NEW CLIENTS
Motilal Oswal Nifty India Defence Index Fund raises Rs 1,676 crore in NFO period
A new defense-themed fund has concluded its initial offering (NFO) with record-breaking success, marking the highest collection ever for an equity index fund. Units were allocated to investors on July 3rd, and the fund will reopen for further subscriptions and redemptions on July 9.
Hindenburg has never been a client of the firm, Kotak Mahindra International says
Kotak Mahindra International Limited (KMIL) clarified on Tuesday that Hindenburg has never been a client or investor of the firm. The company made the statement to address any confusion regarding their relationship with Hindenburg.
Why Indian IT companies are moving into New Jersey
Top Indian IT companies are zeroing in on New Jersey as its hub, with their top executives and a majority of Indian-origin engineers who work in the US making the city their base. India is New Jersey’s second-largest foreign direct investor and a majority of New Jersey’s immigrant population hails from India.
It's about can, not Cannes
The Pritzker Architecture Prize - 'Nobel Prize of architecture' - for instance, celebrates living structures, not scintillating sketches. Michelin stars are awarded to restaurants who deliver outstanding food daily and are reviewed yearly, not a one-time gastronomical creation. Oscars, Grammys, Emmys and Tonys are earned by scalable appreciation, not just conceptual craft.
GST suppliers giving post-sale discount have to take undertaking from clients: CBIC
In a separate circular, Central Board of Indirect Taxes and Customs (CBIC) clarified that ITC is available to insurance companies in respect of motor vehicle repair expenses incurred by them in case of reimbursement mode of claim settlement.
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
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Infosys working on 225 GenAI programs for clients; enterprise AI will take years to unfold: Nilekani
At Infosys' 43rd annual general meeting, cofounder and chairman Nandan Nilekani talked of the nascent stage of the Generative AI revolution. He also said consumer AI will see rapid adoption but enterprise AI will take several years to mature and have a widespread impact.
Overall ADTO declines MoM as new demat accounts rise: Motilal Oswal
In May 2024, demat account additions surged by 36 lakh, but the overall average daily turnover (ADTO) in the financial markets declined by 3% to Rs 433 lakh crore. While F&O ADTO decreased by 3%, cash ADTO rose by 5.5%. Active users on NSE increased to 4.29 crore.
Midcap IT companies in India poach talent from industry majors
Midcap IT companies in India are attracting more employees from larger rivals in the past two years. This trend is seen in the technology services sector amidst macroeconomic challenges and a focus on hiring deployable talent.
Investors to get direct payout of securities now
Sebi mandates direct transfer of securities to demat accounts by clearing corporations to protect clients' assets. A Balakrishnan from Geojit Financial Services praises the move for enhancing security, ease of margin trading, auto pledge for funded stocks, effective from October 14, improving the margin trading facility.
JM Financial to fund realty projects through AIF, syndications
JM Financial Group shifts to funding real estate projects through AIF route and syndications, transitioning to investment banking-led distribution. Vishal Kampani, non-executive vice chairman, announces strategic AIF for land and approval financing.
GlobalLogic sees increased business from India-based GCCs
GlobalLogic has seen a significant increase in its India business due to the growing number of global capability centres (GCCs) in the country, according to the company's top executives.
As macro climate changes, GenAI will also scale up: Infosys CEO Salil Parekh
In a wide-ranging interview with Sameer Ranjan Bakshi, Beena Parmar and Surabhi Agarwal, Salil Parekh, chief executive and managing director of Infosys, spoke of his plans to prepare the $18.6 billion software services giant — through its Topaz platform — for the GenAI-led transformation that will take root as global macro-economic concerns ease.
SBI Automotive Opportunities Fund: Is it time to capitalise on opportunities in the world's 3rd largest auto market?
SBI Automotive Fund, managed by Tanmaya Desai and Pradeep Kesavan, offers high exposure to automotive stocks. Experts from WealthMills Securities recommend considering the fund for high-risk appetite investors.
