Hello,
TCS is troubled by a future of high tariffs.
India’s top software services exporter missed its quarterly revenue estimates as clients stayed cautious about non-essential spending amid tariff-related uncertainty.
Revenue for Q1 stood at Rs 63,437 crore—largely flat on a year-on-year basis. This shortfall by one of India’s IT bellwethers has raised concerns about future demand for the country’s $283 billion IT sector, and dragged down US-listed shares of rivals Infosys and Wipro to boot.
Tariff spooks have also hit the automotive sector hard, and not just India’s either.
Shipowners and carmakers have called on US President Donald Trump administration to rethink steep new port fees on car-carrying ships, arguing that the levies will hurt US consumers and exporters.
Japan’s carmakers are already feeling the pain, as they sacrifice profits to remain competitive by slashing export prices to the US.
Mahindra and Mahindra and parts maker Uno Minda are approaching the recent supply chain crisis in the sector differently, by looking into domestic rare earth magnet production to cut reliance on China.
Supply chain issues are a common pain point across sectors, and Bira maker B9 Beverages is exploring a solution through a $10 million rights issue, led by existing investor DS Group. This comes as the beer maker is also battling mounting losses, along with reports of layoffs, among other problems.
In today’s newsletter, we will talk about
- Why OpenAI isn’t happy with Robinhood
- Building smart solar energy systems
- Siemens Healthineers’ India GCC push
Here’s your trivia for today: Which cake is known as the oldest known cake in existence?
Blockchain
Why OpenAI isn’t happy with Robinhood
Tokenised stocks—a product introduced by online brokerage firm Robinhood in Europe on June 30—allow users in the European Union (EU) to gain exposure to price movements of US-listed public and private companies, like ChatGPT-maker OpenAI and Elon Musk-led SpaceX.
The catch? These tokens are derivatives, and not actual shares or equity. While the value of these tokens is tied to the performance of the stock or the company, Robinhood said it holds the underlying securities in custody in the US.
Two sides:
- Unlike traditional stock markets that open and close within specific business hours, tokenised stocks can be traded 24/5, a feature similar to cryptocurrencies.
- OpenAI clarified that the “OpenAI tokens” are not OpenAI equity. “We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful.”
- In an interview with Bloomberg TV, Robinhood’s CEO, Vlad Tenev, said the tokens of OpenAI and SpaceX, while not tradeable yet, are testing the water to resolve what the company believes is one of the biggest inequities in capital markets—private companies.
Funding Alert
Startup: Arteria
Amount: Rs 100 Cr
Round: Series B
Startup: Clean Fanatics
Amount: $2M
Round: Seed
Startup
Building smart solar energy systems
Reslink, a Delhi-based greentech startup, provides end-to-end hybrid solar solutions for residential and commercial use.
“We are a research-heavy company that aims to make smart and efficient renewable energy sources accessible to the public. We do this by creating AI-enabled storage facilities to stabilise the grid by working closely with IPPs (Independent Power Producers) and EPCs (Engineering, Procurement, and Construction) firms,” says co-founder Shashank Jha.
Building products:
- Reslink’s flagship products include AI-enabled solar inverters (on-grid and hybrid) and energy storage systems. Solar inverters can be on-grid, off-grid, and hybrid.
- “Our goal is to stabilise the grid and support independent power producers in setting up large-scale, standalone energy storage solutions,” says Jha. He adds that AI is making these systems increasingly intelligent and efficient.
- Reslink still runs its service arm, Reslink Lab, an R&D service that has helped over 30 startups develop technology and hardware. It has also built a network of about 3,000 researchers.
GCC
Siemens Healthineers’ India GCC push
Bengaluru is one of the four global innovation hubs for medtech company Siemens Healthineers, with its Bengaluru global capability centre (GCC) equipped with competencies in areas such as data analytics, artificial intelligence, immersive technologies like augmented and virtual reality, user experience, and cybersecurity.
In addition, Siemens Healthineers is also actively partnering with deeptech startups in India, especially those from the healthcare sector. This collaboration is largely thriving on the growing convergence between medtech and emerging technologies like GenAI, digital twins, robotics, sensors, and immersive technologies.
News & updates
- Breakfast baron: Ferrero, the Italian candy maker behind Ferrero Rocher and Nutella, struck a roughly $3 billion deal to buy the breakfast-cereal conglomerate WK Kellogg in a bid to bolster its business in North America.
- Pause: OPEC+ is discussing a pause in further production increases from October after its next monthly hike. Saudi Arabia and its partners already have a tentative plan to complete the revival of a 2.2 million-barrel supply revival in September, with a final monthly tranche of 550,000 barrels.
- New markets: Huawei Technologies is trying to export small quantities of AI chips to the Middle East and Southeast Asia in an effort to establish a foothold in markets dominated by Nvidia, despite ongoing manufacturing challenges.
Which cake is known as the oldest known cake in existence?
Answer: Linzer Torte. It is named after the city of Linz, Austria, and has been documented as early as the mid-17th century.
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