Digital Financial News

new Harrier and Safari SUVs by Tata Motors lies in their visual aesthetics. These vehicles feature a fresh parametric grille, linked LED Daytime Running Lights (DRL), and connected LED taillights as the primary standout elements in their updated design language. Additionally, both SUVs showcase redesigned alloy wheels.

Delta Corp gets another GST shortfall notice of ₹6,384 crore With these changes, the government expects to collect around ₹2,000 crore in the current financial year (FY2023-24), a significant rise from the approximately ₹700 crore collected in the previous financial year (FY2022-23) from foreign firms providing various digital services in India, a government official told the paper. Previously, only business-to-business services were subject to IGST, and there was no tax obligation for individuals and government entities acquiring non-business services from overseas Online Information Database Access and Retrieval (OIDAR) service providers outside of Indian jurisdiction. The official further said that they are keeping a close eye on companies that have been evading GST.

Russia’s Sber, the operator of Sberbank, says it will join the Central Bank’s digital ruble pilot, in a major coup for the nation’s CBDC.

As Bitcoin price oscillates in its valuation, showing a recent dip of 2.5% in seven days, several fundamental and geopolitical factors are coming into play to chart its future course. 

Cryptocurrency advocates are tipping the price of bitcoin to reach $US100,000 within the next five years as approval of the first exchange-traded funds for digital assets open the floodgates to institutional investors.

Soaring energy costs have focused the minds of the nation’s captains of industry on the urgent need to decarbonise their bricks-and-mortar empires, new research has revealed.

The Australian government has unveiled a proposal aimed at imposing stricter regulations on cryptocurrency trading platforms, with a focus on enhancing oversight of customer funds. 

UPI has spread its pangs in semi-urban as well as rural India slowly and steadily displacing traditional cash transactions. There is no better validation of this change than the remarkable surge in UPI transactions from a mere 1.8 crore in FY 2016-17 to a staggering 8,375 crore in FY 2022-23.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says “the infra play has got a little stretch in valuation. It is time for consumption to pick up. Because so far, whatever consumption has picked up has been premium consumption – be it premium housing, cars with prices over Rs 7 lakh. I think the mass consumption is yet to pick up. Come election year with liquidity floating in the market, this festival season numbers will also come in. It is a delayed festival season with Diwali coming only mid-November.” Where are your investments, apart from Sundaram Mutual Funds? Nothing apart from Sundaram Mutual Funds. Everything is in Sundaram.

Sandip Sabharwal, asksandipsabharwal.com, says “among the stocks that are in the value zone on the consumer side, something like Voltas and Aditya Birla Retail. We are accumulating these two stocks on every dip because I think the downside is limited. Near-term upside, I am not very sure about but over the next one and a half year, we should be able to get 25-30% out of these stocks. ” I have always been an SBI bull because I am fascinated with what they have done, not only in terms of managing the branch networks but also in terms of the digital app, Yono. Do you think one should get slightly myopic and look at NIMS and pressures on retail spreads and get bearish on the stock or is SBI something which will continue to surprise us? NIMs compression has been known, it is something which is out in the open and everyone knows that there is going to be NIMs compression.

“Though macro parameters such as BEER ratio or M-Cap-to-GDP ratio looks expensive, Indian market is supported by domestic savings getting channelized through MF SIPs, along with corporate profitability which has been steadily improving,” says Rakesh Parekh, MD and Co-Head, Portfolio Management Services, JM Financial Ltd. In an interview with ETMarkets, Parekh said: “We expect domestic facing sectors to outperform relatively in terms of earnings growth led to a large extent by the capital goods sector and Railways” Edited excerpts: Indian market seems to be consolidating after hitting a high in September largely on account of global factors. What is your take? Rising US yields, persisting China slowdown, and elevated crude oil prices amidst geopolitical uncertainties, especially the latest developments in the Middle East are key headwinds facing equity markets in the short term.

