Scarlet Samson - Kanil PRwire

Jan

Adani Groups joins Indian cricket and pays Rs. 1,289 crores for the Ahmedabad IPL women’s franchise.

The Board of Control for Cricket in India (BCCI) has enriched itself with Rs 4699.99 crore. Since the board launched its plan to launch a women’s T20 league on the lines of the Indian Premier League, major corporate houses have shown interest in owning all five sports teams. When the bidding took place in Mumbai on Wednesday, the BCCI made another big bid.

The Women’s Premier League (WPL) will have five teams in its debut season, with clubs headquartered in Ahmedabad, Mumbai, Bengaluru, Delhi, and Lucknow. The player auction slate is for February, while the competition is for March.

And even before a ball bowled, the WPL has earned BCCI Rs 5,650.99 crore, and its broadcast rights (bought by Viacom for Rs 951 crore) have already made it the second-biggest T20 league after the IPL. Makes it Not even the Big Bash League, The Hundred or any other national T20 league comes close to these numbers.

Adani Group made the highest offer of Rs. 1289 crores in an all-out effort to acquire the Ahmedabad franchise. Adani Sportsline Pvt Ltd entered the Indian cricket ecosystem after losing out on owning an IPL franchise when two additional clubs launched in 2022.

The next three highest bids came from IPL franchises keen to establish their roots in the women’s game. While Chennai Super Kings, Gujarat Titans and Lucknow Super Giants stayed away from bidding, the rest showed interest and bid. And among them, Mumbai Indians (Rs 912 crore), Royal Challengers Bangalore (Rs 901 crore) and Delhi Capitals (Rs 810 crore) took the top spot and took a franchise. All three have chosen the same base of operations as their male team.

The fifth franchise went to Capri Global, which bought the Lucknow franchise for Rs 757 crore. Kolkata offered Rs 666 crore, which was way off the table. The lowest bid on the table believes in having come from Rajasthan Royals, who bid Rs 180 crore, which is Rs 1109 crore less than Adani’s winning bid.

The amount of Rs 4,699.99 crore surprised many in the BCCI. When the IPL franchise was first sold in 2007, Mumbai Indians was the costliest franchise for Rs 446 crore. It is not even half of the top three franchises in the WPL.

It ushers in a revolution in women’s cricket and prepares our female players and the entire sporting community for a transforming journey. Women’s cricket will undergo much-needed reforms thanks to the WPL, which will also create a supportive ecosystem for all parties involved, »Jay Shah, the BCCI secretary, stated in a tweet.

Market analyst N Santhosh, who has been studying the IPL brand for years, told The Indian Express, “These numbers are completely astonishing.” “If you look at it, on average, it is Rs 1000 crore per team, which is huge. I am sure the IPL brand has had a profound impact on WPL. Maybe it’s on its own. But it will be fascinating to see how much return they get.

Under the agreement, the revenue-sharing model between the BCCI and the franchises is 20:80 for the first five years. Thanks to the Rs 951 broadcast deal, the five franchises will get Rs 25-30 crore per season but will still have to pay the franchise fee to the BCCI. When the IPL’s implement, all the franchises lost in the initial years before Mumbai Indians, Chennai Super Kings and Kolkata Knight Riders broke through earlier than expected.

After investing such a large amount in WPL, a hitherto untapped market among Indian audiences, it is unclear how long it will take for the new franchise to break even. “Compared to IPL, these numbers are huge. Given the franchise and operating costs, we don’t know how much they’ll get in return. But it is an investment where the owners see that they are part of a growing brand, which will give them some benefits.”

Scarlet Samson

How ChatGPT can change your portfolio of investments in 2023

Jan

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How ChatGPT can change your portfolio of investments in 2023

The year 2022 was bad for American tech companies listed on Nasdaq. The Nasdaq 100 index fell 32 per cent in 2022, making it one of the worst years for US indices since 2008. The interest rate walk by the US Federal Reserve and the return to work after the COVID-19 lockdown were not good news for tech companies. They were not ready to change their working style.

The good news is that technology is developing and making strides in this area. Take the example of Chat GPT, which is a big step forward in Artificial Intelligence (AI). Chat GPT is the next big news in the world of technology. And if you’re looking to invest in US markets as part of your diversification, you should look for companies that invest in AI.

