23rd June ’20
Good Morning: The Monsoons have entered India. Today, is the day when in 2016 UK voted in a referendum to leave the European Union. Today, also marks the birth anniversary of Sir Alan Turing, the father of modern computing.
Covid cases in India are still on a steep rise but there is some optimism as Glenmark has released a drug for Rs 103 for a tablet for mild to moderate Corona cases. India is still in talks with China as the face-off continues between the 2 nations over LAC.
MARKETS
Reliance reaches the highest ever market cap for an Indian company
The market capitalisation of Reliance Industries skyrocketed to $150 billion in intraday. It has become the first Indian company to reach that valuation. The stocks hit a record high of Rs 1804.10. Overall the company has raised more than Rs 1.68 lakh crore in two months since April. Jio is looked upon not just as a technology giant but also the net debt zero has helped RIL to reach this pinnacle.
- Glenmark Pharmaceuticals has launched antiviral drug favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate covid-19 at a price of about ₹103 per tablet. This led to a jump in the share price of Glen Pharma by 40%. According to ICICI analysts, the dosage translates to maximum treatment cost of Rs. 12,566 per patient.
- Cipla shares have jumped by 9.2% after the company announced the launch of Cipremi, the generic of Remdesivir. It has been approved by the US FDA. Cipla has been granted regulatoryt approval by the Drug Controller General of India (DCGI) for restricted emergency use in the country looking at the urgent medical requirement.
TECHNOLOGY & INNOVATION
Apple’s Worldwide Developer Conference to be held today. Here, Apple showcases its big software updates. Expectation are of a new iOS 14 and MacOS release. Apart from that, Apple could start using its own ARM chipsets, ending the long-time relation with Intel processors.
Amazon is all set to enter alcohol delivery in India after nod from the West Bengal state giving it entry into the yet unexplored online alcohol delivery market in India. Alibaba backed BigBasket has also got an approval.
PRODUCTS & STARTUPS
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Pushp, an Indian condiments startup has raised Rs. 125 crore from A91 partners. The company clocked Rs. 125 crore revenue last year. Big PE firms such as General Atlantic have shown interest in the overall spices and condiments segment.
Plume is a Denver based startup that caters specifically to the transgender community. The provide hormone replacement therapy and medical consultations. There are more than 1.4 million Americans who identify themselves as transgender. General Catalyst and Slow Ventures has invested $2.9 million in seed financing.
Deep01, a Taiwanese startup raised $2.7 million dollars for its software that helps doctors interpret CT brain scans more quickly. Deep01’s AI based imaging software helps it detect acute cerebral haemorrhage with 93 to 95% accuracy.
WHAT ELSE IS COOKING
Wirecard was unable to confirm its $2.1 billion in cash balances. This has led to a loss of $11 billion in its market cap.
Facebook removed a series of Trump’s ad campaign for the violation of its rules against hate group imagery.
Oracle’s BlueKai tracks you across the web according to the data you spilled online. It using tracking cookies and other tech to follow you around the web to give you ads to match your taste.
Racial discrimination in video games is rampant and there have been efforts to curb it. Black and Latin players are either completely absent or stereotyped.
BOOKS & MOVIES
Recommended Book: Shoe Dog by Phil Knight– In this autobiography, Phil Knight, the founder and CEO of Nike shares the story of the growth and innovation of his startup.
Recommended Movie: The Big Short– In 2006-2007 a group of investors bet against the US mortgage market. In their research they discover how flawed and corrupt the market is.
Check out: https://seeinblack.com/. When the entirety of world is fighting systematic racism, here are 70 photographs by black photographers that will be sold on auction. The money raised will go towards Black rights causes.
MORNING TEA CHALLENGES
- Create a virtual gift card for your loved one. Beat this Corona by spreading love and make your near and dear feel even more special.
- Take a moment to observe nature around you. Click the first photo of mother nature and post it on our twitter handle as a reply to this tweet.
Written by Shashank Dobhal
