Digital Financial News

Q3 results 2024: Amid results season for the third quarter of the current financial year, four IT majors — Tata Consultancy Services (TCS), Infosys, HC Technologies, and Wipro are going to declare their respective Q3 results in the next two days. Out of these four IT majors, TCS and Infosys will be declaring their Q3 results today whereas HCL Technologies and Wipro are going to declare their third-quarter earnings tomorrow.

Alphabet Inc.’s Google is laying off hundreds of staff working on its digital assistant, hardware and engineering teams, the company said as it continues its drive to cut costs. Among the affected workers are those working on the voice-based Google Assistant and at the augmented reality hardware team. Workers in the company’s central engineering organisation were also hit by the cuts, the company said.

Chinese authorities have recently dismantled a massive underground banking network valued at $2.2 billion, which was ingeniously using foreign digital currency platforms to circumvent the country’s stringent financial controls. This operation came to light following a detailed investigation by Chinese foreign exchange police.

Introduction

Polycab tanked 20% to the day's low of Rs 3930.55 in Thursday's trade after the Income Tax department detected «unaccounted cash sales» of about Rs 1,000 crore after it recently raided the Polycab group. «Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year,» the Central Board of Direct Taxes (CBDT) said in a statement, according to a PTI report. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. The CBDT said a large number of «incriminating» evidence in the form of documents and digital data were seized during the raids. These reveal the «modus operandi of tax evasion» adopted by the group in connivance with some of authorised distributors, it said. Also Read | Tech growth woes pose risk to Dalal Street's sizzling rally «Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs 1,000 crore which are not recorded in the books of accounts,» the CBDT claimed. Polycab India, however, issued a clarification to stock exchanges calling the reports of «tax evasion by the company» as «rumours». «Polycab India denies any rumours of tax evasion by the Company circulating in the media,» the company filing said, adding that «The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec 2023.

Ark Invest CEO Cathie Wood has expressed disappointment at the statement made by SEC Chair Gary Gensler shortly after the agency approved a dozen exchange-traded funds (ETFs) that directly hold Bitcoin.

China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing.

Listed major auto OEMs in India have varied businesses that makes it difficult to play the EV theme through them, says Kumar Rakesh, IT & Auto Analyst, BNP Paribas. «However, some of the auto component manufacturers have started building capabilities in the EV value chain and could be a key beneficiary of increased localisation of EV components in India,» he says in an interview with ETMarkets.com. Edited excerpts: Now that you have the December sales numbers, what is the broad outlook on the earnings of auto companies in Q3? Where do you think the good news will come from? Kumar Rakesh: On Q3 earnings, our sense is that 2W and 3W companies will outperform the PV OEMs and can see earnings growth of 25-30%, while PV OEMs can see a potential earnings growth of low double digits. This was on back of the strong festive demand for both PVs and 2Ws, albeit a higher base of PVs while a low base effect for 2Ws. Tractors were weak in Q3 and could see earnings degrowth, while CVs could see low-mid single digit earnings growth. While we see all the festive cheers already factored in the earnings expectation and the recent share price rally, we see a further recovery, especially in the rural segment can bring in some good news, especially for 2W players like HeroMotoCorp. However, more pain from the entry segment PV sales and increasing discounts can be potential negatives to watch out for.

New Jersey Gov. Chris Christie said Wednesday that he's ending his Republican presidential bid just days before Iowa's leadoff caucuses in a last-ditch effort to deny Donald Trump a glidepath to the nomination. «My goal has never been to be just a voice against the hate and division and the selfishness of what our party has become under Donald Trump,» Christie said at a town hall in New Hampshire.

Thursday, January 11, 2024 – Eleven spot Bitcoin ETFs have been approved by the US Securities and Exchange Commission (SEC) and start trading today.

InMobi group is overhauling its operations by adopting an artificial intelligence (AI)-first approach, which will lead to job losses for 125 employees or 5% of the Bengaluru-headquartered advertising technology company’s global workforce of 2,500, said people with knowledge of the matter. The exercise, which is currently underway, is expected to be completed by the end of this month, they said.

BabyBus, US Federal Communications Commission (FCC) commissioner Brendan Carr told ET. The chief of FCC – an independent agency of the US government that regulates communications by radio, television, wire, satellite, and cable across the nation – also said he found the work India is doing to provide access to the internet and telecommunication services to every citizen “very admirable”.

Wipro Consumer Care Ventures –the venture capital arm of Wipro Consumer Care & Lighting, Mirabilis Investment Trust, and She Capital, along with existing investor Fireside Ventures. The funds will be used to enhance distribution growth, expanding reach into non-metro cities and international markets. It will be also employed for brand-building and marketing initiatives.

Krafton, publisher of one of India’s most popular esports titles, Battlegrounds Mobile India (BGMI), made a number of pledges to the government to get the ban on it lifted. This has emerged from ET’s conversations with senior government officials and Indian gaming industry executives.

US regulators for the first time approved exchange-traded funds that invest directly in bitcoin, a move heralded as a landmark for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond.

After-Hours Stock Movers:

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Hewlett Packard Enterprise is buying Juniper Networks in an all-cash deal valued at about $14 billion, which is anticipated to double HPE’s networking business

Hong Kong is poised to set a global precedent in the cryptocurrency sector by introducing comprehensive regulations for stablecoin issuers. This development, encompassed in a public consultation from December 27, 2023, to February 29, 2024, marks a significant step in the region's approach to digital assets.

MUMBAI : Reserve Bank of India (RBI) governor Shaktikanta Das will deliver the opening keynote address at the Mint BFSI Summit and Awards on Thursday, flagging off a full day of intense deliberations, debates and conversations around the theme of financial wellness in a changing world. Joining the central bank governor will be Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (Irdai); Kamlesh Varshney, whole-time member at capital markets regulator Securities and Exchange Board of India (Sebi); and veteran banker K.V.

₹1.65 trillion in GST revenue in December, a notch below the monthly average so far this fiscal of ₹1.66 trillion. But GST revenue receipts still showed a double digit growth of 10.3% compared with a year ago.