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Bloomberg Quint
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Mumbai Metro’s Largest Depot To Come Up In Mogharpada, Thane: 12 Lakh Passengers To Benefit
- Mumbai Metro's largest depot is set to be established in Mogharpada, Thane, benefiting around 12 lakh passengers.
- The depot will be the central operations and maintenance hub for Metro Lines 4, 4A, 10, and 11, covering a network of 55.99 km from CSMT to Mira Road.
- The Mumbai Metropolitan Region Development Authority (MMRDA) has acquired 174.01 hectares of land in Thane district for this project.
- The depot will provide key facilities for efficient metro operations, including workshop and inspection lines, wheel profiling systems, and staff quarters.
- Metro Lines 4 and 4A aim to improve travel experience by reducing travel times by up to 50% and accommodating nearly 12 lakh passengers daily.
- These metro lines will enhance accessibility, reduce traffic congestion, and spur development and economic growth in the Eastern Suburbs and Thane region.
- The construction contract for the depot has been awarded to SEW–VSE JV for Rs 905 crore, and work is set to commence soon.
- The upcoming Mogharpada Metro Depot is crucial for ensuring seamless and reliable metro services across rapidly growing corridors in Mumbai.
- Facilities at the depot will include under-floor wheel lathe, automated heavy wash systems, blow-down plant, and maintenance workshops.
- The Depot Control Centre will oversee operations and training, with staff quarters provided for essential personnel for round-the-clock functioning.
- The depot is strategically located to support Metro Lines 4, 4A, 10, and 11, playing a pivotal role in connecting various areas and improving transportation in Mumbai.
- Overall, the project is expected to revolutionize public transportation in Mumbai and contribute to the city's futuristic, commuter-centric vision.
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Bloomberg Quint
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SBI Approves To Raise $3 Billion For FY26
- State Bank of India (SBI) approved raising funds up to $3 billion during the current fiscal through a public offer or private placement of senior unsecured notes.
- SBI had proposed to raise $3 billion in single or multiple tranches in US dollars or other major foreign currencies in May.
- Following a rate cut by RBI, SBI reduced its lending rate by 50 basis points to 7.75%, making loans cheaper for borrowers.
- SBI shares closed slightly higher at Rs 792.5 apiece on the NSE, with analysts tracking the company mostly having a 'buy' rating on the stock.
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Bloomberg Quint
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Special Ops Season 2 Release Date: When And Where To Watch Kay Kay Menon's Latest Series?
- Special Ops Season 2, starring Kay Kay Menon, is set to premiere on Jio Hotstar on July 11.
- The series features Kay Kay Menon as Himmat Singh tackling a cyber-terrorism case.
- The trailer hints at intense action sequences and espionage drama in the upcoming season.
- The cast includes Tahir Raj Bhasin, Karan Tacker, Vinay Pathak, Dilip Tahil, and Prakash Raj in key roles.
- Special Ops Season 2 is a sequel to the original series released in 2020, followed by a spin-off in 2021.
- Directed by Neeraj Pandey, the new season focuses on cyber-terrorism and AI posing threats to India's security.
- Himmat Singh rallies his team to combat the digital threat covertly, as every individual becomes a potential target.
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Bloomberg Quint
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Unemployment Rate Sees An Uptick To 5.6% In May
- The unemployment rate in India increased to 5.6% in May, with urban areas at 6.9% and rural areas at 5.1%.
- Male unemployment rose to 5.6% in May while female unemployment was slightly higher at 5.8%.
- Labour force participation rates among individuals aged 15 and above decreased to 54.8% in May from 55.6% in April.
- In urban areas, the participation rate was 50.4%, and in rural areas, it was 56.9% in May.
- The decline in participation rates and the increase in unemployment were attributed to seasonal agricultural patterns and higher temperatures in May.
