VARINDIA IT MAGAZINE

FM announces Average Annual Revenue Collection from Tobacco Products Stands at Rs 53,750 Crore:  Finance Minister Nirmala Sitharaman   has told the   Rajya Sabha   that the average annual revenue collection, including   GST   and excise duty, from tobacco products, stands at about Rs 53,750 crore.   The minister also said the GST rates, including compensation cess rates, on goods are fixed on the basis of the recommendations of the  GST Council .   Answering supplementary questions, she said many non-governmental organisations (NGOs) and consumer education forums have suggested to increase levies on tobacco products considering the health impact.... Read More

Bharatpe joins the Unicorn club, valuation touches $ 2.85 bn:  Merchant payments and financial services provider   BharatPe   has raised $370 million in a primary and secondary mix, as a part of a Series E funding round led by new investor New York-based   Tiger Global Management . Its valuation rose more than threefold to $2.85 billion in just six months time. BharatPe becomes 19th unicorn in 2021 with $370 Mn round led by Tiger Global.   The fintech company had raised $108 million in February this year at a valuation of $900 million.  Ashneer Grover  , the co-founder of BharatPe will assume the role of managing director at the company and will continue driving its strategy, technology and product functions, as well as managing capital fundraising.This is a three-fold jump in the company’s valuation within six months. It was valued at around $922 million during its last fundraise in February.   BharatPe has also made significant changes to its top management. Ashneer Grover will be el

Avantha Group's Gautam Thapar arrested by ED for money laundering:  On Tuesday evening the   Enforcement Directorate (ED)   arrested   Avantha Group promoter Gautam Thapar   investigating a money laundering case against him. The agency arrested him following searches at 14 locations, including Mumbai and Delhi. The ED started interrogating Thapar on Tuesday morning in connection with the alleged property transaction between Avantha Realty and   YES Bank's co-founder Rana Kapoor   and his wife.   In June, the federal agency had booked Thapar and promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of Rs 467 crore (approximately) to YES Bank.  Central Bureau of Investigation (CBI)  too has been investigating Thapar's role in the matter.   Agencies also examined Thapar's role in alleged irregularities at CG Power and Industrial Solutions in a separate case.   In 2019, the CG Power Board had removed Thapar, the promoter an

Marvell Tech to acquire Innovium for $1.1 Billion:  Marvell Technology   is ready to acquire networking chip start-up   Innovium   for $1.1 billion, aimed at bolstering Marvell’s share of networking chips sold to large cloud-computing companies to power the largest, most complex data centers.   Marvell CEO Matt Murphy  says the market for Ethernet switch chips inside data centers-Innovium’s primary business-could double to $2 billion over the next five years, as the growth to come mostly from the hyperscalers, even as regular data centers are going to be kind of flattish,” Murphy said. “But the hyperscale probably grows at 20% a year, maybe 30% a year, so it’s pretty significant.”   Innovium makes networking chips that act as a kind of traffic controller and direct data quickly and efficiently to various parts of a data center. Innovium’s Teralynx chips compete with  Broadcom , which makes products that perform a similar function. Inovium’s products to the Marvell portfolio will furthe

Alienware m15 R5 and Alienware m15 R6 launched in India:  The first AMD-based Alienware machine in over a decade, has now made its way to India. Following the availability of the   Alienware m15 R5 Ryzen Edition , Dell has now introduced the Alienware m15 R6 gaming laptop, the first device powered with 11th generation Intel® Core™ processors and accompanied by the NVIDIA® GeForce RTX™ 30-series graphics. Dedicated to fuelling the rise of Indian gamers, Dell and Alienware are tapping into the pulse of this thriving community.   With support for the AMD Ryzen R7-5800 H-Series Mobile Processors and  NVIDIA® GeForce RTX™ 30  Series Laptop GPUs, the Alienware m15 R5 is the first Alienware notebook engineered with AMD processors and NVIDIA graphics, suitable for creation and entertainment.   The Alienware m15 R6 offers the Core i7-11800H Tiger Lake-H CPU. Graphics options range from the NVIDIA RTX 3060 to the RTX 3080 Laptop GPUs which offer the Dynamic Boost feature up to 10W. It comes with