Indian Financial News

Indian startups have quit their posts this year to date, amid the deepening funding winter and regulatory concerns, a significantly higher number than previous years, the media reported. Data compiled by Fintrackr showed that in the first eight months this year, nearly 20 startup CEOs have left their position to either join a new firm or continue in the same company in a different role. In January, edtech company upGrad's CEO Arjun Mohan quit after a nearly three-year stint. Last month, he joined Byju's to lead its international business. Prashant Jhaveri, chief executive of Flipkart's online pharmacy Flipkart Health+, also left the firm after serving more than a year at the company, reports entrackr. Fintech startup Slash and grocery tech startup Milkbasket are yet to announce their new CEOs. Throttle Aerospace's CEO reportedly stepped down from the company. In March, DailyRounds' CEO Deepu Sebin and FreeCharge's CEO Siddharth Mehta announced their resignation after serving for several years at the helm. In May, all three co-founders including CEO of buy now pay later (BNPL) startup ZestMoney resigned. Some startup founders also quit as CEOs voluntarily or were elevated to a new role. For example, co-working space provider 91Springboard has replaced its CEO Anand Vemuri with Anshu Sarin, the report mentioned. Logistics startup Porter promoted its CEO Pranav Goel to executive vice chairman. Consumer electronic brand boAt, higher education edtech platform DataTrained, and Skincare brand SkinQ also promoted their CEOs to a new role within the company. Some of the startups also saw layoffs. Cuemath laid off 100 employees and re-appointed Manan Khurma as its CEO.

Indian wrestlers won't be able to compete at the upcoming World Championships under the Indian flag as WFI has been suspended by UWW, the world governing body for wrestling, over election delay. However, the athletes would be able to compete as 'neutral athletes' at the Olympic-qualifying World Championships starting September 16 as the ad-hoc panel, led by Bhupender Singh Bajwa, did not honour the 45-day deadline for conducting the elections.

Indian Bank is likely to launch a second Swiss challenge auction for the distressed Dharani Sugars and Chemicals account after a change in the deal structure for transferring the loan account to the National Asset Reconstruction Company (NARCL). The change in the deal structure was necessitated after the government refused to recognise the proposal by the bad loan aggregator earlier because it had envisioned the creation of two trusts, one of which would exclusively deal with SBI's claims, two people aware of the developments said. The new proposed structure envisages the creation of a single trust which will house the security receipts (SRs) of the account. Unlike previously, SBI's priority charge on some recoveries from the accounts will now be adjusted from the overall recoveries from the SRs whenever they are redeemed, people familiar with the changes said. «SBI will not get a separate trust for the priority charge they hold but from whatever recoveries happen, SBI will get a higher share since the bank has special charge on some anticipated cash flows of the company,» said one of the persons aware of the process. Lead lender Indian Bank and NARCL did not reply to separate emails seeking comment till press time Wednesday. The second Swiss auction comes almost six months after NARCL gave a binding offer of ₹222.5 crore in early March.

₹614.32 crore after being sellers for the last four straight sessions. Domestic institutional investors (DIIs) continued their buying streak for the fourth session on Wednesday and bought shares for ₹125.03 crore. As per NSE data, on August 23, FIIs' buy value was at ₹9,419.37 crore and sell value at ₹8,805.05 crore -- resulting in an inflow of ₹614.32 crore.

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Bloomberg News, the stocks of companies related to the space sector like in the supply of equipment from electronics components to metal gears have added more than $2.5 billion in market value. Linde India's share jumped 23% this week and closed at ₹5,923 (up 2.73%) on Wednesday. Chandrayaan-3 mission required some critical modules and systems which was provided by Centum Electronics.

macroeconomic data that makes a case for continuing with the monetary tightening policy through interest rate hikes. In the US, the benchmark 10-year Treasury yields have soared to levels around 4.366%, their highest since 2007, prompting investors to initiate risk-off trade. The US treasury yields have climbed almost 40 bps month-to-date amid rising bets that interest rates will remain elevated for longer.

