Digital Financial News

MUMBAI : Non-bank lender IIFL Finance Wednesday reported a 29% growth in net profit to ₹545 crore for the December quarter on higher loan sales and resultant interest income, cushioning the impact of higher regulatory charges. Overall loan growth jumped 34% to ₹77,444 crore, led by its key products like gold and home loans, which grew 35% and 25% to ₹24,692 crore and ₹25,519 crore, respectively. Microfinance grew higher at 54% to ₹12,090 crore, digital loans soared 96% to ₹3,905 crore, and loans against property jumped 27% to ₹7,862 crore, the company said in a statement.

The US Treasury Department and Internal Revenue Service (IRS) have announced that businesses are not required to report the receipt of digital assets in the same manner as cash until specific regulations are issued.

(Reuters) — Digital World Acquisition, the blank-check firm set to merge with former U.S. President Donald Trump's media company, said in a filing it could raise up to $50 million by issuing convertible notes or warrants.

cabinet safes come into play as a smart option. Without breaking the bank, these little household safes for storing valuables provide an affordable way to guarantee the security of cash, priceless objects, or critical papers. In the following guide, we have curated the best cabinet safes, which have a price limit of less than Rs.

United States lawmakers have proposed bills in four states to block possible definitions of a Central Bank Digital Currency (CBDC) as money.

₹19,878 crore. EBITDA, too, saw a healthy 30.2 per cent YoY rise to ₹44,867 crore while the EBITDA margin jumped 390 bps YoY to 17.5 per cent. RIL is a diversified conglomerate and it operates in various sectors, including energy, petrochemicals, retail, and telecommunications.

Terraform Labs and co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud, to allow time for Kwon to be extradited so he can attend. In an order, US District Judge Jed Rakoff in Manhattan pushed back the trial to March 25 from Jan. 29, with no further delays even if Kwon were not extradited.

CRISIL, has undertaken a comprehensive study entitled ‘Women and Finance’. The survey findings pointed to factors like age, income, marital status, presence of dependants, and home location as major influencers of the financial behaviour of women. About 47% of female earners in Indian metros make independent financial decisions, while 98% actively participate in long-term family decisions, highlighting their increasing financial independence.

fixed deposits and savings accounts, followed by 16% in gold, 15% in mutual funds, 10% in real estate and 7% in stocks, a new survey shows. The survey, conducted by DBS Bank India and CRISIL, is in line with the behaviour trends from DBS Bank India’s own customer insights, which showed 10% of female customers have an active fixed deposit (FD) account compared with 5% for male customers.

Infibeam Avenues has appointed Rajesh Kumar SA as the chief executive officer (CEO) of its artificial intelligence (AI) business, Phronetic.AI. As CEO, he will be spearheading the expansion and elevation of Phronetic.AI under the leadership of Vishal Mehta, chairman and managing director of AI-powered-Infibeam Avenues.

Amit Chadha, MD & CEO, L&T Technology Services, says “I would like to confirm to you that the highest growth that we have had in the last two quarters has been from Europe. Our North America region has also grown in both these quarters and then has been ROW. And I would like to confirm that that is the case for quarter three as well.” Let us begin by talking about the overall growth rate because that has slowed from the 6% plus that we saw per quarter 8 to 9 quarters ago to about 1%. Are you confident that this is the bottom and hence a sharp reversal can be seen in Q4? Amit Chadha: You want to do the math and you look at 17.5% to 18.5%, you will realise the asking rate is about 4%. I am confirming to you that Q4 will be a good quarter and that is how we are reaffirming our guidance. And I have confidence based on the deals that we have won, based on some of the deals in play that we will be there as we move forward. I am extremely excited about the kind of opportunity that exists for engineering services with India Inc. globally. So I am fairly comfortable at this stage.

Asian Paints is likely to post a mixed bag performance during the quarter ending December. The paint demand as per analysts though was satisfactory during festival month of November, nevertheless lost steam thereafter. The monsoon pattern remined erratic and was not supportive for huge pick up in demand during the quarter.

