Broadband India Forum (BIF), an independent policy forum and knowledge-based think-tank feels that the Online Skill-based Gaming Sector has termed the GST Council’s decision to levy 28% GST on online gaming as harsh. The body called it a dampener for an industry that it says has a tremendous long-term potential to generate huge revenues for the national exchequer, leading to a surge in demand for 5G, increase in broadband traffic & penetration, while inculcating a renewed sense of responsibility with accountability amongst gaming intermediaries towards. BIF sees the GST Council’s decision to impose 28% tax on online skill-based gaming as a very big setback for this flourishing sector and it would seriously hurt FDI and damage advertising revenues; and, most importantly, in a situation where 5G utilisation is critical. It said that the gaming industry which is a turbo-charger for the consumption of 5G will effectively be severely stunted. BIF further warned that the hefty tax will also give impetus for the growth of black market operators which could, in turn, pose a serious security threat to national security.“With a $20-billion valuation, $2.5-billion revenues, and significant job creation, online skill-based gaming has been a shining beacon of innovation and investment. The government must start approaching innovation with a cross-sectoral outlook if it wants one platform to succeed through the growth of another,” BIF said in a statement. The finance minister has said that the GST will be reviewed in 6 months. But BIF warns that considering 95% of the industry comprises small businesses, many entrepreneurs would be forced to exit the sector.This decision could also bring foreign investments to a halt in the sector. Online Gaming is a consumer-driven industry, advertising plays a big role in its being, the advertising budget for the sector, which currently stands at $1 billion, could be significantly reduced, impacting the media and entertainment industries. Urges ministry to reconsider the decisionBIF earnestly requests the authorities to reconsider the recommendations at the earliest in order to keep India’s online skill-based gaming industry on its path to leadership position in line with the Prime Minister’s vision of the country becoming a global AVGC (Audio Visual Gaming and Comics) powerhouse.TV Ramachandran, President of BIF, said, “This sector, which attracted about $1.7 billion investments in 2021 and Q1 of 2022 alone, is truly one of the great attractors of foreign and domestic investments and a powerful booster of the economy. However, the proposed tax would be a very powerful deterrent to future investment and could lead to the exit of hundreds of entrepreneurs from the sector.”

A deferred tax of INR 17 Cr helped Zomato report a profit after tax of INR 2 Cr in Q1 FY24. Loss before tax showed sharp improvement and stood at INR 15 Cr in the June quarter Hit by rains and protests, Blinkit’s revenue rose only 6% QoQ to INR 384 Cr in Q1 FY24 as against a revenue growth in excess of 20% over the previous three quarters Zomato expects to sustain its profitability going ahead and report an adjusted revenue growth of over 40% YoY for at least the next couple of years Foodtech major Zomato reported its financial results for the quarter ended June 2023 on Thursday (August 3), reporting a consolidated profit after tax for the first time. Here are the major takeaways from the startup’s largely favourable quarter:  Zomato’s Maiden Profitable Quarter: A deferred tax of INR 17 Cr helped Zomato report a profit after tax (PAT) in Q1 FY24. The company’s loss before tax stood at INR 15 Cr, however, the deferred tax led to it reporting a positive bottom line. However, Zomato reported a sharp improvement in loss before tax in Q1. Its loss before tax stood at INR 186 Cr in the year-ago quarter and INR 204 Cr in the preceding March 2023 quarter.  Overall, Zomato’s consolidated PAT stood at INR 2 Cr in Q1 FY24 as against INR 186 Cr in Q1 FY23 and INR 188 Cr in Q4 FY23. The Gurugram-based company’s revenue from operations jumped more than 70% to INR 2,416 Cr in Q1 FY24 from INR 1,413.9 Cr in Q1 FY23. Sequentially, operating revenue jumped 17.5% from INR 2,056 Cr in the quarter ended March 2023. Confident About Sustaining Profitability: The foodtech major appeared bullish on its future prospects as a profitable company. In a letter to shareholders, chief financial officer (CFO) Akshant Goyal said he expects the company to remain profitable and sustain adjusted revenue growth in excess of 40% year-on-year (YoY) for ‘at least the next couple of years’. A Tasty Quarter For Food Business: The company’s food delivery business was firing on all cylinders in Q1 on the back of demand recovery and growing adoption of its Gold programme. The food delivery business’ adjusted revenue stood at INR 1,742 Cr in Q1 FY24, up 18.5% YoY and 14% QoQ.  