MeitY plots data leap; BlueStone IPO opens
Also in the letter: ■ Awfis Q1 earnings report■ Axiom's India flight■ Washington cashes on chips
MeitY reboots data centre policy after five years
The Ministry of Electronics and IT (MeitY) has revived plans for a national data centre policy, first proposed in 2020, but never rolled out. Last week, officials met a select group of industry stakeholders in New Delhi, with feedback due this week.
Driving the news: The draft policy outlines faster single-window clearances, incentives for domestic hardware manufacturing, and four dedicated Data Centre Economic Zones (DCEZs). The aim is to spread capacity beyond Mumbai, Chennai, and Delhi-NCR, which together account for 80% of India's current 1,263 MW.
Why now: A surge in AI adoption is driving demand for high-capacity, low-latency facilities. Colliers India estimates capacity will cross 4,500 MW by 2030, supported by $20–25 billion in new investment. Even with infrastructure status granted to facilities above 5 MW, building a data centre still needs over 30 separate approvals, slowing expansion.
MeitY is reviewing 10 state-level policies to simplify permissions and align incentives.
The big picture: India aims to establish itself as a global hub for AI and cloud services. Industry executives believe the DCEZ model, when combined with hyperscalers, cloud providers, R&D units, and edge facilities, could serve as a catalyst for scale and efficiency.
BlueStone IPO opens: Day 1 sees 39% subscription led by institutional buyers
Gaurav Singh Kushwaha, founder & CEO, Blues
Omnichannel jewellery retailer BlueStone's Rs 1,541 crore initial public offering (IPO) was subscribed 39% on the first day of the issue's launch, with institutional buyers leading the charge. The grey market premium (GMP) was Rs 9, signalling a modest 1.74% gain on the upper price band of Rs 517.
By investor class: Qualified institutional buyers (QIBs), who typically bid late, swept up 57% of their allocation.
Retail investors picked up 38% of their allotment.
Non-institutional investors took 4% of the shares on offer. The issue closes on August 13.
Deal structure: Rs 820 crore in fresh issue
1.39 crore shares in an offer-for-sale from existing investors, including Accel, Saama, Kalaari, Iron Pillar, and Sunil Kant Munjal
At the top price band, BlueStone commands a valuation of Rs 7,823 crore.
Financials: Revenue surged to Rs 1,770 crore in FY25 from Rs 771 crore in FY23, a CAGR of about 52%. Losses widened to Rs 222 crore as the company poured money into store rollouts and marketing, though gross margins improved to 37.94%.
Also Read: IPO-bound BlueStone geared for unicorn tag
As ET had reported last week, BlueStone had trimmed the size of its fresh issue component from Rs 1,000 crore to Rs 820 crore. The company, which had initially targeted a valuation of over Rs 10,000 crore, has adjusted to prevailing market sentiment and is now going public at a reduced valuation.
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Awfis profit rises threefold in Q1
Flexible workspace provider Awfis Space Solutions posted a sharp rise in quarterly earnings, with net profit for April-June tripling year-on-year.
Financials: Net profit: Rs 10 crore (Rs 3 crore last year).
Sequential change: down 11% from January-March (Rs 11 crore).
Total expenses: Rs 343 crore (up from Rs 265 crore a year earlier)
Operating Ebitda: Rs 127 crore, up 60% year-on-year.
Company's take: Chairman and managing director Amit Ramani attributed the margin lift to 'better occupancy, enhanced operating leverage, improved cost efficiencies, and disciplined execution across segments' during an analyst call on Monday.
Yes, and: Awfis now runs 220 co-working centres with more than 1.4 lakh seats spanning 7.1 million (71 lakh) sq ft across 18 cities. Its client base is spread across more than 3,200 active accounts. CEO Sumit Lakhani said around 18,000 seats had been signed and were said to be taken up in the second and third quarters.
Axiom Space deepens India partnership
Fresh off the Axiom-4 mission that flew Indian astronaut Shubhanshu Shukla to the International Space Station (ISS), US-based Axiom Space is doubling down on its India bet. CEO Tejpaul Bhatia told us the collaboration spans future human crewed missions, a possible Indian role in Axiom's private space station, and even joint work on advanced spacesuits.
