Digital Financial News

It’s been a crazy year in tech: • Artificial intelligence infiltrated everything. • Elon Musk and Mark Zuckerberg agreed to a cage fight (which never happened). • High-schoolers made pornographic clones of their classmates.

Income Tax (I-T) Act which mandated that e-commerce operator will deduct income tax at the rate of one percent of the gross amount of sale of goods or provision of service or both. The Central Board of Direct Taxes (CBDT) released a circular on Dec 28 to clarify certain doubts relating to the application of this provision. Let us understand some of the key provisions of this circular: The circular states that the deduction is meant to be made at the time of credit of the amount of sale or service to the account of e-commerce participant.

With Wall Street closing the curtains on a remarkable year, the five stocks discussed in this article have experienced a strong surge in their value as investors turned bullish on their prospects.

water heaters, finding the one that fits your needs perfectly can be a bit like navigating a labyrinth. The market is awash with options, each boasting its unique features, from energy efficiency and rapid heating to safety mechanisms and longevity. Some heaters are designed for the minimalistic, space-conscious user, while others cater to households with higher hot water demands.

Kempegowda International Airport (KIA) were arrested for allegedly stealing passengers' belongings. One worker was accused of taking a gold bangle belonging to an IIM-Bangalore student, and the other was alleged to have stolen a wristwatch.

Layoffs.fyi, more than 1,150 tech companies fired over 260,000 people in 2023. A combination of factors such as central banks hiking interest rates to counter inflation, macroeconomic headwinds forcing tech clients to cut spending, continuous geopolitical uncertainties, and a prolonged funding winter forced startups and tech firms to recalibrate their strategies. With 2023 drawing to a close, ETtech looks at startups and tech companies, global and domestic, which laid off employees as they cut costs.

Canadian cryptocurrency exchange Catalyx has temporarily suspended trading and withdrawals on its platform after discovering a security breach that it suspects may involve one of its employees.

Gaurav Bissa, VP, InCred Equities, says, “going forward, largecaps, especially larger banks like Kotak Bank and HDFC Bank will drive the markets going forward. So, the view remains positive. It is a buy-on-declines market. But the kind of move that we have seen from lower levels of 15,000 to higher levels of almost 22,000 that might not get repeated. But the overall sentiment will remain positive.” With 2023 coming to an end and markets gaining close to around 20% in this calendar year, what is your target for 2024 for Nifty? Gaurav Bissa: Our targets for mid-2024 were 21,000-21,500, those have been surpassed ferociously in 2023 itself. And now, I do not see we can have a similar kind of upside where in six months we can have 2,000-3,000 points coming in, even more than that. But yes, more towards 22,500 cannot be ruled out on the higher end. 20,000 is where Nifty can head towards. And largecaps will now take a front seat at least for next few months, where we have seen a very robust upside in midcaps and smallcaps.

Gifted 2023' report. With a spotlight on roses, cakes, and emerging trends, the report provides insights into the evolving landscape of gifting in the digital age.

In the fluid world of cryptocurrency, Bitcoin (BTC/USD), the trailblazer of digital currencies, finds itself at a pivotal juncture. As of December 29, Bitcoin’s price hovers at $42,627, reflecting a 1.82% decline in the past 24 hours. This downturn brings Bitcoin’s market capitalization to approximately $834.78 billion, asserting its dominance in the crypto market.

