Live: FPI inflows into Indian equities slip 77% in August

Tata Consumer Products Ltd, one of the leading FMCG companies, has completed the merger of its three wholly-owned subsidiaries after receiving necessary approvals from the National Company Law Tribunal and other regulatory bodies. The three subsidiaries, namely, Tata Consumer Soulful Pvt Ltd, NourishCo Beverages Ltd, and Tata SmartFoodz Ltd are now part of the books of TCPL.
 

A widening rally in U.S. stocks is offering a positive sign for investors concerned about the market's heavy reliance on technology shares, as anticipation builds around key jobs data and the Federal Reserve's upcoming decisions on interest rates.

The gross GST collection in August 2024 increased 10 per cent year-on-year to Rs 1,74,962 crore, official data released on Sunday showed. This was substantially higher as compared with Rs 1,59,069 crore collected in August 2023.

The Central Consumer Protection Authority has imposed a penalty of Rs 5 lakh on Shankar IAS Academy for airing false ads about the 2022 Civil Services Examination. The regulator, led by Chief Commissioner Nidhi Khare, declared the fine on Sunday after finding the coaching institute guilty of issuing fake claims regarding success rate and courses availed by selected candidates.

The government is all set to revise its 2016 guidelines on the capital restructuring of Central Public Sector Enterprises to revise guidelines related to dividend payment, bonus issues, and share buybacks, among others. This would be yet another move to make sure that the investment in CPSEs is optimally deployed and the surplus funds are put to efficient use by these enterprises.

Retail prices in Turkey's largest city Istanbul rose 1.73% month-on-month in August for an annual increase of 61.57%, the Istanbul Chamber of Commerce (ITO) said on Sunday.  Wholesale prices in the city, home to around a fifth of Turkey's population of 85 million, increased by 0.98% month-on- month for an annual rise of 46.87%, ITO said.

About 1,070 hotel workers in U.S. cities of Boston and Greenwich began to strike after contract talks with hotel operators Marriott International MAR.O, Hilton Worldwide HLT.N and Hyatt Hotels H.N stalled, the Unite Here union said on Sunday.  The strikes in Boston and Greenwich will last three days and more are expected to walk off the job through the weekend, the union said.

Skewed performance is what seems to be in store, with varied major firms opening their sales sheets for August 2024. While Maruti Suzuki witnessed a decline, companies such as Toyota Kirloskar, MG Motor, and Kia declared significant rises. 

Maruti Suzuki India (MSI) has reported a 4 per cent year-on-year decline in total sales for August 2024, with the company dispatching 181,782 units compared to 189,082 units in the same month last year.

Toyota Kirloskar Motor on Sunday reported a 35 per cent growth year-on-year in total wholesales at 30,879 units in August.

The automaker had reported a dispatch of 22,910 units in both domestic and exports in the same month last year.

"As we approach the festive season, demand for our products remains buoyant, and we are already witnessing increased consumer interest and higher footfall across all our dealerships," Toyota Kirloskar Motor Vice-President, Sales-Service-Used Car Business, Sabari Manohar, said in a statement.  

SUVs and MPVs continue to significantly contribute to the company's sales numbers, reflecting a growing preference for these segment vehicles, he added.

Click here to read the full report.

Commerce and Industry Minister Piyush Goyal would chair a meeting of state industry ministers on September 5 to discuss ways to promote industrial growth of the country, an official said.

As industry is a state subject, they are key stakeholders in promoting the sector, the official said.

"Issues like ways to promote manufacturing, promotion of industries and state issues may come up for deliberations on September 5 here," the official added.

The Centre is already taking a number of measures in this direction and that includes reducing compliance burden, promoting ease of doing business and setting up of industrial townships.

Click here to read the full report.

Jet fuel, or ATF, price was on Sunday reduced by 4.6 per cent while the rate of commercial LPG used in hotels and restaurants was hiked by Rs 39 per 19-kg cylinder in the monthly revision done in line with international oil price trends.

Aviation turbine fuel (ATF) price was cut by Rs 4,495.5 per kilolitre, or 4.58 per cent, to Rs 93,480.22 per kl in the national capital, according to state-owned fuel retailers.

Click here for the full report.

