Mobile Financial News

₹6,145 crore initial share offer of electric two-wheeler business Ola Electric Mobility was tepid, with 35% of the issue subscribed on Friday, August 2, the opening day of the bidding process.Retail investors led the initial public offering (IPO) of the firm, subscribing 1.57 times the amount allotted for them.Bids were received for 16.31 crore shares of the 46.51 crore shares that were offered in the offering, which closes on Tuesday, August 6. Ola Electric IPO subscription status was 35% on the first day of bidding.

cyber criminals are targeting almost every facet of the fintech industry to gain access to critical customer data. Non-banking finance companies — account aggregators (NBFC-AAs), which has just started to take off, has now become the latest target of fraudsters. Two people in the know said the Indian Cyber Crime Coordination Centre (I4C) recently met top executives of some of the major NBFC-AAs to address issues of cyber fraud attacks and ways to tackle them.

Amara Raja Energy & Mobility (ARE&M) has posted about 26 per cent rise in consolidated net profit at Rs 249.12 crore for June quarter FY25. It had reported a net profit of Rs 198.31 crore for April-June period of 2023-24, the company said in an exchange filing on Saturday. Revenue from operations rose to Rs 3,263.05 crore from Rs 2,796.27 crore in the year-ago quarter.

Bharti Airtel is expected to report revenue of Rs 38,488 crore for the quarter ended June 30, 2024, according to the average estimates of four brokerages. This represents a 2.6% year-on-year (YoY) increase. The net profit after tax (PAT) is projected to range between Rs 2,068 crore and Rs 3,922 crore. The highest revenue estimate comes from Axis Securities at Rs 38,996 crore, while the lowest is from Prabhudas Lilladher at Rs 38,164 crore. Nuvama Institutional Equities and BNP Paribas have estimated revenue at Rs 38,600 crore and Rs 38,191 crore, respectively.

Punjab and Sind Bank (PSB) has cautioned its customers about an ongoing scam in the bank's name. The bank said that it is important for you to know about the scam to keep your money safe from the scamsters. This scam (APK file scam) starts with you receiving a fake message supposedly from the bank informing that your bank account will be blocked due to a KYC update. However, in reality, no such message has ever been sent by the bank, and neither is your KYC going to expire. «They are asking customers to download APK files loaded with malware to steal account and personal information,» Punjab and Sind Bank said in the notice. So how exactly does the scam happen? And what false narratives do the fraudsters create to lure you into following their call to action? Read below to know more about this and be alert.

Exxon Mobil’s second-quarter profit rose and was its second-highest for the period of the past decade as it achieved record quarterly production from its Permian and Guyana assets

Advocates say air conditioning is no longer a luxury but a public health and affordability issue

Bharti Airtel and Reliance Jio are likely to collectively buy another $2 billion worth of fresh 5G network gear to expand and bolster their next-gen mobile broadband coverage for a rapidly growing user base amid rising shipments of smartphones supporting next gen technology, people aware of the matter said. Sunil Mittal-led Airtel has floated a fresh request for proposal (RFP) to kickstart its second round of 5G gear purchases, while Mukesh Ambani-owned Jio too is in discussions with global vendors, the people cited said. «Airtel's RFP is under evaluation at the 5G vendors' end. Ericsson and Nokia will likely be the principal OEMs handling bulk of Airtel and Jio's fresh 5G base station (BTS) needs with a small chunk of the expansion deals likely going to Samsung,» one of the sources told ET.

electronics industry to share production statistics for policy formulation, a Meity official said on Friday. The government has been sharing electronics production data in the country based on estimates of industry bodies, especially the India Electronics and Cellular Association. «We don't have any kinds of production data. That's very important. When we formulate policy, we need to know how much we are producing and what we are producing. So that we actually know the exact figure. We have DGIS, where we can get import data and export data. Industry has to support the government by sharing the data,» Meity Scientists G and Group Coordinator Asha Nangia said. She was speaking at an event organised by CII in collaboration with ICEA on Building a Resilient Supply Chain for Electronics and Semiconductor Industry.

