Digital Financial News

Atlas Materials, which has developed a new technology to process low-grade nickel that can be used for electric vehicle batteries, has raised $27 million ahead of building a pilot plant in North America, the start-up firm said on Thursday. U.S.-based Atlas said it has come up with a way to treat a type of nickel ore usually used as an ingredient in stainless steel into a form that can be used for EV batteries with low emissions and no waste.

Fintech startup Cred has entered the vehicle management space and launched a new platform, called Garage, through which it will seek to help users renew their car insurance, and recharge FASTags, among other activities. Through Garage, Cred is looking to offer users a single dashboard that will allow them to access a round-the-clock concierge service for roadside assistance, help them manage documentation, including their driver’s licence and registration certificate. It will also provide insights on their vehicle spends.

CE Infosystems, which operates MapMyIndia jumped 11% to hit their 52-week high of Rs 2,109 on the NSE in Thursday's trade remaining unbeaten in six out of last seven trading sessions. The ongoing rally has taken stock's gains to more than 24% over this period.

Hemang Jani, Independent Market Expert, says “from an investment and valuation perspective, that is surely looking quite attractive because you have additional triggers in terms of the unlocking of the value of this Jio Financials, which is still not reflected in the current price. So it is looking quite interesting at this point of time.” This morning, Nuvama has put out a note saying that Polycab could be a play on exports now. Right now, they just have about 12% of their revenues from exports. When they went for IPO, they had an annual profit of almost Rs 500 crore. Right now, they have a quarterly profit of Rs 500 crore. What is the potential for unlocking exports? The wire and cable segment has displayed very strong growth over the last two, three years.

Anurag Singh, Managing Partner, Ansid Capital, says “rates are going to be higher for a bit longer. The Federal Reserve last week clearly revised the dot plots and this time they are saying there are no cuts at least till the middle of 2024. If we put all this together, the picture is that when the rates are 5.5% with another 25 basis probably coming, can the markets be at 20x multiples? By the way, the entire rally was hinging on just seven stocks. That is also kind of coming back to roost.” What is this extended move on the dollar index for the last six days indicating? Traditionally we spell bad news for equities, especially emerging markets? Yes, true.

Currently, Mahendra-Rajah is the CFO of Analog Devices, where his role includes overseeing the company’s global finance organisation, along with financial management, planning, controls, and reporting.

Siddhartha Khemka, V-P, Head of Research (Retail), MOFSL, says “within the ferrous space, JSW Steel is a preferred pick followed by SAIL. Hindalco in the non-ferrous space is something that we like. The market has shown some appetite for niche luxury properties. So, real estate will do well. Our preferred picks would be Oberoi Realty and Macrotech Developers.” What is your view on metals and Vedanta specifically because it is a high beta name?All these headlines regarding debt etc keep on circling around and impacting the stock price. What should a medium to long term investor do? Within the metal space, Vedanta has been very volatile. There have been continuous news flows or developments with regards to the company, with regards to the promoter and the promoter entity as was the case today. But if you look at it from the overall sector perspective, after having some pressure in the past couple of quarters, the companies have now taken price hikes in the last couple of weeks and that is helping to change the sentiment.

Mayuresh Joshi, Head-Equity Research, India, William O'Neil, says “the commentary surrounding order wins by IT companies remains extremely strong because the targeted bucketed list that they probably have between a million dollars to five million and to ten million for midcap IT companies those order wins and those transformational deals when it comes to AI and the associated space is there itself still continues at a rapid and a very good pace. The other space, ER&D, where a lot of companies like a KPIT, Tata Elxsi, Sonata have done well and continue to do well.” Is a move on Reliance sustainable and are there enough fundamental triggers in place? Singapore GRMs have come off in the last few weeks and therefore the refining segment for the better part of the second quarter and the third quarter, will stay at these levels and can be under some sort of pressure. But we all know that Reliance has access to multiple feedstocks and even if Singapore GRMs have corrected to around $6.5, an outperformance of $2 to $3 to say the least can be expected from Reliance.

Siddhartha Khemka, V-P, Head of Research (Retail), MOFSL, says “Reliance Industry’s core business which is facing headwinds, will not see recovery in the near term. Jio Financial post listing has not seen much excitement. The telecom business has been pretty stable though. All put together, we would not see a huge upside but I would expect it to remain steady in terms of share price movement for the next couple of weeks.” Do you think the triggers are in place for a meaningful up move from Reliance from these levels? In Reliance, there have been multiple headwinds. If we look at their last few AGMs, they have heavily invested into new-age or the alternate fuels where a few years back, they were talking about net debt-free and cash surplus. Again, with the investment cycle coming up, the core business is getting some pressure. The Singapore GRMs have come off from their highs and that is also hurting the oil business. If you put together all the pieces, the core business where there are headwinds, will not see recovery in the near term. We saw the Jio Financial listing but post listing, there has not been much excitement there. The telecom business has been pretty stable though. All put together, we would not see a huge upside but I would expect it to remain steady in terms of share price movement for the next couple of weeks.

