protector of Goa). <div type="Article" hostid="261" msid="112672114" title="“Please do not photograph our homes!” plead Goa’s homeowners" mstype="2" mssubtype="0"></div>His relics, preserved at the Basilica of Bom Jesus in Old Goa, draw millions of pilgrims from across the globe. The relics are especially significant because, every ten years, they are publicly displayed during the Exposition, a major religious event that unites the community in faith and reverence. <h2>What is a DNA test, and what could it prove?</h2>A DNA test involves analysing genetic material to establish relationships, origins, or identity. DNA testing on human remains can reveal biological data such as ancestry, possible familial connections, or genetic characteristics. In this case, Velingkar’s call for a DNA test is ostensibly aimed at verifying whether the relics truly belong to St. Francis Xavier. However, such a test would be challenging because it would require preserved genetic material, which might not be feasible — although doable under the right conditions — after nearly 450 years. The main issue is that without direct descendants or known relatives, a DNA test would have limited capacity to “prove” the relics' authenticity definitively. Many Goans argue that such a test is unnecessary, given the historical and religious context of the relics and the deep spiritual significance they hold. <h2>Protests across Goa and political fallout</h2>Velingkar’s remarks have provoked a backlash, with protests erupting across Goa. Demonstrators in Margao and Canacona have voiced their anger, demanding Velingkar be arrested for offending their <keyword id="19978801" type="General" weightage="20" keywordseo="religious-sentiments" source="keywords">religious sentiments</keyword>. At these gatherings, local leaders have condemned his statements, arguing that he is attempting to provoke divisions in Goa’s harmonious society. Some have also called for Velingkar to undergo psychological evaluation, questioning his motives and the wisdom of his demand for a DNA test. While Chief Minister Pramod Sawant has assured the public that legal action will be taken, some community members remain sceptical, perceiving a lack of urgency. The Congress party has criticised the BJP-led state government, accusing it of neglecting the issue to avoid alienating potential voter bases. <div type="Article" hostid="261" msid="111809476" title="Why is a music festival causing controversy in Goa?" mstype="2" mssubtype="0"></div>The controversy has also cast a spotlight on the BJP’s stance toward the Catholic community, particularly considering how the state was mum for an exceedingly long time on their intentions to invite Pope Francis to the upcoming Exposition. This hesitation and the ongoing controversy has compounded frustrations among Goans, leading to questions about the government’s respect for religious diversity in the state. Goa’s history is marked by religious tolerance and a unique blending of cultures. The Catholic Church has played a pivotal role in maintaining peace and fostering unity across different communities in the state. By calling for a DNA test on the relics of a beloved saint, many argue that Velingkar risks jeopardising this delicate balance. Religious leaders have warned against divisive rhetoric, underscoring that Goa’s strength lies in its ability to maintain harmony among its diverse population.

Goa protests: Why is an ex-RSS chief demanding to DNA test the body of a 450-year-old sacred saint?

