Digital Financial News

Adani group companies' shares. A TOI report on Wednesday showed that the central investigative agency has shared its intelligence related to these 16 entities, which includes foreign portfolio investors (FPIs) with Securities and Exchange Board of India (Sebi).

TikTok, and X (formerly Twitter). Meta said that the ‘Spamouflage’ network first started posting on larger platforms like Facebook, YouTube and X but recent acitivity shows that it has expanded its footprint to include smaller platforms like Medium, Reddit, Quora and Vimeo.

Chinese firms and commercial banks are working on new digital yuan supply chain financing solutions, with a new CBDC smart contract solution set to launch.

₹13,000 crore scheme for craftspeople, announced recently by the Cabinet Committee on Economic Affairs, is not just a commendable financial commitment but an affirmation of the nation's rich artistic heritage. The Vishwakarma Yojana, rooted in the philosophy of "guru-shishya parampara", envisages a renaissance in 18 traditional trades, spanning both rural and urban landscapes. Its aim to touch the lives of 3 million artisan families signifies more than just an economic boost.

₹232.70 apiece on the BSE. On NSE, JFSL shares were also at 5% upper circuit limit at ₹231.25 apiece, becoming the top Nifty gainer. According to ET Now report, promoter entity Jamnagar Utilities and Power, a step-down unit of Reliance Industries (RIL), likely bought about 5 crore Jio Financial Services shares at ₹208-211 apiece.

Jio Financial Services hit the 5% upper circuit on Wednesday following a likely block deal in pre-market trade wherein 12.7 lakh shares of the company changed hands. The development invited a strong investor response with over 1.58 crore shares trading on the NSE in the opening trade. The block deal reported by ET NOW is the second in a row and follows a deal on Tuesday which saw 0.8% equity changing hands.

Indians are now considering gold loans as smart loans due to their faster processing and flexible repayment options, says George Alexander Muthoot, MD, Muthoot Finance. The NBFC, which has received permission from the RBI to open 114 new branches, is optimistic about growing its gold loan book by 10-15% in FY24. Edited excerpts from an interview:Your loan AUM rose 21% YoY to Rs 76,799 crore in Q1. What is the guidance ahead of the festive season?We are delighted to report strong growth in an otherwise challenging macro environment. In Q1FY24, we reported the highest-ever quarterly gold loan disbursement of Rs 53,612 crore and achieved an all-time high gold loan portfolio growth for any Q1. Our consolidated loan AUM grew 21% YoY to Rs 76,799 crore and consolidated profit after tax grew 27% YoY at Rs 1,045 crore. Over the past several years, we have observed a paradigm shift in the perception of gold loans. More customers now consider gold loans as smart loans due to their faster processing and flexible repayment options.

Nilesh Shah, MD, Kotak AMC, says “when smallcap starts trading at a premium to largecaps, when micro caps and mini caps start trading at the premium to largecaps, then there is a need to be a little bit cautious. Many of the micro caps and mini caps are today trading at valuation which looks excessive. They are trading there because floating stock is limited. There is a herd mentality in buying what moves and maybe distribution is already happening. There is no harm in being cautious when making money is easy.”I used to think that we are the only two bulls in the town. But when I look around, everybody suddenly is the India bull. Everybody is excited with what is happening in the midcap space, the smallcap space and the SME space. Now should one turn bearish for the sake of turning bearish or stay with the market?If you are a long-term investor, you can stay bullish. If you are a trader, especially in micro caps, mini caps and small caps, this is time to be cautious.

Trump mocking the former US President's latest arrest in an alleged racketeering case to overturn the outcome of Georgia's vote count in the 2020 presidential election, has landed a No. 2 spot on the iTunes chart. 'First Day Out' by artist Hi-Rez, who masquerades as «Trump the Don», has skyrocketed to the top of the iTunes Hip-Hop charts since it was released last week as the former President was taking his infamous mug shot inside a Georgia jail, reports The New York Post.

mutual funds.What documents do I need to start a mutual fund investment?To make your first investment in a mutual fund, you need to be KYC (Know Your Customer) compliant. To do this physically, an investor can fill out a form, attach a photograph, copies of the PAN card and a valid address proof such as Aadhaar, passport, voter identity card or driving licence. This can be submitted along with the first investment form to a registrar or a mutual fund office. To do it digitally one can use some mutual fund websites or distributor platforms which allow Aadhaa-rbased eKYC.What should be the first MF scheme that I should consider?First-time investors should choose a fund scheme keeping their goals, risk-taking ability and time horizon in mind. Typically financial planners feel if they have a time horizon of more than five years, they could opt for equity-oriented funds. However, if they have a time frame of 1-5 years they could use debt or hybrid funds, while for a time frame of less than a year, they can use arbitrage funds or ultrashort-term funds. Ideally, they could opt for a diversified equity mutual fund scheme which could be either a large-cap-oriented or flexicap fund. Conservative investors could also use an aggressive hybrid fund that allocates 65-75% to equity and the rest to fixed income. They could consider staggering their investment by using a systematic investment plan (SIP) as a tool to invest, as this evens out volatility and sharp market movements.

