Page 8 - Financial Services

Nifty Financial Services exhibits bullish trend; buy near support levels

According to Ravi Nathani, an independent technical analyst, support levels are projected at approximately 19,525 and 19,425 for Nifty Financial Services index

Telangana has highest per capita income among all Indian states: MoSPI

Based on constant prices, Haryana topped the list with a per capita income of Rs 1,81,961 in 2022-23

Elon Musk pursues financial services in wake of rivals' failed attempts

US tech companies have struggled in their attempts to take on banking behemoths, often scaling back their ambitions in the face of competition and protracted approval processes

TCS bags deal from BBC for finance, procurement, payroll management

Tata Consultancy Services (TCS) on Thursday said it has bagged a deal from British Broadcasting Cooperation (BBC) to change their finance, procurement and HR applications management. The company will leverage AI-driven human-machine collaboration suite, TCS Cognix in the multi-year partnership, the company said in a BSE filing. "TCS will also provide application management and change delivery services for the broadcaster's application estate supporting the finance, procurement and HR functions," the statement read. Amit Kapur, Country Head, UK and Ireland at TCS, said that the partnership will "strengthen TCS' position as a leader in delivering transformative business services to the media and entertainment industry". The Indian IT services giant has been operating in the UK for 45 years and tops software and IT services supply in the region in revenue terms. It employs 21,000 people in the UK and Ireland, making it among the region's biggest IT employers.

'Expedite loan sanction, disbursement for projects under Rs 10,000-cr UIDF'

Financial Services Secretary Vivek Joshi on Monday asked officials to expedite sanction and disbursement of loans to eligible projects under Rs 10,000-crore urban infrastructure development fund (UIDF) announced in Budget. The early sanction and disbursement will help create better infrastructure in Tier 2 and Tier 3 cities, he said at an event organised to mark the 35th anniversary of National Housing Bank (NHB). Finance Minister Nirmala Sitharaman in her 2023-24 Budget speech announced the setting up of UIDF through the use of priority sector lending shortfall for the creation of urban infrastructure in Tier 2 and Tier 3 cities. Mid-tier cities still face the challenge of urban planning and funding for their urban infrastructure and ensuring planned development. Keeping these challenges in mind, UIDF has been launched with an initial corpus of Rs 10,000 crore to supplement efforts of the state governments by providing stable and predictable source of finance for creation of urban

Instant line of credit, industry networking top priorities of MSMEs: Survey

The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday. Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital. In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added. "There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs. "It is a sign that India's small business entrepreneurs are now seeking much more than acce

Integrated financial services platform airpay now live on ONDC: Report

Integrated financial services platform airpay on Thursday said it has gone live on the Open Network for Digital Commerce (ONDC). This will enable airpay's vyaapaaris to have access to an array of local businesses offering multiple products and services on ONDC to consumers, it said in a release. Presently, airpay vyaapaaris offer banking and financial services to more than 60 million consumers in 561 districts and over 7,000 villages in 36 states and union territories, it said. "Given the democratised nature of an Open Network, it levels the playing field for small and medium enterprises. ONDC also enables increased trade of locally manufactured goods and local sellers, thereby multiplying the investment and production of MSMEs," Kunal Jhunjhunwala, Founder and Managing Director of airpay, said. The company said the initiative will enable ONDC to understand and implement key consumer and partner learnings. Thampy Koshy, Managing Director and Chief Executive Officer of ONDC, said t

Aditya Birla Capital Q4 results: Net profit rises 35% to Rs 609 crore

Consolidated total revenue from operation rose by 21.2 per cent to Rs 8,025 crore for the March quarter as compared to Rs 6,617 crore in the year-ago period

Aditya Birla Capital to consider raising of funds; board meeting on May 11

The board of directors will also consider and approve the audited standalone and consolidated financial results of the company

RIL gets nod from shareholders, creditors to demerge financial services arm

RSIL will be renamed Jio Financial Services Ltd (JFSL) and RIL shareholders will receive one share of JFSL for each share they own

Here are 5 ways finance companies are trying to de-risk heat waves

To meet this problem, some financial service providers have started to offer instruments aimed at reducing personal and economic risk associated with heat waves

RIL shareholders to meet on May 2 on demerger of financial services biz

Groundwork to create financial behemoth

Charts suggest Nifty Auto in 'oversold' zone, rebound likely: Ravi Nathani

According to the technical analyst, traders should adopt a buy-on-dips approach for the Nifty Auto index, with a minimum target of 12,236

Aditya Birla Capital to sell insurance broking business to Edme Services

Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount. The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing. The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added. The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added. As per reasonable estimates, the proposed transaction is expected to be completed within 120 to 180 days from the execution of the share purchase agreement (SPA).

Banking on a systems upgrade: What more could we expect going ahead

The cautionary tale from the Block Inc debacle is that increasing digitisation of retail financial services in India has raised the threat levels of frauds

Sanjay Nayar has quit board of InCred Financial Services, company says

Executive played a role in expanding firm's credit and capital markets products in Asia-Pacific

Want to become a 360 degree financial services company: Religare's Saluja

"These are to get into asset reconstruction business, alternative investment fund business, wealth management and similar synergistic business, which the existing management can start"

India imposes money laundering provisions on cryptocurrency sector

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services

Pantomath buys 37.2% in broking firm Asit C Mehta through subsidiary

Deal struck at Rs 151.4 a share, makes Pantomath arm Cliqtrade Stockbrokers a co-promoter

Here's what Ravi Nathani suggests on the financial sector

According to the technical analyst, the finance sector is expected to underperform in the near term, but this underperformance will provide a good buying opportunity for traders and swing players.