While gross order value (GOV) grew to INR 7,318 Cr, the food delivery business’ contribution margin, as a percentage of GOV, stood at 6.4%.  During the quarter, average monthly transacting customers jumped to 17.5 Mn, while average monthly active restaurant partners rose to 2.26 Lakh.  Hyperpure’s Hyper Growth: Continuing its growth trajectory, the B2B supply arm saw its adjusted revenue jump to INR 617 Cr in the quarter ended June 2023, registering a growth of 29% QoQ and 126% YoY. Zomato attributed this growth to its core restaurant supplies business and the Blinkit business. The move to increase the minimum order value threshold during the quarter led to a spurt in average order value on the B2B platform and churned out smaller and unprofitable restaurants, as per the company.  Blinkit’s Growth Slows: Even as Zomato largely rejoiced on all fronts, its quick-commerce arm Blinkit yet again proved to be its achilles heel. The vertical saw muted growth in revenue as the number of orders declined. Blinkit’s revenue rose only 6% to INR 384 Cr in Q1 FY24 from INR 363 Cr in Q4 FY23. This was a considerable slowdown from a revenue growth in excess of 20% in the previous three quarters.  Number of orders fell to 36.8 Mn in Q1 FY24, while gross order value (GOV) grew marginally to INR 2,140 Cr during the quarter under review. CEO Albinder Dhindsa blamed the slow growth on strikes carried out by delivery executives in April and incessant rains.  Average order value (AOV) rose 11.5% to INR 582 per order in Q1 FY23 as against INR 522 per order in Q4 FY 23. Average monthly transacting users were stagnant QoQ at 3.9 Mn, while average GOV per day per dark store declined to INR 6.2 Lakh in  Q1 FY24.  Value Creation With Blinkit: The only silver lining for Blinkit was that it reported a positive contribution month in the month of June, even as contribution loss during the overall quarter stood at INR 14 Cr. Zomato executives told shareholders that the quick-commerce vertical could turn adjusted EBITDA positive in the next four quarters. The Albinder Dhindsa-led vertical plans to open 100 new dark stores in FY24, of which it opened a mere six in the June quarter.  Putting its weight behind Blinkit, Zomato CEO Deepinder Goyal said that the quick-commerce vertical would drive more value for shareholders than Zomato in a decade from now. Zomato Dining-Out Sees Growth: The surprise growth engine for Zomato this quarter came in the form of its dining-out vertical. As per the company, its Gold membership initiative saw rapid adoption, driving higher frequency of ordering and contributing more than 30% of the food delivery business GOV.  Noting that the dining-out business was finally ‘starting to shape up well’, Deepinder Goyal said that the vertical accounted for a GOV of over INR 515 Cr in Q1 FY24. The dining-out arm of the foodtech major was profitable with an adjusted EBITDA margin, as a percentage of GOV, of nearly 1% for India business during the quarter.  “At scale, we think that the dining-out business has the potential to generate 5%+ adjusted EBITDA margins (as a % of GOV),” added Deepinder Goyal.  The company is mulling spinning off the ‘Going Out’ category into a separate app. For the uninitiated, ‘Going Out’ will include Zomato’s dining out and live events businesses.  The company expects the ‘Going Out combo’ to be its fourth ‘large business’ and is a part of its strategy of building super brands. From Q2 FY24 onwards, this category will be reported as a separate business segment in Zomato’s financials.  Careful About New Forays?: In the letter to shareholders, the Zomato CEO said that

Philips has expanded its product portfolio in India with the launch of the new Philips TAB7007 soundbar. The latest Philips TAB7007 soundbar is equipped with a 2.1-channel wireless subwoofer that offers a multidimensional audio experience with 240W sound output. This soundbar has two front-firing speakers which offers an improved surround sound effect, especially with the integration of Dolby Audio. It claims to offer an immersive audio experience for the user.Philips TAB7007 soundbar: Price and availability The Philips TAB7007 soundbar will be available at Rs 21,990 at all leading e-commerce platforms across the country. Philips TAB7007 soundbar: Key specsThe Philips TAB7007 soundbar boasts a unique design with a low and slim-profile subwoofer. This makes it a convenient option to place under or beside TVs. Additionally, it is outfitted with multiple connectivity options including Bluetooth, USB Connections, optical-in, audio-in and advanced HDMI ARC technology. The soundbar also comes with a metal grille for clearer sounds. Commenting on the launch of the new soundbar, Atul Jasra, Country Head, TPV Technology India Pvt. Ltd said, “In India, the demand for soundbars has escalated as they can be connected to a wide range of devices, such as televisions, laptops, PCs, music players and smartphones. Consumers look for a better audio experience for their entertainment and seek products with intuitive technologies and virtual assistants. In our endeavour to provide consumers with State-of-the-art technology & value for money, we have introduced the all-new Philips TAB7007 soundbar, offering a culmination of cutting-edge technology, impeccable design, and high-quality audio performance for an immersive sound experience. At TPV Technology, we will continue to introduce a newer and more advanced range of products to meet the needs of our evolving consumer base.”