The restaurant industry is expected to turn around on the back of India's overall strong fundamentals after facing temporary headwinds such as high food inflation and people dining out less that hurt the sector in the first quarter, according to Speciality Restaurants Ltd CMD Anjanmoy Chatterjee.

The company, which has a slew of brands such as Mainland China, Asia Kitchen by Mainland China, Episode One, Haka, and Sweet Bengal, among others and shut 29 outlets during the pandemic, is now focussing on profitable growth while expanding its footprint.

Click here to read more.

The combined market capitalisation of eight of the top-10 most valuable companies in India surged by Rs 1,53,019.32 crore last week, driven by a strong rally in the equities market. Bharti Airtel and IT majors Infosys and Tata Consultancy Services (TCS) emerged as major gainers and reflected an overall uptrend in the stock valuations.

In the past week, the BSE benchmark index jumped by 1,279.56 points or 1.57 per cent. The BSE Sensex marked its ninth successive gain on Friday as the gauge edged up by 231.16 points or 0.28 per cent to a record close of 82,365.77. It reached an intra-day record high of 82,637.03, by rising 502.42 points or 0.61 per cent.

Click here to read the full report.

Bajaj Housing Finance is set to float its much-awaited Rs 6,560-crore initial share-sale for public subscription on September 9.

The initial public offering (IPO) will conclude on September 11 and the bidding for anchor investors will open for a day on September 6, according to the red herring prospectus (RHP).

Click here to read more.

South Korea's exports rose for an 11th straight month in August, but the pace of growth was weaker than the previous month and market expectations as demand for computer chips slowed, while auto sales remained sluggish.  Overseas sales by Asia's fourth-largest economy rose 11.4% year-on-year to $57.90 billion, trade data showed on Sunday, slowing from a gain of 13.9% in the previous month, which was the fastest in six months.

Internet giant Google would explore collaborations with the Government of Tamil Nadu, on manufacturing of its Pixel 8 range of phones, skill development, building an industrial ecosystem enabling MSMEs to create scalable AI solutions.

Google, earlier in the day signed a memorandum of understanding with the visiting Chief Minister of Tamil Nadu M K Stalin at its Mountain View office in California in the presence of senior company officials including Google Cloud Vice-President and Head of Platform Amit Zavery, Minister for Industries TRB Rajaa among others.

Click here to read more.

India's bioeconomy has witnessed a remarkable surge, growing from $10 billion in 2014 to over $130 billion in 2024, with projections set to hit an impressive $300 billion by 2030. Dr Jitendra Singh, Union Minister of State for Science and Technology, lauded this extraordinary growth while formally releasing the groundbreaking BioE3 policy at the L Media Centre today.

Singh said, "India's bio economy skyrockets from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030".

He added, "BioE3 policy will prove to be a milestone not only for the bio economy but a game changer for Viksit Bharat @2047".

According to the Ministry of Science and Technology, during the ceremony, Dr Singh hailed India as a global biotech powerhouse, crediting Prime Minister Narendra Modi's visionary leadership for this transformative journey.

Singh said, "As India emerges as a Global Biotech Powerhouse, Prime Minister Narendra Modi will be hailed across the world as the champion of new Biotech Boom".

The BioE3 policy, recently approved by the Union Cabinet under the chairmanship of PM Modi, aims to foster high-performance biomanufacturing, aligning with national initiatives such as the 'Net Zero' carbon economy and Mission LiFE (Lifestyle for Environment).

Britain's Labour Party announced plans on Saturday to deliver the most "packed legislative agenda" for a new government in decades, including the introduction in the autumn of laws to improve employees' rights and greater protection for renters.

With parliament due to return from its summer recess on Monday, the Leader of the House of Commons Lucy Powell said in the next few months the government will introduce legislation intended to tilt the power from employers to workers and to allow tenants to challenge unreasonable rent increases.

Click here to read more.

British insurer Aviva said on Saturday its India unit is "actively engaging" with local authorities in connection with alleged tax evasion practices.

Reuters reported on Friday that an Indian tax agency has found that Aviva India breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments between 2017 and 2023.

