Digital Financial News

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Ajay Bagga, market expert, says “PSU banks are still looking quite good. Talking about valuations, I would say India is quite moderately valued. The problem is the global macro. These higher for longer riskoff is affecting us. We have seen about six-seven weeks of FII outflows on a net basis. So that is a problem. It is a constraint on our market's ability to rise fast. But the domestic funds that are coming in, are providing a good support and those should win through.” Are you optimistic about the October series looking at the moving pieces? We are waiting for a couple of events to pass through. One is, of course, the looming US shutdown. Historically, it has not had much of an impact but the reports are that this could last for anything like a couple of weeks to four weeks. In 2018-2019, it went on for six weeks and it had a minor impact on the GDP. So let us get that through, especially given Monday is a holiday in India, we can wait that out. The other two concerns are: a)Chinese property loans that are standing at about 60 trillion Yuan. It is not a new problem, it is a three years old problem but the Chinese government has not been able to resolve it and now the position is that even quality real estate developers like Country Garden are facing a lot of issues of liquidity. So eventually the rescue package will come from the Chinese government which will be a trigger for the markets so you can position for that.

Valkyrie Funds LLC has begun adding ethereum futures to its existing Bitcoin futures exchange-traded fund, after getting the green light from the US Securities and Exchange Commission (SEC), the company said on Thursday. The renamed Valkyrie Bitcoin and Ether Strategy ETF will launch on Monday, Valkyrie's chief investment officer Steven McClurg told Reuters.

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Nvidia's local offices this week on suspicion the chipmaker engaged in anticompetitive practices, the Wall Street Journal reported on Thursday. The French competition authority, which disclosed the dawn raid on Wednesday, did not say what practices it was investigating or which company it had targeted, beyond saying it was in the «graphics cards sector.»

Nirav Sheth, CEO-Institutional Equities, Emkay Global Financial Services, says “if we have a $4 trillion economy now, our ability to absorb shocks in the present macroeconomic parameters is better. If the stocks do not react when the oil is at $95, maybe they react when it is $110. There are other limiting factors as well. Increasing oil prices also tend to act as higher interest rates and a sort of tax on the consumers. This has happened all the time. You will never ever have everything falling in line all the time, it does not happen.” Do you think that this time the market will oblige with the much anticipated and expected correction of a meaningful nature? We need to define what is meaningful. If you are looking at a drawback of which is more than 10% or something thereabouts, it’s unlikely. Do you have normal corrections along the way which are very difficult to predict? Can it happen? Of course, the trigger most likely could be obviously around the surge in Brent oil prices and that has implications and more so for India. The key question is are you positioning yourself to buy into the corrections? Is it a buy-on-dip story or a sell-on-rise story? There the conviction is fairly clear. You do not want to miss the wood for the trees. When you look at the next several years, this is a long journey. There is no point in trying to pre-empt 2%, 3%, 4%, 5% corrections and getting obsessed with it.

Market expert Dilip Bhat says he would still feel that one need not be in a hurry to buy, one can wait and watch and get stocks lower and if not downwards, at least sideways. Markets are good and even at the current level index-wise, much ahead of the implicit fundamentals. Bhat says: «Whether it is midcap, whether it is frontline, all stocks have rallied significantly well. Maybe a few here and there have corrected but by and large, I think they are still trading in an overpriced zone.» It looks like the era of double-digit growth is going to take time to come back for the IT companies. In IT companies, we have seen a lot of things happening, a lot of events that have taken place and in a sense, it is changing the picture a lot more than what we earlier thought. It is a lot more dynamic, earlier we all were so bullish about digital, the cloud and all those things. While those things still continue to be on the radar, AI has taken the front seat at the moment and possibly that also is going to change a lot of things, especially in terms of how IT is going to address these particular issues especially on the headcounts. So, taking all these factors into account, although none of the IT companies have given any great guidance, my own sense is that a lot of it has been reflected in the prices. So, I do not think there is going to be any negative surprise there for IT.