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Siliconangle
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Sedai raises $20M to optimize cloud environments with AI agents
- Sedai Inc. has raised $20 million in a Series B funding round led by Atlantic Vantage Point, with participation from Norwest, Sierra Ventures, and Uncorrelated Ventures.
- The startup has experienced a sevenfold revenue growth, offering a platform that uses AI agents to optimize cloud environments, reducing costs by up to 65% for Kubernetes clusters.
- Sedai's software minimizes hardware underutilization by selecting the most efficient instance types.
- The platform highlights discounts for long-term instance rentals to help lower cloud expenses and prevent budget overruns from hardware spikes.
- Sedai's AI models anticipate traffic spikes to ensure application availability, while also identifying risks in new software updates.
- The platform functions as an analytics tool, allowing finance teams to track cloud spending by team, project, and service.
- Sedai manages over $1.2 billion in cloud spend, performing 25 million autonomous actions in customers' production environments.
- The company plans to invest the funding in product development, focusing on optimizing graphics card clusters and large language model applications.
- An AI tool for managing deployments of cloud data platforms like Snowflake is also in the works, with an expansion of the go-to-market team.
- Sedai's customer base includes Palo Alto Networks Inc., HP Inc., and other major tech firms.
- The platform aims to make cloud environments more cost-efficient and reliable, with plans for enhancing AI capabilities in cloud management.
- Sedai has a strong focus on improving cloud optimization and cost-efficiency for enterprises.
- The funding will drive innovation in product features for optimizing various cloud applications and platforms.
- The company emphasizes the importance of AI-driven solutions for managing cloud environments effectively and economically.
- Sedai's growth strategy includes expanding its product offerings and enhancing its market presence.
- The company's aim is to continue developing AI tools that provide value to customers and improve cloud operations.
- The newly raised funding will be directed towards expanding product capabilities and investing in AI technologies.
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Bloomberg Quint
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EPFO Warns Against Taking Help From Agents For Online Services
- The Employees' Provident Fund Organization (EPFO) warns its members against using third-party agents and encourages them to use the free online services available on the EPFO portal and UMANG app.
- Concerns arise due to some cyber cafes and fintech companies charging for EPFO services that are actually free, potentially exposing members to unnecessary costs and data risks.
- EPFO urges stakeholders not to engage with unauthorized third-party entities for EPFO-related services to safeguard financial data.
- EPFO operates a robust grievance monitoring system and resolves complaints on platforms like CPGRAMS and EPFiGMS in a timely manner.
- In the previous financial year, EPFO received over 16 lakh grievances through EPFiGMS and resolved 98% of them within set timelines.
- All EPFO services, including claim filing, fund transfers, KYC updates, and grievance redressal, are free, and members are encouraged to avoid paying third-party agents for these services.
- Members can contact EPFO helpdesks/PROs for assistance and access the EPFO and UMANG portals for online services.
- EPFO has introduced measures for simplification processes like KYC updates, claim submissions, auto settlement of claims up to Rs 1 lakh, and pension disbursements.
- Auto claim settlements for advances on various grounds have increased to Rs 1 lakh, with 2.34 crore claims settled in auto mode in the last financial year.
- The transfer claim process has been simplified by removing the need for employer approvals in most cases since January 2025.
- Requirements such as uploading cheque leaf images for claims settlement and employer approval for bank account details seeding with UAN have been eliminated to expedite processes.
- EPFO advises against taking help from third-party agents and suggests utilizing official channels for all EPFO-related services.
- The EPFO circulars emphasize on simplifying processes and improving member experience while highlighting the availability of free EPFO services.
- Members are encouraged to stay updated with official EPFO communications regarding processes and services to avoid unnecessary costs.
- The EPFO warns against risking financial data and incurring extra expenses by engaging with unauthorized third-party agents for provident fund services.
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Bloomberg Quint
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Trade Setup For June 17: Nifty's Crucial Support At 24,400–24,450
- Geopolitical tensions and technical signals indicate a crucial week for the Nifty with key support at 24,400–24,450.