Click here to read more

Four India-based organisations have been selected among 14 recipients across the Asia Pacific region for grants under the APAC Sustainability Seed Fund 2.0, supported by a USD 5-million grant from Google.org, the tech giant's philanthropic arm. The fund, managed by the Asian Venture Philanthropy Network (AVPN), aims to foster technology- and AI-driven solutions addressing critical environmental and social challenges. The Indian recipients include INREM Foundation, CEPT Research and Development Foundation (CRDF), Institute for Financial Management and Research (WELL Labs), and Gujarat Mahila Housing Sewa Trust (MHT), Google.org said in a statement.
 

Visa processing and consular services provider BLS International on Saturday said it has acquired a 51 per cent stake in sports management company SLW Media for a value of Rs 80.24 lakh. The company has entered into a definitive share purchase agreement to acquire a 51 per cent stake in SLW Media for a value of Rs 80.24 lakh, SLW Media said in a statement. The acquisition aligns perfectly with BLS International's extensive global presence, allowing for seamless integration of golf events with its visa and travel services across more than 66 countries, it said.
 

Ford will recall 90,736 vehicles as engine intake valves in the vehicles may break while driving, the National Highway Traffic Safety Administration (NHTSA) said on Saturday. The recall impacts certain 2021-2022 Bronco, F-150, Edge, Explorer, Lincoln Nautilus, and Lincoln Aviator vehicles equipped with either a 2.7L or 3.0L Nano EcoBoost engine, the NHTSA said. As part of the remedy, dealers will perform an engine cycle test and replace the engine as necessary, free of charge, the regulator said.

U.S. fund Artisan Partners Asset Management APAM.N ramped up pressure on Japan's Seven and i holdings 3382.T, calling on the board to provide an update on a takeover bid from Canada's Alimentation Couche-Tard (ACT) ATD.TO by Sept. 19.

In a letter dated Friday and sent to journalists, Artisan portfolio managers N. David Samra and Benjamin L. Herrick recommended that Seven & i, operator of the 7-Eleven convenience store chain in Japan, seriously consider ACT's offer, and to solicit offers for the company's Japanese subsidiaries "as quickly as possible."

Click here to read more.

Goldman Sachs is planning to cut a few hundred jobs as part of an annual review process aimed at low performers, a person familiar with the matter told Reuters on Friday.

The investment bank reinstated performance-related job cuts in 2022 after halting it for two years due to the COVID-19 pandemic.

Click here to read more.

Motilal Oswal has come out with a strong 'BUY' recommendation on Reliance Industries Limited as the brokerage house projects an upside of 13 per cent for the stock with an estimated target price of Rs 3,435. This bullish outlook comes after RIL's 47th AGM, in which the company's leadership announced an ambitious roadmap for the next five years-to double its EBITDA by fully capitalising on high-growth opportunities from its four core business segments: Telecom, Retail, Oil to Chemicals (O2C), and New Energy.

Click here to read the full report.

China's manufacturing activity in August shrank for a fourth straight month, an official factory survey showed on Saturday, raising expectations the government will direct more stimulus to households and less to infrastructure projects.  The official purchasing managers' index (PMI) fell to 49.1 in August from 49.4 in July, below the 50-mark separating growth from contraction and missing a median forecast of 49.5 in a Reuters poll.

Indian equity markets stretched the winning spree for a third week on a row on the back of strong buying by the FIIs and positive cues from the global markets. The Nifty 50 and Sensex both surged considerably. The Nifty rose 1.7 per cent while Sensex rose 1.6 per cent on a week-on-week (WoW) basis. The Nifty 50 index repeatedly scaled fresh record highs throughout the week to finally close beyond the psychologically key 25,000 mark.

Click here to read more.

Samsung is reportedly working on a fourth smartphone in the Galaxy S24 series, the Galaxy S24 FE (Fan Edition). The Fan Edition phones have traditionally been trimmed-down versions of the base model, mostly arriving a few months after the debut of the series they belong to. Since the Galaxy S24 series arrived in January, the company is likely planning a launch of the Galaxy S24 FE in the coming weeks. 

Click here to read more

New Boeing BA.N CEO Kelly Ortberg met this week with the head of the Federal Aviation Administration as the planemaker faces numerous regulatory issues and increased scrutiny, an agency official confirmed.