What's next: By 2027, Axiom plans to bolt its first module onto the ISS, and then add one each year. The aim is to operate solo before the ISS is retired in 2031. The first phase will host eight astronauts.
Cost factor: Sending a pilot astronaut seat costs about $70 million; a mission specialist seat is $65 million. Bhatia states that India's increasing space influence makes it a natural partner in the emerging 'new space economy'.
Why it matters: India is positioning itself as the fourth space superpower, after moon and sun missions, rising satellite launches, and now an astronaut on the ISS. Bhatia described Axiom's relationship with India as 'powerful', 'valuable', and 'much larger than any one mission.'
Zoom out: Seats for its 2027 mission are selling three years in advance. Some future missions, Bhatia added, will have Indian connections, though details are still under wraps.
Nvidia, AMD to pay US 15% on AI chip sales to China
In an unusual and somewhat unprecedented arrangement, chipmaking giants Nvidia and AMD will hand over 15% of revenue from AI chip sales to China to the US government, according to multiple media reports.
Driving the news: The deal, struck in a White House meeting between Nvidia CEO Jensen Huang and President Donald Trump, clears the way for Commerce Department licences to sell toned-down AI chips to Chinese customers.
The big deal: Nvidia can now export its 'H20' chips, built to meet US export control limits.
AMD also gets the green light to sell its MI308 chips.
The US government could collect more than $2 billion via this arrangement, the New York Times reported.
Why it's unusual: Direct revenue-sharing from corporate exports is rare in US trade policy. It comes alongside tariffs of up to 100% on semiconductor imports, with exemptions for companies making substantial domestic investments. The move also represents a quick U-turn by the Trump administration, which had banned the exports of these chips to China in April.
Market context: Nvidia, now the first firm to hit a $4 trillion market cap, still counts China as a key AI market despite Washington's continued curbs on high-end chips. The move shows how market access has become a bargaining chip (no puns intended) in the geopolitical fight over AI supply chains.
Updated On Aug 11, 2025, 07:21 PM IST
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Economic Times
7 minutes ago
- Economic Times
ETtech Explainer: What's the way forward for gaming industry after Lok Sabha clears Online Gaming Bill?
ETtech The Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill, 2025, seeking a blanket ban on real money gaming in India, minutes after it was introduced in the House. The government says this move addresses the risks of fraud, money laundering, and terror financing and encourages the growth of e-sports and skill-based online games in the country. However, industry stakeholders warn that the outright prohibition could backfire – pushing users to illegal offshore gambling and unregulated platforms. ETtech explains the details of the bill and what happens next. First, what are online money games? According to the bill, online money games are those played by the user by 'paying fees, depositing money, or other stakes, in expectation of winning in return for money or other stake, irrespective of whether such game is based on skill, chance, or both.' These include popular games such as Poker, RummyCircle, Junglee Rummy, WinZO Ludo, BigCash, Zupee, and Money Clicker, where players put in money with the expectation of cash rewards. In contrast, skill-based games such as chess, card games played without stakes, arcade games, puzzles, and even poker in a non-monetary context are seen as tests of ability and strategy rather than betting and continue to be encouraged under the bill. Meanwhile, it excludes e-sports and online social games in both casual entertainment and skill-based formats, which do not involve any monetary stakes. What does the bill say? According to the draft bill, which was cleared in the Lok Sabha today, there will be a complete ban on online money games falling under its definition. As a result: Anyone offering these services will face imprisonment of up to three years or a fine of up to Rs 1 crore, or both. Anyone advertising such services could face up to two years of jail and/or a fine of up to Rs 50 lakh. Banks and financial institutions facilitating transactions for such games will also face penalties, including up to three years in jail or a fine of Rs 1 crore. What happens to the companies? The representatives of the Rs 27,438 crore online money gaming sector fear the prospect of being shut down. Companies such as Dream11, MPL, Games24x7, Winzo, Zupee, and publicly listed Nazara Technologies, which has stakes in Classic Rummy and PokerBaazi, could be among those hit by the legal experts noted that there will be no immediate effect. 