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IndiaTV Business: Google News Feed: Digest for January 13, 2024

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Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank will not follow other countries in regulating cryptocurrencies, emphasising that decisions taken in other markets may not necessarily be suitable for India. His comments were made in response to the recent approval by the US Securities and Exchange Commission for the creation of bitcoin exchange-traded funds (ETFs) in the United States.
Maxposure, a media and entertainment services company, is gearing up for its initial public offering (IPO), with the SME issue scheduled to open for subscription on January 15.
The government is planning to decrease its budget deficit by at least 50 basis points in the fiscal year 2024-25, aiming for a target lower than the current year's 5.9 per cent of gross domestic product (GDP). Simultaneously, it also plans to boost capital spending by up to 20 per cent, according to a Reuters report citing government officials.
Netflix's India arm, Netflix Entertainment Services India LLP, received a 24 per cent year-on-year growth in its FY23 revenue, reaching Rs 2,214 crore, as per regulatory filings with the Registrar of Companies (RoC). The net profit also witnessed a substantial increase, growing by 75 per cent compared to the previous year to Rs 35 crore.
Finance Minister Nirmala Sitharaman on Thursday said India has a USD 10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded.

Sensex rises 0.09 per cent, Nifty settles 0.13 per cent higher

Thursday 11 January 2024 10:45 AM UTC+00
Sensex, Nifty ended marginally higher on Thursday, reducing most of their intra-day gains, as investors turned cautious ahead of the quarterly results of IT behemoths TCS and Infosys later in the day.   The BSE Sensex, a 30-share index, inched up by 0.09 per cent, or 63.47 points, to settle at 71,721.18, after peaking at 71,999.47 during the day. Nifty rose by 0.13 per cent, adding 28.50 points to reach 21,647.20.   Major gainers among Sensex constituents included Reliance Industries, UltraTech Cement, Axis Bank, IndusInd Bank, Power Grid, Tata Motors, Tech Mahindra, and Tata Consultancy Services. Conversely, Infosys, Hindustan Unilever, Wipro, Larsen & Toubro, and Nestle witnessed declines.   Market sentiments were influenced by the impending release of US inflation data and domestic macroeconomic figures, prompting investors to adopt a cautious stance. Asian markets exhibited mixed trends, with Tokyo, Shanghai, and Hong Kong closing higher, while Seoul ended lower. Meanwhile, European markets traded higher, and the US markets closed positively on the previous day.   Vinod Nair, Head of Research at Geojit Financial Services, attributed the cautious trading to expectations of US inflation easing, although global markets, anticipating a 2024 interest rate cut, had already factored in optimism. Additionally, concerns about premium valuations and profit booking amid moderating Q3 corporate earnings played a role.   "In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations," said Nair.   Brent crude, the global oil benchmark, experienced a 1.56 per cent increase, reaching USD 78 per barrel. Foreign institutional investors (FIIs) were net sellers on Wednesday, offloading equities valued at Rs 1,721.35 crore. In the preceding session, the BSE benchmark closed 0.38 per cent higher at 71,657.71, while the Nifty advanced by 0.34 per cent to 21,618.70 points. (With PTI inputs)

Infosys Q3 profit declines 7.3 per cent YoY to Rs 6,106 crore

Thursday 11 January 2024 11:22 AM UTC+00
Infosys, led by Salil Parekh, reported a 7.3 per cent year-on-year (YoY) decline in net profit for the December quarter, amounting to Rs 6,106 crore compared to Rs 6,586 crore in the corresponding quarter of the previous year.
India's largest IT services company, Tata Consultancy Services (TCS), reported a net profit of Rs 11,058 crore in the quarter ended December 31, 2023, marking a 2 percent YoY increase from Rs 10,846 crore in the corresponding quarter of the previous fiscal year.
On New Year's Eve 2023, online food delivery platforms in India processed 5 million orders, an 18 percent. On New Year's Eve 2022, online food delivery platforms in the country recorded 5.50 million orders.