If you're a salaried employee or a business owner who can't leave for a trip whenever you want and need to plan ahead, August is a great time for a vacation. In <keyword id="21604710" type="General" weightage="20" keywordseo="August-2024" source="keywords">August 2024</keyword>, there are some exciting long weekends thanks to holidays like Independence Day, Raksha Bandhan, and Janmashtami. This means it's a perfect time for you to plan a trip! If you plan your leave carefully, you can get up to five days off in a row. We're here to help you plan your August holidays and suggest some great travel options. We'll tell you about the top destinations you can visit near <keyword id="66" type="General" weightage="20" keywordseo="Delhi" source="Orion">Delhi</keyword>, <keyword id="6358070" type="General" weightage="20" keywordseo="Mumbai" source="Orion">Mumbai</keyword>, and <keyword id="6354321" type="General" weightage="20" keywordseo="Bengaluru" source="Orion">Bengaluru</keyword> during these long weekends. <h2>Here's a breakdown of the long weekends in August:</h2> <div type="image" title="Calender" msid="112289713" hostid="261" sizebytes="143659" caption="&amp;lt;p&amp;gt;Breakdown of the long weekends in August 2024.&amp;lt;/p&amp;gt;"></div> Now, let's look at great places to visit near Delhi, Mumbai, and Bengaluru during these weekends. <h3>Near Delhi:</h3>Jaisalmer, Rajasthan Known as the "Golden City," Jaisalmer is famous for its stunning sandstone architecture and desert landscapes. Explore the Jaisalmer Fort, Patwon Ki Haveli, and the picturesque Sam Sand Dunes, where you can enjoy a camel safari and witness a beautiful sunset. Munsyari, Uttarakhand A hidden gem in the Kumaon region, Munsyari offers breathtaking views of the Himalayan peaks. It's a paradise for trekkers, with routes like the Milam Glacier and Khaliya Top. The quaint village atmosphere and stunning natural beauty make it a perfect escape. Pushkar, Rajasthan A small town known for its sacred Pushkar Lake and the famous Brahma Temple, Pushkar is a spiritual and cultural destination. The vibrant Pushkar Bazaar is great for shopping, and if you're visiting in November, don't miss the famous Pushkar Camel Fair. <h2>Near Mumbai:</h2>Goa A popular beach destination, Goa offers a mix of sun, sand, and vibrant nightlife. Visit the beautiful beaches of Baga, Anjuna, and Palolem, explore historic churches like the Basilica of Bom Jesus, and enjoy water sports. Goa's rich Portuguese heritage and delicious seafood are added attractions. <div type="Article" hostid="261" msid="109562865" title="Things to do in Goa in monsoon to make the most out of your trip" mstype="2" mssubtype="0"></div>Alibaug A coastal town with beautiful beaches, Alibaug is ideal for a relaxing weekend. You can visit Kolaba Fort, enjoy water sports, or just unwind at the various beaches like Alibaug Beach and Nagaon Beach. Matheran A charming hill station free of vehicles, Matheran offers peaceful walks through nature. The views from Panorama Point and Charlotte Lake are breathtaking. You can also explore the many viewpoints that offer stunning landscapes. <h2>Near Bengaluru:</h2>Hampi, Karnataka: A UNESCO World Heritage site, Hampi is renowned for its ancient ruins and temples from the Vijayanagara Empire. Explore the Virupaksha Temple, Vittala Temple with its iconic stone chariot, and the Hampi Bazaar. The landscape of giant boulders and ancient structures makes Hampi a unique and fascinating destination. Chikmagalur: A paradise for coffee lovers, Chikmagalur is a hill station surrounded by coffee plantations. You can trek to Mullayanagiri, the highest peak in Karnataka, visit the serene Hebbe Falls, and explore ancient temples. Mysuru: A city rich in history and culture, Mysuru is famous for its magnificent Mysore Palace. You can also visit Chamundi Hill, St. Philomena's Church, and the vibrant Devaraja Market. The Mysore Zoo and Brindavan Gardens are other popular attractions. SEE ALSO: <a href="https://www.businessinsider.in/travel/india/webstories/10-most-beautiful-hill-stations-to-visit-in-north-india-this-august/slidelist/112213767.cms" data-type="tilCustomLink" target="_blank">10 most beautiful hill stations to visit in North India this August</a>

