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OPPO joins Microsoft to empower Indian startups via ‘Elevate’ programme

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OPPO India on Monday said it has launched the second edition of its OPPO Elevate programme in collaboration with Microsoft for Startups to further empower the startup ecosystem in the country.

Focused on the theme of ‘Virtuous Innovation’, OPPO India is looking to recruit proposals under two entry categories — Accessible Technology and Digital Health.

The company said that startups from these two categories, who are driven by the same purpose of using technology and creative inspiration to build a better world, can apply to showcase their innovations.

The proposals will be reviewed by a jury of experts, led by Tasleem Arif, VP and Head, OPPO India and Madhurima Agarwal, Country Head-India, Microsoft for Startups, among others.

“The Elevate programme opens doors for the like-minded new age innovators to use virtuous innovation” to create technology solutions that benefit people and tackle social issues,” said Arif.

The ‘OPPO Elevate’ programme has seen momentous success in its first edition and with the second edition, “we aim to build the innovation in health and accessibility and highlight Indian innovation on a global platform,” Arif added.

The top 10 selected startups will get a chance to present their proposals to the jury during an event in August this year.

These startups will also be entitled to a collaboration with OPPO for applicable technical discussion and access to facilities (Labs, spaces, Mobile devices) on mutually agreed terms and schedule, said the company.

The India jury will select 3 startups who will be entering the global Innovation Accelerator Program,e and stand a chance to win grants of $46,000 each as well as further investment opportunities, technical support, research and commercial partnerships, and promotion at global events.

As part of the programme, all participants will be invited to Microsoft for Startups Founders Hub and eligible startups can receive up to $150K worth of Azure credits, mentoring and guidance from business and technical experts as well as access to world-class developer and productivity tools.

“The collaboration between OPPO India and Microsoft for Startups extends our commitment to boost the innovation and entrepreneurial energy of startups in the country. Through this program, we hope to help startups truly scale the impact of digital innovation with the combined resources of both organisations,” said Agarwal.

Over the years, OPPO’s groundbreaking innovations have helped the company build a name for itself as an innovator in tech.

OPPO Elevate will help the brand harness the power of innovation by extending a palatial platform for start-ups to collaborate. Through a robust partnership, the OPPO Elevate program will help young startups with some remarkably interesting ideas to enter a fast-growing ecosystem of innovation.

Applications for the second edition of ‘OPPO Elevate’ programme are open till July 10.

Business

Banks Expect Increased Credit Demand Across Retail, MSME, & Agricultural Segments After GST Reforms

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New Delhi: With the Goods and Services Tax (GST) reforms, banks expect increased credit demand across retail, MSME, and agricultural segments as incomes rise and business investment picks up.

According to Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank, the reform will create a strong effect across the economy, leading to improved cashflows for distributors and retailers, greater working capital access for small businesses, and expanded credit requirements amid rising demand.

“Overall, this decision acts as a catalyst for inclusive growth and economic transformation aligning itself to India’s vision of Viksit Bharat”, said Srivastava. This move makes taxation more transparent and easier to follow. “We expect these measures will drive an estimated growth in consumption over 8-10 per cent in the next two quarters in rural markets, particularly benefiting farmers through reduced costs on agricultural products where GST has been brought down from the 12 per cent to 5 per cent,” according to Srivastava.

The price cuts on daily essentials like dairy products, household items, and consumer durables will provide more relief and reduce the burden to the consumers. The reduced GST on vehicles, electronics, and housing materials will create demand for these segments, while making insurance policies completely tax-free will enhance financial inclusion.

According to Sanjay Agarwal, Senior Director, CareEdge Ratings, GST rate cuts result in a decrease in the final price of goods and services, which enhances consumer purchasing power and could stimulate demand across various sectors.

The impact is generally visible in the consumer durables segment. Lower GST rates on automobiles, electronics, and appliances not only make these products more affordable but also expand the addressable market to include price-sensitive consumers who were previously priced out.

“Banks could see an increase in auto loans, personal loans for electronics purchases,” he mentioned. Outstanding housing loans, vehicle loans, credit card and consumer durables account for around 16.7 per cent, 3.5 per cent, 1.6 per cent and 0.1 per cent of banking credit, respectively.

