Digital Financial News

Nissin Foods Holdings has announced a restructuring of its senior leadership to pave the way for the next level of business growth. Sandeep Bakhshi, the chief business officer, has been elevated to the post of managing director of its Indian subsidiary, Indo Nissin Foods (hereafter referred to as Indo Nissin). He succeeds Gautam Sharma, who built the Indo Nissin business from 2014 onwards. With an extensive background spanning over 25 years in sales, Bakhshi has held positions at companies such as SC Johnson (now Brillon), Mars-Wrigley, Pidilite, AkzoNobel, and Asian Paints.

venture capital fund gradCapital has launched its second fund of $6 million (about Rs 49 crore) to invest in students' startups. The VC fund on Friday said it will offer a standard cheque of $40,000 (Rs 33 lakh) at 4 per cent equity in companies set up by students. gradCapital co-founder and CEO Abhishek Sethi said, «We are not in the business of finding and investing in deals, we are in the business of letting students be more ambitious and build a future, despite having a challenging education system. Students are more likely to start a D2C company instead of a quantum computer, and we need more of the latter.»

ITD Cementation India share price rallied more than 14% to hit a fresh 52-week high on Friday after the company bagged an order worth ₹3,290 crore. ITD Cementation shares jumped as much as 14.66% to a high of ₹249.40 apiece on the BSE. ITD Cementation India secured a marine contract worth approximately ₹3,290 crore excluding GST, the company said in a regulatory filing on Thursday.

Brightcom Group share price was locked in its lower circuit as the stock opened at its 5 per cent lower price band of ₹16.08 on BSE on Friday. Shankar Sharma portfolio stock Brightcom Group has been hitting the lower circuit for the last eight consecutive sessions. On a monthly scale, the stock fell 20 per cent in July and 33 per cent in August.

Hiring dipped 3% month-over-month, according to talent platform foundit's Insights Tracker, presenting the latest findings on hiring trends for August 2023. In addition, e-recruitment activities in India fell by 5% in August 2023 compared to August 2022. The index further dropped from 275 in August 2022 to 260 in August 2023.

Elon Musk on Friday said that X Corp (formerly Twitter) will not use users' data to train its machine learning (ML) and artificial intelligence (AI) models. The tech billionaire reacted after X updated its privacy policy, seeking permission from users to start collecting their biometric data and employment history.

The Appointments Committee of the Cabinet has approved the appointment of Umang Narula as the parliamentary affairs, according to a government statement. Narula will be replacing Gudey Srinivas, who will move to take up the role of secretary at National Commission for Scheduled Castes under the Ministry of Social Justice and Empowement. This comes after the government has called for a special session of Parliament for five days starting September 18.

S Krishnan as the new secretary for the electronics and information technology ministry. Krishnan takes charge from Alkesh Kumar Sharma, who retired on August 31 this year. Krishnan has, over the last 32 years, held various roles, including the finance secretary for the state of Tamilnadu, and the chief executive officer of the Tamilnadu Infrastructure Board.

India are set to rise steadily in single digit percentages over the coming years along with economic growth, according to a Reuters poll of property analysts who expect affordability for first-time buyers to worsen. Following a relatively modest 250 basis points of interest rate rises from the Reserve Bank of India to 6.50%, expectations of a resilient economy have underpinned property market strength, along with relentless demand for housing. Average home prices were expected to rise 7.0% nationally this year and next, according to the Aug. 14-31 Reuters poll of 12 property analysts, up from 6.0% and 5.5% in a June poll. The outlook was more upbeat and stable compared with companion polls of property markets in developed economies, where house prices are expected to fall or stagnate after surging as much as 50% during the COVID-19 pandemic. There was no such panic buying of property in India during the past three years, with modest rises of 2-3% annually leaving more room for house prices to climb. «Multiple factors are driving the real estate market in India: a healthy economy, market optimism, higher estimated GDP, economic diversification...(and) inflation is under control, which is adding to renewed optimism,» noted Ankit Kansal, managing director of 360 Realtors. While July consumer price inflation was running well above the top end of the RBI's 2-6% tolerance range, it is expected to ease back over coming months as food price inflation subsides.