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Pakistan's ethnic Baloch protestors have decided to call off a nearly week-long sit-in in the coastal city of Gwadar against alleged human rights violations in the resource-rich Balochistan province after «successful negotiations» with the provincial government, the authorities said on Friday. The Baloch Yakjehti Committee (BYC) had been holding protests at the city's Marine Drive area against the alleged human rights violations, enforced disappearances and alleged extrajudicial killings in Balochistan. Balochistan's interior minister Mir Zia Ullah Langov held talks with BYC leader Dr Mahrang Baloch, a young woman from the province, and the two sides signed a seven-point agreement. «Negotiations between the Baloch Yakjehti Committee and the district administration have been successful and the organisers of the committee have agreed to end their sit-ins across the province,» Langov said in a statement.

4G and 5G networks which will the prevalent technologies going forward, while relaxing those around legacy but dying 2G and 3G networks. Further, to achieve time bound action on quality of service (QoS) related isissues the Telecom Regulatory Authority of India (Trai) Friday introduced provisions for financial penalties for all services. For the first time, the Trai notified QoS benchmarks for 5G services as the technology was launched in October 2022 in India. The new parameters released by Trai will be used to measure quality of fixed, wireless and broadband services, with an aim to reduce instances of call drops and improve quality of telecommunication services for consumers. The new regulations come into effect from October 1.

₹5,922 crore (about $707 million) through a 57.56% promoter stake acquisition, one of the largest cross-border deals in the communications platform space. That was Gupta’s claim to fame: Having bootstrapped a billion-dollar company and selling it to a global peer. Gupta is also a keen investor.

Mint breaks down theissues that have fuelled this controversy. The Ola Maps controversy raises multiple issues. It has highlighted the plight of startups looking to take on Google's massive might, which not only dominates Maps but also accounts for over 90% of smartphones in the country.

Turkey has blocked access to social media platform Instagram, the infotech regulator said on Friday, without stating a reason or duration for the ban, which also left the platform's mobile app inaccessible. The move follows comments on Wednesday by Turkish communications official Fahrettin Altun, criticising the platform for what he called its decision to block condolence posts on the killing of Ismail Haniyeh, a key official of Palestinian militant group Hamas. «This is censorship, pure and simple,» Altun, the communications director of the Turkish presidency, said on X, adding that Instagram had not cited any policy violations for its action.

The Environmental Protection Agency is issuing an emergency fuel waiver to help alleviate shortages in four states whose gasoline supplies have been impacted by the shutdown of an ExxonMobil refinery in Illinois

tomatoes at Rs 50 per kg in Delhi-NCR and Mumbai retail markets. This move aims to relieve consumers, following an initial reduction to Rs 60 per kg on July 29, announced by Union Food and Consumer Affairs Minister Pralhad Joshi. «Prices of tomatoes have come down after our intervention,» Joshi stated. This initiative was launched to address the soaring tomato prices caused by supply disruptions due to heat waves and erratic rains in various states.

₹2,000 crore, the investment firm’s managing partner Rahul Khanna told Mint in an interview. The fourth venture debt fund, which includes a greenshoe option of ₹500 crore, is sector agnostic and has seen participation from new and existing investors. The previous three funds were ₹500 crore, ₹1,024 crore and ₹1,777 crore in size.

A global Microsoft Azure outage that impacted a range of services for consumers Tuesday — from reports of stalling Outlook emails to trouble ordering on Starbucks’ mobile app — was triggered by distributed denial of service cyberattack, according to th...

law and order crisis, Manipur chief minister N Biren Singh stated that in state budget 2024-25 for strengthening and supporting State Police Rs 2900 crores are allocated adding that Centre had also approved to provide IT services in violence affected districts.