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Business

Auto Stocks Zoom On GST Rate Cuts, Hyundai Tops Gainers As Market Anticipates Festive Season Boost

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Mumbai: On Friday, auto stocks saw a strong rally after the GST Council’s decision to cut tax rates on small cars and motorcycles. The BSE Auto Index rose by 1.30 percent, closing at 58,883.09 points. This surge came as the market responded positively to the new two-slab GST system — 5 percent and 18 percent — announced to take effect from September 22, the first day of Navaratri.

Hyundai Motor India led the auto sector gains, rising 2.69 percent on the BSE. Other top performers included Eicher Motors (+2.43 percent), Mahindra & Mahindra (+2.34 percent), and Ashok Leyland (+2.22 percent).

Maruti Suzuki also climbed 1.70 percent, while TVS Motor went up 1.28 percent. Smaller gains were seen in Sona BLW (0.80 percent), Bharat Forge (0.77 percent), Tata Motors (0.63 percent), Bajaj Auto (0.22 percent), and Hero MotoCorp (0.21 percent).

The reduction in GST rates from 28 percent to 18 percent on many popular vehicle categories is being seen as a major positive move. It affects petrol, LPG, and CNG vehicles with engine sizes under 1,200cc and length under 4,000 mm, and diesel vehicles under 1,500cc and 4,000 mm. Two-wheelers like motorcycles under 350cc will also now attract 18 percent GST, down from the current 28 percent.

Experts believe the decision will benefit first-time buyers and middle-class families, especially during the upcoming festive season. According to Ajit Mishra of Religare Broking, the move is ‘timely and will inject fresh momentum’ into the auto sector. Industry players say this will not only boost sales but also investor confidence in automotive stocks.

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Business

Indian stock market opens higher, Nifty above 24,700

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Mumbai, Sep 5: The Indian benchmark indices opened higher on Friday, buoyed by transformative rate reductions announced by the GST Council across sectors as buying was seen in the auto, IT and PSU bank shares in the early trade.

At around 9.38 am, Sensex was trading 140.72 points or 0.17 per cent up at 80,858.73 while the Nifty added 52 point or 0.21 per cent at 24,786.30.

Nifty Bank was up 4.05 points or 0.01 per cent at 54,079.50 The Nifty Midcap 100 index was trading at 57,291.20 after adding 332.05 points or 0.58 per cent. Nifty Smallcap 100 index was at 17,704.70 after gaining 82.75 points or 0.47 per cent.

According to analysts, Nifty indicated an optimistic positive move, with anticipation of positive cues from the GST rate outcome, which would decide the further course of the market in the coming days.

“The index would need a decisive move past the important 50EMA level at the 24,800 zone, which can trigger a fresh further upward move along with the broader markets beginning to participate to support the benchmark indices,” said Vaishali Parekh, Vice President (Technical Research), PL Capital.

The 24,500 zone shall continue to remain as the important support zone for the index, she added.

Overall, the market is showing resilience within a consolidation range. With improving technical momentum and steady domestic inflows, the near-term bias remains positive, said experts.

“Traders should adopt a buy-on-dips strategy and focus on stock-specific opportunities in leadership sectors like banking, IT, and auto,” said Mandar Bhojane from Choice Broking.

Meanwhile, in the Sensex pack, M&M, Trent, Tata Motors, Asian Paints, Power Grid and Maruti Suzuki were the top gainers. Whereas, ITC, Hindustan Unilever Limited, Sun Pharma and HDFC Bank were the top losers.

In the Asian markets, Bangkok, Japan, Seoul, Hong Kong and China were trading in green.

In the last trading session, Dow Jones in the US closed at 45,621.29, up 350.06 points, or 0.77 per cent. The S&P 500 ended with a gain of 53.82 points, or 0.83 per cent, at 6,502.08 and the Nasdaq closed at 21,707.69, up 209.97 points, or 0.98 per cent.

On the institutional front, foreign institutional investors (FIIs) were net sellers as they sold equities worth Rs 106.34 crore on September 4, while domestic institutional investors (DIIs) purchased equities worth Rs 2,233.09 crore.

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