Microsoft becomes world's most valuable company overtaking Apple

Thursday 11 January 2024 04:14 PM UTC+00
In the race to be the most valuable IT company, Microsoft (MSFT.O) overtook Apple (AAPL.O) on Thursday. Washington-based Microsoft became the world's most valuable company after the iPhone maker's shares made a weak start to 2024 due to growing concerns over demand.
Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank will not follow other countries in regulating cryptocurrencies, emphasising that decisions taken in other markets may not necessarily be suitable for India. His comments were made in response to the recent approval by the US Securities and Exchange Commission for the creation of bitcoin exchange-traded funds (ETFs) in the United States.
The government is planning to decrease its budget deficit by at least 50 basis points in the fiscal year 2024-25, aiming for a target lower than the current year's 5.9 per cent of gross domestic product (GDP). Simultaneously, it also plans to boost capital spending by up to 20 per cent, according to a Reuters report citing government officials.
Netflix's India arm, Netflix Entertainment Services India LLP, received a 24 per cent year-on-year growth in its FY23 revenue, reaching Rs 2,214 crore, as per regulatory filings with the Registrar of Companies (RoC). The net profit also witnessed a substantial increase, growing by 75 per cent compared to the previous year to Rs 35 crore.
Finance Minister Nirmala Sitharaman on Thursday said India has a USD 10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded.

Sensex rises 0.09 per cent, Nifty settles 0.13 per cent higher

Thursday 11 January 2024 10:45 AM UTC+00
Sensex, Nifty ended marginally higher on Thursday, reducing most of their intra-day gains, as investors turned cautious ahead of the quarterly results of IT behemoths TCS and Infosys later in the day.   The BSE Sensex, a 30-share index, inched up by 0.09 per cent, or 63.47 points, to settle at 71,721.18, after peaking at 71,999.47 during the day. Nifty rose by 0.13 per cent, adding 28.50 points to reach 21,647.20.   Major gainers among Sensex constituents included Reliance Industries, UltraTech Cement, Axis Bank, IndusInd Bank, Power Grid, Tata Motors, Tech Mahindra, and Tata Consultancy Services. Conversely, Infosys, Hindustan Unilever, Wipro, Larsen & Toubro, and Nestle witnessed declines.   Market sentiments were influenced by the impending release of US inflation data and domestic macroeconomic figures, prompting investors to adopt a cautious stance. Asian markets exhibited mixed trends, with Tokyo, Shanghai, and Hong Kong closing higher, while Seoul ended lower. Meanwhile, European markets traded higher, and the US markets closed positively on the previous day.   Vinod Nair, Head of Research at Geojit Financial Services, attributed the cautious trading to expectations of US inflation easing, although global markets, anticipating a 2024 interest rate cut, had already factored in optimism. Additionally, concerns about premium valuations and profit booking amid moderating Q3 corporate earnings played a role.   "In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations," said Nair.   Brent crude, the global oil benchmark, experienced a 1.56 per cent increase, reaching USD 78 per barrel. Foreign institutional investors (FIIs) were net sellers on Wednesday, offloading equities valued at Rs 1,721.35 crore. In the preceding session, the BSE benchmark closed 0.38 per cent higher at 71,657.71, while the Nifty advanced by 0.34 per cent to 21,618.70 points. (With PTI inputs)

Infosys Q3 profit declines 7.3 per cent YoY to Rs 6,106 crore

Thursday 11 January 2024 11:22 AM UTC+00
Infosys, led by Salil Parekh, reported a 7.3 per cent year-on-year (YoY) decline in net profit for the December quarter, amounting to Rs 6,106 crore compared to Rs 6,586 crore in the corresponding quarter of the previous year.
India's largest IT services company, Tata Consultancy Services (TCS), reported a net profit of Rs 11,058 crore in the quarter ended December 31, 2023, marking a 2 percent YoY increase from Rs 10,846 crore in the corresponding quarter of the previous fiscal year.
On New Year's Eve 2023, online food delivery platforms in India processed 5 million orders, an 18 percent. On New Year's Eve 2022, online food delivery platforms in the country recorded 5.50 million orders.