ONDC), and currently has 10,000 auto-rickshaw drivers on board, contributing to convenient and sustainable transport, officials said. The Open Network for Digital Commerce (ONDC) is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. "Delhi takes the next step towards bringing consumers, providers, and tech platforms together.

Budget 2024: The coming Budget, despite being an interim budget owing to the upcoming national elections, has generated significant interest among economy watchers in view of the government's new stated ambition of making India the third largest economy by 2030. Another reason this budget will be keenly watched is the sudden uncertainty in global trade because of the unfolding Red Sea crisis. While the short- to medium-term prospects for the Indian economy continue to be relatively bright as the inflation outlook remains benign and major potential headwinds appear far-off, some impact of the Red Sea crisis on India's foreign trade is already evident. That brings the coming interim budget into a bit of a sharper focus. As regards economic policy, Modi govt's recent path appears to have been quite consistent so far, at least in the past few budgets. Despite the abovementioned unanticipated speed bump, this consistent policy path is likely to be adhered to this time as well, economists say. So, for those who are keen to find out what this budget might bring, it might be instructive to take a relook at what FM Nirmala Sitharaman had announced in the last budget. Here follows a detailed sector-wise look at last year's budget announcements:

Social media platform Medial App has raised $120,000 in a pre-seed funding round led by FirstCheque VC, with participation from angel investors including Nayan Jadeja, Rohitashwa Choudhary, Ankit Aggarwal and others. With a beta-stage user base of over 5,000, Medial is set to launch by the end of January 2024 officially.

Saurabh Mukherjea, Founder, Marcellus Investment Managers, says My reading is that selling abates and as the company stabilizes, as the numbers stabilize, we will see institutional appetite returning. Remember, merger synergies have not yet kicked in. Without merger synergies kicking in, HDFC Bank is doing around 1.9% ROA. If that trickles up to 2% ROA, assume gearing of nine times. We are looking at an 18% ROE bank, even without meaningful merger synergies kicking in. And an 18% ROE bank growing consistently at 20% at this scale, we do not have too many other lenders operating on this scale, at this level of profitability anywhere in the world. When HDFC bank falls by 5%, that has to be the first question. Saurabh Mukherjea: It tells you a lot about the world that a bank of this scale can report 20% growth in loan book, improvement in asset quality and still fall 5%.

Artificial intelligence has evolved remarkably over the years, seamlessly integrating into our world. It has been reshaping the way we interact with technology. From voice-activated virtual assistants such as Siri and Alexa to personalized recommendations on streaming platforms, AI has become an indispensable part of our daily lives.

Wings India 2024, commencing January 18 at Begumpet Airport in Hyderabad, Hindustan Aeronautics Limited (HAL), the aerospace, and defense equipment manufacturer, is set to showcase its homegrown civil platforms. Among the highlights are the Hindustan-228 aircraft and the upgraded civil variant of ALH Dhruv helicopter. The HAL stall, spanning four days, will exhibit scale models of LUH (civil variant), Hindustan-228, ALH (civil variant), Line Replaceable Units (LRUs), and accessories related to civil aircraft.

Tata Motors launched its much-awaited Punch EV, a compact SUV, on January 17 at a starting price of Rs 10.99 lakh. The certified driving ranges of the vehicle are 315 km and 421 km across two configurations, Tata Motors said. It can seat five passengers. The new EV has 190 mm ground clearance, which is comparatively higher than other products in its class, it said. It features R16 tyres. It will have 360 L boot space. The company described the new product as a paradigm shift in India's EV journey. It is the first product built on the pure-electric Actiev architecture, it said. It will also have advanced over-the-air updates. It has a reinforced steel designed for enhance safety, it said. It can go from 0 to 100 in just 9.5 seconds, it added. The battery pack warranty is 8 years, it further said. Some of the other features include:

Accenture, Tata Consultancy Services (TCS) and Infosys continued to boost their brand value despite tepid growth environment and the disruption owing to newer technologies. The three IT giants topped the charts of IT brands according to the Brand Finance 2024 report.