SBI post on X. Although the bank has not shared any update on the same till the time of writing this story. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here Digital payment through UPI, which was launched in 2016, has seen a multi-fold jump.

Parul Mittal Sinha, head-financial markets, India at Standard Chartered Bank. In an interview with Bhaskar Dutta, she said the Indian rupee will be relatively better performing despite the strengthening US dollar. Edited excerpts: The RBI sounds hawkish but when it comes to action it is not so harsh. How do you read the central bank? Our expectation is that the RBI will not do any more rate hikes. In the previous policy, they did mention that they are very focused on bringing inflation down. They think that their policy measures are taking effect; it's going to be a slower move than probably anticipated earlier. We think there isn't a need to raise the repo rate, but they will use other tools. OMO (open market operations) sales are one tool that they have spoken of in the latest policy. They have used ICRR (Incremental Cash Reserve Ratio) before; they'll probably do a CRR hike if required, but they have increased the hurdle to increase the repo rate itself.

Swiggy has increased the platform fee that it levies on food delivery orders to Rs 3 from Rs 2. The Prosus-backed company had started charging a flat platform fee to its customers in April regardless of the order value. Its rival, Gurgaon-based Zomato, also started charging a Rs 2 platform fee, which it subsequently increased to Rs 3 in some locations.

UPI) transfers, to deter offshore platforms illegally offering gambling and betting in India after finding several new ones have mushroomed. The government found as many as 114 illegal betting and gambling platforms operating in India through domain farming, people aware of the details told ET. The measures may include tax collection at source (TCS) on UPI payments, actively tracking and blocking unregistered online gaming firms and a stricter verification process, people aware of the details told ET.

Tata Consultancy Services (TCS) may grow in “very moderate single digits” in this fiscal year, according to CEO K Krithivasan who assumed office in June. The 59-year-old executive’s term comes amid one of the most testing years for the IT services industry, which is faced with slowing demand for its offerings worldwide. This could mean that TCS could register its slowest annual growth ever, more so as the first two quarters have been “very muted” and the next two quarters are expected to be seasonally weak for the entire sector, Krithivasan told ET in an interview. Edited excerpts:

Aakash Chaudhry — the promoter of Aakash Institute — is likely to return as the chief executive officer of the company as part of a broader arrangement being finalised with its owner Byju’s, multiple people aware of the matter said. Chaudhry is also in final stages of talks to close the stock-swap deal with Byju’s as part of the acquisition announced about two years ago, the people said. He would replace incumbent Abhishek Maheshwari who left Aakash Institute last month.

data law's mandate of verifying the age of minors through parental consent has sent scores of companies from telcos, banks, to ecommerce companies and their lawyers in a tizzy. Not just social media platforms, but all companies will need to have age verification mechanisms, otherwise, there's no way to record the verifiable consent of users, experts told ET. The mandate will be high cost and time consuming, which is worrying all firms, they added.

Steven Gregg will take the top board seat at Westpac after this year’s annual shareholders meeting, when the bank’s chairman John McFarlane retires after three years in the role.

Businessman Mark Carnegie has painted a lurid picture of the cryptocurrency bull market of the past few years, accusing the sector of making “common cause with criminals and scumbags”.

IMEC) and India-Israel-USA-UAE projects, China has launched dialogue across the region seeking to align BRI with Turkiye's Middle Corridor Initiative. Turkiye had decried IMEC, which is aimed at rivaling BRI in the region and this week's BRI summit in China is expected to witness efforts to align Ankara's Middle Corridor Initiative with BRI. The two sides recently held a high-level dialogue on the issue, ET has learnt. IMEC was announced on the sidelines of the G20 summit here in the presence of leaders of the USA, Saudi Arabia, India and Europe. Trans-Caspian East-West-Middle Corridor Initiative shortly named as 'The Middle Corridor', begins in Turkiye and passes through the Caucasus region via Georgia, Azerbaijan, crosses the Caspian Sea, traverses Central Asia and reaches China, according to a Turkish foreign ministry document.