Services Financial News

Plenty of action at Diverger, the ASX-listed licensee services group which had already agreed to be acquired by rival financial services outfit, Count Limited. That deal was for around $1.14 per share in cash and scrip.

Mahindra & Mahindra Financial Services, (MMFS), part of the Mahindra Group, slumped 14.40% to reach 237.35 apiece in early trade on Monday, a level not seen since April 2023, as the investors reacted negatively to the company's Q2FY24 performance, which was released post-market hours on Friday. At 10:45 AM, the stock was trading with a drop of 9.45% at ₹251.30.

Qualcomm Inc, the world’s biggest maker of smartphone chips, is in talks with top satellite companies, including Elon Musk’s Starlink, on changes required in smartphone chipsets and software elements to enable mobile satellite services on future Android devices. The San Diego-based chipmaker is exploring the feasibility of potential technology solutions like narrow-band non-terrestrial networks (NTN) which could make it possible for mobile devices to talk to satellite systems and, in turn, offer fast wireless broadband connectivity to people outside the coverage area of terrestrial networks. “A lot of activity is underway at Qualcomm on ways to reach people who are out of the terrestrial coverage area… we’re collaborating with companies like Starlink on potential solutions like narrow-band NTN, which is almost like doing 4G, but having it come from a satellite system instead of a 4G base station,” Chris Patrick, general manager of mobile handsets, Qualcomm Technologies Inc, told ET. Qualcomm Technologies is the research and development arm of the US-based smartphone chipmaker. Patrick, though, said ringing in mobile satellite services via solutions like narrow-band NTN would require changes in a mobile phone’s chipset and software elements, even as the intent is to use satellite constellations and bind them closely with existing cellular infrastructure. “That’s where developments are underway at Qualcomm to build in the wireless satellite service functionality into the next wave of Android devices… but there’s a lot of work that has to be done on the device, and the jury’s still out on how these systems will function in real life,” he said. The comments come at a time when India is considering a recent proposal of

Reliance Jio sees global foray as an option which is continuously under evaluation at the company, a senior company official said. While speaking to the media at India Mobile Congress, Reliance Jio President Mathew Oommen said that India is now a tier 1 plus country and there should be no apprehension in framing policies that are right for the nation. “We think the opportunity for India to go global is big. Reliance will continue to review options to see how best to represent India globally and offer value to customers leveraging the technology capabilities that we have already operationalized in India,” Oommen said. He said that to truly drive the Digital India vision, the government should start leveraging Rs 75,700 crore Universal Services Obligation Fund (USOF) not just for mobile tower deployment but to make devices and services affordable and accessible for individuals. He said Jio Bharat Phone ecosystem is an enabler to 2G mukt Bharat and AI Yukt Bharat. He said that the underutilised USO fund should be leveraged for not just telecom infrastructure but also giving help to individuals for devices and services for those who cannot afford the transition. «Anyone who cannot afford connectivity or monthly rent should be given a device and service model by leveraging the fund,” Oommen said. The government at present charges 8 per cent of telecom companies' revenue as licence fee.

India has asked the WTO members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said. At present, there is a difference of understanding about the subject between developed and developing member countries of the World Trade Organization (WTO). The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week.

New Delhi: The coal ministry on Saturday said it has requested the Department of Financial Services (DFS) to consider classifying coal under infrastructure sector, a move which will ensure financing of commercial coal mines. This reclassification would allow banks and financial institutions to formulate policies more effectively to meet the increasing requirements of the coal sector in a time-bound manner, the ministry said while noting that coal is likely to remain a primary source of energy in the foreseeable future.

Microsoft Teams, businesses in India will soon gain enhanced flexibility to connect with customers nationwide via fixed-line internet connections, claims Airtel. Abhishek Biswal, Business Head, Airtel IQ, said in a statement, “We are delighted to partner with Microsoft to bring an agile, flexible and innovative solution to ease one of the biggest issues facing Indian enterprises today.

Sebi has slapped fines totalling Rs 33 crore on 13 individuals, including senior officials of Sharepro Services (I) Pvt Ltd for flouting regulatory norms. The regulator levied fines in the range of Rs 1 lakh to Rs 15 crore on 13 individuals, including Rs 15.08 crore on Indira Karkera (Vice President and client manager for a number of client companies of Sharepro), and Rs 5.16 crore on Govind Raj Rao (Managing Director of Sharepro).

₹10,000 and in multiples of ₹1,000 thereafter. The face issue price per NCD is ₹1,000. The issue’s base size is ₹150 crore with option to retain over subscription up to ₹150 crore.

profiled banker and digital evangelist, Ashok Vaswani, who steps into the vacuum created by Uday Kotak's exit at Kotak Mahindra Bank (KMB) after nearly four decades at its helm. The key questions are: will Vaswani be able to settle the dust at KMB and compete in a fierce financial services market that is also tightly regulated? Read our Snapview for a sharp perspective on Vaswani's challenges at KMB. Meanwhile Subhash Narayan from our policy bureau in New Delhi reported that the Indian government is considering a clean up of public sector banks by drawing up a fresh list of which of those to privatise.

