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An exchange filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution.

The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors, the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.

The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.

Last year, RIL chairman Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India's largest mobile firm, Reliance Jio Infocomm. Meanwhile, Isha was given Reliance's retail arm and Anant, the new energy business.

However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.

Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.

ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.

However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.

Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.

ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.

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Ministry of Electronics and Information Technology has recommended that Reserve Bank of India design a detailed Know Your Digital Finance App (KYDFA) process that companies have to undertake before they access the Indian banking system

In a bid to tackle the growing menace of illegal instant loan apps, the Ministry of Electronics and Information Technology (MeitY) has urged the Reserve Bank of India (RBI) to design for banks a more detailed KYC process that companies will have to furnish. It will help trace errant loan apps, the ministry believes.

On October 13, the MeitY conveyed this to Department of Financial Services (DFS) and RBI in a meeting held in this regard.

"We have recommended the RBI, within their regulatory framework, to design a detailed KYC for companies, which we refer to as Know Your Digital Finance App (KYDFA), in the same manner that customers have to undergo detailed KYC for opening a bank account," Minister for State for Electronics and Information Technology Rajeev Chandrasekhar told Moneycontrol. He chaired the meeting with the RBI and DFS.

"This will ensure that only legitimate and scrutinised financial apps can access and use the Indian banking system and further, if there is any violation of law, the KYDFA process will help in establishing traceability and origin of the app for action under law," he said.

This comes at a time when several people have fallen into the trap of predatory loan apps, often driving the victims to suicide. The pull point of these apps is that they offer money instantly as loan, as opposed to more traditional methods such as through banks.

However, what these loan apps offer in terms of speed and accessibility to money, they also compromise when it comes to security and privacy of individuals. It has been well documented that these apps, when installed get access to huge amounts of smartphone data, including one's entire contact list.

There have been cases when recovery agents of such loan apps, when the borrower fails to return the money within the stipulated time, has harassed the victim by reaching out to their relatives.

In some cases, recovery agents of such apps even threaten to circulate digitally altered, poronographic images of the victims among his or her relatives.

Such incidents have often driven victims to suicide. Apart from that, police have found that several such illegal lending apps have connections to Chinese nationals, raising concerns of national security .

Both the government and app stores, where such lending apps are hosted, have taken cognisance of issues associated with such apps, and over the few years, have taken steps to address them.

The government has been sending several advisories to Google and Apple app stores to take action against such apps as they contravene several sections of the Indian Penal Code and the Information Technology Act.

Google and Apple's app stores have been identifying and removing such apps regularly. Earlier this year, Google said that it has removed more than 3,500 personal loan apps in 2022 for violating its Play Policy requirements.

The finance ministry had last year proposed that the RBI will prepare a whitelist of such applications and that the government will only allow those applications to be hosted on app stores.

However,  these measures have fallen short as complaints against such lending loan apps have increased over time. The number of complaints against such apps have more than doubled to 1,062 in FY 23, the finance ministry informed the Lok Sabha recently.

The MeitY's latest recommendation to the RBI marks a new method through which the government aims to tackle the ever-growing menace of instant loan apps.

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Bajaj Finance Q2 Results LIVE Updates: The leading non-banking finance company (NBFC), announced its financial results for second quarter of FY24 today, 17 October, 2023. Bajaj Finance's net profit rose 27.8 per cent to ₹3,550 crore, compared to ₹2,781 crore in the corresponding period last year.

Analysts had expected the NBFC to report stable asset quality and strong loan growth. The company's net interest income (NII) also increased by 26.4 per cent to ₹8,841 crore, compared to ₹6,997 crore in the year-ago period.

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Tata Consultancy Services (TCS) is set to kick-start the IT sector earnings season for the second quarter of fiscal year 2024 on October 11.

This was a crucial quarter for the IT services bellwether, given the internal restructuring of its verticals and new vertical head appointments -– the first major leadership rejig under new CEO K Krithivasan.

While there were strong deal wins, especially among the top three IT companies --- TCS, Infosys and HCL Tech -- analysts expect the quarter that ended in September 30, 2023, to remain muted amidst the uncertainty in demand and continued caution on discretionary spending.

Analysts expect EBIT margins for most IT companies, including TCS, to improve this quarter as its wage hike cycle impact was taken in Q1. TCS is likely to see an improvement of 50-60 bps, touching an estimated 23.6 percent, according to CNBC-TV18’s poll.

Here are the five themes to watch out for in TCS’ Q2 performance:

Revenue growth

According to CNBC-TV18’s estimate poll, rupee revenue growth on a QoQ basis is expected to come in at 1.3 percent at Rs 60,160 crore, compared to Rs 59,381 crore in Q1.

Profit after tax (PAT) is estimated to be up by 0.8 percent QoQ at Rs 11,162 crore. Like the previous couple of quarters, this quarter, too, will remain subdued. All eyes will be on the management commentary on whether the worst is behind.

Demand outlook

TCS reported some of the largest new deals in 2023 as well as multi-year renewals with existing clients. Some of the major deals from the last quarter include the $1 billion deal from Jaguar Land Rover (JLR) and a $1.1 billion deal from the UK’s workplace pension scheme NEST. Driven by these numbers, analysts estimate TCS’ order book for Q2 to come in the range of $11-13 billion, up from the company’s guidance of $7-9 billion.

