NEWS AGGREGATOR
Vraj Iron and Steel shares list at 16% premium over IPO price
Vraj Iron and Steel's strong listing surge correlates with its exceptional 126.36 times subscription rate, reflecting robust investor confidence. Analysts highlight risks including regional facility concentration and absence of long-term customer contracts, advising cautious consideration amidst the company's promising outlook.
The scam that wasn't? Groww issues 6-point clarification on failed mutual fund investment
Groww platform safeguards investments, ensures transparency in transactions, and advises customers to verify holdings with CAMS, Kfintech, or MFCentral for comprehensive oversight, debunking misinformation and ensuring financial security.
Blow to Discount Brokers: Sebi says charges levied by market institutions should be uniform
Exchanges frequently offer lower fees to brokers who generate high trading volumes, which has led to increased activity across segments such as derivatives. Sebi is considering asking exchanges to halt this practice as part of a broader strategy to temper the excessive trading activity in India's derivative markets. Discount broking firms' revenues are expected to get hit as a significant part comes from the paybacks that exchanges give for the volumes they generate.
Sebi approves IPOs of FirstCry, Unicommerce and Gala
Sebi approves IPO plans for FirstCry, Unicommerce, and Gala. FirstCry proposes to utilise the net proceeds up to Rs 1816 crore from the offer towards funding the expenditure for setting up new modern stores under the 'BabyHug' brand, setting up a warehouse in India, expenditure for lease payments for the existing identified modern stores owned and operated by the company, in India. Gala Precision Engineering had filed its IPO papers with Sebi on February 14, 2024. The IPO consists of a fresh issue of equity shares up to 25.58 lakh and an offer for sale up to 6.16 lakh by the promoter group and individual selling shareholders.
Amazon is reviewing whether Perplexity AI improperly scraped online content
Perplexity AI, an AI startup, is under Amazon's review for scraping content. The company faces allegations of plagiarism and generating fake quotes. The CEO defended the practices, emphasizing proper source crediting. Perplexity AI's use of AWS servers is also under scrutiny.
NBDA brings digital news under its self-regulatory body's purview
The regulation defines digital news media as digitised news content that can be transmitted over the internet or computer networks and includes content received, stored, transmitted, edited, or processed by a digital publisher. Digital news platforms have been defined as platforms that facilitate the transmission of digitised news content over the internet or computer networks, including social networking sites or social media.
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Vraj Iron and Steel IPO subscribed nearly 40 times so far on last day. Check GMP and other details
Analysts advised investors to subscribe to the Vraj Iron and Steel IPO as the company's well-established and strategically located manufacturing facilities, coupled with a focus on value-added products and ongoing expansion plans, position it for future growth. The company's shares are trading with a premium of Rs 90 in the unlisted market,
Global funds most bullish on Indian equity futures since 2017
The number of index futures contracts held by global funds with bullish interest versus those with bearish bets rose to 140,835, the highest in seven years, according to data compiled by Bloomberg.
Stand up to breaking news
AI summaries, including Google's feature, pose some key challenges for society and news publishers. For starters, they have issues with accuracy. Unlike Wikipedia, they don't have human oversight or verification, and can pick up unreliable or unverified information from articles as facts. A user who doesn't know better, or can't easily spot issues, may accept it as news.
Govt, digital news publishers discuss revenue sharing with big tech companies
The DNPA had petitioned the government to evolve a revenue sharing mechanism with big technology companies such as Google and Meta that aggregate and distribute content created by others and monetise the internet traffic generated in the process.
Bajaj Housing Finance board approves plan to raise Rs 4,000 crore via IPO
Bajaj Housing Finance, currently a subsidiary of Bajaj Finance, is among 15 NBFC and housing finance companies (HFCs) classified in the so-called upper layer of the RBI, according to a list that was released on September 30, 2022.