Plan the perfect August 2024 long weekend: Getaways from Delhi, Mumbai, and Bengaluru

India is a land of diverse cultures, rich history, and stunning landscapes. Each city has its unique charm and beauty, offering a different experience to its visitors. Here are ten of the most <keyword id="6481074" type="General" weightage="100" keywordseo="beautiful-cities-in-India" source="Orion">beautiful cities in India</keyword> you should consider visiting in 2024: <cmsannotation type="cmsannotation" annotationid="1. Jaipur, Rajasthan" comment="subhead" text="1. Jaipur, Rajasthan">1. <keyword id="19901640" type="General" weightage="20" keywordseo="Jaipur" source="keywords">Jaipur</keyword>, Rajasthan</cmsannotation> <div type="image" title="1" msid="110675080" hostid="261" sizebytes="2047771" caption="&amp;lt;p&amp;gt;Marvel at the grandeur of Amber Fort in the vibrant Pink City of Jaipur.&amp;lt;/p&amp;gt;"></div>Explore the Pink City of Jaipur, where the majestic Amber Fort, the royal City Palace, and the intricate Hawa Mahal create a tapestry of history and beauty. Get lost in the vibrant bazaars and savour the rich culture of Rajasthan. Best places to visit: Amber Fort: A stunning fort with intricate carvings and expansive courtyards. City Palace: A beautiful palace complex that reflects the rich heritage of Jaipur. Hawa Mahal: The "Palace of Winds," is known for its unique five-story facade with numerous windows. Best Time to Visit: October to March The weather is cooler and more pleasant, making it ideal for exploring the city's forts, palaces, and markets. <cmsannotation type="cmsannotation" annotationid="2. Varanasi, Uttar Pradesh" comment="subhead" text="2. Varanasi, Uttar Pradesh">2. <keyword id="19901642" type="General" weightage="20" keywordseo="Varanasi" source="keywords">Varanasi</keyword>, Uttar Pradesh</cmsannotation> <div type="image" title="2" msid="110675094" hostid="261" sizebytes="2195187" caption="&amp;lt;p&amp;gt;Experience the spiritual essence of Varanasi at the evening Ganga Aarti.&amp;lt;/p&amp;gt;"></div>Immerse yourself in the spiritual aura of Varanasi, one of the world's oldest living cities. Witness the mesmerizing Ganga Aarti, visit the revered Kashi Vishwanath Temple, and stroll along the historic ghats for a journey back in time. Best places to visit: Ganges River: Witness the evening Ganga Aarti, a beautiful ritual on the riverbanks. Kashi Vishwanath Temple: A major Hindu temple dedicated to Lord Shiva. Ghats: Explore the steps leading to the river, each with its own significance. Best Time to Visit: October to March The temperatures are moderate, making it comfortable to attend the Ganga Aarti and explore the temples and ghats. <cmsannotation type="cmsannotation" annotationid="3. Udaipur, Rajasthan" comment="subhead" text="3. Udaipur, Rajasthan">3. Udaipur, Rajasthan</cmsannotation> <div type="image" title="3" msid="110675098" hostid="261" sizebytes="2134036" caption="&amp;lt;p&amp;gt;Glide across the serene waters of Lake Pichola with the majestic City Palace in the background.&amp;lt;/p&amp;gt;"></div>Discover the romance of Udaipur, the City of Lakes. Glide across Lake Pichola, marvel at the opulent City Palace, and relax in the serene Saheliyon ki Bari gardens, all set against the backdrop of Rajasthan's stunning landscape. Best places to visit: Lake Pichola: Enjoy a boat ride with views of the City Palace and Jag Mandir. City Palace: An architectural marvel with stunning views of the lake. Saheliyon ki Bari: A beautiful garden with fountains and marble elephants. Best Time to Visit: September to March The post-monsoon period brings lush greenery, and the cooler weather is perfect for boat rides on Lake Pichola and visiting the City Palace. <cmsannotation type="cmsannotation" annotationid="4. Agra, Uttar Pradesh" comment="subhead" text="4. Agra, Uttar Pradesh">4. <keyword id="19940628" type="General" weightage="20" keywordseo="Agra" source="keywords">Agra</keyword>, Uttar Pradesh</cmsannotation> <div type="image" title="4" msid="110675104" hostid="261" sizebytes="1710343" caption="&amp;lt;p&amp;gt;Behold the timeless beauty of the Taj Mahal, a symbol of eternal love.