Reports Financial News

It’s slow and it will take time, but the managed account platform sector’s shift towards consolidation is sure to come, according to recent findings from Cerulli.

Top-performing firms, which outdo their peers on AUM growth, client acquisition, and new revenue per advisor, were able to sustain those efforts thanks to an intentional approach.

Reliance Industries also dragged the benchmarks lower. Selling was observed in all sectors.

Congress president Mallikarjun Kharge hit out at Prime Minister Narendra Modi on Friday over his remark that eight crore new jobs have been created, and accused him of «rubbing salt into the wounds» of the youth by «telling one lie after another». His attack comes after Prime Minister Modi emphasised last week that the creation of eight crore new jobs in the last three to four years has «silenced» those spreading fake narratives about unemployment. Quoting a recent report of the Reserve Bank of India on employment, the prime minister had asserted that the National Democratic Alliance (NDA) government prioritised stability and growth, and added that small and big investors welcomed the NDA's third term with enthusiasm. In a post on 'X', Kharge said, «Narendra Modi ji, By telling one lie after another on jobs, you are rubbing salt into the wounds of the youth!»

Leading accounting firm KPMG has partnered with Cryptio, a crypto accounting software provider, to assist crypto firms in the United States in adhering to Generally Accepted Accounting Principles (GAAP) compliance.

Wipro, India’s fourth largest IT major, bucked its headcount reduction trend with a marginal increase in its employee count by 337 during the first quarter ending June in the ongoing fiscal year 2025. The total employees at the end of June stood at 234,391 as compared to 234,054 employees at the end of March, during which the headcount had dropped by 6,180 employees, down for the sixth straight quarter.

work-related stress and poor work-life balance, as per a report by digital healthcare platform MediBuddy and CII. The report, which was released on Friday, also highlighted that a massive number of job seekers consider employee wellness programmes crucial in their decision-making process. The report 'Mapping India's Corporate Health and Wellness Landscape' emphasised the importance of customised wellness programmes based on employee demographics and personalised prevention strategies. As per the report, 71 per cent of employees spend an average of 5 per cent of their annual income on out-of-pocket healthcare expenses.

Paytm on Friday reported a 35% fall in its operational revenue for the quarter ended June at Rs 1,501 crore, down from Rs 2,341 crore a year back. Its net loss more than doubled to Rs 840 crore from around Rs 358 crore a year back.

UltraTech Cement on Friday reported a consolidated net profit of Rs 1,697 crore for the quarter ended June 30, 2024 (attributable to shareholders), a marginal increase of 0.50% from Rs 1,688 crore reported by the Aditya Birla Group company in the year-ago period. The revenue from operations stood at Rs 18,070 crore, which represents a 2% increase compared to Rs 17,737 crore reported by the company in the corresponding quarter of the last financial year.

Over the past year, one technology that has grabbed the attention of technologists worldwide is DePIN (Decentralized Physical Infrastructure Network). Several big-name VC firms have also injected billions of dollars into this space, resulting in the total market capitalization of DePIN tokens breezing past the $25 billion threshold earlier in February.

Union Budget Expectations: The Modi government, in its first Budget of the third term, is expected to stick to the disinvestment target set for this fiscal year in the interim Budget. Finance minister Nirmala Sitharaman set the target for 2024-25 at Rs 50,000 crore. However, in the Interim Budget tabled in February, the 2023-24 disinvestment estimate was revised downward to Rs 30,000 crore from the previously budgeted Rs 51,000 crore. Ahead of the full Budget for 2024-25, scheduled for July 23, SBI Research has suggested that the government may take a clear stance on the disinvestment of public sector banks (PSBs). The report, led by Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, emphasised the need for a concrete roadmap to attract capital and boost confidence in financial institutions. A recent CareEdge Ratings report noted a total disinvestment potential of approximately Rs 11.5 trillion at current market capitalization, assuming the government retains at least a 51 per cent stake in these public enterprises. Public sector enterprises could contribute around Rs 5 trillion, while public sector banks and insurance firms could potentially add another Rs 6.5 trillion.