- Nifty 50 is expected to consolidate between 24,400 and 25,200, with 24,400–24,450 being a critical support level.
- Traders are advised to accumulate on dips near support levels and reduce positions near resistance.
- Support levels are at 24,900 and 24,700–24,500, with resistance at 25,000 and 25,200.
- Market indices rebounded on Monday, with Nifty rising 0.92% to close at 24,946.5 and Sensex gaining 0.84%.
- Immediate resistance for Nifty is at 25,000, with a broader consolidation range between 24,400 and 25,200.
- Bajaj Broking anticipates Nifty to stay within the consolidation range, highlighting 24,500–24,400 as key support levels.
- Indian rupee closed stronger at 86.06 against the US dollar on Monday following a narrowing trade deficit in May.
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SiliconCanals
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Pinterest in 3D? Studio555 lands €4M to build the TikTok of interior design
- Studio555, a Nordic technology company, secures €4M in seed funding to develop a playable interior design app combining gaming mechanics with design innovation.
- Founded in 2023 by CEO Joel Roos, CTO Stina Larsson, and CPO Axel Ullberger, the startup aims to lower barriers to entry in interior design by creating an intuitive, visually immersive platform requiring no technical expertise.
- The funding will support product development, team expansion, and market entry across Europe and the US before the planned 2026 app launch.
- The round is led by HOF Capital and Failup Ventures, with participation from gaming industry veterans like Timo Soininen, Mikko Kodisoja, and Riccardo Zacconi.
- The founding team combines extensive gaming and design experience from companies such as King, EA, and Rovio, aiming to merge gaming expertise with design innovation.
- Studio555 introduces a simplified, immersive environment where users can create, explore, and personalize interior spaces, targeting interior design enthusiasts and casual gamers.
- CEO Joel Roos envisions reimagining interior design as open-ended, playful, and personal, creating a unique category for creative expression with the new funding.
- CTO Stina Larsson emphasizes the team's solid engineering mindset in delivering a high-performance creative platform for Studio555.
- Investor Timo Soininen praises Studio555 for applying their global hit-building experience to create something fresh like Pinterest in 3D meets TikTok but for interiors.
- Co-founder and CPO Axel Ullberger highlights the aim to redefine the digital interior experience by bringing gaming magic into interior design with Studio555.
- Investor Topias Soininen sees Studio555 as pioneering a new category where creativity, self-expression, and play intersect in a unique way.
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Alleywatch
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The Weekly Notable Startup Funding Report: 6/16/25
- The notable startup funding report for the week ending 6/14/25 highlights funding rounds for various startups, including Landbase, Outset, Nominal, and others.
- Tastewise, based in New York, raised $50.0M for its consumer intelligence platform for food brands.
- PostHog, a San Francisco company, secured $70.0M for its open-source product building platform.
- VODA.ai, located in Boston, received $10.0M for its AI services in the water utility market.
- Guardz, a cybersecurity company in Miami, raised $56.0M for its detection and response platform.
- Glean, based in Palo Alto, secured $150.0M for its AI-powered search engine software for enterprises.
- Linear, from San Francisco, raised $82.0M for its bug tracking and software development management platform.
- Commons Clinic in Los Angeles received $26.0M for its multi-specialty clinic offering surgical care.
- Gecko Robotics in Pittsburgh raised $125.0M for its AI and robotics technology services for industry applications.
- Bolo AI, headquartered in Palo Alto, secured $8.1M for its AI knowledge platform for heavy industries.
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Bloomberg Quint
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OPEC Says Output Hike Tempered By Compensation From Quota Cheats
- OPEC and its allies accelerated their planned output increase to penalize members that exceeded production limits with lower prices.
- Key OPEC+ nations added less oil to the market last month than the planned output increase, with eight members compensating for earlier over-production.
