Glimpses from the Japan Mobility Show 2023.
Posts tagged Rediff
Wipro Q2: Price targets to factor more revenue slide (27-10-2023)
Wipro’s September quarter results (Q2FY24) were in line with weak industry trends, reflecting mounting worries of narrowing client spending for IT services. Similar to other peers, Wipro expects a continued revenue decline with Q3 constant currency (cc) IT revenue projected to fall 3.5 to 1.5 per cent sequentially, ahead of what many analysts expected. The stock took a hit on Thursday and fell up to 4 per cent intra-day as brokerages lowered Wipro’s earnings estimates for financial year 2024 and 2025 and trimmed price targets on the scrip.
From Merc to Audi, carmakers churn out luxe experience (27-10-2023)
From drifting and slaloming on sheets of ice to bending laws of motorsport physics, auto majors curate thrills beyond the road.
‘Global factors are making investors nervous’ (27-10-2023)
‘There are concerns regarding global factors that are making investors nervous. However, India has stood out in such times before as well.’
RBI proposes stricter norms for recovery agents (26-10-2023)
The RBI on Thursday proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening. Regulated Entities (REs) like banks and NBFCs should not outsource core management functions, including policy formulation and decision-making functions like determining compliance with KYC norms and according sanction for loans, said the ‘Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services’. “The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervisory authority,” the Reserve Bank of India said.
P-notes investment continues to swell for 7th month (26-10-2023)
Investment in the Indian capital markets through participatory notes rose over a six-year high at Rs 1.33 lakh crore at September-end, making it the seventh consecutive monthly increase, on the back of robust macroeconomic fundamentals. This is the highest level since July 2017 — when investment through the route stood at Rs 1.35 lakh crore, data from the Securities and Exchange Board of India (Sebi) showed. The latest data includes the value of p-note investments in Indian equity, debt, and hybrid securities.
Bloodbath on D-Street; Sensex tumbles 900 points (26-10-2023)
Mahindra and Mahindra was the biggest loser in the Sensex pack, falling 4.06 per cent, followed by Bajaj Finserv, Asian Paints, Nestle, Bajaj Finserv, JSW Steel, Titan, HDFC Bank, Tech Mahindra, Tata Motors and Larsen and Toubro. In contrast, Axis Bank, ITC, HCL Technologies, NTPC and IndusInd Bank were the gainers.
Adani enters copper sector; to invest over $1 bn (26-10-2023)
Gautam Adani’s conglomerate is about to step into a new business venture: India’s copper industry, boasting half a million tonnes of refining capacity slated for March next year. Although the incremental capacity doubles India’s last year’s production, industry executives suggest that Adani poses less of a threat to the incumbents and more to those exporting to India. “The new capacity of Kutch Copper is expected to reshape trade dynamics,” said Miren Lodha, director-research, CRISIL Market Intelligence and Analytics.
Pvt banks told to have at least 2 wholetime directors (26-10-2023)
In a move to strengthen governance in private sector banks and wholly-owned subsidiaries of foreign banks, the Reserve Bank of India (RBI) on Wednesday directed them to have at least two wholetime directors. Lenders that do not meet the requirement will have to submit the names for the RBI’s approval within four months. Banks need prior approval from the banking regulator for the appointment of wholetime directors.
TCS gets Maha notice over lateral onboarding delays (26-10-2023)
India’s largest information technology (IT) services company, Tata Consultancy Services (TCS), has received a notice from the Maharashtra government’s Ministry of Labour and Employment regarding the company’s delay in onboarding lateral recruits. The complaint was filed by the Pune-based IT employees’ union, Nascent Information Technology Employees Senate (NITES), in July 2023. While the exact number of lateral employees affected by this delay could not be confirmed, according to the NITES complaint filed in July, over 200 employees were impacted.