Earnings watch: Info Edge Q2 profit slumps 65%; Ola Electric net loss narrows to Rs 495 cr  

In today’s newsletter:

• Swiggy IPO sails through amid CCI probe
• TCS slashes variable pay
• AI Cops take over tech capital

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It’s a mixed Friday for Swiggy. While it has a reason to celebrate, there’s also an update that will keep it up at night. 

Swiggy’s IPO was oversubscribed 3.6 times on its third and final day after two days of lacklustre demand. 

• Qualified Institutional Buyers (QIBs) led the demand by oversubscribing 6X of what they were allotted
  
  
• Employees were the second highest bidders at 1.65X
  
  
• Non Institutional Investors (NIIS) interest was the lowest with the retail portion just scraping through

India’s antitrust body, the Competition Commission of India (CCI), is probing Swiggy and its rival, Zomato, over unfair business practices. 

• The CCI has alleged that the two companies made their respective restaurant partners sign “exclusive contracts” which essentially discourages competition

• Zomato entered into an agreement in return for lower commissions
  
  
• And Swiggy guaranteed business growth to select restaurants if they listed exclusively on its platform, according to internal CCI documents 

The practice affects restaurants as they cannot offer lower prices on other online platforms, the CCI documents showed. 

Go deeper

So, you work for Tata Consultancy Services (TCS), have over 60% office attendance, and yet receive no variable pay?

IT services giant TCS has slashed the variable pay for many senior-level employees in Q2. 

• This comes despite the management's bullish outlook, expecting business improvements starting in Q4FY25

In contrast to the 70% variable pay paid in the previous quarter, many employees received only 20-40% in Q2, sources told us.

• Some employees were even left completely empty-handed, with no variable pay

This reduction in pay comes after TCS introduced a policy linking variable pay directly to office attendance.

Meanwhile, in a positive development for tech jobs, IT companies have started to convert contract workers into full-time employees, according to data from TeamLease Digital.

• This was driven by hopes of business recovery in Q4 and companies reaching the peaks of their employee utilisation rates

Go deeper

Imagine you’re scrolling through social media and come across a video featuring Bengaluru City Police Commissioner B Dayananda sharing safety tips for Deepavali. 

• But here’s the twist: it’s not actually the commissioner himself in the video — it’s an AI-generated avatar of him

The Bengaluru police have introduced AI-generated avatars that represent police officials in engaging, lifelike videos shared across social media.

• The move marks the first instance of law enforcement agencies using AI avatars for video communication

In collaboration with Aeos, a local AI startup, Bengaluru Police have developed an easy-to-use tool that generates high-quality videos from basic text prompts.

• The process is simple: officials input text messages, which are then transformed into videos
  
  
• The social media team, in collaboration with Aeos, then shares these videos on various social media platforms

While this technology holds immense potential for innovative communication, it also raises concerns about potential misuse, particularly in the age of deepfakes.

• Joint Commissioner of Police (Bengaluru Traffic) MN Anucheth assured that safety measures are in place to prevent misuse

Find out more

• Amazon, having already invested $4 billion in AI startup Anthropic last year, is considering another multi-billion dollar investment.
  
  
• French generative AI startup LightOn launched an initial public offering (IPO) on the Euronext Growth market in Paris, with a listing expected later in November.

For the thriller enthusiasts: Check out Rajinikanth starrer Tamil action film Vettaiyan. 

• With a stellar cast including Amitabh Bachchan, Rana Daggubati, Manju Warrier, and Fahadh Faasil, this film promises edge-of-your-seat excitement. Watch it on Amazon Prime Video

For the light-hearted soul, check out Vijay 69. 

• A heartwarming sports drama featuring Anupam Kher

This quirky tale follows a 69-year-old man who defies age and societal expectations to chase his athletic dreams. Watch it on Netflix

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