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India has emerged as the leading market for AI mobile application adoption, accounting for 21 per cent of the global downloads, which exceeded 2.2 billion in the first eight months of 2024, according to data from Sensor Tower, as per report.

Among the most popular AI applications are chatbot platforms like ChatGPT, Microsoft Copilot, and Google Gemini, alongside various image and video editing apps. Despite this popularity, a significant portion of Indian users access these applications for free.

In contrast, North America and Europe generated 68 per cent of the in-app purchase revenue from AI applications, which has already surpassed $2 billion worldwide this year, with India’s contribution being less than 2 per cent. Sensor Tower projects that total revenue from AI applications will reach $3.3 billion for the entirety of 2024, marking a 51 per cent increase compared to the previous year, the report said.

Year 2023 saw remarkable growth in global AI and chatbot applications, with downloads skyrocketing over 14 times from the previous year to nearly 600 million. By August 2024, downloads of these applications have already surpassed 630 million, exceeding the total for all of 2023, the report mentioned.

OpenAI’s ChatGPT secured the top position in global downloads, followed by the AI image editing application Remini. The Photoroom AI Photo Editor and Google Gemini ranked third and fourth, respectively.

The report quoted Neil Shah, partner and co-founder at Counterpoint Research, as saying the growing popularity of consumer chatbots for generative tasks, including text, image, and video creation. He highlighted that simple use cases like transcription, language translation, note-taking, summarisation, and virtual assistants will see widespread adoption soon.

Shah also mentioned the shift toward an ‘app-less ecosystem’, driven by AI processing capabilities on the edge, facilitated by Google’s Android OS and Apple’s iOS. He explained that AI systems capable of operating autonomously could extract information, process data, and perform tasks on users’ behalf.

However, to support this increased AI functionality, device manufacturers will need to innovate, focusing on faster processors and greater memory storage. Currently, mini models require around 4-5 GB of storage to be downloaded onto devices.

The news report quoted Shah saying while the device ecosystem is prepared to handle AI in terms of computational and processing capabilities — highlighting Qualcomm and MediaTek’s neural processing unit (NPU) chipsets — manufacturers will need to provide at least 12 GB of RAM to facilitate effective AI applications and agentic workflows.

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Varun Beverages board at its meeting held on October 9 has approved raising of funds of up to Rs 7,500 crore through a Qualified Institutions Placement (QIP). VBL accounts for 90 per cent of PepsiCo’s beverage sales volume in India.

“Notice of Postal Ballot for seeking approval of Equity Shareholders in respect of raising of funds by way of issuance of Equity Shares through QIP,” the PepsiCo bottler said in an exchange filing.

The fund would be raised in “one or more tranches” and would be “subject to receipt of approval of equity shareholders of the company” through postal ballot, it added.

The proceeds from this fundraise would be utilised in “making investments in subsidiaries, joint ventures or associates” or to “fund the growth of existing businesses including expanding product portfolio, entering into new territories and making strategic acquisitions”.

This will also help in “Pre-payment or repayment” of debts and in general corporate purposes, Varun Beverages Ltd (VBL) said in a regulatory filing.

Shares of Varun Beverages were trading flat at around 10.15 AM to quote at Rs 595.65 per share on the NSE, up marginally by 0.96 percent.

Varun Beverages Ltd. (VBL), one of the largest franchise bottlers for PepsiCo globally, posted a revenue of Rs 7,197 crore in the April to June quarter, marking a 28 percent growth compared to the same period last year. VBL operates on a January-December calendar year.

The company’s net profit for the quarter increased by 26 percent to Rs 1,252.6 crore, up from Rs 994 crore in the corresponding period a year ago.

In trade today, the stock touched an intraday high of Rs 606.2 per share on the NSE, up 2.75 percent. The scrip has been gaining for the last two days and has risen 10.21 percent in the period.

The stock rose close to 20 percent in 2024 so far and was 395.34 percent in the last three years, according to data available on the BSE exchange.

The current face value of each stock of the company is Rs 2 from an earlier Rs 5. In September 2024, the company announced stock split in the ratio 5:2.

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The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones.

A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment.

Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.

UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages.

The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones.

A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment.

Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.

UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages.

In another customer-friendly initiative, Das announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems will be introduced.

Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction.

There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said.

“Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a ‘beneficiary account name look-up facility’,” he said.

Remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed.

This facility will increase customer confidence as it would reduce the possibility of wrong credits and frauds, Das said.

The Central bank will also create ‘Reserve Bank Climate Risk Information System (RB-CRIS)’ amid climate change emerging as one of the significant risks to the financial system.

Das said it is crucial for regulated entities to undertake climate risk assessments for ensuring stability of their balance sheets and that of the financial system.

Such an assessment requires, among other things, high quality data relating to local climate scenarios, climate forecasts, and emissions, he said.

The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units.

To bridge these gaps, Das said the Reserve Bank proposes to create a data repository — RB-CRIS — comprising two parts.

The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible in the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats).

The access to this data portal will be made available only to the regulated entities in a phased manner.

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Hyundai Motor India’s IPO will open next week for subscriptions and will likely be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country’s biggest stock offering this year.

The $3 billion IPO will open for subscriptions for big institutional investors on Oct. 14, and invite bids from retail and other categories during Oct. 15-17, said three sources with direct knowledge, who declined to be named as the discussions are confidential.

At the upper end of the price band, the company will roughly be valued at $19 billion, the sources said, adding the stock is set to start trading in Mumbai on Oct. 22.

Hyundai did not immediately respond to Reuters queries.

The IPO will make it the country’s first car maker to go public in two decades since Maruti Suzuki in 2003, and would come just after Indian stock markets touched record highs and saw many companies making debuts.

Hyundai will not issue new shares in the IPO which will involve its South Korean parent selling up to 17.5% of its stake in the wholly owned unit to retail and other investors via a so-called ”offer for sale” route.

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Navaratna defence PSU Bharat Electronics Ltd (BEL) on Monday (October 7) said it has secured additional orders worth more than ₹500 crore since its last announcement on September 11, 2024.

The new contracts include EMI (electromagnetic interference) shelters, annual maintenance contracts for integrated air command and control system nodes, upgrades and spares for gun systems, radar spares, and communication systems. With these new orders, BEL’s total order book for the current financial year has reached ₹7,689 crore.

“The major orders received include EMI shelters, AMC for Integrated Air Command and Control system nodes, upgrade/spares for gun systems, spares for radars, communication system etc. With these orders, BEL has now accumulated orders totalling ₹7,689 crore in the current financial year,” the company said in a stock exchange filing.

Since joining the Nifty50 last Monday (September 30), BEL has experienced continuous declines, with no single day of gains. BEL has projected a robust order inflow for FY25, setting a target of ₹25,000 crore.

Macquarie has maintained its ‘outperform’ recommendation on BEL with a price target of ₹350, which implies a potential upside of 20% from Tuesday’s (October 1) closing levels. The stock is currently 15% below its recent peak of ₹340.

BEL also expects its order inflow to be around ₹25,000 crore for the financial year. As per its last update shared on September 11 this year, when the company had won orders worth ₹1,155 crore, BEL’s total order inflow for financial year 2025 stood at ₹7,075 crore.

Macquarie wrote in its note that all eyes would be on the quantum of orders that BEL manages to secure in the second half of the current financial year. It said while the current order inflows are lagging so far this year, it is not a cause for concern.

While BEL’s order backlog will continue to support its growth trends, the supply chain remains a key monitorable for the company, Macquarie said. The brokerage is seeking clarity on three important aspects from BEL post its September quarter results, which can be key catalysts to drive the stock higher, going forward.

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