Nvidia has become the world's only ninth company to hit $1 trillion in market value after the gaming and AI chip company's shares rose 4.2% in early trading on Tuesday. US-based Nvidia has also become the first chipmaker to join the trillion-dollar club. Taiwan Semiconductor Manufacturing Company Limited is the next largest chipmaker globally, valued at about $535 billion.

Nvidia has become the world's only ninth company to hit $1 trillion in market value after the chipmaker's shares continued to surge after a bumper earnings report on Tuesday. Other US companies to have achieved this milestone include Apple, Microsoft, Alphabet and Amazon. Nvidia has also become the first chipmaker to join the trillion-dollar club.

Nvidia's market value hit the $1 trillion mark as the chipmaker's shares continued to surge after a bumper earnings report. Known for its chips used in video games, Nvidia pivoted to the data centre market and its business rapidly expanded during the pandemic. Furthermore, Nvidia produces 80% of GPUs used in large computers that process data and power generative AI.

The government-backed Open Network For Digital Commerce (ONDC) announced a revamped incentive programme ending the first phase of its discounting schemes. The revised incentives will come into effect from June 1, 2023 and succeed the programme rolled out first on January 30, 2023. The current phase of the programme will be live until June 28, 2023.

American former biotechnology entrepreneur Elizabeth Holmes began her 11-year prison sentence in the US on Tuesday for defrauding investors through her now-defunct blood-testing startup Theranos. The former billionaire was sentenced to over 11 years in prison and ordered to pay $452 million to investors. The 39-year-old Stanford dropout will reportedly be lodged in an all-female prison in Texas.

Railways' Rail Coach Factory (RCF), Kapurthala, failed to deliver even one Vande Bharat train in 2022-23 against a projected target of 32, PTI reported citing documents accessed by it. Overall, the factory manufactured 1,478 coaches against a target of 1,885. Officials have said the production of Vande Bharat trains in the factory is likely to begin by September 2024.

The RBI has conceptualised a new lightweight and portable payment system that can be operated from anywhere by a bare minimum staff. The system is being planned keeping in mind extreme and volatile situations like war and natural calamities. It's expected to operate on minimalistic hardware and software and could ensure near zero downtime of payment and settlement system.

Tesla CEO Elon Musk on Tuesday met China's Foreign Minister Qin Gang during his first trip to the country in three years. According to a government statement, Musk said he's willing to expand Tesla's business in the country. The minister told Musk that China would create a better market-oriented business environment for companies from all countries, the statement read.

Japan has urged India to rescind its appeal against a WTO panel ruling that said the country's import duties on certain IT products violated global trading rules, PTI reported citing a Geneva-based official. The ruling was made after complaints regarding the matter were made by the EU, Japan and Taiwan. India appealed against the ruling last week.

India extended its $1 billion credit line to Sri Lanka on Tuesday by another year to help the country reeling under an economic crisis to procure food, medicine and other essential items. An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for $1 billion credit facility in March last year.

Nathan Porter, IMF Mission Chief to Pakistan, said the international agency hopes that the current political crisis in the country is resolved "in line with the Constitution and rule of law". The remark reportedly comes after Pakistan PM Shehbaz Sharif contacted IMF MD Kristalina Georgieva to revive a $6.5-billion bailout package. Pakistan risks defaulting on debt without the package.

RBI transferred ₹1.3 lakh crore towards its contingency fund in FY23, as per its annual report. The net balance in the fund increased to ₹3.51 lakh crore, compared to ₹3.10 lakh crore a year ago. The contingency risk buffer has been maintained at 6% as of March 2023, as against 5.5% in the previous year.

Goldman Sachs Executive Director Sunil Koul said India's cyclical sectors are contributing to overall earnings upswing. "We're pretty positive on manufacturing space...You're actually seeing volume growth improving for consumer staple firms...Rural FMC volumes have turned positive after multiple declining quarters," Koul said. So, banks and domestic sector should contribute to earnings, he added.

Jubilant Pharmova's shares closed 7.14% lower on BSE after its Q4 loss widened to ₹97.84 crore. The company also informed that USFDA classified their Montreal CMO Facility as "Official Action Indicated", which will lead to withholding approval of any pending applications or supplements in which this facility is listed. Hari S Bhartia also stepped down from the MD's post.

RBI on Tuesday released its annual report that showed the central bank's net income jumped 47% to ₹2.35 lakh crore in FY23. This surge largely came on the back of foreign exchange transactions, which surged about 50% to ₹1.03 lakh crore. RBI ended FY23 with a surplus of ₹87,416 crore, as against ₹30,307 crore in the previous year.

French railway firm Alstom has emerged as the lowest bidder for the ₹30,000-crore tender for manufacturing and maintenance of 100 aluminium body Vande Bharat trains, Moneycontrol said citing documents. It bid ₹151 crore per trainset and is looking to manufacture all 100 aluminium Vande Bharat rakes. The winning bidder will get ₹13,000 crore upon delivery.

TCS' outgoing CEO and MD Rajesh Gopinathan described his journey at the company as "an absolute privilege". "This week marks the culmination of my two-decade-long journey with TCS. I will step down from my role as CEO and MD on May 31, 2023," Gopinathan said in a letter to employees on Tuesday. Krithi Krithivasan was appointed as the CEO designate.

Sri Lanka State Trading Corporation Chairman Asiri Walisundara has said the country will import 10 lakh eggs daily from five chicken farms in India to meet its growing market demand. Walisundara said two crore eggs were imported from India, of which one crore have been released to the market. The eggs were being imported from two chicken farms in India.

Educomp Solutions' Directors Shantanu Prakash and Jagdish Prakash have been fined ₹1.1 crore and ₹1 crore each by SEBI for misleading investors. Shantanu has been barred from dealing in securities and from holding any directorial or key managerial personnel position in any listed company or intermediary registered with SEBI for five years, while Jagdish for a period of three years.

SEBI Chairperson Madhabi Puri Buch considers the mutual funds (MF) sector "safe", however, if Association of Mutual Funds in India fails to adopt robust self-regulation measures, SEBI will step in to ensure investor protection. She lauded AMFI for upholding high safety standards in the MF industry. AMFI should establish an ethics committee to take action against individuals engaging in misconduct.

The overall volume of currency in circulation rose 4.4% year-on-year to 13,621 crore notes in FY23, RBI said. Among the notes in circulation, ₹500 notes were the most voluminous, with a total of 5,163 crore notes in circulation as of FY23. The volume of ₹20 banknotes in circulation grew from 1,101 crore in FY22 to 1,258 crore in FY23.

RBI disposed 132.19 crore pieces of soiled ₹2,000 currency notes in the last three financial years, as per its annual report. In FY23, the central bank disposed of 48.24 crore pieces of soiled ₹2,000 notes, 510.92 crore pieces of ₹500 banknotes and 450.77 crore pieces of ₹10 notes. RBI said its disposal of soiled banknotes rose 22.1% year-over-year in FY23.

India's growth momentum is likely to be sustained in FY24 amid easing inflationary pressures, Reserve Bank of India (RBI) said in its annual report. "Amidst strong global headwinds, the Indian economy is expected to have recorded a growth of 7% in real GDP in 2022-23," the annual report mentioned. India's total income in FY23 surged by 47% to ₹2.35 trillion.

Legendary stock speculator William O'Neil died at the age of 90. He founded the Los Angeles-based investment-management firm William O'Neil+Co in 1963. He was a successful practitioner of computer-aided stock analysis, who shared his strategy in a best-selling book and Investor's Business Daily, which he founded in 1984. His death was announced on the website of William O'Neil & Co.