Indian students, who returned to Ukraine to complete their medical degrees amid the ongoing war, shows no signs of improvement. They now increasingly face hostility from certain sections of the local population who perceive India as supporting Russia in the conflict, reported Times of India. As the conflict persists, public sentiment in Ukraine has increasingly turned against Indian students.

Rakuten, the Japanese technology conglomerate has been scaling up its presence in India with bets across fintech, content streaming, analytics, healthcare and telecom, CEO Sunil Gopinath says, in a freewheeling chat with ET’s Subhrojit Mallick.How has your business in India scaled up over time? We started off primarily building a technology business from here that will support or cater to Rakuten’s businesses globally. We started with 100 employees and have scaled to 2000 now. First, we started with 24/7 support, then we did ecommerce, then we did ID management, which is similar to Aadhaar.

unemployment rate, RPG Group Chairman Harsh Goenka has highlighted another key issue that is affecting his business. He believes that while people are complaining about unemployment, his company is facing a shortage of 'skilled' workers. According to Goenka's post on the X platform (formerly known as Twitter), "We want construction workers- we can’t find enough! We want truck drivers- huge shortage! We want plantation workers- they are not available! Can’t understand solution".

Jio Financial, Vodafone Idea, Adani Energy, Hindalco, Piramal, TVS Supply Chain are among stocks likely to be in focus todayAsian markets traded on a mixed note on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore. A flat end on the Wall Street also weighed on sentiment.Traders are now awaiting Nvidia Corp.’s results later Wednesday, which are set to test the fervor around the artificial-intelligence hype, while wider markets are marking time ahead of a speech from Federal Reserve Chair Jerome Powell on Friday.MSCI's broadest index of Asia-Pacific shares outside Japan were up 0.1%, hovering not far away from its nine-month trough hit just two sessions ago.

Indian rupee today staged a strong rebound, posting its biggest single-day gain in nearly a month and a half. A pullback of the greenback from recent peaks while dollar inflows also aided the Indian currency. Pakistan’s rupee declined to a new low amid the country's deteriorating external finances. The spot Indian rupee today closed at 82.9350 against the US dollar, up 17 paise from its previous close of 83.1075 on Monday.

₹2,000 crore to bring new extrusion and fabrication technologies to India that are critical to building Vande Bharat trains in the country, Kumar Mangalam Birla, chairman, Hindalco Industries Limited, said at the company’s 64th annual general meeting (AGM). “We are even more excited to partner Indian Railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

pilots plan to form an association to challenge flying duty regulations they say cause fatigue and jeopardise safety after an IndiGo pilot collapsed and died before his flight. Former pilots have taken to social media and newspaper columns to publicly raise concerns that airlines, though operating within regulatory frameworks, are stretching them to the brink as air travel booms in India. The sudden death last week of an IndiGo pilot heightened those worries although India's biggest airline says he had a 27-hour break before duty and was in good health.Captain Shakti Lumba, a retired vice president at IndiGo, has garnered the support of hundreds of pilots who plan to come together with an existing group of 600 to raise awareness and lodge concerns over fatigue with authorities and airlines. «The main focus of the group will be compliance with international standards and recommended practices, flight safety and pilot fatigue — which is a clear and present danger to (the) safety of aircraft operations in India,» said Lumba, who was involved in setting up IndiGo's operations from 2005. India's aviation watchdog did not respond to a Reuters request for comment. In the United States, regulators allow flights manned by two pilots to serve maximum duty time of 14 hours during the day and 9-10 hours for late-night flights.

Narendra Modi arrived in South Africa on Tuesday on a three-day official visit during which he will attend the 15th BRICS summit and hold bilateral meetings with a number of world leaders. PM Modi was welcomed by Indian diaspora with chants of 'Vande Mataram' at Sandton Sun Hotel in Johannesburg.

