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Indian startups file 83,000 patents in FY23; AI, neurotechnology lead

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New Delhi, April 26 (IANS) Led by artificial intelligence (AI), Internet of Things (IoT) and neuro-technology, India witnessed 83,000 patents being filed by deep-tech startups in FY2023, marking an annual growth rate of 24.6 per cent which is highest since the last two decades, a Nasscom report showed on Friday.

The number of patents granted also witnessed significant growth, rising over 2 times between FY2019-FY2023.

This trend is expected to increase significantly with over 100K patents granted between March 15, 2023 and March 14 this year.

“The surge in patent filings within the last few years is a clear indication of India’s growing innovation prowess, particularly in areas like AI,” said Debjani Ghosh, President, Nasscom.

To further enhance domestic patent activity, collaborations among key stakeholders are essential for fostering and increasing awareness of intellectual property rights, she added.

Over the past decade, the proportion of patents filed by residents (primary filers based in India) has doubled, climbing from 33.6 per cent of total filings in fiscal year 2019 to more than 50 per cent in fiscal year 2023.

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“The filing of over 900 patents since 2008 by leading Indian deep-tech startups coupled with the submission of 32,000 Patent Cooperation Treaty (PCT) applications in India by other countries stood as a testament to this increasing focus,” the report noted.

Amongst the top application areas, healthcare related patents primarily around medical imaging, diagnosing, report generation and testing saw the maximum applications, followed by automation/software development and retail/ecommerce.

AI saw maximum patents filed in areas of image processing, NLP, and predictive modelling, while Gen AI, medical data processing and cognitive computing are the key emerging areas.

–IANS

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Musk's X has paid over $50 million in ad sharing to 150K creators: CEO

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New Delhi, May 26 (IANS) Elon Musk-run X has paid more than $50 million in ad sharing to creators on its “video-first” platform, its CEO Linda Yaccarino has announced.

When Twitter was acquired by Musk in October 2022, it was basically a 140-character messaging app.

“Now, less than 18 months later, it is a ‘video-first’ platform, and part of what’s driving that success is inviting creators onto our platform,” said Yaccarino.

At the time of its $44 billion acquisition, there were about 3,500 creators on the platform.

“Now, our video capabilities have become so sophisticated that we’ve probably got over 150,000 creators on the platform and paid out over $50 million in ad-sharing relationships with those creators,” she informed.

The X platform is inviting more and more creators to give its 600 million monthly active users (MAUs) “the ultimate experience”.

Last month, Yaccarino announced that X would soon launch a dedicated TV app for users to upload high-quality videos, similar to Google-owned YouTube.

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This will be your “go-to companion for a high-quality, immersive entertainment experience on a larger screen,” she posted.

X users would see trending video algorithms, artificial intelligence (AI)-powered topics and cross-device experience, among other features.

The tech billionaire is making X “an everything app”.

According to him, X has 600 million monthly active users and about half of which use the platform every day.

–IANS

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FII buying, Q4 results key factors for stock market next week

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Mumbai, May 26 (IANS) Indian equity markets closed at an all-time high last week. The Nifty and Sensex hit new peaks on Friday, with the Nifty surpassing the 23,000 mark for the first time. Similarly, the Sensex shot up by 1,400 points to a fresh record high of 75,636.50.

Last week, Nifty Bank surged 2 per cent following the announcement by the Reserve Bank of India (RBI) of giving a dividend of Rs 2.11 lakh crore to the government.

This improved market sentiment significantly. The substantial dividend is expected to help the government reduce its fiscal deficit and boost capital expenditure.

The outlook for the market next week will be guided by major domestic and global economic data, according to experts.

On the global front, rising US bond yields and commodity prices (crude oil, gold, and silver) are the other factors that will be closely monitored, as they have the potential to influence market sentiment.

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Furthermore, upcoming economic data releases from Japan and the US, along with movements in the global currency market, will also be important factors to consider.

On the domestic front, many companies, including some big names like Divislabs, Tata Steel and Apollo hospital will release their financial results next week.

Positive earnings reports from the final quarter could provide strength for the market to continue its bullish momentum.

According to market experts, we are very close to the Lok Sabha election results and the verdict will give a boost to FII flows.

Mehul Kothari, DVP – Technical Research, Anand Rathi Shares and Stock Brokers, said: “Nifty hit the milestone of 23,000 during Friday’s session and ended the week with gains of over 2 per cent. It seems that the market is discounting the BJP government winning the elections with a decent majority.”

As of now, the index is approaching the higher end of the rising channel placed near 23,100-23,200. Thus, from here on, “we will maintain a profit-booking stance in the market,” said Kothari.

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“On the downside, 22,800-22,600 seems to be extremely strong support for the coming week,” he added.

–IANS

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Aurobindo Pharma arm Eugia's manufacturing unit gets 'official action indicated' status by USFDA

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New Delhi, May 25 (IANS) Drug maker Aurobindo Pharma on Saturday announced that the US Food and Drug Administration (FDA) has classified Eugia Pharma Specialities’ (a wholly owned subsidiary of the company) formulation manufacturing facility — Unit III, as ‘Official Action Indicated (OAI)’.

