Flexible co-working space provider WeWork India suffered a loss of about Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.

WeWork India's total expenses last fiscal also increased by 19 per cent to Rs 1,864.3 crore. The expenses were Rs 1,566.7 crore in FY23.

The Bengaluru-based company’s non-cash components such as depreciation and amortisation accounted for 40 per cent of the company's total cost. It increased by 16.9 per cent to Rs 742.8 crore, according to data accessed by business intelligence platform Tofler.

Employee costs were another major part of the company's expenses, surged by 11.9 per cent to Rs 132 crore in FY24.

India's total renewable energy installed capacity recorded a robust double-digit growth of 15.84 per cent to touch 209.44 GW, as of December 2024, from 180.80 GW in December 2023, according to a statement issued by the Union Ministry of New and Renewable Energy (MNRE) on Monday.

The total capacity added during 2024 amounted to 28.64 GW, representing a significant year-on-year increase of 119.46 per cent compared to the 13.05 GW added in 2023, the statement said.

The solar power sector spearheaded this growth with the addition of 24.54 GW, reflecting a 33.47 per cent rise in its cumulative installed capacity from 73.32 GW in 2023 to 97.86 GW in 2024. Wind energy also contributed to this expansion, with an additional 3.42 GW installed in 2024, increasing the total wind capacity to 48.16 GW, a growth of 7.64 per cent from 2023, the statement explained.

Government-owned NLC India Ltd on Saturday announced that its renewables arm has entered into a joint venture agreement with Assam Power Distribution Company Limited (APDCL) for developing 1000 MW solar power projects in the state.

According to the agreement, NLC India Renewables Limited (NIRL) will have an equity shareholding of 51 per cent in the joint venture while APDCL will hold a 49 per cent stake.

NIRL will bring its expertise in renewable energy project development. APDCL will facilitate land acquisition, regulatory approvals, and power evacuation infrastructure. Power Purchase Agreements (PPAs) will be signed with Assam DISCOMs for the sale of 100 per cent of the generated power for 25 years, according to the NLC statement.

"This initiative will not only ensure energy security for Assam but also catalyse socio-economic development by creating green jobs and enhancing the state's sustainability index," NIRL Chairman Prasanna Kumar Motupalli said.

The production-linked incentive (PLI) 2.0 scheme for IT Hardware has seen Rs 10,000 crore production and 3,900 jobs in just 18 months of its launch, the government said on Saturday.

India’s electronics manufacturing sector has grown exponentially over the past decade, with total production increasing from Rs 2.4 lakh crore in 2014 to Rs 9.8 lakh crore in 2024.

Mobile manufacturing alone has reached Rs 4.4 lakh crore, with exports at Rs 1.5 lakh crore in 2024. About 98 per cent of the mobile phones used in India are now being manufactured in India with smartphones becoming the fourth largest export item from India, the statement said.

The total number of registered startups in India have surged to 1,57,066 from around 400 in 2016, when the 'Startup India' initiative was launched, with investment in these new ventures jumping to $115 billion, from $8 billion in this nine-year period, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).

These startups have created over 1.6 million jobs across the country, demonstrating their role as significant employment generators.

Besides, there are more than 73,000 startups with at least one-woman director that have been recognised under the 'Startup India' initiative.

Most children aged 11 and 12 use Tik Tok, Instagram and other social media despite the platforms’ age restrictions, and many show signs of addiction to social media, a team of researchers have found.

The US Supreme Court is likely to uphold a law that would ban TikTok in the US beginning January 19. TikTok has around 170 million users in the country.

Tik Tok, Instagram, YouTube and Snapchat require users to be at least 13 years old to have an account.

But the study found that a majority of 11 and 12-years olds across the country have accounts on the platforms, and 6.3 per cent have a social media account they hide from their parents.

The Life Insurance Corporation of India (LIC) clocked a 14.64 per cent growth (year-on-year) in new business premiums in 2024, collecting Rs 2.33 lakh crore in the January-December period, according to data by the Life Insurance Council on Friday.

This stellar performance by nation’s largest life insurer exceeds the insurance industry’s growth of 14.41 per cent and the private life insurers’ growth rate of 14.55 per cent, the data showed.

As per the data, LIC collected Rs 2,33,073.36 crore in premiums during the reporting period, a 14.64 per cent increase compared to Rs 2,03,303 crore in the same period in 2023.

In 2024, the overall life insurance industry reported premium collections of Rs 4,02,773.18 crore, reflecting a 14.55 per cent YoY rise from Rs 3,51,626.20 crore.

Meanwhile, private life insurers garnered Rs 1,69,699.83 crore, up 14.41 per cent from Rs 1,48,323.21 crore in the previous year.

India's domestic benchmark indices closed lower on Friday as the IT sector closed in the green after a gain of 3.44 per cent.

Sensex ended at 77,378.91, down by 241.30 points, or 0.31 per cent, and Nifty settled at 23,431.50, down by 95 points or 0.40 per cent.

Nifty Bank ended at 48,734.15, down by 769.35 points, or 1.55 per cent. The Nifty Midcap 100 index closed at 54,585.75 after dropping 1,160.15 points, or 2.08 per cent, while the Nifty Smallcap 100 index closed at 17,645.55 after declining 472.80 points, or 2.61 per cent.

According to market experts, domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns and a strengthening dollar index.

Hyundai Motor Group said on Friday it has formed a strategic partnership with Nvidia for the development of advanced artificial intelligence (AI) technologies related to future mobility.

Through the partnership signed in Las Vegas on Thursday (local time), the group plans to enhance key mobility solutions, including those for software-defined vehicles and robotics, and expand the application of AI technology across its business operations.

Specifically, Hyundai Motor intends to leverage digital twin technology to simulate construction and operation of new factories in virtual environments. Using this approach, Hyundai will utilize Nvidia's digital twin platform Omniverse to improve manufacturing efficiency, enhance quality and reduce costs, reports news agency.

Generative AI (GenAI) smartphones will account for over 54 per cent of total smartphone shipments by 2028, with an installed base exceeding 1 billion, according to a report on Friday.

A wide range of GenAI use cases will be available on both flagship and mid-range smartphones, facilitated by operating system (OS) upgrades and new model launches, said the report by Counterpoint Research.

“Moreover, 5G penetration and growing on-device AI computing power will solidify the democratization of GenAI across a wider range of smartphones, from flagship models to lower-end devices,” the report mentioned.

The report stated that the emergence of GenAI in smartphones is not a fleeting trend. GenAI smartphone shipments are projected to experience significant growth, with a notable acceleration expected from 2025 onwards.

“This democratization of AI will be driven by an intimate ecosystem of collaboration and technological advancements, along with the countless resources invested by hardware brands and AI platforms, promising to put sophisticated AI capabilities into the hands of billions,” it mentioned.