'There will be no immediate effect, as the bill has only just been passed in the Lok Sabha. It will next move to the Rajya Sabha for discussion and then to the President for assent, so it will take some time before it becomes an Act,' Apeksha Singh, a commercial lawyer at the Bombay High Court, told ET. Also Read: Gaming bodies write to Amit Shah; urge to block blanket ban, warn of Rs 20,000 crore tax loss What about the online money gaming ecosystem?The online gaming sector currently employs more than 200,000 professionals across over 400 startups and has drawn Rs 25,000 crore in foreign direct investment (FDI).Industry leaders warn that this bill will choke foreign investment and cost the exchequer an estimated Rs 20,000 crore in lost taxes. An allied ecosystem that spends nearly Rs 6,000 crore annually on advertising, technology, and infrastructure could also take a to the bill getting passed in Lok Sabha, the All India Gaming Federation (AIGF), the E-Gaming Federation (EGF), and the Federation of Indian Fantasy Sports (FIFS) wrote a joint letter to home minister Amit Shah, saying the draft bill, which seeks to prohibit all real money games, including those based on skill, would 'strike a death knell' for the entire industry. So, why is the government pushing for this bill? After the bill was passed in the Lok Sabha, IT minister Ashwini Vaishnaw said that online money gaming has become a bigger issue than drugs in the country, and many youngsters have died by suicide after losing their savings in such an interview with ET Now, Vaishnaw said that there are three segments to the bill — e-sports, online social gaming, and online money gaming. 'This bill aims to promote the first two segments, wherein an authority will be created. There will be more schemes, employment, and the creator economy grows,' he said, adding that the bill will protect from the harm that the third segment – online money gaming – causes. What are the stakeholders saying? 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Time of India
7 minutes ago
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ETtech Explainer: What's the way forward for gaming industry after Lok Sabha clears Online Gaming Bill?
Anyone offering these services will face imprisonment of up to three years or a fine of up to Rs 1 crore, or both. Anyone advertising such services could face up to two years of jail and/or a fine of up to Rs 50 lakh. Banks and financial institutions facilitating transactions for such games will also face penalties, including up to three years in jail or a fine of Rs 1 crore. The Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill , 2025, seeking a blanket ban on real money gaming in India, minutes after it was introduced in the government says this move addresses the risks of fraud , money laundering, and terror financing and encourages the growth of e-sports and skill-based online games in the country. However, industry stakeholders warn that the outright prohibition could backfire – pushing users to illegal offshore gambling and unregulated explains the details of the bill and what happens to the bill, online money games are those played by the user by 'paying fees, depositing money, or other stakes, in expectation of winning in return for money or other stake, irrespective of whether such game is based on skill, chance, or both.'These include popular games such as Poker, RummyCircle , Junglee Rummy, WinZO Ludo, BigCash, Zupee, and Money Clicker, where players put in money with the expectation of cash rewards. In contrast, skill-based games such as chess, card games played without stakes, arcade games, puzzles, and even poker in a non-monetary context are seen as tests of ability and strategy rather than betting and continue to be encouraged under the it excludes e-sports and online social games in both casual entertainment and skill-based formats, which do not involve any monetary to the draft bill, which was cleared in the Lok Sabha today, there will be a complete ban on online money games falling under its definition. As a result:The representatives of the Rs 27,438 crore online money gaming sector fear the prospect of being shut down . Companies such as Dream11, MPL, Games24x7, Winzo, Zupee, and publicly listed Nazara Technologies, which has stakes in Classic Rummy and PokerBaazi, could be among those hit by the legal experts noted that there will be no immediate effect.'There will be no immediate effect, as the bill has only just been passed in the Lok Sabha. It will next move to the Rajya Sabha for discussion and then to the President for assent, so it will take some time before it becomes an Act,' Apeksha Singh, a commercial lawyer at the Bombay High Court, told online gaming