Kotak Mahindra Bank is expected to report a net profit of Rs 3,682 crore for the quarter ended June 30, 2024 according to average estimates of six brokerages. The profit after tax may go up by nearly 7% on the year-on-year basis. The net interest income is seen at Rs 7,053 crore for the reporting quarter which is likely to be higher by 13% as per the average estimates by these half-a-dozen brokerages. Yes Securities is most bullish on its PAT estimates of Kotak Mahindra Bank and pegs it at Rs 3,883 crore for the April-June quarter followed by Anand Rathi at 12.5% and 10.4%, respectively. Meanwhile, BNP Paribas has the most conservative estimates of Rs 3,520 crore which is just a 2% YoY uptick over the PAT reported in the year ago period.

Infosys’ financial services vertical clocked growth in Q1 after six quarters. What stands out is Infosys revising its FY25 constant currency (CC) revenue growth guidance higher to 3-4% year-on-year from 1-3% earlier. “(The) guidance implies CQGR of 0.9-1.6% in the next three quarters (organic growth of 2.2% in Q2 and flat revenues in Q3 and Q4 will take Infosys to 4% growth in FY2025E)," said Kotak Institutional Equities report.

Spectator Index, Crowdstrike shares fall over 12% in pre-market trading amid major global outagesA video shared by news agency PTI showed passengers stranded at Goa airport.In order to get rid of Blue Screen error, Boot your windows into Safe mode or Windows recovery environment.2) Go to C:\Windows\System32\drivers\CrowdStrike directory3) Find the file with the name “C-00000291*.sys" and delete it4) Boot your windows normallyAccording to an official Microsoft blog post, blue screen errors occur when there are serious problems that cause Windows to shut down or restart immediately. These errors can be caused by either software or hardware problems.In this case, however, Crowdstrike has admitted that the problem in Windows is due to an update it rolled out on Friday.

Tube Investments of India Ltd. dropped 2.07 per cent to Rs 4002.55 at 01:19PM (IST) in Friday's trade. The counter hit a high of Rs 4149.95 and low of Rs 3983.0 so far during the session. The stock had closed at Rs 4087.5 in the previous session. The counter had a total traded volume of 01:19PM shares so far with a turnover of Rs 0.98 crore on BSE. The stock traded at a price-to-earnings multiple of 64.47 and a price-to-book ratio of 14.15.

Brokerage firms 5paisa and IIFL Securities have told clients that their systems are affected as a result of the Microsoft issue.

Microsoft users worldwide, including banks, reported widespread outages on Friday, hours after the technology company said it was gradually fixing an issue affecting access to Microsoft 365 apps and services. News outlets in Australia reported that bank services were disrupted as they lost access to computer systems. Some New Zealand banks said they were also offline. Australia's largest bank, Commonwealth Bank said some customers had been unable to transfer money due to the service outage.

Indian Oil Corporation Ltd. rose 2.03 per cent to Rs 166.15 in Friday's trade. It hit an intraday high of Rs 171.0 and low of Rs 165.4, respectively, during the day. The stock quoted a 52-week high price of Rs 196.8 and low of Rs 85.51.

Microsoft Outage Memes: Microsoft on Friday faced a major server outage that disrupted users' access to various Microsoft 365 apps and services. Microsoft confirmed the issue in a statement, noting that they were «investigating an issue impacting users' ability to access various Microsoft 365 apps and services,» as posted on their X (formerly Twitter) handle. As the company worked to address the problem, the internet quickly filled with memes and humorous posts. Users took to social media to share their reactions, producing a wave of memes that poked fun at the situation.

Ambuja Cements Ltd. fell 2.1 per cent to Rs 675.9 in Friday's session as of 12:27PM (IST) even as the equity benchmark Sensex traded 424.64 points lower at 80918.82. Earlier in the day, the stock witnessed a gap down start to the session. The stock quoted a 52-week high price of Rs 706.85 and a 52-week low of Rs 404.0 on NSE. Around 115725 shares changed hands on the counter till 12:27PM (IST).

BEIJING — Top Chinese officials on Friday emphasized the country would focus on its own affairs in the face of rising trade tensions.