One quick thing: Govt's 100-day plan prioritises chip production

In today’s newsletter: 

• Ixigo sees a bumper listing
• Google's Gemini goes desi
• Karnataka uses AI to fight exam cheating

P.S: The Indian stock market has frogs, pigs, vultures and apes - which one are you? Scroll down for more deets!

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One could say the market for tech listings is back in India. 

Online travel aggregator Ixigo saw its stock price close 74% higher than its initial public offer (IPO) price on its market debut.

• This marks the second-highest listing day gain among its new-age peers. Only Nykaa, which debuted around 2.5 years back, saw a higher opening day surge

Ixigo’s listing day wasn’t just good news for the company, it was a bonanza for its early backers. 

• Elevation Capital (formerly SAIF Partners) is sitting on a bumper return of 22 times its investment of Rs 63 crore

• Peak XV Partners (formerly Sequoia Capital India) has a 13 times return on its initial investment of Rs 67 crore

• Micromax has a 17 times return on its initial investment of Rs 19 crore

These returns include not only the investors’ sales during the IPO but also the value of the remaining shares they still hold in the company.

Ixigo’s stellar market debut has also led to an improbable win for its pandemic acquisitions.

• Two founders of Bengaluru-based online train ticketing platform Confirmtkt saw the value of their individual holdings in Ixigo cross the Rs 100-crore mark 

• Similarly, bus ticketing platform Abhibus, which was acquired in a cash swap, saw its Ixigo stake enter the Rs 100-crore club

Go deeper

Google is making a big push for its AI assistant in its largest user market.

Google is extending the Gemini Android app to India, about four months after its launch. 

• The app will support nine Indian languages, including Hindi, Bangla, Kannada, Tamil, Telugu

While Gemini has been around on the web for over a year (including its earlier Bard iteration), the launch of the mobile app is expected to boost its popularity in India, a country known for its mobile-first approach and multilingual population. 

• On Android, users can make Gemini the primary smartphone assistant, effectively replacing Google Assistant. However, users can switch back to Google Assistant if they prefer

• iOS users will be able to access Gemini directly through the Google app in the coming weeks

Google is also expanding the capabilities of Gemini Advanced, the paid tier of its AI assistant Gemini, for users in India. Users can now: 

• Upload multiple large documents (up to 1,500 pages) to get quick summaries and answers to questions

• Tackle complex data analysis tasks by uploading spreadsheets

Go deeper

The fight for fair examinations just got a high-tech upgrade!

The Karnataka Examinations Authority (KEA), responsible for conducting exams like the Common Entrance Test (CET) and government recruitment drives, is deploying artificial intelligence (AI) to ensure exam integrity.

• KEA is rolling out biometric verification using palm fingerprint scanners and real-time facial recognition technology

• It is also implementing a frisking solution equipped with live monitoring and attendance management

This real-time verification system will be deployed for the upcoming recruitment exams scheduled for three departments between July and September.

Officials at KEA believe that a small number of individuals try to gain unfair advantages by resorting to impersonation or other malpractices.  

• The AI-powered system aims to eliminate such loopholes and ensure a level playing field for all candidates

• KEA plans to extend these solutions to all future recruitment drives and competitive exams, including CET

This move comes at a crucial time, with over 6 lakh applicants vying for just 1,000 Village Administrative Officer posts.

Find out more

Dennis Woodside, the new CEO of Freshworks, is taking a marathoner's approach to business, setting big goals and pushing hard to achieve them. 

With founder Girish Mathrubootham now as executive chairman, Woodside aims to propel Freshworks into a global powerhouse, reaching $1 billion in revenue by 2026.

• Woodside's task doesn't end there; he aims to achieve all this while keeping the company's vibrant culture alive. 

Read the full interview

• Microsoft founder Bill Gates said AI will not replace software professionals despite widespread concerns and will in fact enhance productivity.
  
  
• Infosys launched its generative AI-enabled marketing suite Aster to bring agility to the marketing value chain for B2B and B2C brands.

• The global commercial shipping industry could cut down its carbon emissions by 47 million tonnes per year by deploying AI for sea navigation, a study by autonomous shipping startup Orca AI showed.

Forget Wall Street bulls and bears, the Indian stock market is a wild kingdom! In a lighthearted take, Kotak Institutional Equities analysts categorise investors into creatures of the jungle. 

The chilled-out frogs: These happy amphibians are having a blast in their ever-refilling pond (the market, of course). Bubbles are popping up everywhere, but these guys are too busy enjoying the warm water to notice.  

The oblivious pigs: These guys are all smiles as the pond water keeps rising (stock prices go up!), but they're chill about the scorching temperatures (risky market).

The disappointed vultures: Remember the vultures circling a buffet? These foreign investors expected a feast in the Indian market (once enjoyed elsewhere), but they're finding slim pickings

The attention-seeking apes: Last but not least, we have the apes, the unregulated investors swinging from the sidelines. They occasionally toss some ripe fruits (their investments ideas) into the jungle floor, but the other animals just don't seem interested.

So, which creature are you in the Indian stock market jungle?

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