In 1950, Alan Turing, considered by some to be the father of theoretical computing and the father of AI, designed a test called the “Imitation Game” or “Turing Test” to demonstrate human-like intelligent behaviour. Can test the capability of the machine. In December 2022, ChatGPT became the second chatbot to pass the Turing test after Google’s LaMDA in June 2022.

Although artificial intelligence (AI) has been discussed and used in our daily lives for many years, Alphabet’s LAMDA and OpenAI’s ChatGPT suggest that technological advancement has reached a turning point. Dall-E 2, another OpenAI system, can produce the visuals displayed below. Here, Dall-E 2 ask to create an image of augmented reality (AR) contact lenses in the manner of Salvador Dali:

Alphabet has a similar, perhaps slightly better, tool called Image, and Meta (Facebook) has a tool called ‘Make-a-Scene’.

AI has already made many strides. Many advances are being made in research in the physical and mathematical sciences. According to the State of AI 2022 report, AI has helped drive advances in mathematics and materials science, including aiding nuclear fusion, predicting the structure of 200 million proteins, and engineering an enzyme for PET and plastic recycling Which represents 12 per cent of world production. Solid waste, writing code from simple language and solving mathematical problems, among many other projects.

Similar advances are being made in the business with AI-powered tools for natural language coding from OpenAI’s codex-based Amazon’s Codewhisperer, GitHub, Microsoft’s Copilot, and upcoming Google products.

Early AI drug research businesses, are now testing several medications at varying stages of development. InstaDeep and BioNTech have created an early warning system (EWS) for novel COVID types. This EWS can identify variants 1.5 months before they are officially declared. The first regulatory approval for a stand-alone X-ray analyzer using the technology has been granted. The uses in defence are numerous but less commented upon.

There are various AI initiatives at major technology companies. For example, two Alphabet initiatives: Google Brain and DeepMind, collaborations with Microsoft AI Research and OpenAI, and Meta’s FAIR (Facebook AI Research). Additionally, Amazon and Apple have AI or machine learning (ML) research initiatives. IBM Research was one of the first labs to work on AI, with Deep Thought defeating a chess grandmaster in 1988 and Deep Blue defeating world chess champion Garry Kasparov in 1997. Nvidia GPUs remain the benchmark chips for AI work. Salesforce, Intel and Qualcomm are other notable companies working on AI.

ChatGPT and its impact on technology companies and stocks

The point is that AI will probably disrupt and transform all sectors of the economy. As this happens, the world is going to change, and disruptive companies will win in terms of revenue, profit, cash flow and business value; Others will lose business and ratings as a result.

Investors should prepare their portfolios for this new turn of events by exposing themselves to AI-powered companies. By 2030, a large portion of the S&P 500 market capitalization will likely consist of AI-powered companies. Like in football, a good player goes where the ball is, while a great player goes where the ball is going to be.

You can do it yourself or go to a portfolio manager. It is better to invest in stocks of AI-powered companies instead of investing in a few companies that seem “exciting”.

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Scarlet Samson

Why the BBC’s “Modi Documentary” is Old Wine in a New Bottle

Jan

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Why the BBC’s “Modi Documentary” is Old Wine in a New Bottle

I was hit by the timing when I first learned about the BBC documentary that casts doubt on Prime Minister Narendra Modi’s handling of Gujarat screams in 2002 when he was the state’s chief minister. But why now? He was my first reaction.

The problem is that they have nothing new to say. And that is nothing left to say after so many years. The debate is over. All or almost all have moved on.

Most importantly, a series of inquiries, including one initiated by the Supreme Court, have disproved his role in the riots that killed 59 Hindu karsevaks who died in a train fire. A Muslim mob accuse of setting fire near Godhra station to avenge the demolition of the Babri Masjid in Ayodhya. Karsevaks were returning from Ayodhya after a pilgrimage.

Comfort is history. And essentially, the BBC India documentary: The Modi Question is a rehash of that story, a story with familiar details and many ups and downs, despite its tragic dimension (more than 1,000 people reportedly died, most of them were Muslim) and the effect on Hindu-Muslim relations has lost its urgency. Even many of those suffering want to move on and do not like reminded of those dark moments daily.