₹533.75 crore during the session. As per the NSE data, FIIs cumulatively bought ₹8,854.08 crore of Indian equities, while they sold ₹9,349.25 crore --- resulting in an outflow of ₹495.17 crore. Meanwhile, DIIs infused ₹6,027.22 crore and offloaded ₹5,493.47 crore, registering an inflow of ₹533.75 crore.

Hindalco Industries Limited has joined hands with Indian Railways to invest around ₹2,000 crore to bring new extrusion and fabrication technologies to India, Kumar Mangalam Birla, chairman, Hindalco Industries Limited, said at the company’s 64th annual general meeting (AGM). “We are even more excited to partner Indian railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

crypto investors, with Bitcoin seeing its most significant weekly drop since the November 2022 FTX crash. In the past week, Bitcoin declined 11.5%, hitting $26,023.3, according to CoinGecko's data as of 5.30 pm on Monday. Similarly, significant alternative cryptocurrencies like Ethereum fell 9.7%, Ripple lost 16.9%, Solana crashed 13.3%, and memecoins such as Dogecoin and Shiba Inu declined nearly 16%. The broader market was already in a bear phase, but Bitcoin faced an 8% plunge on August 18 as Elon Musk's SpaceX reportedly divested its Bitcoin holdings, akin to Tesla. SpaceX had accumulated $373 million in Bitcoin during 2021-2022.

Generative Artificial Intelligence is likely to be a tool for augmentation of roles rather than replacement of jobs, although the specific impact on the workforce will become clear overtime, Nasscom Senior Vice President and Chief Strategy Officer Sangeeta Gupta. Her observation comes in the backdrop of several roles in the tech and non-tech industry being impacted by automation, and an industry push for self-regulation and upskilling with companies like HCLTech and Wipro announcing plans to leverage knowledge automation. «How gen AI will impact jobs in India is still very unclear. Because implementation of Gen AI will happen… we believe it's more a tool for augmentation than replacement,» Gupta told PTI on the sidelines of the Nasscom Annual Technology Conference 2023. Speaking at the event, Accenture Managing Director Matt Carroll said AI can potentially replace the 40-hour work week, freeing up time for people to chase their interests. Nassom's Gupta said that the DPDP bill introduces a negative list of data which «works well with the industry» since countries where data interface is happening, will likely be in the positive list. «Given how fast technology is evolving, you cannot expect every use case to be built through this bill… continuous evolution of the rules will happen as new use cases and challenges come up,» she added. On Nasscom pushing startups listed outside India and servicing the domestic market, to come in India, she said a number of startups have located overseas because of investors' interests and concerns around ease of doing business in India. «I think you've seen a number of startups that have located overseas because of two reasons.

Deloitte on Tuesday said it has launched its global AI market incubator that will promote innovation in generative artificial intelligence (AI) and serve global and Indian enterprises. «The AI incubator will leverage the in-depth sector knowledge and AI/ML expertise of our professionals, including data scientists and engineers,» the company said in a statement These professionals work through a multi-disciplinary model built on design thinking to ensure speed, faster time to market and immediate value generation in critical projects, it added. Deloitte said it currently has active global engagements in the areas of drug discovery, customer experience, content generation and personal avatars, marking over 100 corporations in the past six months. “These engagements demonstrate the increasing relevance of generative AI.” The launch of the Global Generative AI Market Incubator by Deloitte also aligns with the government’s overall agenda of nurturing tech talent and AI-driven opportunities, the company said. «Through this initiative, we aim to resolve unique industry cases by providing the right strategy and drawing on the strengths of our collaboration with alliance partners,” Sathish Gopalaiah, president, consulting at Deloitte India, said. Deloitte launched its Generative AI practice in India in June to help enterprises with strategic innovations, talent development and a collaborative alliance ecosystem.

Indian Crypto exchange CoinDCX, backed by Coinbase Ventures, fired 12% of its workforce on Tuesday, citing ongoing macroeconomic conditions and the TDS on crypto transactions.