Digital Financial News

The move would make Hong Kong the first domicile in the Asia-Pacific region to approve a crypto-backed, exchange-based investment fund. It would also put the island in prime position in the race to become the digital assets hib for the region.

Google’s corporate parent Alphabet Inc. has released a quarterly report showing it’s still reaping double-digit revenue gains from its digital advertising empire while sowing potentially lucrative new ground in artificial intelligence

Between Representatives Cynthia Lummis and Kirsten Gillibrand’s new stablecoin bill and Congresswoman Maxine Waters’ renewed optimism in stablecoin legislation, will a new law regulating the cryptocurrencies be enacted anytime soon?

Engineering service provider, Cyient’s net profit grew to Rs 196 crore in the final quarter of FY24, up by 22% sequentially. On a year-on-year basis, the profit for the Hyderabad-based firm grew by 20%. Riding on deal wins in the fourth quarter from Airbus and Deutsche Aircraft, the ER&D (engineering and research and development) firm saw its Q4 revenue growing by 2.1% to Rs 1,860 crore. On a YoY basis, the Q4 revenue grew by 6.2%.

Essel Group entities Primcomm Media Distribution Ventures Ltd and Essel Homes Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) after Gnex Realtech Pvt Ltd, an affiliate entity, defaulted on its dues of Rs 260 crore where these companies provided corporate guarantee. The Mumbai bench of the National Company Law Tribunal (NCLT), in applications filed by Indiabulls Housing Finance Ltd, also appointed Ravi Prakash Ganti as interim resolution professional (IRP) for these companies.

regulatory clarity on cryptocurrency trading in India and proposing that the government drafts legislation for monitoring digital assets as global financial hubs such as the US, UK and Hong Kong embrace crypto assets as legitimate trading instruments. “As more than 80% of G20 members and financial hubs are offering regulatory clarity on crypto assets, there’s an urgent need for a globally coordinated, clear policy framework on digital assets to mitigate risks and foster innovation,” the Bharat Web3 Association (BWA) said in a press note on Thursday.

Digital asset technology firm Crossover Markets has released impressive performance data for Q1 2024 from its flagship digital assets platform, CROSSx.

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Global automakers and EV startups are unveiling new models and concept cars at China’s largest auto show, with a focus on the nation’s transformation into a major market and production base for digitally connected, new-energy vehicles

Cyient reported bigger-than-expected fourth-quarter revenue on Thursday, as engineering and technology, its largest segment, benefited from continued client spending. WHY IT'S IMPORTANT India's $254 billion IT sector has been struggling in recent quarters as clients cut spending on non-essential projects.

₹4,286 crore). People familiar with the developments said the company was looking to exit after Reliance began betting aggressively on sports, as Viacom18 isn’t keen on the category globally. “They were anyway being ousted by Reliance and, globally, have no interest in the sports segment.

India's engineering goods including steel and machinery exports rose 10.7% year-on-year in March to $11.28 billion, growing in double digits for the second straight month, despite ongoing supply issues caused by disruption to shipping through the Red Sea, a trade body said. Engineering goods, which account for one-fourth of merchandise exports, rose 2.13% in the 2023/24 financial year, to $109.3 billion from a year earlier, Engineering Export Promotion Council (EEPC), a body affiliated with the Commerce Ministry, said in a statement on Thursday. Exports have been dented by a slowdown in global demand, the ongoing Russia-Ukraine war and the Red Sea shipping crisis brought on by conflict in the Middle East, exporters said.

Kotak Mahindra Bank share price saw a steep fall of 10.85% to close at ₹1643 levels on the BSE on Thursday. The fall in Kotak Mahindra Bank share prices was led by Reserve Bank of India ban on Kotak Mahindra Bank’s digital onboarding and credit card issuance.

Uday Kotak built his Kotak Mahindra Bank Ltd. over decades to become Asia’s richest banker. After India’s regulator slapped his bank with a surprise ban, he’s facing one of his biggest tests yet — and a dip in wealth. The lender’s shares tumbled as much as 13% on Thursday after it was barred from adding new customers through its digital channels and from issuing fresh credit cards. As the largest shareholder with a stake of almost 26%, the billionaire founder bore the heaviest brunt from the selldown, the most in four years.

₹67.65 lakh (ex-showroom) for the Unlimited trim, while the Rubicon variant is priced at ₹71.65 lakh (ex-showroom). The updated model is based on the facelift that was launched globally in 2023. From a design perspective, the refreshed Jeep Wrangler features a more streamlined version of the iconic seven-slat radiator grille and a Gorilla Glass windshield, among other changes.

N Bhaskara Rao, who chairs the Centre for Media Studies (CMS), a not-for-profit organisation, and has been tracking election spending for 35 years. Rao stated that this comprehensive expenditure encompasses all spending, direct or indirect, related to polls, including that by political parties and organisations, candidates, the government, and the Election Commission. With the BJP vying for a third consecutive term under Prime Minister Narendra Modi's leadership, industry observers have noted the party's dominant presence in campaigns, irrespective of the mediums used for publicity.

The Content Lab has announced a strategic restructuring initiative that brings solutions under focussed silos, which are Stir, Carbon, and H2O. 

In a big setback for Kotak Mahindra Bank, the Reserve Bank of India (RBI) has restricted the private sector bank from onboarding new customers through digital channels and issuing fresh credit cards, according to a press release issued by the apex bank on Wednesday.

Also Read: 4 key reasons why clearing your credit card debt improves your CIBIL score The survey also revealed that approximately half of the respondents report monthly expenditures ranging between ₹25,000 to 75,000, showcasing the diverse spending patterns among Indian consumers. Moreover, nearly 60% of respondents prioritise rewards when choosing a new credit or debit card.

Syngene International share price have remained volatile in the recent past. The concerns on challenging funding conditions for US biotech that led to decreased demand for R&D services have addded to the volatility in Biocon Research arm Syngene International share prices. Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “While the fourth quarter performance came in lower than expected, the underlying driver -reduced demand for research and development services within US biotech stemming from a difficult funding environment - is well understood and already showing positive signs of recovery" Syngene International saw reported revenue from operations for the fourth quarter decline 8% year-on-year to Rs.

Vodafone Idea’s ₹18,000-crore follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry. Calling the third-largest carrier a ‘national asset’, he said Vodafone Idea would stage a smart turnaround on the back of the fundraise and support from banks. “This moment in some ways marks the beginning of Vodafone Idea 2.0.