Naver Cloud, the cloud computing division of South Korea’s technology frim Naver, announced on Thursday its collaboration with US chipmaker Intel to establish an artificial intelligence (AI) chip software ecosystem. As part of this alliance, the companies will furnish IT infrastructure utilising Intel’s AI accelerator, Gaudi, facilitating AI research projects and software development for South Korean startups and universities, as disclosed by Naver Cloud.
Airfares on significant domestic routes like Kolkata-Bagdogra, Delhi-Bengaluru, and Delhi-Mumbai have seen a year-on-year increase of up to 12.7 per cent in May this year, according to data from Thomas Cook (India) and SOTC Travel. Industry experts attribute the recent surge in airfares to the rise in aviation turbine fuel prices, depreciation of the rupee, reduced flight schedules by significant players, and the grounding of planes due to engine supply issues.
Tesla CEO Elon Musk officially announced in the late hours of Wednesday his upcoming visit to India, affirming his scheduled meeting with Prime Minister Narendra Modi. Taking to X, Musk expressed his anticipation, stating, “Looking forward to meeting with Prime Minister @NarendraModi in India.”
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The stock market will remain closed on Thursday on account of Gudi Padwa, which means trading activities will remain suspended.
In the previous trading session on Wednesday, both the primary equity indices, Sensex and Nifty, ended the day in positive territory, with the stock market mainly trading within a narrow range. The S&P BSE Sensex surged by 345 points to reach 75,038. Similarly, the NSE Nifty50 concluded the session at 22,754, marking a gain of 111 points.
The unexpected increase in US retail inflation for March has pushed back predictions for Federal Reserve interest rate cuts until after June, causing turmoil in equity markets and leading to a surge in bond yields. Experts suggest that a rate cut in June now looks difficult.
In March, the US consumer price index (CPI) saw a 0.4 per cent month-on-month increase, mirroring February’s growth rate. Year-on-year, CPI inflation for March stood at 3.5 per cent, up from February’s 3.2 per cent. These figures exceeded expectations from the news agency Reuters polls, both in the monthly and yearly comparisons.
Furthermost, equity mutual funds concluded the 2023-24 financial year positively, experiencing a net inflow of Rs 22,633 crore in March. This was driven by significant interest in thematic funds and the introduction of new fund offerings (NFOs). However, this latest inflow was 16 per cent lower than the infusion of Rs 26,866 crore observed in the previous month, as per data from the Association of Mutual Funds in India (AMFI) released on Wednesday.
In March, the monthly inflow from Systematic Investment Plans (SIP) reached a new peak of Rs 19,270 crore, up from Rs 19,187 crore in February. The total SIP contribution amounted to Rs 2 lakh crore, reflecting a 28 per cent increase from the previous year.
Read More: Stock Market Closed Today, US Inflation Jumps 0.4% In March