The BBC claims that the documentary includes unknown details from the British government’s inquiry report into the riots. It references a statement by former UK Foreign Secretary Jack Straw, who operated from 2001 to 2006 and appeared in the documentary.

Rubbish. As someone who reported the story extensively from London at the time, I can say with some authority that Straw’s so-called “revelation” is an old hat, an open secret. I was struggling to find out any new details. The jury is still out on the yet-to-be-released sequel, though it’s not betting on any major new revelations.

In response to the criticism, the BBC released a non-descriptive Pro-forma statement, saying that the documentary had been “rigorously screened under the highest editorial standards.” He said that the Government of India stands invited to participation in the film, but it stood turned down.

Despite its cheap partisan title and overall tone, the documentary desperately tries to appear “balanced”, presenting both sides of the debate: the BJP and its supporters allow all accusations to refute. As for the reaction of the Government of India, it is natural that he is upset, and he was right to put his protest on record.

British Prime Minister Rishi Sunak was quick to distance the government from him from the film. He added that he did not agree with the “characterization” of him. He also rejected comments made by Pakistani-born British MP Imran Hussain, who questioned Modi’s alleged role and called the riots “ethnic cleansing.”

“The UK government’s assignment on this has been clear and longstanding and hasn’t changed. Of course, we don’t tolerate bullying anywhere, but I’m not sure I agree with the characterization,” Sunak said.

This should have been enough to calm the ghost of the BBC. After making his point and asking the British government to explain his position to none other than the country’s prime minister, New Delhi should have rested, scrapping the documentary rather than drawing international attention by escalating it into a confrontation.

The decision to ban it on YouTube and Twitter seemed excessive and aroused public interest. More and more people are curious about what makes it so flammable that it’s banned. It has also given the opposition and free speakers ammunition to allege “censorship”, etc.

Governments dating back to the days of Congress have had problems with the BBC’s journalism, resulting in its expulsion from India more than once. The BBC has had troubled relations with most Third World countries, particularly the former British colonies, who view it with suspicion as an arm of the British establishment and its colonial mentality. But the truth is that the love between the BBC and the British establishment, including the Sunak government, which accuses him of left-liberal Bias, is not lost. So India has company if it’s any consolation.

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Scarlet Samson

RRR song Naatu Naatu: Nominated for an Oscar in the Best Original Song category in 2023.

Jan

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RRR song Naatu Naatu: Nominated for an Oscar in the Best Original Song category in 2023.

RRR, the historical epic directed by SS Rajamouli, received just one nomination at the 95th Academy Awards after a month-long awards campaign. Only a Best Original Song nomination give to the movie, despite expectations that it would also nominate for Best Picture.

Oscar nominations were live announced Tuesday night for actress Allison Williams and actor-rapper-producer Riz Ahmed. This is the third time Naatu was nominated for the Best Original Song award, having previously nominate for the Academy Award for Best Original Song and Best Foreign Language Film by Kung Fu Yoga for Jai Ho in Slumdog Millionaire.

Several movies, including All Quiet on the Western Front, The Banshees of Inishrin, Elvis, Avatar: The Way of Water, The Fablemen, Everything Everywhere All at Once, Tar, Top Gun Maverick, Triangle of Sadness, and Women, are up for Best Picture awards.

The Best Picture nomination was important a long shot for RRR, which had been steadily gaining momentum during awards season, but interest in the Indian film is limited to technical and music categories. It was not nominated at the Producers Guild Awards and Directors Guild Awards, which are important indicators of Oscar success. Among RRR’s most prominent accolades in the US are Rajamouli’s win for Best Director at the New York Film Critics Circle Honors, the Golden Globes’ Best Original Song prize, two Critics’ Choice Awards nominations, and the National Board of Film Awards. The top 10 films of the year, according to a review.

The song “Naatu Naatu” from the movie RRR, which made its Indian market debut on June 1 this year, received the first-ever Academy Award nomination in the Best Original Song category. RRR’s legions of supporters, who thought it was a lock to win, shocking when it was not chosen as India’s official entry in the Best International Feature Film category. Alternatively, pick Gujarati Chhelo Show Movie.

Indian filmmakers and crew personnel have received nominations and awards, even though no Indian film has ever received an Oscar nomination for Best Picture. In the past, three Indian movies—Mother India by Mehboob Khan, Salaam Bombay by Mira Nair, and Lagaan by Ashutosh Gowariker—were nominated in the Best Foreign Language Film category.