Hiren Ved, Director & CIO, Alchemy Capital, says: “ From Covid, 31st March 2020 to December 2023. We have gone up 3.25x as a broad market and in that Covid shutdown, Covid recovery, wars, interest rate, oil prices, you name everything. If you take the total aggregate profits of the top 500 companies in March 2020 was about Rs 3,63,000 crore, roughly around Rs 4 lakh crore. In the first half this year, we did Rs 6.5 lakh crore. If I annualise it – usually the second half is better in India – we are talking about Rs 13 lakh crores. So, aggregate profits of the top 500 companies have gone from Rs 4 lakh crore to Rs 13 lakh crore, that is 3.75x.” Ved also says: “Market cap growth in last three-and-a-half years reflects earnings power of India Inc.” What a fantastic year it has been. You have been investing for so many years, more than two-and-a-half decades now. I think 2023 in a sense has been a record year of all sorts. Hiren Ved: Yes, it does. 2022 was so tough, the smallcap index was down 14%, Nifty was up only 4% or 5%, so obviously when you come off a low base things look pretty good and the first quarter of this calendar year was not that great. We started Feb-March at a low and then from April we have seen a significant lift off. So, yes, I cannot complain. It has been a great year and I know there is this popular perception that people have that markets have run up very aggressively.

Amazon Pay, the digital payments arm of ecommerce giant Amazon reported flat growth in operational revenue at Rs 2,093 crore in fiscal 2023 compared to Rs 1,998 crore a year ago. The company's net losses dipped 13% to Rs 1,499 crore in FY23, from Rs 1,740 crore in FY22, mostly driven by a reduction in expenses.

External Affairs Minister S Jaishankar on Thursday emphasized the need to shape international relations with Indian characteristics. He highlighted that his "major preoccupation" is to dedicate more time to exploring India's reservoir of culture and knowledge.

WSJ’s Personal Finance team presents a series on how to fix your financial life in 2024. Last in our series: tackling the tricky subject of food budgets. If you’re wondering where your food spending is going each month, look in your trash can. After putting a roof over our heads and getting around town, food is the biggest expense in our monthly budgets.

Keki Mistry, Former VC & CEO, HDFC, says “there is a massive potential to grow, not just for mortgages, but for every single financial service product. If you look at retail credit to GDP in India, we are at around 18%. If you look at credit card penetration in India, it is extremely low by global standards. So whichever way, whichever product you look at, the growth opportunities in the banking system are phenomenal.” Banking is a bit of a cyclical business, where do you think we are in this cycle? Are we past the peak or at least very close to the peak? What is your analysis? Keki Mistry: I do not think we are anywhere even remotely close to the peak. The growth opportunities which are there for the economy as a whole and the banking sector is obviously part of the economy is phenomenal. I do not think any country in the world today has the potential to grow the way India has the potential to grow. We have demonstrated that consecutively year after year.

here. In September 2022, I wrote that Web3 as a concept had many positives—at least in theory. DeFi, or decentralised finance, to begin with, is likely to be the first killer app of Web3, which could dramatically increase the level of control borrowers have on their data.

In the dynamic realm of cryptocurrency, Cardano (ADA) stands out with its recent price movement. As of December 29, ADA’s price hovers around $0.6101, showing a 6.42% decline over the last 24 hours.

Non-Banking Financial Companies(NBFCs). And just like banks, loans given to retail borrowers by these alternative platforms are also growing fast in size. The latest RBI data released via a report vouches for this.

Indian economy, banking sector showed resilience: SBI chairman Khara Carter’s INQQ ETF's top holding is Mukesh Ambani-led Reliance Industries, the conglomerate behind the affordable smartphone boom. “No other country on the planet has anything like this in terms of a digital foundation for their entire economy," Carter told cnbc.com.

DMI Finance and Aditya Birla Finance are trying to scoop up fintech lending startup ZestMoney in a firesale, two people in the know of the matter told ET. The talks are still going on but the deal could get signed soon, they added.

Ecommerce giants Amazon and Flipkart's cumulative ad revenue rose 39% to Rs 8,705 crore in the fiscal year through March 2023, as advertisers across categories used the platforms amid growth in their user base, as per data filed by the companies with the Registrar of Companies (RoC). In FY23, Amazon Seller Services, the marketplace arm of Amazon, recorded 29% growth in ad revenue at Rs 5,380 crore, according to the RoC filings sourced from business intelligence platform Tofler. For Flipkart Internet, the marketplace arm of Flipkart, revenue from this segment rose 60% to Rs 3,325 crore.