Ortberg told employees on Friday in an email he had met with the FAA this week and discussed the company's safety and quality plan. FAA administrator Mike Whitaker in January barred Boeing from boosting production of its best-selling 737 MAX after a door panel blew out during a Jan. 5 flight on a new Alaska Airlines ALK.N jetliner.

Click here to read more.

The US has requested trade dispute settlement consultations with Canada over its new digital services tax, the Biden-Harris administration said on Friday, adding that the "discriminatory" tax appears inconsistent with Canada's North American trade deal obligations.

The US Trade Representative's office said in a statement that it will work with Canada to resolve US concerns over the new tax enacted in June, through the consultations. But if an agreement cannot be reached after 75 days, it may request a dispute settlement panel under the US-Mexico-Canada Agreement on trade (USMCA).

Click here for more details.

NASA said on Friday it will replace two crew members for an upcoming SpaceX flight to accommodate the two astronauts aboard the International Space Station who had arrived on Boeing's BA.N faulty Starliner capsule.

NASA astronauts Butch Wilmore and Sunita Williams, both former military test pilots who launched aboard the Starliner spacecraft in June, will replace Zena Cardman and Stephanie Wilson on the SpaceX mission.

Click here to read more.

The California Department of Motor Vehicles on Friday issued draft regulations on the operation of autonomous vehicles on highways, paving the way for self-driving trucks to commence long-haul deliveries. The state agency is planning a framework that would initially require safety drivers for both light- and heavy-duty operations. The DMV is accepting written feedback on the language of the draft until October 14.
 

China's manufacturing activity sank to a six-month low in August as factory gate prices tumbled and owners struggled for orders, an official survey showed on Saturday, pressuring policymakers to press on with plans to direct more stimulus to households.

The National Labor Relations Board has rejected Amazon's challenge to the first successful union drive in its history, upholding a 2022 union victory in an election at a New York City warehouse.

The board in a 2-1 decision released late Thursday said Amazon had not raised any issues warranting review of a regional director's ruling last year that certified the Amazon Labor Union as the representative of roughly 8,300 workers at the Staten Island warehouse known as JFK8.

Click here to read more.

The SpaceX Falcon 9 vehicle may return to flight operations while the overall investigation of the anomaly during a recent Starlink mission remains open, the US Federal Aviation Administration said on Friday.

Wall Street ended on a high note Friday as the Dow Jones Industrial Average marked its second consecutive all-time high on the back of positive economic data that enhanced expectations for a modest interest rate cut by the Federal Reserve in September.

Key US economic indicators released on Friday showed that consumer spending was solid in July, reinforcing the strength of the economy while keeping inflation in check, further stoking speculation that the Federal Reserve may opt for a 25-basis-point interest rate cut next month.

Click here to read full report.

Rebel Foods -- which owns Faasos, Behrouz Biryani, Oven Story, and other cloud kitchens -- has reported a narrowing of its consolidated loss to Rs 378.21 crore in FY24, according to financial data accessed by the business intelligence platform Tofler. Its revenue from operations rose 18.8 per cent to Rs 1,420.24 crore for the financial year ended March 31, 2024. In FY23, the company's net loss was Rs 656.55 crore, while its revenue stood at Rs 1,195.22 crore. Rebel Foods's other income in FY 24 was Rs 65.29 crore, up 2.81 per cent. Its total income was Rs 1,485.53 crore, up 18 per cent in 2023-24. The company's total expenses were Rs 1,857.03 crore in FY24 against Rs 1,827.04 crore for the financial year ended March 31, 2023.
 

Bank credit to industry strengthened significantly at 10.2 per cent in July 2024 compared with 4.6 per cent in the year-ago month, the Reserve Bank said on Friday. Credit to agriculture and allied activities remained robust, registering a growth of 18.1 per cent (y-o-y) in July 2024, compared with 16.7 per cent a year ago, according to the RBI's data on sectoral deployment of bank credit for July.
 

Google Pay on Friday introduced UPI Circle, a feature allowing users to add family members and friends as secondary users, to make digital payments without linking their bank account. During the three-day Global Fintech Fest (GFF) 2024 held in Mumbai, Google Pay made a slew of announcements about its new features, including UPI Circle.
 