If you haven’t already, go and read the WIRED feature article “A Vast Untapped Green Energy Source Is Hiding Beneath Your Feet,” which details the quest to tap into geothermal energy using drilling techniques originally developed for fracking gas. WIRED senior writer Gregory Barber followed Joseph Moore, a geologist at the University of Utah, on his quest to work out how to drill down thousands of feet into hot, dense granite, before using water to extract geothermal energy. I asked Barber to tell me more about the story, and whether “enhanced” geothermal systems (EGS) are really going to uncork a clean-energy bonanza. Will Knight: I really enjoyed the story. Tell me how you first came across the technology at the heart of it. Gregory Barber: I initially heard about it because I was looking into geothermal heating systems. These are much shallower, easy-to-access systems that directly heat homes and businesses using warmed-up water. They’re getting much more popular as people try to kick natural gas, especially in Europe. But anyway, in the course of learning about this, I heard about a big Department of Energy experiment focused on electricity generation using enhanced geothermal systems, which requires much more expensive, deeper drilling to access higher temperatures. And they’d just picked a team out in Utah to take it on. Why is it happening now? As you say, geothermal energy has been a thing for decades. I think it reflects the confluence of a few things. One being 20 years of the fracking boom, which yielded big improvements in the art of drilling deep down and cracking open rocks—especially the hot and hard rocks relevant to making geothermal systems. It used to be that you’d spend millions of dollars drilling down and then crack the rock and realize—oops!—the cracks didn’t open fully, or you drilled into a hidden fault and lost your water or even worse, triggered an earthquake. Nowadays the risks of that are much lower. You are writing a lot about efforts to mitigate climate change with alternative energy and solutions like carbon capture. How optimistic are you about these projects? I think there are useful applications, but the battle is always in how those fuels will be used and how they’re produced. There’s a perennial debate around biofuels, for example, which add to greenhouse gas emissions by taking up land that could be wild. And what if they simply forestall the electric transition? For carbon capture, it’s a similar story. So far, outfitting coal plants with that technology has been ludicrously expensive—it’s much better to just shut them down and put up solar panels. Plus, past experiments have failed to fully capture the carbon coming out of them. And you’ve gotta be sure that whatever gas goes underground is going to stay there for centuries. Sometimes it reminds me a little bit about the debate around underground storage for radioactive waste. It’s hard to guarantee things over generations. Given that solar and wind require less cost upfront, do you think the more continuous nature of EGS is enough for it to take off? Or do we simply need every approach possible if we’re going to kick fossil fuels? That’s really the question. Most experts agree that baseload power that can be turned on 24/7 is necessary moving forward. Solar and wind are pretty space-intensive, and building them out is going to get trickier as we run out of optimal places for them. While batteries help, it’s not the most efficient way to do things. The question is whether EGS will be more or less practical than building a nuclear plant or a dam or installing carbon capture at a natural gas plant. There are good reasons to think it will be—especially if you factor in safety and ecological concerns presented by the alternatives—but it’s early. I’d also note that the big promise of EGS is that you can do it “anywhere,” but of course, certain areas will be more geologically appealing than others, at least initially. So while it promises to be less ecologically destructive than existing geothermal plants, which can dry up hot springs and harm unique species, it’s not inherently free of those conflicts.

