Happy Tuesday! Customers favoured digital payments for this year’s ecommerce festive sales, especially credit instruments. This and more in today’s ETtech Morning Dispatch.
"Markets have gradually picked up with Nifty sustaining above the 25k mark. We expect this up-move to continue in the market with stock-specific action," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal.
The domestic brokerage on Monday reported a consolidated net profit at Rs 423 crore in Q2FY25, which was up 39% from Rs 304 crore reported by the company in the year ago period.
Benchmark indexes were up in Australia and Japan, and US futures advanced slightly. With earnings reports poised to drive US sentiment this week, the S&P 500 rose almost 1%, notching another record — its 46th this year. That’s a hint investors are not deterred by the reduced forecasts for third-quarter results and are instead betting on positive surprises.
Canadian Prime Minister Justin Trudeau accused India of supporting criminal activities in Canada, including murder and extortion. Highlighting tensions, Trudeau stressed the importance of upcoming security talks in Singapore. This was amid claims of India’s involvement in the killing of Canadian Hardeep Singh Nijjar. India denied the allegations and countered by expelling Canadian diplomats.
The Nifty Metal Index gained 7% during the month as fund managers mopped up stocks of Nalco, NMDC, Moil. Fund managers said with the China government launching its biggest monetary stimulus measures since the Covid-19 pandemic and signalling that more fiscal support was on the way, this sector will be the biggest beneficiary.
The global micro-insurance industry is projected to grow to $137 billion by 2029. India's insurance penetration remains low at 4%, compared to the global average of 6.8%, but the government's efforts through Jan Dhan accounts and social security schemes have laid a strong foundation for achieving the "Insurance for All" target by 2047. As of May 2024, 523 million PMJDY accounts were opened, with 55.6% held by women.
Morgan Stanley downgraded the stock to underweight and slashed its price target to ₹3,702 from ₹5,769. JP Morgan cut its rating to neutral with a price target of ₹4,700 from ₹5,400. CLSA maintained its outperform rating but trimmed the price target to ₹5,360 from ₹5,650.
Zomato Xtreme, using the company's food delivery rider network, offered intracity logistics solutions for packages up to 10 kg, catering to both small businesses and large merchants. However, the service is now being recalibrated and tweaked to focus on the core food delivery strength of the company.
Why were two computer scientists, pioneers no doubt in advancing machine learning (ML) that powers artificial intelligence (AI), being given the top-most prize for physics?
The funds will be used to support growth initiatives, research and development, marketing efforts, recruitment, and offline expansion. It last raised Rs 20 crore in October 2022. “Our core target audience is 28 to 40 years old, who like colour and style, value comfort, and don't just go for fashion,” cofounder Prateek Singhal told ET.
During this year’s festive season sales, credit cards and credit-based payment instruments like pay-later products saw a significant increase, according to industry reports. Transactions rose by 35-50% compared to last year, with a large share being made through credit cards, EMIs, and pay-later options. Unified Payments Interface (UPI) remained the dominant payment method, with a 34% rise in transactions and over 500 million daily payments recorded.
The SC judgment mandates intermediaries to report child sexual abuse material (CSAM) to local authorities under the Protection of Children from Sexual Offences (POCSO) Act. However, intermediaries based in the US typically report to the National Centre for Missing and Exploited Children (NCMEC), as they are restricted by US laws from sharing this data with foreign law enforcement.
ET’s Himanshi Lohchab brings a snapshot of how India’s top family offices are increasingly betting on GenAI startups.
Ashutosh Kulkarni, CEO of Elastic, finds it encouraging that India is as aggressive as the US in adopting AI within the public sector
HCLTech reported a nearly 11% rise in net profit on year in the second quarter (Q2) of the current fiscal year, despite the continued impact of the divestiture of its joint venture with State Street. Revenue was also over 8% higher.
The IPO allotment is managed by the registrar of the company and depends on the number of shares offered and valid bids received at or above the cut-off price.
Through this exercise, the promoters aim to eventually hold stakes of 64-68% each across group companies, ET reported in August. The promoter group raised its stake in Adani Enterprises, Adani Power and Adani Green Energy last quarter.
New World Fund, Government of Singapore, ICICI Prudential Bluechip Fund, HDFC Flexi Cap Fund, SBI Automotive Opportunities Fund, SBI Magnum Global Fund, Fidelity Funds, Nippon India Growth Fund, SBI Life Insurance, HDFC Life Insurance, Government Pension Fund Global and Kotak Flexicap Fund were among the anchor investors.
Hyundai Motor IPO: The grey market premium - the price over the IPO price in the unofficial market that investors pay for the shares before listing - for Hyundai was at ₹30 on Monday evening or 1.5% above the upper end of the issue price band of ₹1,865 to ₹1,960. The ₹27,870 crore issue opens on Tuesday and closes on Thursday. The grey market premium for Hyundai shares was at ₹370 on October 4.
Noel Tata’s appointment as chairman of Tata Trusts is likely to ease tensions with Shapoorji Pallonji Group. This could allow SP Group to consider partial monetisation of its 18.4% stake in Tata Sons. Improved relations may help reduce SP Group's debt through asset divestment and other financial strategies, benefiting both sides.
The Department of Telecommunications (DoT) will regulate telemarketers to curb spam messages and calls. DoT has sought recommendations from the Telecom Regulatory Authority of India (Trai) on this. Once implemented, telemarketers can be held accountable alongside telecom operators for spam. This move aims to reduce the nuisance and associated financial frauds.
Exide Industries stock has rebounded after a dip following its June 2024 peak. Finding support around 450, the stock formed a double bottom pattern and broke through its 50- and 100-day moving averages. This positive momentum suggests a bullish trend for Exide, with the 450 level acting as a strong support zone.
Select stocks gain momentum even in volatile markets.