Microsoft becomes world's most valuable company overtaking Apple

Thursday 11 January 2024 04:14 PM UTC+00
In the race to be the most valuable IT company, Microsoft (MSFT.O) overtook Apple (AAPL.O) on Thursday. Washington-based Microsoft became the world's most valuable company after the iPhone maker's shares made a weak start to 2024 due to growing concerns over demand.
India-Maldives row: In the midst of the controversy surrounding derogatory comments made by Maldivian ministers and government officials regarding Prime Minister Narendra Modi's recent visit to Lakshadweep, EaseMyTrip, an Indian travel company, reaffirmed its decision to halt all bookings to the island nation since January 8.

Infosys Q3 profit declines 7.3 per cent YoY to Rs 6,106 crore

Thursday 11 January 2024 11:22 AM UTC+00
Infosys, led by Salil Parekh, reported a 7.3 per cent year-on-year (YoY) decline in net profit for the December quarter, amounting to Rs 6,106 crore compared to Rs 6,586 crore in the corresponding quarter of the previous year.
India's largest IT services company, Tata Consultancy Services (TCS), reported a net profit of Rs 11,058 crore in the quarter ended December 31, 2023, marking a 2 percent YoY increase from Rs 10,846 crore in the corresponding quarter of the previous fiscal year.
On New Year's Eve 2023, online food delivery platforms in India processed 5 million orders, an 18 percent. On New Year's Eve 2022, online food delivery platforms in the country recorded 5.50 million orders.

Microsoft becomes world's most valuable company overtaking Apple

Thursday 11 January 2024 04:14 PM UTC+00
In the race to be the most valuable IT company, Microsoft (MSFT.O) overtook Apple (AAPL.O) on Thursday. Washington-based Microsoft became the world's most valuable company after the iPhone maker's shares made a weak start to 2024 due to growing concerns over demand.
India-Maldives row: In the midst of the controversy surrounding derogatory comments made by Maldivian ministers and government officials regarding Prime Minister Narendra Modi's recent visit to Lakshadweep, EaseMyTrip, an Indian travel company, reaffirmed its decision to halt all bookings to the island nation since January 8.
Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. The 30-share BSE Sensex climbed 709.96 points to 72,431.14. Meanwhile, the Nifty also surged by 141.95 points to 21,789.15. 

Rupee declines 4 paise to 83.05 against US dollar

Friday 12 January 2024 05:13 AM UTC+00
The rupee ended its seven-day winning streak, declining by 4 paise to reach 83.05 against the US dollar in early Friday trading. The decline was attributed to foreign investors withdrawing funds amid a significant rise in crude oil prices.
Infosys shares surged over 7 per cent in early trading on Friday, contributing Rs 42,821.36 crore to its market valuation following the company's December quarter earnings, which met market expectations.
Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani has re-entered the exclusive USD 100 billion club following a significant surge in the shares of the company. The business personality has climbed to the 12th position on the Bloomberg Billionaires Index as his wealth surged by over USD 2.76 billion in a single day. This places him ahead of billionaire industrialist Gautam Adani, making Ambani Asia's richest person once again.
On New Year's Eve 2023, online food delivery platforms in India processed 5 million orders, an 18 percent. On New Year's Eve 2022, online food delivery platforms in the country recorded 5.50 million orders.

Microsoft becomes world's most valuable company overtaking Apple

Thursday 11 January 2024 04:14 PM UTC+00
In the race to be the most valuable IT company, Microsoft (MSFT.O) overtook Apple (AAPL.O) on Thursday. Washington-based Microsoft became the world's most valuable company after the iPhone maker's shares made a weak start to 2024 due to growing concerns over demand.
India-Maldives row: In the midst of the controversy surrounding derogatory comments made by Maldivian ministers and government officials regarding Prime Minister Narendra Modi's recent visit to Lakshadweep, EaseMyTrip, an Indian travel company, reaffirmed its decision to halt all bookings to the island nation since January 8.
Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. The 30-share BSE Sensex climbed 709.96 points to 72,431.14. Meanwhile, the Nifty also surged by 141.95 points to 21,789.15. 