BCCI’s international bilateral cricket matches held in India as well as domestic competitions for ₹5,963 crore for a period of five years to 2028. The bid, however, is lower by ₹175 crore than the ₹6,138 crore Disney Star had paid for the previous fiveyear cycle, a sign that the value of bilateral cricket will be under pressure due to declining viewer interest in the Test and ODI formats. It translates to a payout of ₹67.76 crore per match, about 10% higher than in the previous cycle that had more matches. BCCI secretary Jay Shah said Thursday's e-auction has propelled BCCI into the upper echelons of permatch media rights valuation. “Throughout this process, we have steadfastly upheld the principles of transparency and fairness, ensuring that all stakeholders are treated equitably,” he said. Sources close to the development said Viacom18 bid ₹3,101 crore for digital rights and ₹2,862 crore for TV rights, with the difference between the two sets of rights being a mere ₹239 crore. They added that Sony Pictures Networks India (SPNI) was the only other bidder in the fray as Disney Star sat out of the e-auction, having already committed $4.5 billion for Indian Premier League (IPL) TV rights and International Cricket Council (ICC) digital rights. One of the sources said Sony's bid of ₹5,863 crore was ₹100 crore lower than Viacom18's bid.

gold on auspicious occasions is a part of the Indian tradition. There is a heightened demand for digital gold investments during festive periods, primarily driven by customs and traditions, as well as the desire to commemorate special occasions with precious metals such as gold. Digital gold is a relatively new way to purchase gold online.

Reliance Industries: Viacom18 Media Pvt. Ltd, a unit of Reliance Industries Ltd (RIL), secured the media rights for all bilateral cricket matches to be played in India during the next five years for ₹5,963 crore through the e-auction conducted by the Board of Control for Cricket in India (BCCI) on Thursday. The RIL-run broadcaster outbid Sony Pictures Networks India across digital and television, while the third bidder, Disney Star, placed just a couple of bids, according to two people familiar with the development.

₹6 trillion, or a third of the ₹17.9 trillion estimated in the union budget for FY24, data from the Comptroller General of Accounts (CGA) showed on Thursday.This week, reports on job openings, consumer confidence and inflation in the US stoked hopes on Wall Street that the Fed may hold rates steady at its next policy meeting in September.India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office.On a year-on-year basis, the GDP print recorded in the correpsonding period last year was 13.1 per cent. The Q1FY24 economic growth is the highest in four quarters, largely driven by a robust services sector, and strong capital expenditure.

LIC, which services 27.74 crore policies, has floated a special revival campaign for lapsed policies with effect from September 1, 2023. Over the years, LIC has taken various initiatives and digital initiatives to improve pricing and create operational efficiencies, LIC said in a release on occasion of its 67th anniversary. It services customers through its 8 zonal offices, 113 divisional offices, 74 customer zones, 2,048 branch offices, 1,580 satellite offices, and 13.47 lakh agents, it said. The corporation said it is dedicated to serving the diverse financial needs of its policyholders and contributing to the nation's economic growth.

In the world of cryptocurrencies, Bitcoin's unpredictable price movements are always under the microscope. 

digital currency firm co-founded by ChatGPT-founder Sam Altman. France's CNIL watchdog said in July that the legality of the Worldcoin biometric data 'seemed questionable'. «Checks took place at the Worldcoin offices,» a CNIL spokesperson said on Thursday, confirming an earlier Politico report that the checks occurred on Wednesday. Worldcoin officials did not immediately respond to an emailed Reuters request for comment on the CNIL's latest checks. The CNIL spokesperson declined further comment. Worldcoin requires users to provide their iris scans in exchange for a digital ID and, in some countries, in exchange for free cryptocurrency.

NEW DELHI, MUMBAI : Viacom18 Media Pvt. Ltd, a unit of Reliance Industries Ltd (RIL), secured the media rights for all bilateral cricket matches to be played in India during the next five years for ₹5,963 crore through the e-auction conducted by the Board of Control for Cricket in India (BCCI) on Thursday. The RIL-run broadcaster outbid Sony Pictures Networks India across digital and television, while the third bidder, Disney Star, placed just a couple of bids, according to two people familiar with the development.

"The unexpected importance of the fifth digit during stone tool production", Alastair J.M. Key et al, Nature, 13 November 2019), it’s the production of stone tools. Ancient stone tools were made of flint, primarily because it’s a stone that is easy to shape, yet maintains a sharp edge and is hard enough to cut or strike with.

In the ongoing fight between three giant networks of financial advisors, LPL Financial has landed a blow against Cetera Financial Group.

₹1 crore minimum investment requirement is an entry hurdle, attracting only sophisticated investors looking for a bespoke investment strategy. Over the previous seven years, the AIF category in India has increased tenfold, with assets under administration totalling ₹7 trillion, according to the Indian Association of Alternative Investment Funds (IAAIF). These investments often have a 10-year time horizon, necessitating financial advisors’ continuous engagement with investors to manage expectations.

In such a scenario, how are serious economists to interpret the National Statistical Office's (NSO) April-June 2023 GDP estimates that were released yesterday? Well, with caution. On the face if it, Q1 growth of 7.8% looks strong, especially when compared to the rest of the world.