Sandip Sabharwal, asksandipsabharwal.com, says “from the Kotak standpoint, there is no significant negative. HDFC faces a lot of headwinds related to its integration and impact on margins as liquidity becomes more and more tight. We have to give it time. So, at a price, it will be a buy. I do not think they are buys right now. Let them correct. These are good, well-managed banks and we will buy them at our prices.” Overnight, Morgan Stanley put out a note in the US saying that the rising yields and dollar rally would be very disadvantageous for emerging market stocks. We have seen all of this play out and the kind of relationship global macro cues have with Indian stocks for a very long time because of flows. How vulnerable are we now or do you think drawing previous historic example may not apply anymore and we are much more robust? Specifically for India, we are much, much more robust. If you look at our forex reserves, if you look at our overall trade, our current account deficit vis-à-vis what forex reserves we hold, our entire inflation dynamics vis-à-vis what used to be there earlier, things are totally different.

online gaming companies are in accordance with legal provisions, Central Board of Indirect Taxes and Customs (CBIC) chairman Sanjay Kumar Agarwal said on Thursday, ruling out any immediate review. He said the government was ready to implement the 28% GST regime for online gaming, horse racing and casinos following the GST Council’s decision of last month as soon as all states amend their respective laws. The Council will take stock of the tax regime in six months, as decided at its last meeting on August 2, he said.

boards of India Inc, it is still age and experience that rules the roost. The average age of boards is 58.67 years — falling marginally from 59.56 years over the last decade — at NSE-listed companies. This indicates that while there has been some infusion of younger blood, boards are still largely grey. Data compiled for ET by primeinfobase.com showed, however, that the number of younger directors has been rising steadily. As of the start of September, 13.89% directors were below the age of 45 (2,340 of total 16,837) across 2,107 NSE-listed companies. This compares to 10.72% (or 1,249 of 11,643 directors) across 1,481 companies as of March 31, 2014.

Sun Pharmaceutical: The drug major will buy out local partner Indi Pharma from its Mexican arm for over ₹75 crore. The company has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75%. Adani Green & Adani Energy: Abu Dhabi conglomerate International Holding Company on Thursday said it will sell its stake in two of India's Adani Group companies, a move that comes as billionaire Gautam Adani's business continues its battle against fraud allegations, Reuters reported.

Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue.

startups have come together to constitute a 40-member taskforce to take on Google — specifically the Google Play Billing System (GPBS), people aware of the development told ET. The task force has representatives like founders of Matrimony (which had filed the first antitrust petition against Google in India) and Anupam Mittal of Shaadi.com. It has been constituted under the aegis of tech industry body Internet and Mobile Association of India (IAMAI).

Online sellers, major brands and ecommerce platforms are gearing up for robust sales through the festive season, as the online shopping ecosystem shakes off a relatively muted first half of the year, industry executives said. Sales in terms of gross merchandise value are likely to be between $9.7 billion and $11 billion this festive season, rising roughly 15-16% from a year earlier, according to data from market research company Datum Intelligence and consulting and research firm 1Lattice.

IYK, a Web3 startup that provides tools to Adidas, Billionaire Boys Club, and Atlantic Records as clientele, has secured a seed round raise worth over $16.8 million.

In recent days, the cryptocurrency market has witnessed a renewed interest, evidenced by a staggering 78% growth in trading volume. Central to this resurgence is Bitcoin, the foremost digital asset, which has experienced a dramatic surge, crossing the $27,000 mark — an ascent of nearly 4%. 

Today, Nashville-based asset management firm Valkyrie Investments secured approval from the U.S. Securities and Exchange Commission (SEC) to launch the first-ever exchange-traded fund (ETF) for Ethereum futures. This could mark an important milestone for digital asset investment in the United States.

₹1.6 trillion in annual productivity gains and support 45.9 million jobs by 2030, a report said on Thursday. The jobs are likely to be created in healthcare, education, and agriculture sectors by 2030, representing 9% of total jobs in the country, according to Amazon Web Services report (AWS), conducted by global professional services firm Accenture.

fact check unit proposed to be set up by the government will focus on patently false government-related content, and that its role is only to flag and present views on misinformation, leaving the final call to (take down content to) intermediaries. There will also be a provision of internal redressal mechanism in place and the courts can step in if issues remain unresolved, the government said in its submission.

Created with creators and their communities in mind, GapUp promises to: Bridge the Knowledge Gap As the digital tide swells, consumers find themselves navigating through an ocean of information. The democratisation of content creation by social media has intensified the quest for authentic knowledge amidst the cacophony of the digital realm.

As digital asset options continue to gain attention and acceptance from investors, traditional financial institutions may be considering adding digital assets to their offerings and/or portfolios. As with any other industry, “standing still” isn’t an option in the financial sector, and tapping into the potential of digital assets can help TradFi organizations tap into an enthusiastic and growing new customer base. Further, adding digital assets can diversify a traditional portfolio, offering a hedge against market downturns.