Bhanu Athaiya was the first Indian costume designer to win an Oscar. In 1992, legendary filmmaker Satyajit Ray received an Honorary Oscar. The last time India won an Oscar was ten years ago when Danny Boyle’s Slumdog Millionaire won every category, with Academy Awards going to composer AR Rahman, lyricist Gulzar, and sound designer Resul Pookutty.

Indian cinema, a genre struggling to find its footing in Hollywood and covet a niche audience, has finally earned Oscar recognition with a nomination in the Best Original Song category for a song composed and sung by Ismail Merchant.

Ismail Merchant, whose directorial debut The Killing Fields won the Oscar for Best Foreign Language Film in 1984, It nominated for Best Picture for his latest film, The Last Song. He has also received a Best Foreign Language Film nomination for his latest film, A Room with a View.

In a major announcement, the Academy has chosen film composer RRR as the first nominee for this year’s Best Original Song category. The 95th Academy Awards choice takes a position on March 12, and comedian Jimmy Kimmel will host the ceremony for the third time.

Scarlet Samson

Nvidia RTX 4070 Ti outsells both AMD RDNA 3 GPUs in sales

Jan

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Nvidia RTX 4070 Ti outsells both AMD RDNA 3 GPUs in sales

According to some new sales data, Nvidia’s new RTX 4070 Ti GPUs have outpaced AMD’s high-end RDNA 3 graphics cards combined.

As VideoCardz (opens in new tab) uncovered, TechEpiphany, who frequently shares sales data from this significant shop, posted sales data from German retailer Mind factory on Twitter. How did the third week go?

Additionally, the RTX 4070 Ti sold 545 units, making it a significant triumph for Nvidia in terms of the current-generation model. This outperformed the combined movements of the RX 7900 XTX and 7900 XT, which each moved 300 and 200 units (500 in total). Notably, the 4070 Ti was also the AMD, Intel, and Nvidia models that sold the most GPUs individually.

Without even factoring in the overall sales of the RTX 4090, you end up with 735 units for Team Green versus 500 units for Team Red when you include the RTX 4080 in Nvidia’s total since that GPU sold 190 units. Another resounding victory (210 units sold, and Nvidia won’t need to sell much more than 1000 Lovelace GPUs this week).

Unexpectedly, the RTX 3060 from Nvidia, which came in second place and sold 485 units, was also one of the best-selling graphics cards.

The RX 6700 XT, AMD’s best-selling item, was in third position with an outstanding 410 units sold for the week.

What about the intel? Well, Team Blue was far behind the two big GPU makers, with the Arch A770 and A380 racking up only 10 units each (putting them in 21st and a bunch of other cards, many of them very tall). Such as the Nvidia GTX 1050 Ti and GT 730).

Analysis: Is the price right, or at least a little more right than the alternatives?

It’s an interesting snapshot of current GPU sales, but we must remember that these are figures from a single retailer, so they’re a small sample of the general market. So let’s not get carried away, but interestingly, the RTX 4070 Ti beat the combined totals of its two RDNA 3 rivals.

There are probably a few reasons for this. First, the RTX 4070 Ti launched early (rather than inflated) at its MSRP (recommended retail price). And second, the MSRP is paler than any other current-generation graphics card (all of which are high-end models). The RX 7900 XT is approaching $100 (about £80 / AU$145) higher for MSRP; at Mind factory, it’s €30 (about $33 / £26 / AU$47) higher, at least at the time of writing, although the difference may have been larger during the week for which these figures were compiled.

On the surface, it appears to be as easy as the fact that the RTX 4070 Ti is the best graphics card currently on the market if you want a really powerful one (remember, it gives performance comparable to the RTX 3090, supports games with DLSS 3 for boost, and reduces power consumption). The price will still be exorbitant compared to other current-generation alternatives. (And next-generation cards are pricey; even the RTX 3080 on Mind Factory is just 13% less expensive than the 4070 Ti.)

Waiting for the RTX 4070 might be the best course of action. According to the rumours, this GPU may be arriving soon, and with the Lovelace, perhaps we’ll finally catch a glimpse of a price tag that is appropriately cheap (relatively speaking, we should call it semi-affordable, maybe, though some speculation). We don’t like how aggressively Nvidia is pricing its products.

