Dear Reader,
Jio Platforms’ blockbuster IPO sets the tone for a week in which investor confidence, technology ambitions, and digital trust take centre stage. The Rs 30,213-crore issue drew strong demand from qualified institutional buyers (QIBs) within two hours of opening on Wednesday, with the institutional portion subscribed nearly five times. Jio’s ambitions span telecom, artificial intelligence (AI), cloud and digital services, although retail and non-institutional investor participation remained comparatively muted.
The AI race is also becoming more competitive. OpenAI is expanding beyond its longstanding dependence on Microsoft by bringing its models to Google Cloud, signalling a more diversified approach to computing infrastructure as demand for AI services grows.
But the expansion of AI also raises questions about who sets the rules for the technology. A report highlights the apparent contradiction surrounding OpenAI President Greg Brockman, who advocates AI safeguards even as a political group backed by $25 million from him and his wife opposes regulations that could constrain AI development. The debate underscores the tension between responsible AI development and the industry's push for innovation.
Meanwhile, cybersecurity concerns are putting digital trust under the spotlight. eMudhra is facing scrutiny after weak intermediate certificate authority keys raised concerns about website security. The issue has prompted protective measures from browser operators, while the company has said its Indian digital-signature and eSign services remain unaffected.
Adding to these concerns, a purported leak of 3,897 SBI customer records has raised fresh questions about the security of sensitive financial information and claims of data circulating on the dark web.
In today’s newsletter, we will talk about
- Eternal Q2 net profit rises 92% in FY27, revenue up 78%
- ‘You are all born artists’: Prakash Belawadi
Here’s your trivia for today: The RBI once served as the central bank of two other countries. Which were they? (Scroll down for the answer)
News
Eternal Q2 net profit rises 92% in FY27, revenue up 78%
Eternal, the parent company of Zomato and Blinkit, reported a 92.3% year-on-year rise in net profit to Rs 125 crore in Q2 FY27, while revenue grew 78% to Rs 24,138 crore. Blinkit continued to drive growth, with net order value rising 79.3% and adjusted EBITDA turning profitable. However, Eternal's net profit fell short of analysts' estimates, even as its food delivery business recorded 21.5% growth in net order value.
Key takeaways:
- Eternal’s Q2 FY27 net profit rose 92.3% YoY to Rs 125 crore, while revenue increased 78% to Rs 24,138 crore.
- Blinkit’s net order value grew 79.3% YoY, and adjusted EBITDA reached Rs 184 crore, compared with a loss of Rs 156 crore a year earlier. The platform added 308 stores, taking its total to 2,751.
- Net order value at Zomato's food delivery business increased 21.5% YoY, with growth acceleration continuing for five consecutive quarters.
TechSparks
‘You are all born artists’: Prakash Belawadi on surviving the AI age
Actor and theatre artist Prakash Belawadi explored what artificial intelligence (AI) can and cannot replace in human creativity and work. He urged people to reconnect with their inner artist and find purpose beyond commercial success. As AI reshapes jobs and industries, he emphasised the importance of lived experience, individual expression and using technology to improve lives.
Key takeaways:
- Creativity is not limited to professional artists; creating for personal fulfilment has value beyond money or career prospects, said Belawadi.
- While AI can perform many commercially driven creative tasks, human experiences and perspectives remain important distinctions.
- Developers should use technology responsibly to solve real-world problems, improve lives in their communities and contribute to a better India.
News & updates
- AI Monetisation: OpenAI is expanding ChatGPT ads to 26 more countries, taking the total to 89, as it builds its advertising business ahead of a potential IPO.
- SpaceX Rally: SpaceX shares rose in premarket trading after revenue growth beat estimates, driven by its AI and satellite businesses. Elon Musk also floated a potential merger with Tesla.
The RBI once served as the central bank of two other countries. Which were they?
Answer: The RBI served Myanmar until 1947 and Pakistan until 1948.
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