Sebi issues show cause notice to PB Fintech Chairperson Yashish Dahiya on $2 million investment
PB Fintech is pursuing legal action regarding the SCN and maintains that there will be no material impact on the company's financials or operations. The announcement was made after market hours and the stock ended at Rs 1,288 on the NSE, down by 5.35 or 0.41%.
PB Fintech shares climb over 5% amid block deal
PB Fintech, an online insurance aggregator, saw its shares surge by 5.2% to Rs 1,360 in Thursday's trading on the BSE following a block deal. This transaction, valued at around Rs 428 crore, represented a 0.73% stake in the company.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
PSU railway stocks rally up to 8%. What’s the good news?
Shares of railway PSU stocks RVNL and IRFC surged on Tuesday, with RVNL jumping 8% to Rs 322 and IRFC rising 5% to Rs 181 on the BSE. This rally was triggered by the Q4 profit growth reported by these companies. Additionally, IRCON International shares soared 8% to a new high of Rs 296 ahead of its Q4 results, scheduled for release today.
Stocks in news: L&T, Hero MotoCorp, Voltas, PB Fintech, LTIMindtree
Shares of L&T, Tata Power, Canara Bank, Hero Moto and BSE will be in focus today as the companies will announce their fourth quarter results.
PB Fintech Q4 Results: Policybazaar parent reports PAT of Rs 60 crore vs loss of Rs 9.34 crore YoY
PB Fintech Q4 Results: The consolidated revenue for the reporting quarter stood at Rs 1089.57 crore, which was up 25.36% over Rs 869.10 crore reported in the year-ago period. For FY24, the PAT improved from a loss of Rs 488 crore to a profit of Rs 64 crore.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Wipro Q4 results; RBI nod for Cred’s payment aggregator biz
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.
CAMS share price jumps over 5% on RBI nod to operate as online payment aggregator
CAMS got an in-principle authorisation from RBI back in February 2023, the company said, adding that the certificate of authorisation bearing No 183/2024 was received on April 10, 2024 by the company.
Amazon Pay secures payment aggregator licence; Krutrim AI’s chatbot
Amazon Pay has received a payment aggregator licence from the Reserve Bank of India (RBI). This and more in today’s ETtech Top 5.
How fintechs got their fingers in every pie; and other top tech, startup stories this week
On Wednesday, ET wrote about how fintechs were adding more than 42% of the new investors in mutual funds every month. And this is not unique. Be it wealth management, payments or credit, fintechs are playing an important role in expanding the market and driving adoption everywhere.
Fintechs top mutual fund distribution sweepstakes; IT sector’s slowest growth in a decade
Data showed that in November, 30 lakh new SIPs were generated by the entire industry. Industry estimates said that around 42% of these SIPs were issued through fintechs like Groww, Paytm Money, AngelOne and others.
Tata Pay bags payment aggregator licence; Binny Bansal’s new startup OppDoor
Happy 2024! Welcome to the first edition of ETtech’s Top 5 in the new year. Tata group’s digital payments business, Tata Payments, has secured a payment aggregator licence from the Reserve Bank of India (RBI). This and more in today’s edition of our daily evening newsletter.
Razorpay, Cashfree eye lost market share, ShareChat’s third round of layoffs
With the PA license in place, both Razorpay and Cashfree have set up "war rooms" with executives from across teams. The aim is to reach out to as many waitlisted merchants as possible and convert them into clients.
RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry’s IPO details
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
Online news aggregator InShorts sees FY23 losses swell by a third to Rs 309 crore
Operating revenue rose 8.7% to Rs 180.90 crore in FY23 from Rs 166.37 crore the year before, according to its financial statements filed with the Registrar of Companies (RoC).
RBI returns Instamojo’s PA application; firm intends to reapply
After receiving the final status on its application in September this year, Bengaluru-based Instamojo has ceased operations of its payment gateway business, as per regulations, and has onboarded licenced PAs to ensure business continuity for its merchants.
Get ready to earn 6% each from a refiner and restaurant aggregator
The Nifty was forced to stay within a range and closed with a small profit.
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