Amidst this backdrop of a burgeoning startup ecosystem, the Bengaluru edition of the ET Soonicorns Summit 2023, held on August 26, 2023, served as a confluence of visionary leaders, entrepreneurs, investors, and stakeholders, all driven by the common goal of shaping India's technological trajectory.

Niranjan Gupta, CEO, Hero MotoCorp, says “the first target is to cross 100 cities by December, which is what we have said and we are well on track on that. Thereafter, we are going to put products in the mid and the affordable segments. That will be the plan for FY25. FY24 is about 100 cities and FY25 is about putting products in the mid and affordable segments because right now our product is at the top end of the EV market.”As part of its plan to rapidly grow the premium two-wheeler segment, Hero Motocorp has reintroduced the two-decade-old brand Karizma and launched Karizma XMR. Will you also be launching and relaunching in other segments?We already have strong products in the entry and deluxe segments. There is HF Deluxe, Splendor Plus, Super Splendor, Glamour, Passion. We brought in, of course, the Glamour and its own classic avatar and Passion again, which we relaunched. So, that part on a portfolio basis is very strong. Our job is to build a portfolio in the premium segment while in the entry and deluxe segments, it will be more about the refreshes which will keep coming.

G20 Summit in India is all set to commence on September 9 in the national capital. The summit will be held for two days and will be joined by representatives of member nations as well as guest nations who will engage in discussions about diverse economic reforms. The summit will be concluded on September 10 with the adoption of a G20 Leaders' Declaration.

G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Speaking in an exclusive interview with The Economic Times, Nirmala Sitharaman talked about the expected deliverables in the finance track. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress.

“FIIs also who have missed the rally in Indian markets also are looking at mid-cap companies with better earnings visibility and for better growth opportunities,” says Dr Poonam Tandon, Chief Investment Officer at IndiaFirst Life. In an interview with ETMarkets, Tandon said: “We do believe renewable energy is one of the emerging sectors of the next decade. Nearly 80% of energy requirements are met by coal, oil, and biomass” Edited excerpts:Will another rate hike by the US disrupt equity markets?The minutes of the US Fed’s last policy meeting indicated that interest rates may have to remain higher for longer given the uncertainty around the inflation outlook in the US.

Shibani Sircar Kurian, Senior EVP, Fund Manager & Head -Equity Research, Kotak Mahindra Asset Management, says “our valuations are slightly above long term averages. We do expect to contend with some degree of volatility in the near term. Of course, if there is any correction in the market, as long as earnings delivery continues, that would possibly be an opportunity. But at this point in time, we believe that given that valuations are somewhat elevated, markets could see some degree of volatility.”What is your take on a very boring market? Is it the time to consolidate and look at the bets that you want to add in your portfolio? If you look at it in two parts, we have nothing to complain about the terms of the fundamentals and the delivery on the earnings side. Even in the earning season gone by, the overall earnings trajectory for the broader market was largely in line with estimates and there have been no major earnings downgrades for both FY24 and FY25. So the earnings trajectory remains fairly healthy. However, we have to contend that today in the markets valuations are not cheap and are above long term averages. Whether you look at price to earnings, you look at price to book, you look at yield gap, or market cap to GDP, on every parameter, the market is telling you that valuations today vis-à-vis long term averages are above the mean level.

Deven Choksey, MD, KRChoksey Holdings Pvt. Ltd, says “somewhere in 2024, at the end of the first quarter or in the beginning of the second quarter, I would like to book profits into some of these companies which are rallying faster compared to their earnings that could be the opportunity at that point of time. As of now, it makes sense to stay invested into these companies, given the kind of swing that we are experiencing in the business condition that these companies are at this point of time.”What do you make of the possible turnaround stories like Indiabulls Housing? They have already repaid over Rs 2,200 crore as of last week. They have cleared all $3 billion of ECBs as well. They are not just looking at a name change, but they have also applied to the regulator to become an NBFC. Do you think this is a case that one could look at?Honestly, the kind of restructuring moves that they have taken are suggesting that they are in for some serious business turnaround. However, how much impact it will bring in the near to long term, is not very clear at this point of time. Maybe furthermore, deep research into the subject will be required before we can comment on this issue.

OpenAI is on track to generate more than $1 billion in revenue over the next 12 months from the sale of artificial intelligence software and computing capacity that powers it, the Information reported on Tuesday. Earlier, the ChatGPT maker projected $200 million in revenue for this year.

British officials are warning organisations about integrating artificial intelligence-driven chatbots into their businesses, saying that research has increasingly shown that they can be tricked into performing harmful tasks. In a pair of blog posts due to be published Wednesday, Britain's National Cyber Security Centre (NCSC) said that experts had not yet got to grips with the potential security problems tied to algorithms that can generate human-sounding interactions — dubbed large language models, or LLMs.

Executive search and hiring firms including Transearch, Longhouse Consulting, CIEL HR and GI Group Holdings say that unlike earlier, when it was difficult to even pin down senior Big Tech professionals for job offer conversations, now they're the ones who often make the first move.

Bitcoin, the world's largest cryptocurrency, experienced a drop below $26,000 in the past day, but quickly recovered above, settling around $26,070.