BANKING TECHNOLOGY
Sensex, Nifty end flat after scaling fresh highs; HDFC Bank plays spoilsport
The Nifty breadth was skewed in the favour of the bears, with 27 stocks ending in the red, while 23 ended in positive territory. Top gainers at the close included Tata Motors, HCL Technologies, ICICI Bank, Sun Pharmaceuticals, and Tata Consultancy Services (TCS).
Japan's main stock indexes at record closing highs as banks, autos and techs rise
Japan's Topix and Nikkei hit record highs, led by gains in automakers, banks, and tech firms like Toyota, Honda, Mitsubishi UFJ, Advantest, and SoftBank. Yugo Tsuboi cited interest rates, a weak yen, and economic improvement. The TSE’s prime market saw 59% of stocks rise, with a positive corporate outlook expected, according to Daiwa Securities.
M&M, Power Grid, 11 other stocks outperform Sensex in its fastest 10,000 points marathon
As a NEWS EDITOR, investors are urged by Nilesh Shah to maintain a long-term perspective and proper asset allocation as Sensex reaches the 80,000 milestone. He draws parallels with Nasdaq's history and notes Gold's outperformance compared to Nifty in the first half of 2024.
Health insurer Niva Bupa, Sagility India files draft papers with Sebi for IPOs
The IPO, with each share having a face value of Rs 10, consists of a fresh issuance worth Rs 800 crore and an offer for sale totaling up to Rs 2,200 crore by the promoters and existing investors. As part of the OFS, Bupa Singapore Holdings and Fettle Tone will be divesting their stakes.
AI, 3rd-party tech likely to intensify risks of cyberattacks
A major cyber incident in these IT service providers may in turn impact multiple regulated entities simultaneously, causing a cyberattack on a system-wide level. "In the recent past, multiple incidents involving payment and settlement systems have led to significant disruptions in interbank transactions and payment failures," the report stated.
Fintech focused venture fund Cedar-IBSI Capital secures investment commitment from Hades Group
Fintech-focused venture capital fund Cedar-IBSi Capital has raised funding from Middle East-based AMC HFPCG. It did not disclose the size of the investment.
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Indian office market shows strong growth in H1 2024
The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
European shares start week on bright footing on autos, banks' boost
European shares rose on Monday, led by automobile and bank stocks, ahead of the first round of French parliamentary elections. Autos surged 1.6% after the EU and China agreed to discuss tariffs on Chinese EVs. Meanwhile, German business morale declined in June, reflecting concerns about the economy's momentum.
BoB aims to double tech team headcount to 3,000 by FY26-end
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees in the next two years, according to a top official. Currently, the team comprises 1,500 employees. The expansion will involve both regular hiring processes and lateral hires of specialist talent, as stated by Debadatta Chand, the managing director and chief executive officer.
Asian shares end the week with a whimper, yen back to intervention watch
Asian shares ended the week lower as profit-taking followed a rally to 26-month highs. The U.S. dollar's strength pushed the Japanese yen towards intervention levels.
Adani Ports to enter Sensex on Monday, Wipro to exit as part of semi-annual rejig
Adani Ports’ Sensex inclusion will trigger passive inflows of $259 million and 14.9 million shares are expected to be added, according to Nuvama’s estimates. Wipro’s exclusion could see outflows of $170 million.
Europe's STOXX 600 falls as tech, banks drag
European shares fell on Friday, with Carlsberg Group dropping 8% after Britvic rejected its $3.9 billion takeover bid, causing a 0.3% decline in the STOXX 600.
Japan's Nikkei closes lower as tech shares drag; value stocks up
Japan's Nikkei share average closed slightly lower on Friday due to losses in technology shares, offsetting gains in value stocks amidst a weak yen and higher yields.
SoftBank CEO Masayoshi Son talks up artificial super intelligence ambitions
"SoftBank Group has done many things until now that have all been a warm up for my great dream to realise artificial intelligence," Son told shareholders at the group's annual general meeting.
Asian shares end the week with a whimper, yen struggles
Asian shares end week with profit-taking as U.S. dollar strength pressures yen towards intervention zone.
Hot Stocks: Brokerages view on Kotak Bank, Tata Motors, Uno Minda, and Tata Technologies
Macquarie upgraded Kotak Mahindra Bank, City Union Bank, and Bandhan Bank to outperform with raised target prices. They downgraded SBI to underperform but increased its target price.
F&O stocks to buy today: RIL, Federal Bank among top 6 trading ideas for 18 June 2024
On the options front, the weekly maximum Call OI is placed at 24000 and then towards 23500 strikes, while the maximum Put OI is placed at 23400 and then towards 23000 strikes.
AGS Transact looks to widen ATM footprint
The company recently won two orders from State Bank of India to deploy more than 4,000 ATMs over a period of 7 years. "If I consider the SBI contract which we will start deploying in the second half of the fiscal year, we also have a few other banks in the pipeline. So in all we will deploy 3,000 ATMs plus cash recycler machines (CRM)," said Ravi Goyal, chairman, AGS Transact.
Mcap of BSE-listed firms at another record high of Rs 434.9 lakh crore
The market capitalisation of BSE-listed firms hit another record high of Rs 434.88 lakh crore on Friday as the BSE benchmark scaled new closing peak, rallying for the third day running.
ITC, HCL Technologies among top 10 stock holdings of PPFAS Mutual Fund
The fund house had an asset size of Rs 75,337.66 crore as on May 2024. It manages six mutual fund schemes which includes two equity schemes, three hybrid schemes, and one debt scheme. Here are the top 10 stock holdings of the fund house, according to a report by Motilal Oswal Financial Services.
Adani group companies, LTTS among 19 companies in focus today & tomorrow
Adani group companies and LTTS, among others, are in focus for corporate actions like dividends and AGMs this week.
Japan's Nikkei falls as caution sets in before key central bank decisions
Japan's Nikkei share average fell 0.66% to 38,876.71, dragged down by Fast Retailing. The broader Topix slipped 0.73% to 2,756.44. Market analysts await key updates on Bank of Japan's policy.
Hot Stocks: Brokerage view on Kaynes Technology, Zomato, Birlasoft and MGL
Global investment bank Morgan Stanley has maintained an overweight rating on Kaynes Technology but raised the target price to Rs 3,845 from Rs 2,440, while Macquarie maintained a sell rating on Zomato with a target price of Rs 100.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
Banks say growing reliance on Big Tech for AI carries new risks
European banking executives express concerns about banks' increasing dependence on big U.S. tech firms due to the boom in artificial intelligence, driven by the popularity of AI applications like OpenAI's ChatGPT for fraud detection and money-laundering.
Elliott rebuilds stake in SoftBank and pushes for $15 billion buyback: Report
SoftBank Group's shares surged to a three-year high after activist investor Elliott Management proposed a $15 billion buyback. CEO Masayoshi Son's confidence in the strategy was highlighted. The financial boost was attributed to the success of British chip-designer Arm Holdings.
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
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