SEBI’s document showed that it issued observation letter to Honasa Consumer on July 28, 2023, almost seven months after Mamaearth filed its DRHP The IPO comprises a fresh issue of shares worth INR 400 Cr and an OFS component of 46.82 Mn equity shares While SEBI’s approval for GoDigit’s DRHP is still pending, OYO parent Oravel Stays Ltd’s IPO document is still in the pre-filing stage Honasa Consumer Ltd, the parent entity of beauty ecommerce unicorn Mamaearth, has received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offer (IPO). In its updated document, SEBI noted that it issued an observation letter to Honasa Consumer on July 28, 2023. In SEBI’s parlance, issuance of an observation letter signifies approval to launch a public issue. SEBI’s nod comes seven months after the company filed its draft red herring prospectus (DRHP) in December last year. Mamaearth’s IPO comprises a fresh issue of shares worth INR 400 Cr and an offer for sale (OFS) of 46.82 Mn equity shares. As per the DRHP, several Honasa investors, including founders, Ghazal and Varun Alagh, Evolvence, Fireside Ventures, Sofina Ventures SA, Stellaris Venture Partners, Snapdeal founder Kunal Bahl, and Bollywood actress Shilpa Shetty Kundra, are expected to dilute their holding in the IPO. Earlier this year, a report emerged that Mamaearth was in a “wait and watch mode” for its IPO due to the persisting volatility in the global stock market. However, the beauty ecommerce brand clarified that it was just waiting for the market regulator’s formal approval.  After receiving SEBI’s nod, the startup now has 12 months to file its red herring prospectus (RHP) and take the company public. Mamaearth’s last publicly reported private valuation stood at around $1.3 Bn.  Shortly after it filed its DRHP, many social media posts claimed that Mamaearth was seeking a valuation of $3 Bn, leading to strong debates around its revenue and profit. However, the startup called the posts as rumours. Mamaearth turned profitable in FY22 with a standalone net profit of INR 19.8 Cr as against a net loss of INR 1,332.2 Cr in FY21.  Inc42 reported in June this year that Mamaearth was shutting its influencer engagement platform Momspresso MyMoney due to its mounting losses. With a revival in the stock market sentiment in the last few months, the Indian public market has witnessed an uptick in the number of companies launching their IPOs.  However, only one new-age tech startup, ideaForge, has gone public this year. The drone startup made a stellar debut on the exchanges last month. However, at least eight other startups that were expected to go public in 2023 are yet to take a step ahead. Meanwhile, GoDigit, which is also expected to launch its INR 3,500 Cr IPO this year, is yet to receive SEBI’s approval. Despite refiling its DRHP with the market regulator in March, SEBI in its latest document categorised GoDigit under the section – draft offer document in relation to which comments sought from other regulators/ government agencies and response awaited. SEBI also noted that OYO parent Oravel Stays Ltd’s IPO document is still in the pre-filing stage and the responses from lead manager to the issue on clarifications sought by the regulator are still awaited. Meanwhile, SEBI also issued observation letters to two other companies – Indegene Limited and Vishnu Prakash R Punglia Limited.

