Digital Financial News

travel and tourism sector is all set to add 5.82 crore jobs across the country by 2033, a top executive of global technology and digital talent solutions provider NLB Services said on Monday. «The growing synergy of the sector has led to steadfast employment generation across the country both in tier I and II locations. In the pandemic year 2020, the tourism sector accounted for 39 million jobs, constituting 8 per cent of the nation's total workforce. Post the pandemic recovery tenure, this was one of the sectors that saw the quickest recovery,» NLB Services CEO Sachin Alug said in a statement. Incidentally, talent demand in tourism recorded a 44 per cent spike in August 2023, and 1.6 million additional jobs were expected to be added in the calendar year 2023, he said.

Investors have recently faced heavy losses in the Cryptocurrency market. The reason for the same being the stagnation in the prices of both Bitcoin and Ethereum which are the market’s leading Cryptocurrencies. 

Investcorp, a global alternative investment firm, has acquired NSEIT, the digital technology business of the National Stock Exchange (NSE) for Rs1000 crore, stated a press release. The transaction excludes the digital examinations business that is also housed inside NSEIT. NSEIT, a leading provider of digital transformation and cybersecurity services focused on global customers in capital markets, insurance, and banking, has a strong presence in India, North America and Middle East. The company’s offerings include digital engineering, data and analytics, artificial intelligence, cloud services, and cybersecurity services.

Mytek Innovations has launched a first-of-its-kind digital platform that uses open artificial intelligence (AI) tools to help contractors deliver infrastructure projects on time. This AI-enabled platform can analyze the input cost required to complete a project and auto-generate a detailed, milestone-wise plan to complete the project on time and reduce completion cost by 10-12%. Contractors and subcontractors can use this platform to plan rapidly and begin work without delays. Additionally, once registered on Mytek’s contactor app, contractors can apply for funding to execute the project. “Today, delays and budget overruns are commonplace in infrastructure projects. Mytek’s platform will be a powerful tool for contractors and subcontractors all around the country that helps contractors save costs and deliver projects on time. We are using the latest technologies to not only revolutionize project planning but also democratize it,” said Shivkumar Borade, founder and chief managing director of Mytek Innovations.

Pakistan’s plans for a central bank digital currency (CBDC) gained fresh momentum on Sunday, with finance minister Muhammad Aurangzeb raising the debate again.

Mumbai, India April 29, 2024: NPST, a leading provider of digital banking and payment technology solutions listed on the NSE SME exchange, announced strong fourth quarter and full-year results for FY 2024. Buoyed by a winning combination of favourable growth in digital payments, as well as its innovative technology solutions and expanding customer base, NPST reported significant increases in both revenue and net profit. The consolidated FY 2024 annual revenue surged by 216% to ₹130.08 crore, up from ₹41.13 crore in FY 2023.

The consolidated revenue from operations was reported at Rs 28,499 crore, up 5.3% from Rs 27,059 crore in Q4FY23.

FMCG companies — Hindustan Unilever (HUL), Tata Consumer Products (TCPL) and Nestle India — declared March quarter results. Here are key takeaways: Margins & Volumes While volume growth was tepid to modest for the three companies, gross margins have expanded. Margin expansion has been achieved through better operational efficiency or productivity gains. Taking price rises, lowering ad spends and rationalising costs are the various levers used.

Maruti Suzuki India: The company reported a standalone net profit of ₹3,878 crore for the quarter ending March FY24. This represents a 47.8 percent increase from the same period last year, largely due to robust operational figures and increased other income. However, the overall results fell short of market predictions.

Though I typically focus on investment topics, I’m shifting gears to discuss a different aspect of finance: digital financial security. There have been numerous instances, where senior citizens have been primarily targeted in digital thefts. Are we going through a spate of financial frauds, wherein someone calls you with a story, and if you are gullible, you end up giving money digitally? Apparently, there have been crores of attempted frauds in the past few months.