- Saudi Arabia drove the push for the output increase to reclaim market share lost during supply curbs.
- Oil prices initially weakened due to the output increase but surged after recent Israeli attacks on Iran's energy infrastructure.
- OPEC Secretary General stated no immediate action is needed as Iran's crude exports remain unaffected by the attacks.
- A report revealed mixed enforcement of agreed production increases, with Saudi Arabia, Kazakhstan, and Iraq making adjustments in May.
- Saudi Arabia raised production by 177,000 barrels a day in May, while Kazakhstan and Iraq reduced output as compensation for cheating.
- Production in the 22-nation alliance increased by 180,000 barrels a day in May to 41.23 million per day.
- OPEC+ will meet in July to consider further output increases, with Riyadh aiming for significant hikes to regain market share quickly.
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Bloomberg Quint
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'Need Rs 7.5 Lakh Monthly To Survive': Gurugram Man’s Viral Post Stirs Debate On Cost Of Living
- A satirical LinkedIn post by a Gurugram-based consultant has gone viral, claiming he needs Rs 7.5 lakh monthly just to survive in the city, sparking a debate on the high cost of urban living in India.
- The post humorously detailed his monthly financial commitments, including a Rs 2.08 lakh EMI for his flat, Rs 12,000 for maintenance like a "fountain", Rs 60,000 car EMI, Rs 65,000 school fees, Rs 30,000 for foreign trips, and Rs 30,000 for staff like a cook, maid, and driver.
- Additional expenses listed in the post included Rs 20,000 for dinners, Rs 12,000 grooming, Rs 10,000 on miscellaneous items, Rs 15,000 for gifts, totaling Rs 5 lakh per month. To cover these costs after taxes, he calculated a need for Rs 7.5 lakh monthly.
- The post drew mixed reactions with some empathizing with the high cost of living in Gurugram, while others highlighted the modest lifestyles of many Indians surviving on significantly lower incomes in rural areas.
- The consultant pointed out the challenges of managing expenses even with a high income in urban areas like Gurugram, emphasizing the significant disparity in living standards across different parts of the country.
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Bloomberg Quint
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TRAI Caps Internet Rates For Public Wi-Fi Vendors
- TRAI has set a cap on broadband connectivity costs for Wi-Fi service providers under the PM-WANI initiative.
- This move aims to address concerns about high connectivity costs and restrictive contracts hindering the adoption of the scheme.
- Telecom companies were providing expensive leased-line connections to Wi-Fi vendors, impacting affordability.
- The new regulation limits the cost to no more than twice the retail rate for home broadband services.
- Regional broadband providers were charging high prices to small vendors like tea stalls and grocery stores.
- ISP's like Hathway, ACT, and Spectra must offer regulated broadband plans to Wi-Fi vendors at fair prices.
- The amendment aims to create parity between home users and public Wi-Fi providers, enhancing accessibility.
- TRAI's decision follows public consultations and industry feedback to boost affordability and adoption of public Wi-Fi services.
- The move intends to support small businesses in providing affordable internet services to the public.
- While addressing cost barriers, the regulation underscores ongoing challenges in scaling the PM-WANI initiative.
- The scheme, designed to decentralize internet access through local entrepreneurs, faces scalability issues.
- TRAI plans to monitor PDOs' data usage and may adjust the framework based on future trends.
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Bloomberg Quint
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Vishal Mega Mart, Sai Life Sciences: Shares Worth Rs 39,000 Crore To Exit Lock-Ins On Tuesday
- Shares worth over Rs 39,385 crore of Vishal Mega Mart Ltd. and Sai Life Sciences Ltd. are set to exit lock-ins on Tuesday as per Nuvama's report.
- As much as 56% equity of Vishal Mega Mart and 48% equity of Sai Life Sciences is becoming eligible for trade.
- 254.2 crore shares of Vishal Mega Mart worth Rs 31,775 crore will be free to trade, almost four times more than the IPO size.
