To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
According to a study by industry association Federation of Indian Chambers of Commerce and Industry and telecom consulting firm BDA, 3G revenues in the country will reach $15.8 billion, 46 per cent of the total wireless revenue, by 2013.
IT major Accenture's second straight cut in its revenue growth forecast for FY23 suggests there is more pain ahead for the Indian IT sector, say analysts. Accenture has lowered the top end of its FY23 growth guidance in constant currency (CC) to 9 per cent from 10 per cent earlier. The firm, which follows a September-August fiscal cycle, expects a 2-6 per cent CC growth in Q4 of FY23 (June-August 2023) versus the 6-10 per cent prior guidance.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
The RIL-RCOM deal is an indication of telecom sector's future. As the mobile subscriber numbers plateau, telcos need to look at alternate stream of revenues, and data services will be the key to their growth.
Tech Mahindra is building 5G use cases with US-based hospitals to help manage devices remotely and eventually manage remote surgeries that will require seamless network connectivity.
Tata Consultancy Services (TCS) has been ranked the third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance. Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- secured spots in the top-10 global tally.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
Wipro is trying to strengthen its presence in the banking, financial services and insurance segment by increasing its revenue share on par with other leading Indian information technology service companies.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
'This government will be toppled in 2024.'
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
With three key subscription drivers -- F1, IPL and HBO -- gone, can Disney+Hotstar depend only on its chart-topping originals like Criminal Justice and Rudra: Edge of Darkness to hit both scale and profitability?
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
While discretionary spend by global enterprises is likely to negatively impact all Indian IT firms, more revenues from products and less exposure to financial services segment are likely to lessen the impact for HCL Technologies and Tech Mahindra.
Shares of Tata Consultancy Services (TCS) fell by 4 per cent on worries that growth may be muted.
Modi told the probationers to have a 'sensitive' and 'humane' approach to the job.
The Jammu and Kashmir administration has sacked three employees, including the Kashmir University public relations officer, for allegedly working with Pakistan-based militant outfits, raising finances for them and propagating their ideology, officials said on Monday.
Actor-politician Kamal Haasan on Wednesday said discussions were on for his party Makkal Needhi Maiam (MNM)'s political alliance and stressed it would support any bloc that would 'selflessly' think about the nation but desist from being part of 'feudal politics'.
Continuing with the remarkable double-digit growth, Indian IT and ITeS revenues is expected to exceed $28 billion in 2004-05 from $21.5 billion in 2003-04 with ITeS-BPO as the fastest growing segment in the wake of changing global services landscape,
Rising outgo towards clearing and settlement fees has led to an altercation between the BSE and the National Stock Exchange of India (NSE), with the latter striking down the former's request to lower the charges. NSE said it has no plans to restructure the same and that it will continue with the pricing defined under the interoperability framework. The interoperability framework, introduced in 2019, allows trades executed on any of the exchanges to be settled or cleared at either of the two clearing corporations -- NSE Clearing (NCL) or Indian Clearing Corporation (ICCL), fully-owned by the NSE and the BSE, respectively.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
The ongoing second quarter earnings, movement of oil benchmark Brent crude and the uncertainty in the Middle East would dictate terms in the domestic markets this week, analysts said. Furthermore, the activities of Foreign Institutional Investors (FIIs) will also influence trading in the markets. "A slew of earnings reports from heavyweights expected this week will significantly impact market direction.
The earnings of the players who took part in the Indian Premier League's (IPL) second edition in April-May this year would be taxed at 15 per cent by the South African Revenue Service, the BCCI said.
'It will dictate the flow of funds into the index. We will maintain caution on mid/smallcaps.'
The six service lines that Infosys is focusing on include manufacturing, retail, consumer packaged goods, logistics, lifescience, energy, communications, financial services and insurance.
BPO revenues in India is likely to touch Rs 8500 crores according to a survey by CyberMedia's Dataquest.
Buoyed by steady recovery in demand for technology services, the Indian IT-BPO sector is estimated to grow 19 per cent in 2010-11 to $76 billion in revenues, software industry body Nasscom said.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Currency volatility to have negative impact of 275 bps
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
IRCTC used to charge Rs 40 per ticket for bookings in AC classes, Rs 20 per ticket in sleeper class
Foundries in Taiwan account for more than 75 per cent of the chips that mobile devices made in India need, according to estimates by the Indian Cellular and Electronics Association (ICEA), which represents global and domestic manufacturers. The number is slightly lower, 60 per cent, if one considers all chips -- those of consumer electronics, PCs, laptops, autos, etc. This ties in with the fact that foundries in Taiwan, led by TSMC, account for over 70 per cent of the world's microchip supply, according to estimates by Gartner.
The Wall Street major Morgan Stanley has upgraded India to "standout overweight" citing that the relative economic and earnings growth is improving and the macro-stability setup looks sufficient to withstand the higher real rate environment. "India remains standout overweight. "We increase our overweight stance on Indian equities and as our most-preferred emerging market," the brokerage said in a note on Friday.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
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