Rohit Jawa is clear about the job at hand, which is to nudge India's largest consumer goods company to move “faster than the clock speed of India". Before taking over the corner room of HUL in June 2023, Jawa, 57, served as chief of transformation for Unilever in London, where he piloted the company's end-to-end transformation from January 2022. Jawa expressed surprise at the pace of change in India in an interview late last week, a day after HUL announced its earnings for the fourth quarter, where the company reported a 2% jump in underlying volumes, similar to the previous two quarters.

A Russian “crypto ban’ could roll out as early as September 1, top lawmakers in the country have confirmed.

Gurpratap Boparai CEO of Mahindra's automotive businesses in Europe, Mahindra Trucks & Buses (MTB) and construction equipment has resigned from the company, according to a company's internal circular undersigned by Rajesh Jejurikar, executive director and CEO auto and farm sectors. He joined Mahindra in 2022 taking charge of its European operation — overseeing Peugeot Motors and Automobili Pininfarina. Boparai has «decided to pursue opportunities outside the Mahindra Group,» it stated. His last working day will be May 31, 2024.

Tata Sons chairman N Chandrasekaran has articulated an ambitious growth objective for group chief executives, urging them to intensify efforts in propelling growth and fostering additional momentum across key sectors like electronics, EVs, batteries and steel in 2024. Additionally, he has emphasized the importance for CEOs and CXOs in traditional sectors to meticulously execute business strategies on the ground to seize growth opportunities. Group companies were also asked to work harder on customer-centricity and the One Tata plan set in motion a few years back in terms of giving businesses to each other across categories. This was the theme that brought together around 500 Tata group leaders at the JW Marriott Marquis in Dubai over the weekend for their annual offsite meeting, said top executives at the $270 billion conglomerate. Trent chairman Noel Tata and his three children — Neville, Leah and Maya — attended the meet.

Dry promotion: 'New title, no raise' appraisal trend leaves employees in a pickle According to a study done by audit and consulting firm Deloitte India, the average pay hike across Indian companies is estimated to slip to 9.1% this year from 9.4% last year, with the IT sector facing spending cuts by clients seeing the worst hikes in a decade. Some profiles are expected to get better hikes given their demand. "Over the past few years, many sectors have seen a trend towards more substantial increments for tech and digital roles, while traditional roles may see steadier, moderate increases.

Online fast-fashion retailer Shein must face the European Union’s strictest level of digital regulations

Officials say Google plans to invest $2 billion to build a data center in northeastern Indiana to help power its artificial intelligence technology and cloud business

Thailand’s recent crackdown on unauthorized exchanges mirrors the global struggle to balance crypto regulation with innovation. Meanwhile, Milei Moneda’s ($MEDA) presale surge offers investors a unique blend of defiance, economics, and humor in the crypto sphere.

When facts change, I change my mind. What do you do sir? – Lord Maynard Keynes. But what do you do when information swings like a pendulum that has lost control? Sector and stock rotation is happening at a bizarre pace. For some time, institutional investors tried to ignore hyper-rotational activity as just an irrational retail frenzy that would die down; but they seemed to have thrown in the towel and jumped in. Daily institutional turnover has doubled from INR 25,000-30,000 cr to INR 55,000-60,000 cr since Nov 2023.

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says “I feel that the current market is giving an opportunity during the corrections and these corrections come on a stock-specific basis. These corrections do not come on an overall market basis. So, if Kotak Bank or Bajaj Finance is down, that becomes a buy opportunity for investors to buy into the portfolio largely because when the next trigger comes in, the recovery would be equally sharp of 20-25% and that is where contra-buy has to take place.”

Amit Khurana, Head of Equities, Dolat Capital, says for the next few months, bottoms-up stock picking should be the preferred mode and look out for names either showing signs of turnaround or names which have visibility even though you may have to pay a little bit of a premium on the valuation side, but the momentum continues to be supportive for those sectors or stocks. You were slightly cautious on the market and by mid of March that caution played out, however, it was short-lived and the market rebounded. What is your current prognosis of the way the earnings season is panning out? Did you request the clients to buy that dip or are they still sitting on the sides? Amit Khurana: Yes, the correction did play out which we were anticipating but the depth of it and the breadth, I did not come as much as one would have wished for.