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Scarlet Samson

Rohit Sharma talks with Shami and Siraj in the second ODI and says, “I need to step in.”

Jan

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Rohit Sharma talks with Shami and Siraj in the second ODI and says, “I need to step in.”

The Indian fast bowlers went on a rampage in the second ODI against New Zealand on Saturday, dispatching the away side with a modest 108-run score. Mohammed Shami took 3/18, while Mohammed Siraj also looked brilliant with the new ball, taking 1/10 in 6 overs. Both wanted to continue testing New Zealand batsmen on conditions favourable to bowling but were turned down by skipper Rohit Sharma.

Rohit Sharma, who has been one of the most consistent players for India since the beginning of the series, has revealed that he had a stern talk with Shami and Siraj ahead of their second ODI against New Zealand to make sure they did not replicate their performances in the first game. “I have talked with both Shami and Siraj. They wanted to continue testing the batsmen on the conditions favourable to them, but I told them, ‘No, we need to step up’,” Rohit said in a press conference.

Rohit Sharma decided to step up to prevent Shami and Siraj from bowling in the middle. They are said to have been looking forward to continuing their bowling performances at the SCG, but Rohit asked them to sit on the bench. In a press conference, Rohit revealed his conversation with Shami and Siraj after the match.

“The two players were not ready to step aside. I had to intervene. They were not ready to listen. Yes. We cannot have players fighting on the pitch,” Rohit said at the post-match presentation ceremony.

“They (Shami and Siraj) were looking forward to long bowling, but I reminded them that there is also a Test series coming up (Australia at home), so we must take care of ourselves too.” Draw more lines on me and say: ‘Boss, there are other bowlers too,'” he said.

The Indian captain praised the performance of the Indian bowlers in the match. He said, “I felt that the bowlers have stepped up in these last five games. Anything we’ve asked of them, they’ve delivered. Especially doing it in India. You expect these performances outside of India. But he has real ability. When we trained here last night, he came around good carries. That’s why we wanted that challenge – 250 would have been quite challenging.”

He spoke about the win and the game plan for the second ODI: “We trained yesterday, and the ball was spinning under the lights. We knew if they have 250 or more, it’s ours.” point of choosing to pursue. The plan was to challenge me because we batted first in the previous game. I’m not sure what I’ll do in Indore (in the last game). Inner confidence is high, and it’s great to see it.”

The second ODI was also a turning point for Rohit Sharma, who revealed his conversation of him with Shami Siraj (Bang) at the post-match press conference. He revealed that the Bangladeshi pacer expressed his intention to ‘step up’ and take control of the match. Rohit said that he had made it clear to Shami that he was not in a position to do so. There is no point in doing this to yourself. I need to intervene, so it’s my job to do it. I didn’t make him [Shami] feel like he was doing him a favour by letting him play,” Rohit said. Rohit also revealed his heated exchange with Bangladesh captain Mushfiqur Rahim in the pre-match press conference.

India now has a 2-0 lead in the three-match series after winning the second ODI.

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Scarlet Samson

Sa Re Ga Ma Pa Li’l Champs Jetshen Dohna Lama, age 9, is the Winner and raises the trophy.

Jan

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Sa Re Ga Ma Pa Li’l Champs Jetshen Dohna Lama, age 9, is the Winner and raises the trophy.

Jetshen Dohna Lama, a 9 -year-old from Pakyong, Sikkim, has been named the victor of the singing competition programme “Sa Re Ga Ma Pa Li’l Champs.” Celebrity visitors, including Bollywood star Jackie Shroff, director Anurag Kashyap, and music composer Amit Trivedi, attended the show’s grand finale, which debuted on October 15, 2022.

The Sa Re Ga Ma Pa Li’l Champs finale pits six competitors against one another in a cunning and wits competition. In an unexpected turn, the top 6 competitors remove, and the winner was only made known after the competition. The competitors were Jetshen Dohna Lama, Rafa Yasmin, Atharv Bakshi, Atanu Mishra, and Harsh Sikandar. Will Jetchen, though, be the one to bring home the prize?

The Jetsons are praised by none other than Hema Malini and Lata Mangeshkar. The nine-year-old girl, who won the show’s final prize, said she was overjoyed, and her voice sounded like a great singer.