&amp;lt;/p&amp;gt;"></div>Step into history in Agra, home to the breathtaking Taj Mahal. Explore the grandeur of Agra Fort, and enjoy the tranquil beauty of Mehtab Bagh with its perfect view of the Taj at sunset. Best places to visit: Taj Mahal: A symbol of love and one of the Seven Wonders of the World. Agra Fort: A UNESCO World Heritage site with impressive architecture. Mehtab Bagh: A garden offering a perfect view of the Taj Mahal at sunset. Best Time to Visit: November to March The climate is cooler, which is ideal for sightseeing at the Taj Mahal and Agra Fort without the sweltering heat of summer. <cmsannotation type="cmsannotation" annotationid="5. Bengaluru, Karnataka" comment="subhead" text="5. Bengaluru, Karnataka">5. Bengaluru, Karnataka</cmsannotation> <div type="image" title="5" msid="110675108" hostid="261" sizebytes="2263495" caption="&amp;lt;p&amp;gt;Stroll through the lush greenery of Lalbagh Botanical Garden in Bengaluru.&amp;lt;/p&amp;gt;"></div>Experience the blend of modernity and tradition in Bengaluru, the Garden City. Stroll through the lush Lalbagh Botanical Garden, admire the regal Bangalore Palace, and unwind in the expansive Cubbon Park. Best places to visit: Lalbagh Botanical Garden: Famous for its glass house and diverse flora. Bangalore Palace: Inspired by England's Windsor Castle. Cubbon Park: A large green space in the heart of the city. Best Time to Visit: October to February The weather is mild and pleasant, making it a great time to explore gardens, parks, and architectural landmarks. <cmsannotation type="cmsannotation" annotationid="6. Mumbai, Maharashtra" comment="subhead" text="6. Mumbai, Maharashtra">6. Mumbai, Maharashtra</cmsannotation> <div type="image" title="6" msid="110675112" hostid="261" sizebytes="1615754" caption="&amp;lt;p&amp;gt;Take in the iconic view of the Gateway of India by the Arabian Sea.&amp;lt;/p&amp;gt;"></div>Feel the vibrant pulse of Mumbai, the city that never sleeps. Walk along Marine Drive, gaze at the iconic Gateway of India, and admire the architectural splendour of Chhatrapati Shivaji Maharaj Terminus. Best places to visit: Marine Drive: A scenic promenade along the Arabian Sea. Gateway of India: A historic arch monument by the sea. Chhatrapati Shivaji Maharaj Terminus: A UNESCO World Heritage site and a stunning example of Victorian Gothic architecture. Best Time to Visit: November to February The temperatures are cooler and humidity is lower, making it comfortable to enjoy the city's outdoor attractions like Marine Drive and Gateway of India. <cmsannotation type="cmsannotation" annotationid="7. Kochi, Kerala" comment="subhead" text="7. Kochi, Kerala">7. Kochi, Kerala</cmsannotation> <div type="image" title="7" msid="110675117" hostid="261" sizebytes="1349911" caption="&amp;lt;p&amp;gt;Explore the charming colonial streets and historic sites of Fort Kochi.&amp;lt;/p&amp;gt;"></div>Navigate the coastal charm of Kochi, with its rich historical tapestry. Explore the colonial streets of Fort Kochi, visit the storied Mattancherry Palace, and see the ancient Jewish Synagogue Best places to visit: Fort Kochi: Famous for its colonial architecture and Chinese fishing nets. Mattancherry Palace: Also known as the Dutch Palace, it showcases Kerala's art and history. Jewish Synagogue: One of the oldest synagogues in the Commonwealth. Best Time to Visit: October to March The weather is pleasant and dry, ideal for exploring the historical sites and enjoying backwater cruises. <cmsannotation type="cmsannotation" annotationid="8. Amritsar, Punjab" comment="subhead" text="8. Amritsar, Punjab">8. Amritsar, Punjab</cmsannotation> <div type="image" title="8" msid="110675123" hostid="261" sizebytes="1363938" caption="&amp;lt;p&amp;gt;Find peace and reflection at the shimmering Golden Temple in Amritsar.