sector currently employs more than 200,000 professionals across over 400 startups and has drawn Rs 25,000 crore in foreign direct investment (FDI).Industry leaders warn that this bill will choke foreign investment and cost the exchequer an estimated Rs 20,000 crore in lost taxes. An allied ecosystem that spends nearly Rs 6,000 crore annually on advertising, technology, and infrastructure could also take a to the bill getting passed in Lok Sabha, the All India Gaming Federation (AIGF), the E-Gaming Federation (EGF), and the Federation of Indian Fantasy Sports (FIFS) wrote a joint letter to home minister Amit Shah, saying the draft bill, which seeks to prohibit all real money games, including those based on skill, would 'strike a death knell' for the entire the bill was passed in the Lok Sabha, IT minister Ashwini Vaishnaw said that online money gaming has become a bigger issue than drugs in the country, and many youngsters have died by suicide after losing their savings in such an interview with ET Now, Vaishnaw said that there are three segments to the bill — e-sports, online social gaming, and online money gaming.'This bill aims to promote the first two segments, wherein an authority will be created. There will be more schemes, employment, and the creator economy grows,' he said, adding that the bill will protect from the harm that the third segment – online money gaming – to the stakeholders, the outright prohibition could backfire, pushing users to illegal offshore gambling and unregulated platforms.'A restriction will push millions of Indian users toward offshore betting websites, matka operators, and unregulated platforms, exposing them to fraud, addiction risks, and zero consumer protection,' said Rameesh Kailasam, president and CEO of an industry group representing internet startups. 'The bill seems aimed at offshore gambling and betting apps but ends up targeting law-abiding, tax-paying Indian startups.''While the government is pursuing a comprehensive ban on online gaming, its enforcement poses significant challenges,' said Rishi Agrawal, chief executive and cofounder of Teamlease Regtech, a regulatory compliance management company. 'The internet's global accessibility makes it likely that new gaming platforms will emerge worldwide, targeting vulnerable Indian youth and heightening risks such as cyberbullying, identity theft, phishing, and other scams.'Further, industry representatives are urging the government to pursue 'smart regulation' that distinguishes games of skill from games of chance, ensures user safety and responsible gaming, enforces grievance redressal, and clarifies taxation policies.
Indian Express
7 minutes ago
- Indian Express
ISRO's spaceport at Kulasekarapattinam to be commissioned in 2026-2027, says Dr Jitendra Singh
The commissioning of India's second spaceport is targeted in the financial year 2026 – 2027, Dr Jitendra Singh, Minister of State in the Department of Space informed Lok Sabha Wednesday. The development of ISRO's second spaceport is currently underway in Kulasekarapattinam, Tamil Nadu. He was replying to the question on the status of the proposed spaceport posed by Kanimozhi Karunanidhi, Member of Parliament, DMK. At present, all space launches undertaken by the Indian Space Research Organisation (ISRO) are realised from the Satish Dhawan Space Centre, or SHAR, located at Sriharikota in Andhra Pradesh. In February 2024, Prime Minister Narendra Modi had laid the foundation stone of the spaceport which enjoys a geographical advantage along the coastal Tamil Nadu's Thoothukudi district. This spaceport, with a financial outlay of Rs. 985.96 crore, will be extensively and exclusively used for commercial, on-demand and small satellite launches in future. ' Post commissioning, the launches of the Small Satellite Launch Vehicle (SSLV) and equivalent vehicles from the non-government entities are planned to be carried out from Kulasekarapattinam,' the DoS minister stated. The SSLV missions are best suited for launching small-sized satellites, low on cost and the intended satellite insertion is done into the Low Earth Orbit. As they typically weigh anywhere between 10 to 500kg, the requirement of a short trajectory and the ability to accomplish the mission in limited fuel is essential. These requirements will be met once the new launch facility at Kulasekarapattinam will be operational as it will offer a direct south-bound and smaller launch trajectory. From the time since the commencement of the ground works at the site till July this year , a sum of Rs. 389.58 crore has been spent on the project development. The upcoming spaceport, Dr Singh said, will enhance the payload capability of satellite launch vehicles in the class of ISRO's Small Satellite Launch Vehicle (SSLV), while launching satellites to polar orbits.