Rapido is now expanding into the cab market. The company has been piloting cabs in Hyderabad for a few months now, and is at an “advanced test stage”, a spokesperson for Rapido told ETtech. “We’ve gotten a fantastic response so far and it has given us confidence about the model working out,” the spokesperson claimed, declining to comment on the expansion of cab services to other cities or the timeline.

China’s ride-sharing giant Didi Chuxing has unveiled a new digital yuan service that will let citizens in 250 parts of the nation use their CBDC coins to rent motorcycles.

Global fintech firm Circle, which issues dollar-pegged USDC stablecoin, will soon offer loyalty points to stablecoin conversion service in Taiwan.

Global payment giant Mastercard continues exploring cryptocurrency benefits through a new collaboration with crypto payment platform MoonPay.

IGST waiver to luxury vessels converting to coastal run and encouraging setting up of cruise terminals in ports. The near-term goal is to encourage tourists who would otherwise be boarding cruises from Dubai or Singapore to onboard cruises from Indian destinations, shipping ministry officials aware of the plan told ET. In line with the plan, the Centre is encouraging setting up of cruise terminals to improve passenger experience in the country’s coastline ports, which are currently focused on transporting goods, one of the officials said. The Goods and Services Tax (GST) Council recently gave a conditional and limited duration waiver to foreign flag foreign-going vessels converting to coastal run from the 5% integrated goods and services tax (IGST). “This IGST waiver has made it viable for companies like Costa Cruises to bring their luxury vessels to Indian shores,” Nalini Gupta, managing director of Lotus Destinations – a representative of Costa Cruises in India, told ET. Costa Cruises will have for the first time an international cruise liner stationed in India for a two-month period. “The biggest attraction is international sailing experience without having the hassles of travelling abroad, hence no visa or passport will be required,” Gupta said. Sarbananda Sonowal, union minister of ports, shipping, and waterways, told ET, “The Costa Cruises initiative has been driven by the Dekho Apna Desh initiative of Prime Minister Narendra Modi.

visa services for Canadians from today, the Indian Embassy in Ottawa announced Wednesday. The a move that could ease tensions in a high-profile dispute over the killing of a Sikh separatist on Canadian soil.

Indian Railways on Friday notified that 283 special services will run for next few days to ensure smooth and comfortable travel of the passengers during this festive season. The Ministry of Railways also informed that these 283 special services will make 4480 trips till Chhath Puja this year.

New Delhi had suspended all visa facilities in Canada after allegations by Prime Minister Justin Trudeau over Indian involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar. Several visa categories have now been opened by India. «After a considered review of the security situation that takes into account some recent Canadian measures in this regard, it has been decided to resume visa services for the following categories with effect from October 26, 2023.

Reliance Industries Limited’ (RIL’s) telecom unit Reliance Jio Infocomm Limited has entered a partnership with network services and consumer experience provider Plume to provide smart home and small business services targeting 200 million premises across the country, the telco said in a statement. The telecom market leader, through this partnership, will deploy HomePass and WorkPass consumer services enabled by Plume’s AI-powered and cloud-based platform spanning whole-home adaptive WiFi, connected device and application performance optimization, cyberthreat protection for connected devices, advanced parental controls, and WiFi motion sensing, it added. “As we continue to expand our portfolio of connected home services, it is critical for Jio to provide our customers the most advanced and secure in-home digital services, delivering the best end-to-end customer experience,” said Mathew Oommen, president, Reliance Jio. “With scalable and leading-edge platforms from partners like Plume, Jio will continue to strengthen and enhance our connected home service offers and experience,” he added. Jio currently provides fixed-line and wireless services through the cloud, with all the infrastructure hosted in the country.

OCS Services on Wednesday announced the commencement of its role as operations and maintenance contractor for KG-D6 Ruby FPSO — a floating production, storage and offloading vessel operating at the deepsea oil and gas fields of Reliance Industries Limited and bp plc in KB basin. «OCS Services will also be responsible for the operation of subsea production system using topside subsea control system equipment installed on the FPSO,» the firm said in a statement.

India registers 108% surge in transactions for travel, online home services; BookMyShow, MyJio most preferred merchants According to the survey's findings, 84 percent of respondents expressed their desire for the government and its public sector units (PSUs), including IRCTC, to cease the practice of charging convenience fees or service charges and instead promote the Digital India initiative. This demand reflects the sentiments of consumers who seek a more cost-effective and convenient online experience.