&amp;lt;/p&amp;gt;"></div>Find peace and reflection in Amritsar, the heart of Sikhism. Visit the awe-inspiring Golden Temple, experience the patriotic Wagah Border Ceremony, and remember the past at Jallianwala Bagh. Best places to visit: Golden Temple: The holiest Gurdwara and an architectural marvel. Wagah Border Ceremony: Witness the daily military ceremony at the India-Pakistan border. Jallianwala Bagh: A public garden and memorial to the tragic massacre of 1919. Best Time to Visit: November to March The temperatures are cooler, making it comfortable to visit the Golden Temple, and Jallianwala Bagh, and witness the Wagah Border ceremony. <cmsannotation type="cmsannotation" annotationid="9. Goa" comment="subhead" text="9. Goa">9. Goa</cmsannotation> <div type="image" title="9" msid="110675127" hostid="261" sizebytes="2478575" caption="&amp;lt;p&amp;gt;Relax on the sun-kissed sands of Baga Beach in vibrant Goa.&amp;lt;/p&amp;gt;"></div>Bask in the sunshine of Goa, where pristine beaches meet a vibrant culture. Enjoy the lively Baga Beach, explore the historical Basilica of Bom Jesus, and marvel at the natural wonder of Dudhsagar Falls. Best places to visit: Baga Beach: Popular for its nightlife and water sports. Basilica of Bom Jesus: A UNESCO World Heritage site with the mortal remains of St. Francis Xavier. Dudhsagar Falls: A spectacular four-tiered waterfall. Best Time to Visit: November to February The weather is perfect for beach activities, water sports, and enjoying the vibrant nightlife, with comfortable temperatures and low humidity. <cmsannotation type="cmsannotation" annotationid="10. Shillong, Meghalaya" comment="subhea" text="10. Shillong, Meghalaya">10. Shillong, Meghalaya</cmsannotation> <div type="image" title="10" msid="110675145" hostid="261" sizebytes="2281218" caption="&amp;lt;p&amp;gt;Hills of Shillong.&amp;lt;/p&amp;gt;"></div>Escape to the cool highlands of Shillong, the Scotland of the East. Enjoy the tranquillity of Umiam Lake, take in the panoramic views from Shillong Peak, and be captivated by the cascading Elephant Falls. Best places to visit: Umiam Lake: A serene and picturesque lake. Shillong Peak: Offers panoramic views of the city and the Himalayas. Elephant Falls: A beautiful multi-tiered waterfall. Best Time to Visit: September to May The weather is cool and pleasant, with the period just after the monsoons being especially beautiful with lush landscapes and cascading waterfalls. Each of these cities offers a unique glimpse into the diverse cultural tapestry of India. From historical landmarks and spiritual experiences to natural beauty and modern attractions, there's something for every traveller. So pack your bags and get ready to explore the incredible beauty of India in 2024! <cmsannotation type="cmsannotation" annotationid="Frequently asked questions" comment="subhead" text="Frequently asked questions">Frequently asked questions</cmsannotation> 1. What is the best way to travel between these cities? The best way to travel between these cities depends on the distance and your preferences. For longer distances, flights are the quickest and most convenient option. For shorter distances or a more scenic route, trains and buses are good choices. India's extensive rail network connects most cities, and there are numerous bus services as well. 2. Are there any cultural etiquettes or customs I should be aware of while visiting these cities? Yes, India is a country rich in cultural traditions and customs. Here are a few tips: Dress modestly: Especially when visiting religious sites. Remove shoes: When entering homes, temples, and some shops. Respect local customs: Be aware of local traditions and practices. Use your right hand: For eating and giving or receiving items, as the left hand is considered unclean. 3. What kind of accommodations can I expect in these cities? Accommodations in these cities range from budget hostels and guesthouses to mid-range hotels and luxury resorts. Many cities also offer unique stays, such as heritage hotels in Jaipur and Udaipur, houseboats in Kochi, and beach resorts in Goa. Booking in advance is recommended, especially during peak tourist seasons. 4. Is it safe to travel to these cities as a solo traveller? Generally, these cities are safe for solo travellers, including women. However, it's important to take standard precautions: Stay in reputable accommodations. Avoid isolated areas at night. Keep your belongings secure. Be cautious with strangers and avoid sharing personal information.