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Amardeep Singh Bhatia on Friday said sectors like engineering, food and pharma are proposed to set up their manufacturing units at Dighi Port Industrial Area (DPIA). This area is one of the 12 industrial cities approved by the Union Cabinet this week.
 

The all-India House Price Index (HPI) moderated to 3.3 per cent in the June quarter of 2024-25 from 5.1 per cent in the year-ago period, according to data released by the Reserve Bank of India on Friday.

The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai.
 

The commerce ministry's arm DGTR has recommended imposition of anti-dumping duty on Chinese aluminium foil with an aim to guard domestic industry from cheap imports.

The foil is used as a packaging material for conservation and preservation of edible and food products.

India's gross domestic product slowed to a quarter low of 6.7 per cent in April-June this fiscal against 8.2 per cent in the year-ago period, mainly due to poor showing by the farm sector, according to government data. India remains the fastest-growing major economy, as China's GDP growth in the April-June quarter was 4.7 per cent.  

The growth in production of eight key infrastructure sectors slowed down to 6.1 per cent in July this year due to a decline in the output of crude oil and natural gas, according to official data released on Friday. The growth rate, however, is up from 5.1 per cent in June.
 

Capital market regulator Sebi has granted its approval to Hinduja Group firm IndusInd International Holdings for the acquisition of Invesco AMC's portfolio management services business.

According to sources, Sebi's approval marks the completion of a crucial phase in IndusInd International Holdings Limited's (IIHL) 60 per cent acquisition of Invesco AMC, leaving only one final regulatory approval before the transaction can be completed. 
 

Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday said it has entered into an agreement to acquire 80 per cent stake in Astro Offshore for USD 185 million in an all-cash deal.

The company in a statement said the existing promoters of Astro will hold the remaining 20 per cent stake.

The growth in production of eight key infrastructure sectors slowed down to 6.1 per cent in July this year due to a decline in the output of crude oil and natural gas, according to official data released on Friday.

The growth rate, however, is up from 5.1 per cent in June.

Shriram Properties Ltd, the real estate division of the diversified conglomerate Shriram Group, would focus predominantly on medium housing segments as it aims to double sales volume, triple revenues over the next three years, a top official said on Friday.

The company has rolled out a new brand identity SPLNxT (referring to Shriram Properties Ltd Next) which aims to transform the perception of Shriram Properties Ltd, elevating brand image, Executive Director and Group CEO Gopalakrishnan said here.
 

With new winners every day, the domestic bourses hit another record high driven by strong buying in pharma, healthcare, and realty stocks. The Bombay Stock Exchange’s 30-share Sensitive Index hit a fresh record high of 82,637.03, surging nearly 1 per cent in today’s trading session. 

On the other hand, the National Stock Exchange’s broader Nifty 50 index also hit a record high of 25,268.35 and ended 84.03 points or 0.33 per cent higher at 25,235.95 while Sensex settled at 82,365.77, up by 231.16 points or 0.28 per cent. 

Markets watchdog Sebi has amended norms in a bid to regulate unregistered financial influencers or finfluencers amid growing concerns about potential risk associated with such unregistered persons.

In three separate notifications, the regulator has restricted associations between its regulated entities and unregistered individuals. This came after the board of Sebi approved a proposal in this regard last month.
 

On Friday, sugar stocks became one of the key drivers of the stock market surge after the government removed the cap on sugar diversion for ethanol production for Ethanol Supply Year 2024-25 (ESY2024-25). 

Read the full news here. 

Aviation watchdog DGCA on Thursday issued a show cause notice to Akasa Air for "several regulatory breaches identified during a recent review".
 

Maserati has launched the GranTurismo in India at Rs 2.72 crore (ex-showroom). The Italian auto manufacturer has already launched the Modena, Trofeo, and Folgore in the international markets and will be launching its first electric model will be coming next year in India. The coupe-sedan features a sporty exterior and has a low-slung long bonnet design. The second-generation GranTurismo is powered by a 3.0-litre V6 petrol engine and will be competing against the Ferrari Roma. 

Click here to read more.