Gold has been a reliable asset for ages due to its intrinsic worth and historical significance. When it comes to investing in gold, however, individuals frequently confront a critical decision: should they buy actual gold or gold exchange-traded funds (ETFs)? While both choices have advantages, this article will explain why acquiring actual gold versus gold ETFs is a better option for protecting your financial future. photo credit: Michael Steinberg / Pexels 1. Intrinsic and Tangible Value The fact that actual gold is tactile is one of the key reasons why investors choose it. Owning gold in its physical form gives you the ability to hold a genuine, intrinsic asset that you can touch, view, and store safely. Gold ETFs, on the other hand, are essentially paper assets that reflect shares in a trust that holds gold bullion. While ETFs provide exposure to gold price changes, their performance and reliability are still dependent on the issuing institution. Physical gold provides peace of mind during times of economic uncertainty or market volatility because its value is not dependent on third-party entities. 2. Safe Haven Gold has historically proven to be a safe-haven commodity during times of economic turbulence, geopolitical conflicts, and market volatility. During financial crises, investors frequently flock to gold as a store of value, causing its price to climb. Physical gold’s intrinsic worth and restricted supply make it a more stable hedge against currency depreciation and inflation than gold ETFs, which can be impacted by market sentiment and trading dynamics. 3. Protection Against Counterparty Risks Counterparty risk is one of the major hazards connected with gold ETFs. When you buy a gold ETF, you’re putting your faith in the financial organization that created and runs the fund. Any institution failure or insolvency can harm your investment. Physical gold, on the other hand, is free of counterparty hazards because it exists outside the financial system and is owned directly by the investor. 4. Confidentiality and Privacy Investing in actual gold provides privacy and secrecy that gold ETFs do not. When you purchase gold coins or bars, you can keep them privately or store them in a secure facility of your choice. Gold ETF transactions, on the other hand, are market-recorded and may lack anonymity, possibly jeopardizing your financial privacy. 5. No Management Fees Gold ETFs have continuing management costs, which might reduce your returns over time. Administrative expenses, custodial services, and other operating costs are covered by these fees. When you own physical gold, you avoid paying these management fees, allowing you to retain the full value of your investment. Takeaway While gold ETFs have their advantages, physical gold investing has particular advantages that make it an enticing option for many investors. Its tangibility, inherent value, and potential to serve as a safe haven during times of crisis make it a good alternative for people looking to protect their wealth. Furthermore, holding real gold avoids counterparty concerns, increases privacy, and relieves investors of management fees. In the end, the choice between actual gold and gold ETFs is determined by an individual’s financial objectives, risk tolerance, and long-term investing plan. If you prioritize wealth preservation, diversification, and hedging against economic uncertainty, devoting a portion of your portfolio to real gold could be a prudent move toward safeguarding your financial future. Disclaimer: This article is for information purposes only.  Seek advice from your trusted financial advisor for any investment decisions.

Bharti Airtel has announced its quarterly results for 1Q23, recording a net profit of Rs 1,612 crores, almost the same as the profit of Rs 1,607 crores last year. During the first quarter of the current fiscal year, the telecommunications company earned ₹37,440 crore in revenue from operations, a 14% increase compared to the ₹32,850 crore earned in the same period last year.The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the June quarter increased by 19% to ₹19,746 crore, with EBITDA margins growing 277 basis points to 53.7% YoY. By the end of the June quarter, the net debt-EBITDA ratio (annualised), including the impact of leases, was 2.63 times. T The average revenue per user (ARPU) per month, which is an essential metric for measuring revenue generation, increased by 9.28% to ₹200 compared to the corresponding period last year. This was due to the company’s focus on acquiring quality customers and improving realisations through premiumization.In the latest quarter, the India branch of the company generated revenues of Rs 26,375 crore, a 13% increase from the previous year. The mobile services sector of the India branch saw a 12% increase in revenues in the prior year, with a significant contribution from the addition of 4G customers and an increase in ARPU. The Airtel business also saw a 16% increase in revenues year-on-year, driven by strong demand for data and connectivity solutions and emerging competencies.The telco’s customer base reached 38.3 crores at the end of the June quarter, with the highest-ever net additions of 8 lakhs in the postpaid segment. The 4G segment saw an increase of 2.45 crore 4G data customers on the network from the previous year, a 12% YoY increase.In addition, the home business had revenue growth of 25% YoY due to the growing demand for high-speed and reliable broadband in India. The company’s focus on digitization and acquiring high-value customers led to 4,13,000 new customer additions during the quarter, bringing the total base to 65 lakhs.