According to the company, the USFDA conducted an inspection at Unit III of Eugia Pharma Specialities, situated in Sangareddy District, Telangana, from January 22 to February 2.

“Subsequently, the USFDA has determined the inspection classification status of this facility as Official Action Indicated,” Aurobindo Pharma said in a regulatory filing.

“The company remains committed to working closely with the USFDA and continues to enhance its compliance on an ongoing basis,” it added.

OAI means objectionable conditions or practices were found, and/or the firm’s response was not satisfactory, so regulatory and/or administrative actions will be recommended.

In an Enforcement Report published earlier this month, the USFDA informed that Aurobindo Pharma is recalling products in the US due to manufacturing issues.

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The drug maker recalled 13,605 bottles of Clorazepate Dipotassium Tablets (3.75 mg and 7.5 mg) from the US market. Clorazepate Dipotassium Tablets are used to treat anxiety.

–IANS

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Markets hit all-time high amid strong FII comeback

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Mumbai, May 25 (IANS) Indian equity benchmarks closed at an all-time high this week as Nifty touched the 23,000 points milestone amid a strong comeback from foreign institutional investors (FII).

Nifty closed at 22,957 after touching a new all-time high of 23,026 intra-day, up 455 points or 2.02 per cent. Sensex ended with 1,404 points or 1.90 per cent gains at 75,410 after hitting a new high of 75,636.

The rally has been led by large-cap stocks. The BSE large-cap index shot up nearly 2 per cent this week.

Adani Energy Solutions, HAL, Adani Total Gas, Adani Power, BEL, Adani Enterprises, and Hindustan Zinc were major gainers. On the other hand, Indigo, Zydus Lifesciences, Bajaj Holdings, Sun Pharma, Nykaa, and Zomato were the major laggards.

Midcap and smallcap stocks also saw decent gains this week.

In midcap, Vodafone Idea, Uno Minda, Solar Industries India, Union Bank of India, ABFRL, Balkrishna Industries, Zee Entertainment, and Samvardhana Motherson Int were major gainers, while Deepak Nitrite, Max Financial, PB Fintech, and Max Healthcare Institute were major losers.

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In smallcap, RVNL, Bharat Dynamics, PNC Infra, Cochin Shipyard, Finolex cables, Garden Reach Shipbuilders, and Dredging Corp were major gainers. On the other hand, Parag Milk, Dodla Dairy And Global Health, and IFGL Refractories were major laggards.

Around Rs 1,165 crore worth of stocks were sold by FIIs in the market this week, which is the lowest in the last several weeks and shows that buying by foreign investors is returning.

At the same time, domestic investors invested Rs 6,977 crore in Indian markets this week.

According to market experts, the situation is once again slowly changing in favour of the ruling dispensation.

“The base case scenario appears to be a clear verdict in favour of BJP/NDA. Also, the FII’s massive selling has ceased and they have even turned buyers in recent days,” they said.

Going forward, as clarity emerges on the election front, FIIs are likely to buy in India since they cannot afford to miss the post-election results rally.

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“The rally may begin even before the election result,” they added.

–IANS

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US-China trade war deepens as tariff exclusions end on hundreds of Chinese products

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Washington, May 25 (IANS) In a bid to cut dependency on Chinese products, the US has banned, restricted or put high tariffs on hundreds of goods imported from the country in recent months to promote local manufacturing.

Now, the Office of the United States Trade Representative (USTR) has further extended additional tariffs duties on about half of 429 products.

In prior notices, the USTR modified the actions in the “Section 301” investigation of China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation by excluding additional duties on certain products of China.

The current 429 product-specific exclusions (352 previously reinstated exclusions and 77 COVID-related exclusions) are scheduled to expire on May 31, 2024.

In a new notice, the US trade regulator has announced to provide a 14-day transition period for all current exclusions, extending them through June 14, 2024, and to “extend certain exclusions through May 31, 2025”.

“To allow for a transition period, the US Trade Representative is extending all of the currently expiring exclusions through June 14, 2024,” it said in a statement.

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Some of the products receiving continued exclusions till May 2025 include motors and medical equipment from China.

The USTD found that “extending these exclusions will support efforts to shift sourcing out of China, or provide additional time where, despite efforts to source products from alternative sources, availability of the product outside of China remains limited”.

In March last year, The USTR decided to reinstate certain previously granted and extended “Section 301” tariff exclusions for Chinese products.

Former President Donald Trump had launched a trade war with China and levied additional tariffs on over $300 billion worth of Chinese imports, citing the so-called Section 301 of the Trade Act of 1974.

To offer relief for some companies in certain industries, Trump approved tariff exclusions for certain products.

Last week, US President Joe Biden announced to quadruple tariffs on Chinese electric vehicles (EVs) and hiked duties for solar cells, semiconductors and other “strategic” sectors.

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The US President directed his trade representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion worth of imports from China.

–IANS

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