Mahindra Group and Israel's Sentrycs Ltd on Friday said they have signed a non-binding Memorandum of Understanding (MoU) to explore opportunities for developing and providing 'differentiated anti-drone solutions' in India. The solutions will cover civilian and military applications, the two companies said in a joint statement. The MoU relates to the 'anti-drone systems' technology space and will focus on the Transfer of Technology (TOT) and manufacturing of radio frequency-based counter-drone solutions under the government of India's 'Make in India' initiative, it added. The 'differentiated anti-drone solution' is an autonomous and integrated system with a command and control (C2) module, and enables detection, tracking, identification, and mitigation of incoming drones.
 

Shares of SpiceJet on Friday morning tumbled over 6 per cent after aviation watchdog DGCA decided to place the crisis-hit firm under enhanced surveillance. The stock tanked 6.38 per cent to Rs 62 on the BSE after a weak beginning.

The finance ministry on Thursday said there are no restrictions for persons of the LGBTQ community to open a joint bank account and to nominate a person in a queer relationship as a nominee.

Air India has welcomed the Union Cabinet’s approval for the foreign direct investment by Singapore Airlines in Air India. “This is an important milestone that facilitates the merger process between Vistara and Air India, and the broader transformation of the Air India Group,” said an Air India Spokesperson

Singapore Airlines (SIA) said on Friday it has received approval from the Indian government for foreign direct investment, as part of a merger in which Vistara, its 49 per cent-owned joint venture with Tata, will be absorbed into Air India.

Alphabet's Google said on Thursday it will open its second data center in Latin America in the Uruguayan city of Canelones and invest more than $850 million in it. Google opened its first data center in Latin America in Quilicura, which is near Santiago, the capital city of Chile, in 2015. It invested an initial amount of $150 million in the data center and spent an additional $140 million in 2018 for expansion. "We hope our new data center in Canelones will be a significant contribution to the professional and technological development of Uruguay and the entire region," Google said in a blog post.

Quick commerce unicorn Zepto has raised $340 million (over Rs 2,850 crore) in a follow-on financing round led by General Catalyst, putting the Mumbai-based firm's valuation at $5 billion.

Sensex jumped 502.42 points to hit fresh all-time high of 82,637.03 in early trade; Nifty surged 105.7 points to new record peak of 25,257.65. 

X faces shutdown threat: Social media giant X is bracing for a potential shutdown in Brazil as its legal dispute with Supreme Court Judge Alexandre de Moraes escalates. X has indicated that the Brazilian Supreme Court might order a shutdown of the platform late Thursday, following a missed court-imposed deadline.

Earlier on Thursday, the Supreme Court froze the local bank accounts of Starlink, the satellite internet company in which Elon Musk holds a 40% stake. This move, part of a broader conflict involving X, has pushed the platform to the edge of being banned in one of its key markets.

Brazil's Supreme Court blocked the bank accounts of tycoon Elon Musk's Starlink internet firm on Thursday, while an underlying feud leaves his social media platform X on the brink of being shuttered in the country as a deadline looms.

Starlink is the satellite internet service of rocket technology company SpaceX, all part of Musk's sprawling business empire which also includes electric car giant Tesla. The billionaire is the owner of X and CEO of Tesla.

The internet company confirmed it received an order from the judge that prevents the company from conducting financial transactions in Brazil and said in a post on X that it would respond to the order.

Signed by Supreme Court Judge Alexandre de Moraes, the court's decision to sanction Starlink is a response to the lack of legal representatives in Brazil for X, a Supreme Court source told Reuters.

Chipmaker Marvell Technology MRVL.O surpassed expectations for quarterly revenue and forecast third-quarter results above Wall Street estimates on Thursday, on the back of strong demand for its electro-optics products and an increase in custom AI programs.

The company's shares were up about 6% in after-hours trading.

Increased investments by big tech companies in generative AI applications are driving cloud customers to develop new data centers. This trend is fueling the demand for cloud-optimized silicon solutions, such as those offered by Marvell.

AI startup OpenAI said on Thursday its chatbot ChatGPT now has more than 200 million weekly active users, double the number it had in the last fall season.

ChatGPT, launched in 2022, can generate human-like responses based on user prompts and had 100 million weekly active users, OpenAI CEO Sam Altman had said in November.

OpenAI said 92% of Fortune 500 companies are using its products and the use of its automated Application Programming Interface, or API, which allows software programs to talk to each other, has doubled since the launch of ChatGPT-4o mini in July.