🇧🇳 PM Modi visits Brunei

Good morning, and happy Hump Day. 2 more days till the weekend, lets finish this week off strong 💪 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🛢️ The Oil and Gas industry's AI revolution

• 🇧🇳 PM Modi makes historic first visit to Brunei

• 🗞️ Bite-sized summaries

  • 🚚 Need more Swiggy shares

  • 🙅 X ban is upheld

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Benchmark equity indices reached record highs, with the BSE Sensex closing at ₹82,559.84 and the Nifty50 at ₹25,278.70. Gains were led by Bajaj Finserv, Bajaj Finance, and HCL Tech, while NTPC and Tata Motors lagged. Broader indices showed mixed results, with the IT and banking sectors performing well, while the metals and pharma sectors declined.

🌍️ International

• U.S. stocks declined on Tuesday, marking the beginning of September, a month historically known for poor market performance. Nvidia suffered a record $279B loss, while weak manufacturing data contributed to the declines. Traders are now awaiting labour reports and the upcoming Federal Reserve meeting.

ARTIFICIAL INTELLIGENCE

🛢️ The Oil and Gas industry's AI revolution

The traditionally engineering-focused oil and gas sector is embracing AI and generative AI (GenAI) to optimise operations and boost efficiency across its entire value chain. From exploration to refining, companies are leveraging AI to drive innovation and reduce emissions.

Key applications include:

1. Exploration: AI helps pinpoint drilling sites and interpret seismic data.

2. Production: Predictive maintenance and real-time monitoring improve equipment uptime.

3. Supply Chain: Smart logistics and inventory management enhance efficiency.

4. Refining: Process optimisation increases output and safety.

Industry leaders are already seeing results:

• Cairn Oil and Gas reports a 30% reduction in flaring and 18% fuel gas optimisation using AI-powered digital twins.

• Indian Oil Corporation employs GenAI for project analysis, legal queries, and crude oil evaluation.

The global AI in the oil and gas market is projected to grow by 16.17% by 2028, with the Asia-Pacific region contributing 38% of this growth. India is expected to account for over half of the APAC share.

Benefits of AI adoption include:

• 20% improvement in operational costs

• 40% increase in data accuracy

• 50% progress towards paperless environments

• 1-2.5% improvement in topline revenue

• 2-3% reduction in costs

• 3-6% reduction in capital expenditure

The industry is also witnessing a 20% rise in AI-related job roles, with positions like machine learning engineer and full stack AI scientist seeing significant growth.

While AI adoption is advancing rapidly, experts note that GenAI applications are still in their early stages for the sector. However, as companies continue to invest in these technologies – with some allocating up to 20% of their budgets to AI development – the oil and gas industry is poised for a digital transformation that promises increased efficiency, reduced emissions, and improved bottom lines.

Read more: Economic Times

SOCIAL MEDIA

🇧🇳 PM Modi makes historic first visit to Brunei

In a landmark diplomatic move, Prime Minister Narendra Modi arrived in Brunei yesterday marking the first-ever visit by an Indian Prime Minister to the Southeast Asian nation. 

This visit comes as India and Brunei celebrate 40 years of diplomatic relations, highlighting the growing importance of their bilateral ties.

Key highlights of Modi's visit include:

• Strengthening Bilateral Ties: The visit aims to bolster cooperation in various sectors, including trade, defense, energy, and space technology. Modi expressed optimism about advancing the historical relationship with Brunei during his meetings with Sultan Hassanal Bolkiah and other royal family members.

• Defense Cooperation: Discussions are expected to focus on enhancing defense ties, with plans to establish a joint working group to facilitate collaboration. Indian naval and coast guard ships have been actively engaging with Brunei, and Indian defense companies participated in a recent exposition in the country.

• Economic and Energy Collaboration: India currently imports approximately $270 million worth of crude oil from Brunei. The visit seeks to explore further avenues for cooperation in energy security and trade, particularly in hydrocarbons.

• Cultural and People-to-People Exchanges: Modi's visit also emphasizes cultural ties and the significant Indian diaspora in Brunei, which numbers around 14,500 individuals.

Looking ahead: PM Modi’s world tour continues this week as he travels to Singapore on September 4, where he aims to deepen India's strategic partnership with the country, particularly in advanced manufacturing, digitalization, and sustainable development.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🚚 Need more Swiggy shares - Hindustan Composites Ltd invested ₹5.17 crore in Swiggy by purchasing 1.5 lakh shares, joining other investors like Amitabh Bachchan's family office and Raamdeo Agrawal. Swiggy, preparing for a $1.25B IPO, has been valued at $10-11B in recent secondary share purchases, with its last official valuation at $10.7B in 2022. Agrawal, who also invested in Swiggy's rival Zepto, highlights growing interest in the quick commerce sector. Swiggy's current valuation stands at $11.5B, according to 360 One WAM in June 2024.

🙅 X ban is upheld - The Brazilian Supreme Court panel unanimously upheld Justice Alexandre de Moraes’ decision to block Elon Musk's social media platform X nationwide for failing to appoint a local legal representative, a legal requirement in Brazil. The platform remains suspended until compliance, with fines exceeding $3M. This decision deepens the conflict between Musk and de Moraes, who has also imposed fines on those using VPNs to access X. Starlink, Musk’s satellite provider, refuses to enforce the block, leading to potential legal and operational consequences in Brazil. The case has sparked debates about free speech and judicial power in Brazil.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• India to have 150 fintech unicorns with a combined $500 billion valuation by 2030.

• Crypto social network 0xPPL secures funding from AllianceDAO, others.

• NASA’s Solar Sail Mission is finally flying after deployment glitch.

• America’s massive hotel strike just got even bigger.

• US government seizes plane used by Venezuelan president, citing sanctions violations.

• Weight loss drugs cut Covid-19 deaths, study finds.
  

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Scottie Scheffler wins PGA Tour's FedEx Cup title, $25M payday.

• Sinner sets Medvedev showdown in US Open QFs. All latest updates here.

• Paralympics: India’s Nithya Sivan beats Indonesia’s Rina Marlina to win the Woman’s Singles SH6 Badminton bronze medal.