Rupee declines 4 paise to 83.05 against US dollar

Friday 12 January 2024 05:13 AM UTC+00
The rupee ended its seven-day winning streak, declining by 4 paise to reach 83.05 against the US dollar in early Friday trading. The decline was attributed to foreign investors withdrawing funds amid a significant rise in crude oil prices.
Infosys shares surged over 7 per cent in early trading on Friday, contributing Rs 42,821.36 crore to its market valuation following the company's December quarter earnings, which met market expectations.
Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani has re-entered the exclusive USD 100 billion club following a significant surge in the shares of the company. The business personality has climbed to the 12th position on the Bloomberg Billionaires Index as his wealth surged by over USD 2.76 billion in a single day. This places him ahead of billionaire industrialist Gautam Adani, making Ambani Asia's richest person once again.
The blue-chip indexes Nifty and Sensex surged to new all-time highs on Friday on the back of gains in IT services firms, as their results and commentary surpassed expectations. This positive performance helped alleviate concerns about weak demand in the market. The BSE Sensex rose 847.27 points to settle at a record 72,568.45, while the Nifty index surged by 247.35 points to a record high of 21,894.55. 
Wipro reported a 12 percent year-on-year (YoY) decline in net profit at Rs 2,694 crore for the third quarter of the current financial year. This marks the fourth consecutive quarter in which the company has reported a fall in profits YoY.
Infosys shares surged over 7 per cent in early trading on Friday, contributing Rs 42,821.36 crore to its market valuation following the company's December quarter earnings, which met market expectations.
Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani has re-entered the exclusive USD 100 billion club following a significant surge in the shares of the company. The business personality has climbed to the 12th position on the Bloomberg Billionaires Index as his wealth surged by over USD 2.76 billion in a single day. This places him ahead of billionaire industrialist Gautam Adani, making Ambani Asia's richest person once again.
The blue-chip indexes Nifty and Sensex surged to new all-time highs on Friday on the back of gains in IT services firms, as their results and commentary surpassed expectations. This positive performance helped alleviate concerns about weak demand in the market. The BSE Sensex rose 847.27 points to settle at a record 72,568.45, while the Nifty index surged by 247.35 points to a record high of 21,894.55. 
Wipro reported a 12 percent year-on-year (YoY) decline in net profit at Rs 2,694 crore for the third quarter of the current financial year. This marks the fourth consecutive quarter in which the company has reported a fall in profits YoY.
The rupee strengthened for the eighth consecutive session and settled 11 paise higher at 82.90 against the US dollar on Friday, supported by robust sentiments in the equity markets.
HDFC Life Insurance, the third-largest private sector life insurance company, reported a 16 per cent growth in net income to Rs 365 crore for the December quarter. The increase was driven by a significant rise in investment gains, which surged to Rs 11,300 crore due to a massive market rally.
Annual retail inflation in India rose to 5.69 per cent in December from 5.55 per cent the previous month, according to government data. The increase was within the Reserve Bank of India's target range for the fourth consecutive month.
A day after the US Securities and Exchange Commission (SEC) permitted bitcoin exchange-traded funds (ETFs) to be listed on exchanges, RBI Governor Shaktikanta Das said that his view remains unchanged that cryptocurrencies pose a significant threat to the financial stability of emerging markets.
Budget 2024: The Budget Session of Parliament is expected to take place from January 31 to February 9, with President Droupadi Murmu delivering the opening address to the joint sitting of Lok Sabha and Rajya Sabha. The interim budget is expected to include fiscal measures, such as potential tax reductions, to address rising prices and ongoing inflationary trends.
Infosys shares surged over 7 per cent in early trading on Friday, contributing Rs 42,821.36 crore to its market valuation following the company's December quarter earnings, which met market expectations.
Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani has re-entered the exclusive USD 100 billion club following a significant surge in the shares of the company. The business personality has climbed to the 12th position on the Bloomberg Billionaires Index as his wealth surged by over USD 2.76 billion in a single day. This places him ahead of billionaire industrialist Gautam Adani, making Ambani Asia's richest person once again.