Jetshen is the winner and awards the trophy by judges Shankar Mahadevan, Anu Malik and Neeti Mohan. Harsh Sikander, 9, and Dnyaneshwari Ghadge, 12, were the first and second runners-up, respectively. During the episode, India’s Jetshen Dohna Lama lifted the trophy with her version of ‘Pareshaan’ in front of her family and friends. Jackie Shroff said, “Jetshen’s voice is very beautiful, and his voice is very strong.”

Jetchen began singing when she was three years old and is a huge fan of rock music. In a prepared statement, nine-year-old Jetshen Dohna Lama declared that his victory in the Saturday Sa Re Ga Ma Pa Little Champs competition was “a dream come true.” She was very excited to see all the people who participated in the show and who made her win possible. He also said that winning the show was a great honour. The nine-year-old finished second in the show’s grand finale and won the trophy.

All of the competitors were quite talented, so the competition was fierce. I appreciate all of my mentors who have encouraged me and assisted me in realising my potential as a vocalist since they have made this journey a wonderful learning experience.

She said, “I definitely take many memories with me and look forward to my new journey as a singer.” Jetshen Dohna Lama announced the show’s winner last night and declared the winner of Sa Re Ga Ma Pa Li’l Champs. The final saw 54 finalists and 12 final entrants.

In response to Mahadevan’s assessment of Jetshen’s performance, “Jetshen has regularly delivered top-notch performances throughout the season and continues to hone his vocal abilities. This season, I saw him perform as a singer.” I’ve observed it grow.

School Principal Niti congratulated the winner saying, “I have liked and enjoyed her performance throughout the season. I feel she is a versatile singer who has the potential to make a career in the industry.” The show announced the final result, and the winner was 9-year-old Jetshen Dohna Lama.

Anu Malik, the judge and mentor of Sa Re Ga Ma Pa Li’l Champs winner Jetshen Dohna Lama, has promised him a singing career. A 9-year-old entered the stage on Saturday night and won the grand finale, winning the judges’ hearts. “Her singing is always enjoyable to listen to. Since the start of this season, she has developed. She certainly has a great future ahead of her, “said Malik.

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Scarlet Samson

ICICI Bank Q3 PAT increased 34% to ₹8,312 Cr, NII increased 35%

Jan

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ICICI Bank Q3 PAT increased 34% to ₹8,312 Cr, NII increased 35%

On Saturday, ICICI Bank released its financial data for the third quarter that concluded on December 31, 2022 (Q3FY23). The bank beat street expectations by reporting a net profit of Rs 8,311.85 crore in the third quarter of the current fiscal year, up from a profit of Rs 6,193.81 crore reported in a similar quarter of the previous year, posting an interannual growth of 34.19% registers growth. While gross NPAs declined further in the third quarter of fiscal 2023, provisions increased during the quarter.

ICICI Bank Q3 PAT grew 9.97% from Rs 7,557.84 crore in Sep 2022.

The third quarter of FY23 saw a 34.6% increase in net interest income from the corresponding quarter of FY22, rising to Rs 16,465 crore from Rs 12,236 crore. From 14,786.81 crores in the prior quarter, NII increased by 11.35%.

In addition, the net interest margin increased from 3.96% in the third quarter of FY22 and 4.31% in the second quarter of FY23 to 4.65% in the third quarter of the current fiscal year.

In contrast, the current quarter’s provisions and contingencies came to 2,257.44 crores, up from 1,644.52 crores in the previous quarter and 2,007.30 crores in the third quarter of FY22. ICICI Bank noted that during the third quarter, there was a change in its NPA provisioning rules to make them more conservative. This change resulted in an increased provision of Rs 1,196 crore in Q3 2023. The provisions for Q3 2023 also include a contingency provision of Rs 1,500 crore on a prudential basis.

Regarding asset quality, the gross NPA has decreased from 3.19% as of September 30, 2022, and 4.13% as of December 31, 2021, to 3.07% as of December 31, 2022. The net NPA ratio fell from 0.61% in Q3FY23 to 0.55% in Q2FY23 and 0.85% in Q3FY22.

