Cycling Financial News

Gresham Fernandes, chef-partner, Bandra Born, Mumbai T he 43-year-old Fernandes has always had avant-garde ideas—be it the Smoke House Room in Delhi, which was inspired by the organic, fluid network of fungal threads or mycelium, or the recently shuttered Salt Water Cafe, Mumbai, where European dishes met local produce. And now at Bandra Born, Fernandes celebrates the neighbourhood in which he spent his childhood, and where he learnt to celebrate fine music alongside great food. “My grandmother had five kids, and several of my uncles worked on ships as pursers.

‘Innovation will be key differentiator in SaaS’ In a secondary transaction, existing shareholders sell shares to other existing investors or new ones, and no new capital is injected into the company itself. Secondary transactions generally take place at a discount to the primary shares. In 2022, a $72 million Series D funding round led by Technology Crossover Ventures (TCV), made Darwinbox a unicorn – a private company valued at more than a billion dollars.

artificial intelligence to enhance its processes across the project life cycle, company's chairman and managing director S N Subrahmanyan said on Thursday. To fuel this innovation, the company has launched a collaborative platform connecting aspiring data scientists with domain experts and technology champions to develop cutting-edge, future-proof solutions, Subrahmanyan said during 79th Annual General Meeting. «Generative artificial intelligence (GenAI) has emerged as a game-changer, and the company is leveraging its power to enhance its processes across the project life cycle — from tendering to contract management to design, execution, and operation & amp;maintenance,» he said.

₹1.5-lakh exemption under Section 80C of the Income Tax Act and, two, funds in the fixed deposit have to stay locked in for five years. There is now a demand to further liberalize this category of deposits. The other reason for slow deposit growth has been the banking sector’s near-stagnant physical presence.

Team Great Britain will be fielding some of their best sportsmen this time around to ensure they are at the top rungs in the overall medal count. Paris Olympics 2024 will be a huge challenge for Team GB as their performance is matched by the likes of USA, France, China, Japan and others, who will be looking to leave a mark in these prestigious Games.

dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The British pound rose to a one-month high of $1.28545 in early Asia trade, extending a 0.48% gain from the previous session after comments from BoE policymakers caused markets to scale back bets for an easing cycle to begin next month.

Rahul Malani, Equity Research Analyst, Sharekhan, says PSU banks are reporting strong loan growth versus their private peers right now. In terms of PNB has reported a sequential pickup in the loan growth versus the numbers also. So, Sharekhan continues to believe that the journey for PSBs will continue to ride on strong loan growth as well as a benign credit cycle for FY25. Weak numbers reported as opposed to what the market, I guess, was anticipating or do you think it was well in the price or not quite? Rahul Malani: In the last one month. HDFC Bank has already outperformed. A modest expectation was built in HDFC Bank around 1% to 2% deposit growth because Q1 is a weak quarter especially if we look at the flows perspective, as well as the system growth and deposit growth has also been muted. So, already expectation was that the deposits would grow around 1% to 2% but the numbers which overall deposits were flat mainly due to CASA de-grew by around 5%, which was below expectation.

Higher commodity prices and the rise of electric vehicles made the mining sector the star of the show for Bay Street’s dealmakers in the first half of the year, with investors particularly hungry for stock and debt in companies supplying copper.

Deloitte survey shows. “Automotive OEMs are projecting the highest salary increments across all sectors in 2024, which is 100-140 basis points (or, 1-1.4 percentage points) above India average of 9.0%-9.5%,” said Neelesh Gupta, partner at Deloitte India. Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.

Narendra Modi would likely focus on undertaking reforms to take care of unfinished agenda from his previous term. «The Union Budget 2024-25 is significant being the first from new regime. The focus will be on taking the unfinished agenda and fast tracking some of the pending reforms,» Jiten Doshi, Co-founder & CIO, Enam AMC told ETNow. «One can expect special focus to boost the income opportunities at the bottom of the pyramid, rationalization of taxes, driving capex cycle (public and private) while maintaining the balance on twin deficits,» he added.

July 2024 will present hardships for many, but some will have greater health and prosperity. Based on their birth year within a 12-year cycle, each person has a Chinese zodiac. Like dogs and dragons, every animal has its advantages and disadvantages, as reported by Express.

Fresh home sales data has finally answered the question for real estate watchers: The Bank of Canada’s initial interest rate cut in June did not open the floodgates to buyers, many of whom remain sidelined through an unseasonably slow spring housing market.

earnings growth of small-cap companies will improve, Kotak Mutual Fund has resumed subscription in its small cap fund from today. The fund will accept fresh subscriptions through lumpsum investment, systematic investment plan (SIP), systematic transfer plan (STP), frequency or such other special products in the units of Kotak Small Cap Fund. The fund house informed about this to its unitholders through a notice cum addendum.

Fitch Ratings on Friday revised its outlook on domestic steel major Tata Steel to negative on account of uncertainty surrounding the turnaround of the company's operations in the UK. However, the expected robust growth in Tata Steel's India operations and likely earnings before interest, taxes, depreciation, and amortization (EBITDA) profits at Dutch operations in FY25, may offset any losses at UK operations, Fitch Ratings said in a report. «Fitch Ratings has revised the Outlook on India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at 'BBB-'. »We have also affirmed the rating on the USD 1 billion notes due July 2024 issued by TSL's subsidiary ABJA Investment Co. Pte. Ltd. and guaranteed by TSL, at 'BBB-'," the statement said, adding that the negative outlook reflects uncertainty surrounding turnaround of the UK operations.

With national home prices treading water,real estate inventory growing and housing affordability still atrocious, last month’s quarter-point rate cut from the Bank of Canada, while helpful, was the economic equivalent of bringing a butter knife to a gunfight.

The DSP TIGER Fund was a standout performer in 2007, drawing huge inflows. Infrastructure saw a massive rally from 2003 to 2007, and the DSP TIGER Fund, launched in June 2004, capitalized on this trend.

Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. The official said the two sides are in touch, and the next round would start this month only. Britain's newly-elected Prime Minister Keir Starmer spoke to Prime Minister Narendra Modi on Saturday and said he stood ready to conclude an FTA that worked for both sides.

Also read |IT hiring will return, but with a difference Tata Consultancy Services Ltd, India’s largest software exporter, in May said it had doubled its pipeline of generative artificial intelligence projects to $900 million in the March quarter. Infosys Ltd, India’s second-largest IT services company, has said it is working on 225 GenAI projects.

private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified. ChrysCapital Advisors, India's largest PE fund, owns about 80% in GeBBS, which it acquired in 2018 for $140 million, at a valuation of $175 million. The founders of GeBBS will also part-sell stakes in this round, said the people. Healthcare Admin Services

By Murtaza Haider and Stephen Moranis

Speaking at the ECB's annual retreat in Sintra, Portugal, Lagarde opened the three-day event with a speech titled ‘Monetary policy in an unusual cycle: the risks, the path and the costs'. She said members of the congregation agreed that the economy was «undergoing substantial change» but held «diverging views» about where it was headed to. ECB cuts interest rates for the first time since 2019 According to her «this lack of clarity presents a profound challenge for policymakers, as we must try at once to understand these transformations and to steer the economy through them». The...