CEO Financial News

The U.S. division of Kingswood, a global network of independent wealth management firms managing more than $13 billion in client assets, has hired two industry veterans for leadership roles.

India, you should ask — beaches and mountains or temples? Independent surveys have pegged the tourist footfall in Varanasi at an eight-fold increase as compared to Goa in 2022. A survey by ICICI Direct suggested that while Varanasi received 7.2 crore tourists in 2022, Goa was far behind with 85 lakh. In his Sunday's 'Mann Ki Baat', PM Modi said the tourist footfall in Varanasi has crossed 10 crore a year. Modi said that while Varanasi leads in footfall, other temple towns such as Ayodhya, Mathura and Ujjain are not far behind.

Manchester United has announced a 10-year extension to its partnership with Adidas that the English club says will be worth more than $1 billion

New Delhi: EV charging solutions provider Tata Power on Monday introduced the EZ Charge card, an advanced radio-frequency identification card (RFID) for electric vehicle owners. “The EZ Charge card has an embedded chip that facilitates a secure and seamless initiation of charging sessions, while ensuring quick and efficient payment processing.

New Delhi: Rays Power Infra, a solar power company, on Monday said it has signed an engineering, procurement, and construction (EPC) term sheet for a 283-MW solar project with Serentica Renewables, an end-to-end energy solutions company focusing on industrial decarbonisation. Based on the agreement between the two companies, Rays Power Infra shall be responsible for the engineering, procurement, and construction of a 283MWdc solar PV project using single-axis trackers and bifacial modules, it added. “We are pleased to inform you that Rays has signed a 283 MWp Solar EPC project with Serentica Renewables.

UPL Ltd on Monday reported a net profit of ₹166 crore in the quarter ended June 2023, registering a sharp fall of 81% from ₹877 crore in the year-ago quarter. The company’s revenue from operations in Q1FY24 plunged 32% to ₹8,963 crore from ₹10,821 crore, YoY. Earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter under review decreased 16.7% to ₹1,952 crore from ₹2,343 crore, while EBITDA margin contracted by 380 basis points (bps) to 17.8% from 21.6%, YoY.

cryptocurrency markets were trading mixed in Monday's trade. Bitcoin and BNB were trading with gains, while Ethereum, Tron, Dogecoin, and Polkadot were trading with cuts. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.04% in the last 24 hours. «After an eventful weekend, Bitcoin’s value slightly rose to the $29461 level. Bitcoin continues to trade in a range between $29000 and $29500 as it has over the last week,» Edul Patel, Co-founder and CEO at Mudrex, said. «The market seems to have digested the news about Curve Finance being the victim of an exploit. Curve’s CRV token price fell by over 15.87% over the last 24 hours. Ethereum successfully breached the threshold level of $1850 and is now trading at around $1871,» Edul added.

Adani Green Energy Ltd on Monday reported a 51% year-on-year (YoY) rise in its consolidated net profit at ₹323 crore for the quarter ended June 2023. The company had posted a net profit of ₹214 crore in the same quarter last year. The Adani Group renewable energy company’s consolidated revenue from operations in Q1FY24 increased 33% to ₹2,176 crore from ₹1,635 crore, YoY.

Adani Green's consolidated net profit rose 51% year-on-year (YoY) to Rs 323 crore for the quarter ended June 2023. It was Rs 214 crore in the last year quarter. Revenue from operations jumped 33% to Rs 2,176 crore for the April-June period, compared with Rs 1,635 crore in the corresponding period of last year.

On Monday, Bitcoin price is on the rise, up by nearly 0.50% to reach $29,447.

Rahul Goel is the former CEO of Equitymaster. You can tweet him @rahulgoel477. You should always consult your personal investment advisor/wealth manager before making any decisions.

Elon Musk is currently facing scrutiny from San Francisco city officials as they have initiated a complaint and launched an investigation regarding a colossal "X" sign recently installed atop the downtown building, previously recognized as the Twitter headquarters. The sign is part of Musk's ongoing efforts to rebrand the social media platform. According to city authorities, any alterations to letters or symbols on buildings, including the erection of signs on top of them, must be accompanied by a permit to ensure compliance with design and safety regulations, reported AP.

V Vaidyanathan, MD & CEO, IDFC First Bank, says: “We feel that our operating profit will continue to outpace our loan book growth. Our loan book guidance is 22-24%. But our profit will outpace it because the operating leverage is kicking in.

Realme's former CEO, Madhav Sheth, might lead Honor's operations in India. As per an IANS report, several employees from Realme have reportedly joined HonorTech. Though the exact launch date remains unknown, popular YouTube personality Gaurav Chaudhary, known as Technical Guruji, hints at the Honor 90's unveiling in September for Indian customers.

By Brenna Hughes Neghaiwi and Tom Sims

Ola Electric's S1 Air will be available for Rs 1.1 lakh for all from tonight. Initially, the S1 Air was available for Rs 1,09,999 for the Ola community and reservers who booked the S1 Air before July 28. For all other customers, the new electric scooter was to be made available on July 31 at a revised price of Rs 1,19,999.

A jump in east coast gas prices helped offset the impact of declining LNG prices for takeover target Origin Energy, but domestic gas customers still on average paid less than half the rates struck in export markets.

By Florence Tan

UK fund management giant Schroders was an early adopter of artificial intelligence, having been one of the first to invest in OpenAI — the Microsoft-backed group behind ChatGPT’s launch last year.

By Nicholas P. Brown

By Nicholas P. Brown