During Q3FY23, ICICI Bank reported a net increase in gross NPAs of ₹1119 crore, up from ₹605 crores in the previous quarter. NPA’s total gross additions in Q3FY23 were ₹5,723 crores, compared to ₹4,366 crores in Q2FY23. NPA recovery and update, excluding cancellations and sales, was Rs 4,604 crore in Q3 FY2023, up from Rs 3,761 crore in Q2 FY2023. Whereas gross NPA in the Q3 2023 was ₹1162 crore. The provision coverage ratio for hard assets stands at 82.0% as of December 31, 2022.

In terms of loan growth, ICICI Bank’s retail loan portfolio grew by 23.4% and represented 54.3% of the total loan portfolio in Q3FY23. The business banking portfolio grew by 37.9% YoY, while the SME portfolio comprised of borrowers with less than Rs 250 crore in turnover grew by 25% YoY. The national corporate portfolio increased by 18.2% YoY; The rural portfolio grew by 12.5%. The bank’s domestic advances stood at 21.4% YoY.

Advances grew 19.7% YoY and 3.8% QoQ to ₹974,047 crore.

Likewise, on the deposit front, the bank registered an interannual growth of 14.2% in term deposits at the end of the period. Average deposits in checking and savings accounts grew by 10.4% in the third quarter. Total deposits stood at ₹11,22,049 crore in Q3FY23, with a growth of 10.3% YoY.

As of December 31, 2022, ICICI Bank reported having 86 inactive non-ICICI Bank account holders on its mobile banking app, iMobile Pay, in the digital and payment platforms category. Furthermore, about 215,000 non-ICICI bank account holder registrations were made on InstaBIZ as of December 31, 2022.

Additionally, the value of the bank’s merchant acquisition transaction through UPI grew 10.6% sequentially and 78% year-over-year in Q3 2023. The bank’s market share in electronic toll collection through FASTag was 30.6% in 3Q-2023, with a year-over-year growth of 22.2% in collections.

In the first nine months of FY23, ICICI Bank opened close to 300 branches. As of December 31, 2022, it’s estimated to have a network of 5,718 branches and 13,186 ATMs.

On the BSE, ICICI Bank shares ended the day at 870.40, an increase of 0.47%. In terms of market share on the stock market, the bank is the fourth-largest firm. The bank’s value at around 6.07 lakh crore as of January 20.

Scarlet Samson

Preview Of 2nd ODI Match: India vs New Zealand

Jan

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Preview Of 2nd ODI Match: India vs New Zealand

On November 21 in Raipur, the second ODI between India and New Zealand will occur. This venue is hosting its maiden international cricket game. The Men in Blue won the opening one-day international by 12 runs to establish a 1-0 series lead. In the second game, the Kiwis will be in a must-win situation. India would be able to win yet another ODI series at home with a victory in game two.

The second ODI game between India and New Zealand is on Wednesday, but it will not be similar to the first ODI. The first ODI scored 686 runs and was a high-scoring game. However, the second ODI is not going to be as high scoring. India has the upper hand in this series and will be the favourite to win this game. New Zealand will start the team and try to take the lead, but India will be ready for them.

Shubman Gill smashed numerous records while scoring his first ODI double-century. He achieved the youngest batting double century in ODI history. In addition, he joined Sachin Tendulkar, Virender Sehwag, Rohit Sharma, and Ishan Kishan as the fifth Indian batsman to reach a double century.

Michael Bracewell batted brilliantly for the Kiwis and broke many records himself. He scored his second ODI century while batting at number seven. He also shared a 162-run partnership with Mitchell Santner (57), the third-highest for seven wickets.

Their ODI squads were made public by both teams. Rohit Sharma will lead the Men in Blue, and Tom Latham will lead the Kiwi team. The team’s regular captain, Kane Williamson, has chosen to skip the tour. Along with him, other players like Trent Boult and Tim Southee are absent.

The two sides have played 114 ODIs, with India winning 56 and the Kiwis winning 50. The two-way series between the two teams has always been hotly contested, and the ongoing series expect to be similar.

The Indian squad wants to get off to a strong start. The two players who have excelled the most for their squad, Shubman Gill and Mohammad Siraj, will be the centre of attention. In the second ODI, there will be chances for others to improve.

The middle order is now vacant due to Shreyas Iyer’s departure from the series. Ishan Kishan batted at number five, and Suryakumar Yadav at number four in the first ODI. It’s expected that he will keep his job. Additionally absent from India are Akshar Patel and KL Rahul, who will not participate in the New Zealand series owing to personal obligations.

