Digital Financial News

Sanjiv Bhasin, Director, IIFL Securities, says PB Fintech will be my stock for this Diwali to next Diwali. Paisa Bazaar, the Policy Bazaar, are raring to go. They will scramble extremely well along with Paytm. We cannot look at these stocks from their lows. We have to look from the highs because they have stabilized their businesses, particularly Paytm, you cannot do without it. The QR business which they are talking of, we are doing five times more digital transactions than China. Where have the railway, defence and shipbuilder stocks moved? From the recent 52-week high, have they started reversing? Now, one is absolute change and second is a move from the recent high. From Rs 190 plus, RVNL has become Rs 170 in one month but they are still in the green. For Cochin Shipyard, even for smaller PSU banks, the skim from the top is evident. Is the best of the gains over? If you own them, do not sell them, but don’t buy them now. Well, take it with a little bit of caution and try to do a SIP rather than go wholeheartedly because they have run up far in excess of what actually should be the case.

Nine out of 10 Nifty IT index constituents managed to beat the benchmark Nifty50, which rose 2.3% in Q2. LTIMindtree, the latest addition to the 50-pack Nifty, was the only laggard, but it, too, managed to remain in the green. Sonam Srivastava, founder and fund manager at Wright Research, said the resurgence in Nifty IT stocks is influenced by several factors.

Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. Scaramucci, Bankman-Fried's father Joseph Bankman and his brother Gabriel Bankman-Fried were on a list of potential witnesses prosecutor Danielle Sassoon read in court during jury selection at the outset of Bankman-Fried's trial in order to see if any prospective jurors knew them.

Meta Platforms is looking to introduce ad-free subscription plans for Instagram and Facebook users in Europe, two people familiar with the matter said on Tuesday. Several pricing plans were discussed, but the 10 euro ($10.49) per month plan is the most feasible, one of them said, while the other source said it will be implemented in the coming months.

How Australians pay for goods and services has transformed over the past 20 years. Cheques are all but gone, and the federal government says they will be phased out by the end of the decade.

By Jonathan Stempel

Japan is aiming to become a crypto and Web3 “powerhouse,” South Korean analysts and experts believe – but some think Seoul still has what it takes to surpass Tokyo.

As the world of finance undergoes rapid digital transformation, the introduction of novel payment methods, including cryptocurrency and the much-anticipated Central Bank Digital Currencies (CBDC), is reshaping the industry. Prakash Pattni, in his recent analysis, highlights the challenges and opportunities this presents, especially for traditional banking institutions.

At the World Digital Mining Summit, Core Scientific, Inc. (OTC: CORZQ), a North American leader in blockchain computing data centers and software solutions, disclosed a significant investment from Bitmain, the globally recognized manufacturer of digital currency mining servers. Bitmain's commitment amounts to $53.9 million, further cementing the bond between the two industry giants.

WisdomTree, Inc. (NYSE: WT), a prominent global financial entity, has declared its intention to close and liquidate five of its ETFs. The ETFs in question will cease accepting creation orders after October 20, 2023, marking the same day as their final trading day on their respective exchanges.

Tata Consultancy Services, Infosys and HCLTech in the last few weeks. The three-month period through September is usually seen as a strong quarter for the sector. TCS will kick off the quarterly earnings season for India Inc on October 11. Infosys and HCLTech will report results on October 12.

Krafton’s India division is launching its maiden gaming-focused incubator programme for Indian startups. The incubator programme will enrol between six to ten “teams” every year, and offer between $50,000 and $150,000 as funding support, with “exceptional” teams getting up to $250,000, the firm said in a statement. It will be open to early-stage startups, as well as students and independent developers.

Artha Venture Fund, which has backed startups such as Agnikul and LenDen Club, has partially exited Mumbai-based fleet operator Everest Fleet for $2 million (around Rs 16.5 crore). Since 2019, the firm has invested a total of Rs 10 crore in Everest Fleet, which recently closed a $20 million funding round led by ride-hailing platform Uber. The partial exit from Everest marks the first exit for Artha Venture Fund-I, which has a corpus of Rs 225 crore.

Dunzo is seeking a final nod from its board to raise up to $35 million through a rights issue even as some of its investors are of the view that the valuation of the beleaguered startup be slashed to about $200 million — or one fourth of its peak value of $800 million – for the critical financing round, several people aware of the matter said. While a few of the existing investors have committed around $10-15 million in capital at the reduced valuation, the company’s board is yet to clear the proposal, they added. Further, a meeting scheduled for last week is now expected to take place later this week. Company founder and CEO Kabeer Biswas is expected to seek clearance from the board, including top shareholders like Reliance Retail, Google and others, in the coming days to close the much needed funding, the sources said.

Swiss-based blockchain firm Distributed Technologies Resources (DTR) has announced the launch of a Dirham-backed stablecoin, DRAM. The token launched today, October 3, 2023.

The Cyber Crime Investigation Bureau (CCIB), an arm of the Royal Thai Police, has announced the successful retrieval of $277 million (about 10 billion THB in local currency) in digital funds from internet fraudsters, all thanks to its collaboration with the Binance exchange. 

Bitcoin (BTC), the world's largest cryptocurrency, experienced a dip below the $28,000 mark in the early hours of Tuesday. The cryptocurrency had an exciting start to the week as it surged past the $28,000 threshold on Monday, marking its best performance since August. 

Investing.com — US crude oil stockpiles possibly fell as much as 4.0 million barrels last week while inventories of gasoline likely rose by an almost similar level of 3.9 million, as refiners appeared to maximize fuel production due to lucrative returns, petroleum trade group API reported Tuesday.

Deus X Capital, a newly launched investment firm backed by a family office, has entered the crypto space with a combined $1 billion in fresh capital and existing investments.

Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, two sources familiar with the matter told Reuters on Tuesday. Employees were informed of the layoffs in a post on Meta's internal discussion forum Workplace on Tuesday. The post said they would be notified about their status with the company by early Wednesday morning, one of the sources said.

Digital personal financial services company SoFi Technologies (SOFI) has reached an agreement with a company founded by Tiger Woods and Rory McIlroy to be the presenting sponsor of a new team golf league, in a deal that includes naming rights for an arena in Florida.