The broader economy risks a potential flight of foreign portfolio capital, therefore pressure on the rupee and more bad news on the stock market, warns T N Ninan.
Reserve Bank governor Shaktikanta Das on Friday cautioned banks against any build-up of asset-liability mismatches, saying both are detrimental to financial stability and hinted that the ongoing crisis in the US banking system seems to have emanated from such mismatches. Delivering the annual KP Hormis (Federal Bank founder) commemorative lecture in Kochi this evening, the governor was quick to acknowledge and assure that the domestic financial sector is stable and the worst of inflation is behind us. Amid the continuing volatility in exchange rates, especially due to the excessive appreciation of the US dollar, and its impact on the external debt servicing ability of nations, Das said, "We have nothing to fear as our external debt is manageable and thus appreciation of the greenback does not pose any problem to us."
'To set up a successful business, one must have a solution to an existing problem or a better way of addressing the current solution.'
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
It is altogether a new experience for the IT professionals in the city taking tractor rides.
HCL Tech led the Sensex gainers' chart, spurting 3.58 per cent, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins. In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.51 per cent.
ZipDial has recently been acquired by Twitter.
Creating an LLM trained on Indian languages is not easy. Experts say each language in India has a nuance of its own, so creating a ChatGPT-like product is an ambitious challenge.
Investors became poorer by Rs 1.36 lakh crore on Friday as the markets witnessed a sell-off amid weak global trends. Benchmark stock indices Sensex tanked 671.15 points or 1.12 per cent to close at 59,135.13, as 21 of its scrips declined. The sharp decline in equities eroded Rs 1,36,037.96 crore from the market capitalisation of BSE-listed firms and that now stands at Rs 2,62,94,723.65 crore.
PEs and VCs are taking a closer look at their bouquet of investments. Leading voices in the sector are categorical that cash-burn rates -- that's blowing up equity to acquire market share -- as a business model can't continue to be the polestar.
Around $200 million worth of deposits of Indian start-ups have been withdrawn from Silicon Valley Bank (SVB), which was taken over by US banking regulators last week after it collapsed, and moved to the Gujarat International Finance Tec-City (GIFT City) IFSC, Rajeev Chandrasekhar, minister of state (MoS) for electronics and information technology said on Thursday. "It turns out that there was over a billion dollars of deposits of Indian start-ups in SVB. "The existential, solvency crisis that was there six-seven days ago has become much more manageable, even the short-term liquidity crisis is being addressed as the bank allows access to deposits," the minister said while speaking at Lenovo's Tech World India Edition event.
'I will be one of the most impactful players in Washington from day one because of the constituency I represent, which is the greatest, most influential constituency in the country, in the world. The only majority Asian district, with a huge Chinese-American and Indian-American population in a world which is going to be dominated by the United States, China and India -- the heart of the high tech innovation economy.' Ro Khanna, whose election campaign has America buzzing, speaks to Rediff.com's Aziz Haniffa.
My dream is to convert Indian economy into $20 trillion from the present $8 trillion.
While the historic success of Chandrayaan-3 is celebrated by Indians across the world, two untrumpeted engineering colleges in Kerala are basking in the glory of the key role played by some of their alumni in the crucial Moon mission.
About 21 per cent Indians born between the mid-1990s and mid-2010s say a potential partner not aligning politically with them is a dating red flag.
Bootstrapping has put Nithin Kamath of Zerodha in a position where he can trifle with talk about valuation, points out Suveen Sinha.
Osaka delighted to have father back in coaching role
India's banking system is expected to remain unscathed from the troubles in Credit Suisse as it has a very small presence in the country, experts said. Although Credit Suisse is more relevant to India's financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a report by Jefferies India. The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months.
Within three trading sessions in May, foreign portfolio investors (FPIs) have pumped in Rs 9,461 crore into Indian equities. This follows net inflows worth Rs 7,936 crore in March, and Rs 11,631 crore in April. The trend, analysts said, could continue going ahead as the US Federal Reserve may soon halt its interest rate hike cycle, which will strengthen foreign fund inflows into emerging markets, including India.
Finance Minister Nirmala Sitharaman on Saturday reviewed the performance of public sector banks (PSBs) on various financial health parameters and their resilience in the wake of the current global financial scenario emanating from the failure of some international banks in the US and Europe.
Fund managers are withdrawing after a two-year long run in public sector bank (PSB) stocks. Domestic mutual funds (MFs) were net sellers of PSB stocks for the first time in nine quarters, offloading shares worth Rs 1,800 crore in the March quarter, said a report by ICICI Securities. In the previous eight quarters, fund houses had invested more than Rs 10,000 in PSBs amid deep discounts in valuation vis--vis their private sector peers.
What goes in favour of Asur 2 is its pace and novelty, even though the approach has all the hokiness of a comic book, observes Deepa Gahlot.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
"Modi ji! Is this our Indian culture? Is this what has been taught in Vedas, Mahabharat, Ramayana and Bhagavad Gita? I am asking BJP national president Nadda ji. Is it our culture?" he asked, referring to Sarma's comments.
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
Delhi born and schooled Nand Mulchandani, who has more than 25 years of experience in Silicon Valley and at the Pentagon, has been appointed as the Central Intelligence Agency first-ever Chief Technology Officer.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
Indian Prime Minister Narendra Modi at the Facebook headquarters in California's Silicon Valley.
IT services giant Infosys will start construction of a proposed software development centre in the metropolis by July 2021, West Bengal Chief Minister Mamata Banerjee said on Tuesday. The project will generate massive employment in the IT sector, she said after a cabinet meeting at the state secretariat.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
Sriram Krishnan, an Indian-origin technology executive, is "helping out" Twitter's new owner Elon Musk as he revamps the social media giant following its acquisition by the billionaire entrepreneur.
The global turmoil in the banking sector has made analysts cautious, who advise that investors stay away from stocks of this sector till the overall sentiment improves. The recent trouble for the banking sector started with the collapse of US-based Silicon Valley Bank (SVB), Silvergate Capital and Signature Bank. On its part, Moody's Investors Service has also cut its outlook for the US banking system to 'negative' from 'stable', citing the run on deposits at these three banks that led to the collapse of these banking majors in less than a week.
India was one of the very few countries where applications for US visas saw a major upswing after coronavirus-related travel restrictions were lifted.
Indian government bonds, particularly those of shorter maturity, strengthened sharply on Monday, as the collapse of the California-based Silicon Valley Bank (SVB) prompted investors to rush to the safety of American debt, leading to a decline in US bond yields.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
'Mumbai turned me into a fighter, always hustling to keep up with the world.' 'Now, I hustle for the poor and the ones who don't have a voice because I feel they are poor for no fault of their own.'
Serena has backed early stage companies for nearly a decade.
There is an overwhelming sentiment among techies and entrepreneurs from the Silicon Valley who are eager to welcome Modi over the weekend.
"China creeps towards hegemony in Asia, threatens India's borders, and treats other countries as junior partners, Indian-American Congressman Ro Khanna said.
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