After registering the first ODI win, the management is unlikely to tinker with the playing XI. So it is another chance for all the bowlers to improve their performance.

The absence of Tim Southee and Trent Boult has already compromised the Kiwi bowling attack. It was terrible that the veteran pacers were not present for the opening ODI. The Kiwis did not select Ish Sodhi to participate in the opening ODI. Going into the second ODI, the management would undoubtedly desire to tweak the bowling attack.

The batting order is also severely hampered by the absence of Kane Williamson. This time, they have a batting order that is not as potent as it once was. They have some talented players but not many who are reliable. However, the club did not notice their absence, thanks to the other batters. Bracewell will be the centre of attention, especially considering his defeat in the opening ODI. Kiwis have a history of punching above their weight. Thus the team can anticipate a challenging matchup against the hosts in Raipur.

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Scarlet Samson

Google lays off 12,000 employees: CEO Sundar Pichai takes ‘full responsibility for layoffs

Jan

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Google lays off 12,000 employees: CEO Sundar Pichai takes ‘full responsibility for layoffs

As the world prepares for a significant economic slump this year, Google has announced 12,000 job cuts, making it the most recent tech behemoth to do so. In an email available to read on the company’s official blog, CEO Sundar Pichai informed the team about the firing.

Pichai, who has been at Google since 2004 and it’s promoted to chief executive in 2015, said the layoffs reflect a “rigorous review” by the company across all product and feature areas. The jobs removed “span across alphabets, product areas, functions, levels and sectors.”

Pichai stated in the letter that “we have seen remarkable growth over the last two years.”

“I have some upsetting news to impart. We have decided to eliminate 12,000 positions from our staff. To those employees in the US who affect, we have already sent a separate email. Due to customs and legislation, this procedure could differ in other nations. Saying farewell to some of the tremendously talented individuals we work so hard to hire and like working with will be necessary. I apologise profusely. These developments will impact the lives of Google employees. Quite a bit about myself, and I fully accept responsibility for the choices that led us to this point.” said Pichai.

According to Pichai, Google will offer 2022 bonuses, unused vacation time, payment for the entire notice period, six months of medical care, assistance with finding a job, and immigration support to employees to make the transition out of the firm easier.

The company will hold a public meeting on Monday to discuss plans to move forward.

Here is the full message of Pichai’s letter to the employees:

I need to break some bad news for you. We have decided to cut 12,000 employees from our staff. To those employees in the US who affect, we have already sent a separate email. The laws and customs of other nations will make this process longer elsewhere.

It will include bidding farewell to some extraordinarily exceptional individuals we worked hard to find and enjoyed working with. I apologise for this. I bear full responsibility for the choices that led us to this point because I am concerned about how these changes will affect the lives of Google employees.

Our progress over the last two years has been phenomenal. To match and fuel that growth, we contracted for a different economic reality than we have today.

Because of the power of our goal, the worth of our goods and services, and our early AI investments, I think we have a tremendous opportunity ahead of us. We must make difficult choices if we want to do this fully. To ensure that our employees and their jobs align with our business’s key priorities, we have rigorously reviewed our product areas and functions. The roles we are eliminating align with that analysis’s findings. They dispersed among alphabets, product categories, roles, levels, and geographical places.

To outgoing Google employees: Thank you for working hard to help people and businesses worldwide. Their contribution has been invaluable, and we are grateful to them.

While this transition will not be easy, we will support employees as they seek their next opportunity.

Products from Google are now better than ever due to those early investments. And for consumers, developers, and companies, we’re getting ready to provide some completely new experiences. With AI in our products, we have a tonne of opportunity, and we’re prepared to embrace it bravely and ethically.

This entire effort is an extension of our culture’s “healthy scorn for the unattainable” that has existed since its inception. Today, when I look around Google, I still see the same passion and drive guiding our work. That is why, even on the most challenging days, I have faith in our capacity to complete our mission. One of them is today.

I’m sure you have many questions about how we’re moving forward. We will host a town hall on Monday. See your calendar for more details. Please take good care of yourself as you digest this difficult news. As part of that, if you’re starting your workday, feel free to work from home today.

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Scarlet Samson