The objective of the bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes There was an uproar at the time of the tabling of the Parliamentary standing committee’s report on ‘Citizens’ Data Security and Privacy’ on Tuesday A draft version of the bill was first released by the Ministry of Electronics and Information Technology (MeitY) in November 2022 The Digital Personal Data Protection (DPDP) bill was tabled in Parliament on August 3. The bill was introduced by Minister for Electronics and Information Technology Ashwini Vaishnaw in the Lok Sabha for consideration. The objective of the bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes. A draft version of the bill was first released by the Ministry of Electronics and Information Technology (MeitY) in November 2022. After several rounds of consultations, where various types of stakeholders were invited to give their feedback on the draft legislation, the much-awaited bill has finally been introduced as a financial bill. “MeitY has developed this bill after extensive consultations which I, personally, led with all stakeholders,” the Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, said on Twitter. “This new bill after it is passed by Parliament, will protect the rights of all citizens, allow the innovation economy to expand and permit the government’s lawful and legitimate access in national security and emergencies like pandemics and earthquakes etc.,” the minister added. Before the bill was introduced, Parliament saw an uproar during the tabling of the Parliamentary standing committee’s report on ‘Citizens’ Data Security and Privacy’ in Rajya Sabha on Tuesday (August 1). A drama unfolded as the Standing Committee for Information Technology and Communication submitted its report on the Digital Personal Data Protection Bill in Parliament, which was approved by the Union Cabinet earlier last month. The previous iteration of the bill was withdrawn by the government last August. Subsequently, the Centre revamped the draft and released it again in the public domain as the Digital Personal Data Protection (DPDP) bill in November last year.

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Apple Cards’ savings account, backed by Goldman Sachs has amassed $10 billion in deposits since its introduction in April. The savings account, linked to the Apple Card credit card, allows cardholders to save their daily rewards and earn a 4.15% interest per annum. According to the company, 97% of Savings customers have opted to receive their Daily Cash automatically deposited into their account since its launch.When using their Apple Card for transactions, customers can receive cash back on all purchases. By default, a 1% cash reward is granted for all purchases, while using Apple Pay for transactions earns a 2% cash reward. Certain merchants offer a 3% cash reward for purchases made with the Apple Card. Additionally, there is no limit on how much daily cash can be earned daily Asides the cashback, customers can also deposit extra funds into their savings account from a linked bank account or their Apple Cash balance.In the first four days of the launch, users deposited a billion dollars in Apple’s savings account, as reported by Forbes.“With each of the financial products we’ve introduced, we have sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we are thrilled to see the excellent reception from customers both new and existing.”Goldman Sachs says ‘pleased’ with Apple’s savings account amid break-up talksOver the last few weeks, reports have surfaced stating Goldman Sachs is considering ending its partnership with Apple as they shift its focus away from consumer finance. But for now, the partnership remains in place, and the company has been pleased with the success of the Apple Card Savings program.“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships.Goldman Sachs’ Q2 2023 financial results show a 17% revenue increase from its Apple Card business, but the division also recorded a net loss of $672 million due to credit loss provisions and operating expenses.The bank is in talks with American Express about acquiring Apple credit card and other linked services, as per a report from The Washington Journal. However, The Information reports that Amex is unlikely to take the deal, and it could be a lesser-known bank instead.