10 most beautiful cities in India you must visit in 2024

<ul class="summary-list"><li>Tesla stock could add 50% despite price cuts to vehicles, according to Morgan Stanley. </li><li>Analyst Adam Jonas cited Tesla's strong balance sheet and profitability. </li></ul>Tesla stock could gain 50% on a strong balance sheet and a head-start against the competition in the EV market, according to Morgan Stanley. In a Wednesday note, analyst Adam Jonas named Tesla his top pick in the auto sector, replacing FREYR Battery, as <a href="https://www.businessinsider.com/elon-musk-tesla-cuts-us-electric-vehicle-prices-slowing-demand-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">price cuts ranging from 6% to 20%</a> will squeeze rivals."Tesla's recent price cuts are just the latest sign the EV market may be entering the 'shake-out' phase," he wrote.Jonas added that the EV market is shifting to an era of under-supply to potential over-supply, marked by shorter delivery times, price cuts, and falling used-car values.While Morgan Stanley cut its 12-month price target for Tesla stock to $220 from $250 due to price cuts, it reiterated an overweight rating. Shares ticked up 0.8% to $145 ahead of its <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-q4-earnings-preview-wall-street-guidance-price-cuts-2023-1">fourth-quarter report</a> after the close. "[Tesla] still offers approximately 50% upside at materially lower execution and dilution risk vs peers," the note said.Shares of Tesla have gained nearly 19% so far this year, after a brutal rout in 2022 saw the stock decline 65%. And competitors like Rivian and Lucid have seemingly yielded the lead in pricing strategy tactics to Tesla, as Elon Musk's latest bout of price cuts will force the broader landscape to follow suit or risk losing market share. "Other than Tesla, no other EV name under our coverage has proven to make a profit on their EVs and some (RIVN, LCID) have a BOM (Bill of Materials) cost still well in excess of their average selling prices," the note said. "Everybody will need to cut price, but we don't think everybody will be able to cut costs and fund the business without significant capital raises."While Morgan Stanley trimmed its price target on Tesla stock, its $220 level remains one of the highest on Wall Street. JPMorgan rates Tesla "underweight" with a $120 price target, and Wedbush rates Tesla "outperform" with a $175 price target."In a world of deflationary EV pricing, we believe Tesla can leverage their industry leading margins, and manufacturing scale to grow the market and 'tax' the competition," Jonas wrote.

Tesla stock could soar 50% and is the top pick in an auto sector that's seeing an EV 'shake-out,' Morgan Stanley's Adam Jonas says

<ul><li><keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword> and <keyword id="720701" type="PERSON" weightage="60" keywordseo="Stanley-Druckenmiller">Stanley Druckenmiller</keyword> were early investors in South Korea's <keyword id="2881613" type="PERSON" weightage="60" keywordseo="Coupang">Coupang</keyword>.</li><li>Ackman introduced founder Bom Kim to another of his key investors, David Frankel.</li><li>Rose Park Advisors, founded by author Clayton Christensen, is another shareholder.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</li></ul>Billionaire investors Bill Ackman and Stanley Druckenmiller were early backers of Coupang, the South Korean e-commerce group which <a href="https://markets.businessinsider.com/news/stocks/coupang-stock-price-jumps-public-trading-debut-ipo-2021-3-1030174882">raised $4.6 billion</a> on Thursday in the biggest US IPO of the year so far.David Frankel, the cofounder of Founder Collective, <a href="https://twitter.com/dafrankel/status/1370021230842105856">tweeted</a> a slide from one of Coupang's investor presentations that listed his firm and Ackman as "key investors." It also named Rose Park Advisors, the investment firm set up by Clayton Christensen - the late Harvard Business School professor and author of "The Innovator's Dilemma."Harvard Business School appears to be the common denominator among several of the people involved. <a href="https://www.businessinsider.com/coupang-ipo-cpng-ceo-bom-kim-amazon-us-market-2021-3">Bom Kim</a> dropped out of its MBA program after six months to found Coupang in 2010. Ackman, a graduate of the program, apparently connected Kim with Frankel, another alumnus."I only had the chance to invest in Bom's vision because Bill introduced us and asked me for an opinion," Frankel tweeted. "I simply cannot thank him enough. Bill, please, please send any future grad students my way :-)"Ackman, the founder and CEO of <keyword id="1651980" type="COMPANY" weightage="60" keywordseo="Pershing-Square-Capital-Management">Pershing Square Capital Management</keyword>, <a href="https://twitter.com/BillAckman/status/1370194665627119616">reacted</a> to Frankel's gratitude with a blushing emoji on Twitter.Kevin Warsh, a Coupang director and an advisor to Druckenmiller's <keyword id="9910927" type="UNKNOWN" weightage="60" keywordseo="duquesne-family-office">Duquesne Family Office</keyword>, <a href="https://www.cnbc.com/2021/03/11/stanley-druckenmiller-bill-ackman-among-early-coupang-investors.html">told CNBC</a> on Thursday the investor is also a longtime backer of the business. Duquesne owns stakes in Amazon and Chinese rival JD.com per its latest portfolio update, suggesting it's bullish on several e-commerce players.Ackman and Druckenmiller's stakes in Coupang appear to be relatively small. Neither of the investors or their firms own more than 5% of the company, according to the list of principal shareholders in its IPO filing.In contrast, Rose Park owns 5.1% of the online retailer following its market debut, the filing shows. Matthew Christensen, one of Clayton's sons, also sits on Coupang's board.Another notable Coupang shareholder is SoftBank's Vision Fund. The tech conglomerate's investment arm owns 33% of the company following the IPO, SEC filings show.Coupang's pre-IPO backers are likely sitting on substantial investment gains. The company's stock price surged more than 40% on its first day of trading, giving it a market capitalization of about $85 billion.