The blue-chip indexes Nifty and Sensex surged to new all-time highs on Friday on the back of gains in IT services firms, as their results and commentary surpassed expectations. This positive performance helped alleviate concerns about weak demand in the market. The BSE Sensex rose 847.27 points to settle at a record 72,568.45, while the Nifty index surged by 247.35 points to a record high of 21,894.55. 
Wipro reported a 12 percent year-on-year (YoY) decline in net profit at Rs 2,694 crore for the third quarter of the current financial year. This marks the fourth consecutive quarter in which the company has reported a fall in profits YoY.
The rupee strengthened for the eighth consecutive session and settled 11 paise higher at 82.90 against the US dollar on Friday, supported by robust sentiments in the equity markets.
HDFC Life Insurance, the third-largest private sector life insurance company, reported a 16 per cent growth in net income to Rs 365 crore for the December quarter. The increase was driven by a significant rise in investment gains, which surged to Rs 11,300 crore due to a massive market rally.
Annual retail inflation in India rose to 5.69 per cent in December from 5.55 per cent the previous month, according to government data. The increase was within the Reserve Bank of India's target range for the fourth consecutive month.
A day after the US Securities and Exchange Commission (SEC) permitted bitcoin exchange-traded funds (ETFs) to be listed on exchanges, RBI Governor Shaktikanta Das said that his view remains unchanged that cryptocurrencies pose a significant threat to the financial stability of emerging markets.
Budget 2024: The Budget Session of Parliament is expected to take place from January 31 to February 9, with President Droupadi Murmu delivering the opening address to the joint sitting of Lok Sabha and Rajya Sabha. The interim budget is expected to include fiscal measures, such as potential tax reductions, to address rising prices and ongoing inflationary trends.
Infosys shares surged over 7 per cent in early trading on Friday, contributing Rs 42,821.36 crore to its market valuation following the company's December quarter earnings, which met market expectations.
Tata Consultancy Services (TCS) shares rose over 4 per cent during early trade on Friday, contributing Rs 51,921.94 crore to its market valuation. The surge followed TCS reporting an 8.02 per cent growth in net income for the December quarter, amounting to Rs 11,735 crore.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani has re-entered the exclusive USD 100 billion club following a significant surge in the shares of the company. The business personality has climbed to the 12th position on the Bloomberg Billionaires Index as his wealth surged by over USD 2.76 billion in a single day. This places him ahead of billionaire industrialist Gautam Adani, making Ambani Asia's richest person once again.
The blue-chip indexes Nifty and Sensex surged to new all-time highs on Friday on the back of gains in IT services firms, as their results and commentary surpassed expectations. This positive performance helped alleviate concerns about weak demand in the market. The BSE Sensex rose 847.27 points to settle at a record 72,568.45, while the Nifty index surged by 247.35 points to a record high of 21,894.55. 
Wipro reported a 12 percent year-on-year (YoY) decline in net profit at Rs 2,694 crore for the third quarter of the current financial year. This marks the fourth consecutive quarter in which the company has reported a fall in profits YoY.
The rupee strengthened for the eighth consecutive session and settled 11 paise higher at 82.90 against the US dollar on Friday, supported by robust sentiments in the equity markets.
HDFC Life Insurance, the third-largest private sector life insurance company, reported a 16 per cent growth in net income to Rs 365 crore for the December quarter. The increase was driven by a significant rise in investment gains, which surged to Rs 11,300 crore due to a massive market rally.
Annual retail inflation in India rose to 5.69 per cent in December from 5.55 per cent the previous month, according to government data. The increase was within the Reserve Bank of India's target range for the fourth consecutive month.
A day after the US Securities and Exchange Commission (SEC) permitted bitcoin exchange-traded funds (ETFs) to be listed on exchanges, RBI Governor Shaktikanta Das said that his view remains unchanged that cryptocurrencies pose a significant threat to the financial stability of emerging markets.
Budget 2024: The Budget Session of Parliament is expected to take place from January 31 to February 9, with President Droupadi Murmu delivering the opening address to the joint sitting of Lok Sabha and Rajya Sabha. The interim budget is expected to include fiscal measures, such as potential tax reductions, to address rising prices and ongoing inflationary trends.
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