COST Financial News

Indian Crypto exchange CoinDCX, backed by Coinbase Ventures, fired 12% of its workforce on Tuesday, citing ongoing macroeconomic conditions and the TDS on crypto transactions.

IPO Subscription Status: Pyramid Technoplast IPO was subscribed 18.16 times on day 3, so far. Pyramid Technoplast IPO opened Friday, August 18 and will close today (Tuesday, August 22). Pyramid Technoplast IPO received overwhelming response from non-institutional investors (NIIS) and retail investors on day 3.

Ashi Anand, CIO, IME-branded strategies, Valcreate Investment, says the ability of the new age platform companies to continue to compound revenues at over 25% from a longer-term perspective is very clearly there. The misunderstanding in terms of the listed market space is with relation to the longer-term profitability of these companies. What people do not necessarily understand is the sheer quantum of the current expenses are short-term in nature as these expenses are primarily linked to the current hyper growth phases that these companies are on.”Let’s start with your market construct. What is your view and where do you think we are headed in the near term?We have had a fairly strong move in the market over the last few months.

Alumina Limited chief executive Mike Ferraro has welcomed further regulatory oversight of his bauxite mines in Western Australia but says the company can’t tolerate the administrative delays that helped drive his company to its worst financial result in nine years.

crypto exchange CoinDCX on Tuesday said it is laying off about 12% of its workforce, as the crypto market continues to navigate the tough macro conditions and impact of TDS on domestic exchanges. CoinDCX founders Sumit Gupta and Neeraj Khandelwal said in a blog post that to help the impacted employees, «we have put together a support package consisting of severance pay equivalent to the full notice period, additional one month of salary, variable pay and incentives dues, encashment of unutilised leaves, extension of health insurance & wellness benefits and access to counseling support». «We had to make a tough choice that involved bidding farewell to some of our brilliant and dedicated team members at CoinDCX. We are deeply sorry for this, and we bear its weight, both in responsibility and in emotion,» they added. The company said that prolonged bear market and impact of TDS on domestic exchanges had a significant impact on its volumes and, thus, revenues. «To adapt, we undertook several proactive measures, including direct cost optimisation and investment in automation to drive efficiency and productivity.

Also Read: PSU Banks Q1 results update: PNB, SBI lead as lenders on a strong footing, double the bottomline Credit growth momentum is expected to continue to remain healthy primarily led by retail and SME segments. “We believe banks will continue to focus on deposit mobilization, keeping competitive intensity high. Deposit mobilization remains a key lever to support banks’ superior credit growth.

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BHP boss Mike Henry says Australia will need to be “hyper productive” to compete in future facing metals like copper and nickel, as he invests more in domestic processing and smelting at the heart of BHP’s plan to unlock value from its $9.6 billion consolidation of South Australia’s copper fields.

Childcare giant G8 Education had to turn away parents from its centres because it was unable to find enough staff to care for their children, stifling earnings growth.

Virgin Australia boss Jayne Hrdlicka has called on the government to reconsider its decision to block Qatar Airways from adding flights to east coast cities, saying it would have an immediate impact on reducing fares and boosting tourism.

«So as far as Karnataka Bank is concerned there was a conscious call made in a couple of quarters before that some of this high cost deposits as well as some not so good yielding loans were retired and this was a very conscious call whereby we actually calibrated this a little bit,» says Srikrishnan H, Karnataka Bank.Your loan growth this quarter has been relatively slower than the overall banking sector credit growth which you have observed. Talk to us about what has been the reason behind this slower growth and is it a conscious calibration which you are undertaking and it is likely to reverse going forward?So as far as Karnataka Bank is concerned there was a conscious call made in a couple of quarters before that some of this high cost deposits as well as some not so good yielding loans were retired and this was a very conscious call whereby we actually calibrated this a little bit. But the following two quarters which is the last quarter Q1 FY24 and the next quarter which is currently underway in both on an annualised basis we have hit a target growth of 10% and that is something which has been the guidance given to the stakeholders. Also so it is not as if we are really under but we will pick up soon because there are two three engines that are going to be firing because one is the branch engine, the second is a sales engine that we are wrapping around all of our branches with DSAs and sales staff and that would be particularly aimed at gold loan, agri as well as personal loans. And the third one is a digital part so we have digitised at least about 30 to 40 customer journeys and that in fact the flagship product, the hero product there, is our consumer loan journey, where it is near 100% digital.

New Delhi: The government will launch the Bharat New Car Assessment Programme (B-NCAP) in October to assess the safety of new vehicles. The programme will assign star ratings based on a vehicle's performance in crash tests similar to global NCAP and European NCAP, ultimately improving road safety in the country. Minister for Road Transport and Highways (MoRTH) Nitin Gadkari, while announcing the launch of B-NCAP on Tuesday, emphasized the importance of safer vehicles in India, where there are 5 lakh accidents and 1.5 lakh deaths annually.

The government will roll out the Bharat New Car Assessment Programme (NCAP) on October 1. Under the programme, which is on the lines of the Global NCAP and European NCAP, new vehicles will be checked for safety and assigned star ratings based on their performance in crash tests.

footwear sector is seen striding 11% ahead this fiscal on higher realisations, while volume is seen up 4%, said CRISIL Ratings on Tuesday. Operating margin is expected to expand by about 125 basis points to 9% on softer raw material prices, but will still be below the pre-pandemic levels of 10%. Prices of key inputs such as ethylene vinyl acetate, rubber and resins have fallen 30% in the past fiscal.

Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group. "… Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing.Jio Financial Services listed on the stock exchanges on August 21.

Airport on Monday announced on Saturday that all the scheduled international flights from the airport will leave from Terminal 2 from August 31 onwards. In a post on social media platform X, Bengaluru Airport noted, “We are happy to announce that commencing 10:45 am on August 31, 2023, all scheduled International flights will arrive and depart from Terminal 2." Bengaluru Airport noted in the tweet noted that passengers can download the BLR Pulse app for information related flights and estimated queues and wait times.