Digital Financial News

Axis Bank Q2 Results: Axis Bank Ltd on Wednesday reported a net profit of ₹5,863 crore in the second quarter of FY24 registering a 10% growth from ₹5,329.8 crore in the corresponding quarter of last year. Axis Bank share price ended 0.84% down, at ₹955.35 apiece on BSE. Net interest income (NII), which is the difference between interest earned and interest expended, during Q2FY24 rose 18.9% to ₹12,314.56 crore from ₹10,360.26 crore, year-on-year (YoY).

In the midst of overbought signals, Bitcoin price shows no signs of slowing down as it remains on a bullish trajectory, with technical indicators predicting a target of $36,500. 

Singapore-based digital currency payments firm Triple-A has completed a $10 million Series A funding round. 

Britain's financial watchdog said on Wednesday that firms marketing cryptoassets are failing to highlight risks properly to consumers, such as by publishing warnings that are too hard to read. Britain's Financial Conduct Authority had new powers from Oct. 8 to regulate cryptoasset promotions, and said it has found three common issues so far, and will take action if they are not remedied.

Amazon has more than 181 million users in the European Union and directly employs more than 150,000 people in the region, the company said on Wednesday, in its first store transparency report as required by the EU Digital Services Act (DSA). In August, the Digital Services Act (DSA) imposed new rules on content moderation, user privacy and transparency for platforms and search engines labelled as very large online platforms (VLOP), which were defined as having more than 45 million users in the EU.

Shweta Jain, Founder, Investography, says “if somebody is looking at an investment for a long-term horizon, you do not look at it saying, okay, which liquid fund is the best and I will move money from there. You see which equity fund suits you, whether it is a largecap fund, whether it is a passive fund, whether it is a smallcap fund, whatever the fund may be. Once you have chosen your scheme and in that same AMC, you choose a liquid fund because that is the one where there will be the least amount of risk.” Let us talk about systematic transfer plans (STPs). Where did the idea come from? A lot of investors are either timing the market, or not investing thinking they need a lot of money. The thought is quite simple. It is like an SIP but for somebody who does not have a regular monthly income coming in as salary like for example, a businessman or an entrepreneur or a freelancer. They do not have regular money coming in but might have lump-sum amounts coming in. What do they do then? Should they invest when they have the money? How do they stagger it so that the rupee cost averaging works for them?

Jai Bala of Cashthechaos.com, says “the banking index has not had a red October for the last 10 years. But it is likely to do it for the first time in October since 2012 is itself a significant factor for the overall market. So be cautious. Holding cash is one of the toughest things to do. And for those who can manage to do that, they will be having a win year after year, half year after every half year. So having patience holding cash is the most important thing. ” What is the sanctity of breaching this 19,200 mark? 19,200 is not a significant support level but the market is probably bracing itself for a much bigger decline. At the moment, there is a significant breakdown in the Nifty Banking Index and the market leader, the FMCG stocks and the capital goods stocks. So basically, this looks like the start of a much bigger decline. This is just really a preamble.

Network People Services Technologies Limited witnessed huge buyuing during morning deals and hit upper circuit on NSE. The NSE listed stock today opened upside and went on to hit 5 per cent upper circuit within few minutes of stock market opening bell. The stock was in uptrend after announcement of strong Q2 results 2023 and H-1FY24 bnumbers.

India registers 108% surge in transactions for travel, online home services; BookMyShow, MyJio most preferred merchants According to the survey's findings, 84 percent of respondents expressed their desire for the government and its public sector units (PSUs), including IRCTC, to cease the practice of charging convenience fees or service charges and instead promote the Digital India initiative. This demand reflects the sentiments of consumers who seek a more cost-effective and convenient online experience.

Telecom major Reliance Jio has deployed 85 per cent 5G network in India and has the capability to deploy one 5G cell in every 10 seconds, the company’s Chairman Akash Ambani said.

Ravi Dharamshi, CIO, ValueQuest Investment Advisors, says “when it comes to Sasta, achcha and growth and outlook being good, he is bullish on financials and manufacturing & capital goods where the tailwind is strong; manufacturing and capital goods. However, the valuations in the recent past have really gone through the roof. So some amount of correction consolidation is warranted over there. But the outlook still continues to remain very-very strong.” We had our first interaction in 2013 and from then to here, it has been 100x for the firm? Yes. I am not a very superstitious fellow, but I do believe in maintaining the humility for the returns and the AUM growth that we have seen. All those things get into your head and that can be harmful for future returns. Anyway we will pat ourselves on the back the day. Our job is to generate returns for the clients and that is what we want to focus on. Everything else is just output of what we do.

Source: Pexels 

Since Bitcoin's inception in 2008, the cryptocurrency industry has witnessed an astronomical rise, transforming the very fabric of the financial landscape. However, this explosive growth has not come without its hurdles. 

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Universal Account Number (UAN) concept was introduced. The UAN is a distinctive 12-digit identifier allocated to each EPF member. It is associated with all of the member’s EPF accounts, irrespective of the number of employers they may have worked for.

Payments processing giant Visa Inc. has posted an 18% rise in its fiscal fourth-quarter profits

Google’s digital advertising sales growth accelerated during the summer, advancing a recent revival that helped its corporate parent Alphabet Inc. to deliver a quarterly profit that exceeded analysts' projections

Google parent Alphabet on Wednesday reported a net profit of $19.6 billion for the quarter ended September 30 as compared to $13.9 billion during the same period last year. “I’m pleased with our financial results and our product momentum this quarter, with AIdriven innovations across Search, YouTube, Cloud, our Pixel devices and more,"

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says “the fall has been quite sharp and acute in the midcap and smallcap space. We are basically going to see this pain continuing and though people have a lot of money to invest, this particular fall, perhaps should be waited out for some more time for a variety of reasons. One among them would be how exactly the domestic investor stabilises his losses because in the options market, including the derivatives market, the amount of money that he has to write checks for the mark to market, will probably put pressure on the market.” We would not want to have headed further into the festive season with this kind of a market. Is everything going to abate soon? The reasons were already there and so why this knee-jerk reaction with the Indian market plunging over 800 points? The FIIs are taking the money out and the current domestic market players are writing losses at this point of time and as a result, they are required to sell some part of their portfolios to pay off the sharp mark to market difference which is coming up on some of the holdings, including some of the midcap and smallcap companies.

“It is crucial to remember that developments in West Asia, rising crude oil prices, and spikes in US treasury yields warrant some caution,” says Akhil Chaturvedi, Chief Business Officer, Motilal Oswal Asset Management Company. In an interview with ETMarkets, Chaturvedi said: “Any major escalation in the Israel-Hamas conflict could introduce more near-term volatility, but for India, the macroeconomic factors seem stable, earnings growth is robust, and domestic liquidity remains strong” Edited excerpts: October is turning out to be a roller coaster ride for investors in equity markets. Will geopolitical concerns have a long-term impact on equity markets if things escalate? Investors in equity markets are facing uncertainty this October due to geopolitical concerns. While these concerns may cause short-term volatility, they are less likely to have a lasting impact on the equity markets.

By Dietrich Knauth