“We are hoping that 2024 will be a breakout year for India in terms of flows with more tailwinds than headwinds,” says Harendra Kumar, Managing Director, Elara Securities India. In an interview with ETMarkets, Kumar said: “There is always some tactical money that finds its way in/out of India during some macro headwinds. There is more money waiting to come in, than to go out” Edited excerpts: After hitting 20,200 on the Nifty50, the market is going through some healthy consolidation. In terms of global overhang, we have the US Fed outlook, a rise in Dollar index, crude, and recent Canada comments. Have we made a top? The Nifty was around 18500 in Oct 2021, and it has taken us two years to reclaim the top — so it is hardly a euphoric event, except that it is a headline moment.

X could turn a profit in early 2024, Chief Executive Officer Linda Yaccarino said on Wednesday, during a wide-ranging interview in which she defended the company's progress under billionaire owner Elon Musk. The appearance at Vox Media's Code conference comes as Yaccarino marked 100 days as CEO of the platform formerly known as Twitter. She has faced questions over her autonomy in the role and the company's ability to court advertisers who have been wary of the rapid changes on the platform and Musk's controversial persona.

China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.

Investing.com – Tech stocks have suffered a bumpy ride in September as the road to higher rates for longer has rejuvenated the bears, but Wedbush argues, this weakness will prove to be a temporary joyride as the upcoming earnings season for big tech and fed cuts next year will trigger a rebound in growth across tech.

Flipkart has merged key technology and product roles in its new businesses of Cleartrip (travel) and Flipkart Health Plus (epharmacy) into the core commerce team to streamline operations, multiple people aware of the matter said. These changes have come into effect over the past few weeks, they added. The integration has come ahead of Flipkart's flagship festive season sale of BigBillionDays, which may kick off on October 7 or 8 – two to three days ahead of rival Amazon’s festive sale that is set to start on October 10, these people said. Flipkart has, however, yet to finalise the dates.

This is part of a series of interviews with the winners of The Economic Times Startup Awards 2023. When computer science undergrads Anirudh Sharma and Rahul Rawat attended a conference organised by the Indian Space Research Organisation a few years ago, little did the two Lovely Professional University students know that winning the best student research award for their paper on ‘smoke detection in space’ would give them the boost they needed to start their venture in spacetech.

KX Systems is planning to enter the India market and set up sales and research & development offices in Bengaluru and Mumbai, a top executive at the software firm said. The company wants to target Indian developers, IT firms and other enterprises as it plans to capture the country’s artificial intelligence market that is expected to touch $4.2 billion by 2030, chief executive Ashok Reddy said.

Digital India Bill is likely to define and encode in law various online offences such as cryptojacking, astroturfing, dogpiling or cyber-mob attacks, dogwhistling, swatting, gaslighting and catfishing, people in know of the development told ET. These offences are likely to be included under the broad category of user harm, and it may also define the penal provisions associated with them, one of the persons said.

Protean eGov Technologies (formerly NSDL e-Governance Infrastructure) is planning to make an initial public offering of around Rs 1,200-1,300 crore by the end of October, people privy to the development said. “The company will submit its updated draft red herring prospectus before markets regulator Securities and Exchange Board of India this week … It aims to launch the IPO to the public by the third or fourth week of October,” one of the people said.

In the ever-evolving world of cryptocurrencies, Bitcoin remains the predominant leader, showcasing its dominance as the number one cryptocurrency on CoinMarketCap. 

Dogecoin ($DOGE) is highly volatile after a mix of news caused uncertainty in its market. Elsewhere, TRON ($TRX) turned bullish as more developments were implemented on its network. Yet, Borroe.Finance ($ROE) still dominates the cryptocurrency space, delivering 50% profits for early investors. 

Jimmy Kimmel Live', CBS’ 'Late Show With Stephen Colbert' and NBC’s 'Tonight Show' Starring Jimmy Fallon and 'Late Night With Seth Meyers' will be aired on October 2. HBO’s 'Last Week Tonight' With John Oliver is most likely to return on October 1. Besides, HBO’s 'Real Time With Bill Maher' will return on Friday.