Good morning. Earlybird here to inject a healthy dose market trends and business insights into your day. Completely poke-free. We don’t like needles, either.

In this edition:

• 👀 The end of an era at TCS with latest resignation

• 🚗 Lamborghini’s are going hybrid

• 📜 A new Credit Suisse lawsuit

MARKETS

*Stock data as of market close. Source.

• Markets: India's benchmark stock market index, the Nifty, has formed a "doji" candle for the second time, indicating indecisiveness in the market. However, technical analysts predict it could still climb to 17,300 if the winds sway to their favor.

HOSPITALITY

Oyo launches accelerator program for up and coming hoteliers

🏨 Oyo, a company specializing in widespread hospitality, has launched an accelerator program aimed at helping small, first-generation hoteliers grow their businesses.

A boost for budding hoteliers. The program will provide entrepreneurs with financial support, mentorship, and the operational assistance they need to help scale their business.

Using its power for good. Oyo, which is known for its affordable and comfortable hotels, plans to use the accelerator program to identify and nurture talent in the hotel industry, particularly among first-generation hoteliers. By providing entrepreneurs with the resources they need to succeed, Oyo hopes to help build a more robust and diverse hospitality industry in India.

Who can get in on this. According to Oyo, approximately 200 properties are set to join this program in key business hubs such as:

• North: Delhi, Gurugram, and Noida

• East: Kolkata and Siliguri

• South: Bangalore, Hyderabad, and Chennai

• West: Mumbai

Bottom line. Oyo's new accelerator program is a welcome development for small, first-generation hoteliers in India as they navigate the evolving hospitality market in the country.

AUTO

Lamborghinis are going green with new hybrid tech

🚗 Italian supercar manufacturer Lamborghini plans to introduce hybrid technology across its model range in India by the end of 2024. The move is part of the company's larger plan to reduce its carbon footprint and meet global emissions standards.

The future is EV. Lamborghini is known for its sleek, kind of flat-looking, but powerful sports cars. But as of late, the company has been looking to embrace a more sustainable future by reducing its environmental impact while still delivering the performance and luxury that its customers have come to expect.

Project roadmap. Sharad Agarwal, the India president of Lamborghini, said that this year's hybrid engine will be the V12. After that, the V10 will follow suit in 2024, following the first installation of hybrid tech into the Urus model.

Sneak peak. The company also announced that it intends to launch its fourth model globally in 2028, which will be a fully-electric rendition of the edgy Lambos we all know and love.

BUSINESS

Some big CEO shoes to fill in TCS

👀 Rajesh Gopinathan has stepped down as CEO and managing director of Tata Consultancy Services (TCS), India's largest IT services firm to “pursue other interests“. Gopinathan will be replaced by K. Krithivasan, who has been with TCS for over three decades.

Transitioning over. The announcement of Gopinathan's resignation and Krithivasan's appointment came as a surprise to many in the industry, but most were assured of a smooth transition given TCS’s robust management structure. Gopinathan will remain with the company until September 15, 2023, to facilitate a complete handover.

The new hall of famer. Gopinathan's departure marks the end of an era for TCS, which has seen tremendous growth and success under his leadership. The tenured vet had earned TCS $10B in incremental revenue and tens of billions of dollars to its market cap.

Looking ahead. As the news sinks in, the public eye is drifting toward Gopinathan’s successor, K. Krithivasan, who brings a wealth of leadership expertise to the table, having a decorated track record of his own within TCS ranks.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 🥣 In case you thought Kellogg India went missing. Kellogg India is set to be renamed Kellanova India as part of a global branding strategy that would split the brand into two separate entities.

• 💄 A new ‘hair-raising' talent pool for L'Oreal. French cosmetics giant L'Oreal expects India to become its third-biggest talent market globally.

• 🌿 Petronas fuels up for $460M green energy stake. Malaysian oil and gas giant Petronas has offered to pay $460M for a stake NTPC's green energy subsidiary in India.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

•  Adept AI, an Indian AI startup, has raised a whopping $350M in its latest funding round led by General Catalyst and Spark Capital. The new injection will be used to expand the team and improve Adept’s enterprise software.

• Vitraya Technologies, an Indian insurtech startup, has raised $4.1M in a funding round led by healthcare firm Xceedance.

• Gynoveda, a femtech startup, just raised $10M in a Series A funding round led by India Alternatives Fund, which it plans to use to scale the business and double its team.

WORLD

Headline Explorer

• 👓️ Google Glass aspirations get shattered. Google has announced that it will be discontinuing its Glass Enterprise Edition smart glasses in 2023, citing a shift in focus towards other products.

• 🪙 Crypto crackdown on Chipmixer. US authorities have shut down Chipmixer, a crypto company, over fraud concerns and money laundering.

• ♨️ Credit Suisse in some hot water. Credit Suisse is facing a lawsuit from US shareholders over its troubled finances and lack of controls.

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