Wait for Awfis Space Solutions to deliver stable profitability
The company has an asset-light business model and is debt-free. However, limited operating history, consistent losses, scalability of business, and sustainability of long-term contracts with clients are a few concerns.
Wipro's Pallia to moderate AI ‘crowdsourcing’ session with staff
In what might also be considered crowdsourcing of ideas, new CEO Srinivas Pallia will moderate a virtual session for staff on June 12 on ways to develop strategies to help clients in artificial intelligence.
Sebi eases KYC norms for mutual fund investors
In October, Sebi asked all investors to redo their KYC process after submitting the required documents. The official valid documents were Aadhar, passport, or a voter ID card. Earlier a bank passbook or a bank account statement was considered a valid proof of address to do their KYC.
ETMarkets Smart Talk: Nifty hitting 24K is subject to Indian elections results and Middle East tensions: Sandeep Raina
Sandeep Raina of Nuvama projects Nifty50 levels at 24,000 to 25,000 based on expected EPS, influenced by Indian Elections and Middle East tensions. Market trends may align with US Fed’s policies, impacting inflation and equity performance. Raina further says that Indian markets will largely respond to the corporate earnings reports.
Hoteliers pull out all the stops to pamper business travellers
Travel and hospitality firms reported that they are seeing distinct changes in the needs of India's new generation of business travelers, going above and beyond simple lodging. Customized facilities and services are in greater demand and are being provided.
Direct payout of securities: Zerodha's Nithin Kamath says Sebi's proposal simplifies ops
Sebi, in a consultation paper, has proposed mandatory direct payout of securities to demat accounts to ensure that securities of the clients are not vulnerable to misuse.
Most clients set up to trade in Indian bonds before index inclusion: JP Morgan
India's upcoming inclusion in JP Morgan's GBI-EM Global Index Suite involves positive market feedback and enhanced accessibility for FPIs through Fully Accessible Route bonds, leading to increased interest from investors globally.
JPMorgan says India index inclusion on track, most clients ready
“Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions.
Citi targets clients with a ‘digital nexus’, high transaction volumes
Citi is strategically targeting high transaction volume sectors in India like industrials, auto supply chains, clean energy, mobility, consumer, and healthcare. The bank aims to maintain its lead in funding digital disruptors and supporting startups in navigating market conditions.
Cognizant first-quarter revenue beats estimates on steady spending by clients
Cognizant said total headcount at the end of the first-quarter was 344,400, a decrease of 3,300 from the fourth-quarter last year.
Salesforce opens up Slack AI to clients beyond large enterprises
Slack AI uses a client company’s conversational data to help end users or employees pick up faster on processes and communications with system-generated summaries and new search abilities.
Investors get relief on KYC, can continue with SIPs and SWPs
CDSL Ventures said on March 28 that investors whose KYC record meets the PAN - Aadhaar seeding validation and whose email and mobile number are validated by KRA will be allowed to continue transactions in the securities market with their existing intermediary.
Happy Holi Wishes 2024: Top 50+ wishes, quotes, Whatsapp Images, Facebook status to share with family and friends
Happy Holi Wishes 2024: As the festival of Holi draws near, let's embody the essence of unity and peace, sharing joy and delight with everyone. Whether close by or distant, let's commemorate this lively festival with sincere greetings and vivid blessings, treasuring the moments filled with laughter, affection, and companionship that it brings. Wishing everyone a joyful Holi!
IBM bullish on new Ahmedabad, Kochi labs, looks to double hiring this year
IBM's India network spans five labs, including its Bengaluru HQ and facilities in Pune and Hyderabad. Notably, the recent additions in Kochi and Ahmedabad are fueling advancements in WatsonX, IBM's AI platform.
US client once made Infosys cofounder Narayana Murthy sleep on a box in store room, new book says
Published by Juggernaut Books, "An Uncommon Love: The Early Life of Sudha and Narayana Murthy" is the story of the Murthys' early years - from their courtship to Infosys' founding years and from their marriage to parenthood.
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