- Vishal Mega Mart debuted strongly, listing at Rs 104 against the IPO price of Rs 78, now trading around Rs 125 with a 60% return.
- Sai Life Sciences had a robust post-IPO performance, listing at Rs 764 against the IPO price of Rs 549, currently trading at Rs 763.
- Analysts' view on Vishal Mega Mart - seven recommend 'Buy', one 'Hold', one 'Sell', with targets ranging from Rs 90 to Rs 161.
- Sai Life Sciences is tracked by four analysts, two 'Buy', one 'Hold', one 'Sell', with the most bullish target at Rs 911 by Morgan Stanley.
- Shares worth Rs 31,775 crore of Vishal Mega Mart and Rs 7,610 crore of Sai Life Sciences will become free to trade.
- Vishal Mega Mart and Sai Life Sciences have impressive investor confidence and performance post-IPO.
- Vishal Mega Mart's equity value post lock-in period is nearly four times the IPO size, while Sai Life Sciences' value is 2.5 times the IPO size.
- Vishal Mega Mart stock surged from IPO price of Rs 78 to current Rs 125, representing a 60% return.
- Sai Life Sciences' stock listed at Rs 764, currently trading at Rs 763, showing investor confidence.
- Analysts foresee positive outlook for both Vishal Mega Mart and Sai Life Sciences stocks with varied target prices.
- The news mentions the end of the lock-in period for the shares of Vishal Mega Mart and Sai Life Sciences on Tuesday.
- Investor interest remains strong in both companies, with Vishal Mega Mart showing a 60% return over the IPO price and Sai Life Sciences remaining 38% above its issue price.
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Bloomberg Quint
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Feeling 'Useless' Lately? It May Just Mean You're Human
- In a society obsessed with being 'needed', we often forget how to simply be and explore our quiet insecurities and cultural wiring.
- There is a pressure in society to always feel useful, leading to a sense of discomfort and questioning of one's identity beyond roles.
- The Indian culture places a strong emphasis on being 'needed' which can create lifelong pressure and a constant need to prove one's worth.
- People often stay busy to avoid confronting questions about their true selves and their value outside of societal expectations.
- Usefulness is not a fixed identity, and individuals are reminded to find value in being themselves beyond being needed by others.
- The article discusses the importance of taking time to be 'useless' by conventional standards and just being without productivity.
- The message emphasizes that one's worth is not solely based on utility, but in being whole, joyful, and present in their own existence.
- Encouragement is given to embrace moments of unproductivity and find peace in simply being oneself without the constant need to be 'useful'.
- The article encourages individuals to prioritize their own peace and existence over the societal pressure to always be needed or useful to others.
- It concludes by highlighting the importance of being fully oneself, finding joy in existence, and acknowledging that simply being is a purpose worth living for.
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Bloomberg Quint
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UPI Payments Set To Become Faster For Better Customer Experience
- Transactions through the popular UPI will now be faster, with response times reduced to 10-15 seconds from 30 seconds.
- The National Payments Corporation of India (NPCI) has mandated this improvement to enhance customer experience.
- UPI, developed by NPCI, is a real-time payment system facilitating inter-bank transactions via mobile phones.
- A recent NPCI circular states that transactions like money transfers, status checks, and reversals will now complete within 10-15 seconds.
- Validating addresses in a UPI payment now only takes 10 seconds as opposed to the previous 15 seconds.
- Customers will soon be able to check their UPI account balance 50 times a day, up from unlimited checks previously.
- The increase in UPI transactions in May by 33% to 1,868 crore highlighted the system's growth.
- NPCI has mandated UPI apps to display only the ultimate beneficiary's name to confirm proper transactions and mitigate risks.
- UPI apps must also disable any feature allowing users to alter beneficiary names for transactions.
- Stakeholders in the UPI ecosystem are required to comply with these norms by June 30 for system efficiency and risk mitigation.
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