Billionaire investors Bill Ackman and Stanley Druckenmiller invested in Coupang years before its $4.6 billion IPO this week

<ul class="summary-list"><li>Shares of <keyword id="2881613" type="PERSON" weightage="60" keywordseo="Coupang">Coupang</keyword> jumped as much as 84% in the <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> giant's public trading debut.</li><li>Coupang and existing shareholders raised $4.6 billion from an upsized <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> on Wednesday.</li><li>The South Korean e-commerce giant posted $11.97 billion in revenue in 2020.</li></ul><a href="https://markets.businessinsider.com/stocks/cpng-stock">Coupang's</a> stock jumped as much as 84% on Thursday in the South Korean e-commerce giant's public trading debut. Shares began trading at an intraday high of $63.98 before paring gains.In its IPO on Wednesday, Coupang priced 130 million shares at $35 each, above the marketed range of $32-$34. The company, along with a group of existing shareholders that includes SoftBank, raised $4.6 billion in the enlarged offering."This is one of the largest, if not this is certainly the largest capital raised by a tech company out of Korea," Coupang CEO Bom Kim told Insider in an interview shortly before shares began trading. "And what it means is now we have the ability to continue to make really, really big investments."Kim also said that the company has no plans to enter the US market or expand outside of Korea. Coupang's IPO is the largest on a US exchange since Uber raised $8.1 billion in 2019. Coupang and its existing shareholders planned to sell 120 million shares at a lower price range of $27-$30 ebut had to increase the volume and price of the offering, signaling strong demand from investors. SoftBank first invested $1 billion in Coupang back in 2015 when the firm was just a startup valued at about $5 billion. Then, in November 2018, SoftBank's Vision Fund <a href="https://markets.businessinsider.com/news/stocks/softbank-doubles-down-on-korean-online-retailer-coupang-with-$2-billion-investment-6855462">invested another $2 billion</a> in the company in a deal that valued Coupang at $9 billion.The purchases made SoftBank Group Coupang's largest shareholder. The Japanese conglomerate now owns 35% of the firm.Coupang was founded in 2010 by Harvard dropout Bom Kim and has quickly become South Korea's dominant e-commerce player, sometimes referred to as the <a href="https://www.businessinsider.com/amazon-south-korea-coupang-largest-online-shopping-2018-12">"Amazon of South Korea."</a>Coupang turned in revenues of $11.97 billion in 2020, a 90.7% increase from 2019. Still, net losses continue to be an issue. Coupang lost $474.9 million in 2020 according to its <a href="https://sec.report/Document/0001628280-21-001984/">S-1 prospectus filing</a>. Some of the losses are due to Coupang's aggressive expansion in delivery and logistics operations. The company put 70% of South Korea's population within a seven-mile radius of its distribution centers after a costly buildout.In an interview with <a href="https://www.youtube.com/watch?v=L1wBc4qdJ-Y">CNBC on Thursday</a>, Coupang's CEO Bom Kim said investors have been "aligned and unwavering" in supporting his company's "long-term strategy to build real value for customers."Coupang traded up 44%, at $51.00, per share as of 1:14 p.m. ET on

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