According to analysts at Kotak Institutional Equities, the management’s commentary on the revival of discretionary spending, outlook on macroeconomic challenges, cost takeout and vendor consolidation deal pipeline, geographic trends, especially in North America, and the impact of GCC ramp-ups will be looked into.

Sectoral trends

According to analysts at ICICI Securities, TCS gets nearly 53 percent of its overall revenue from sectors like BFSI, retail and telecom, which “continue to see macro pressures and have consequently slashed their discretionary spends while putting older projects under greater scrutiny.”

While deal flows have steadied, analysts believe growth will not be very democratic and will depend on a mix of verticals, services and the company’s ability to win large deals amidst exposure to affected customers.

A lot of the deals this quarter have also seen customers increasingly looking for embedded artificial intelligence (AI) and generative AI elements into it. Hence, IT companies, too, are aggressively betting on these features to win deals. For instance, TCS started a unit called TCS AI Cloud, combining all its public cloud units and Al initiatives.

Return to offices

Last month, TCS sparked off an industry-wide debate after it decided to end work from home, making it compulsory for certain teams to be in offices for five days a week. The IT sector major employs over 600,000 people, signalling an end to the work-from-home era for the IT industry in India.

This could lead to an increase in overhead costs on the campuses, and a fear of near-term increase in attrition as angry employees may consider resigning. The management’s views on this and how it is assessing the situation will be important.

Earlier, under former CEO Rajesh Gopinathan, TCS had announced its 25X25 vision. As per the model, by 2025, only 25 percent of its associates will need to work out of facilities at any point of time. Also, employees will not need to spend more than 25 percent of their time at work.

Hiring slowdown 

A direct reflection of slowing demand in the sector was the significant reduction in quarterly net headcount addition. In Q1, TCS was the only company to have a positive net addition of 523 people. Four out of the five IT majors in India, Infosys, HCLTech, Wipro, and LTIMindtree, reported a fall in headcount in Q1FY24, with the total numbers plunging by over 20,000 as compared to the same quarter last fiscal year.

TCS was also the only IT company to share its fresher hiring target of 40,000 for FY24. Any change or update in these plans will be closely monitored. TCS, however, had delayed onboarding of lateral hires by three months due to project commencement delays. CHRO Milind Lakkad had said last quarter that all of these offers will be honoured.

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Israel-Hamas War LIVE Updates: Hamas fighters on Saturday fired more than 5,000 rockets from the Gaza Strip toward Israel, killing at least 1,100 people and wounding several others, setting off air raid sirens across the country and raising the likelihood of a new round of heavy fighting. Israel has declared a complete seizure of Gaza imposing a complete blockade on the strip, as Palestinians brace for 'living another Nakba’. Now, a senior official informed that the Hamas group is ready for discussions over truce talks with Israel. 

Israeli military says ‘Hamas has nowhere to hide’

The Israeli military continued their intensive airstrikes on the Gaza strip. On Tuesday the military said that Hamas operatives had “nowhere to hide" in Gaza and that its air force was carrying out intensive airstrikes in waves every four hours.

“We will reach them everywhere," Reuters reports chief military spokesperson Rear Admiral Daniel Hagari said in a briefing.

Gaza's death toll goes past 770 owing to Israel airstrikes

Relentless airstrikes ordered by PM Benjamin Netanyahu's government on Gaza strip in retaliation to the deadly Hamas attack on Israel, has killed over 770 people, taking the total death toll on both sides of the fence to over 2000. 

At least 770 Palestinians have been killed and 4,000 wounded in Israeli air strikes, Gaza’s Health Ministry has said.

Among the dead are 140 children and 120 women, a ministry spokesperson said.

At least another 18 people were killed and 100 injured in the occupied West Bank since Saturday, the ministry added.

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Topic :- Share Market Closing Note

Nifty below 19,550, Sensex down 320 pts; capital goods, PSU Bank outshine.

The BSE midcap index ended flat, while smallcap index rose 0.6 percent.

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Topic :- Time:3.10 PM

Just In:

Delhi Earthquake Today: Massive earthquake tremors felt in Delhi-NCR

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 19520 level then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement is further likely to be witnessed. Avoid open positions fo r tomorrow.

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Topic :- Time:2.40 PM

IPO Alert:

Valiant Laboratories IPO subscribed 11.92 times on final day

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 56923. If it manages to trade and sustain above 56950 level then expect some upmove in it and if it breaks and trade below 56880 level then some decline can be seen in the Gold.

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Topic :- Time:2.25 PM

Just In:

World Cup 2023: PVR INOX in talks with ICC to live screen India matches, finals in theatres

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Topic :- Time:2.00 PM

Nifty spot is at 19541. If it manages to trade and sustain above 19560 level then expect some further upmove in the market and if it breaks and trade below 19520 level then some decline can be seen in the Nifty.

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Topic :- Time:1.45 PM

Just In:

Anil Agarwal Exclusive: Vedanta chairman aims to complete sale of steel asset by March 2024

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 7368.If it holds above 7330 level then expect it to test 7400-7420 levels quite soon. Buy on every dip till it holds above 7330 is recommended in it.

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Topic :- Time:1.00 PM

Nifty spot if manages to trade and sustain above 19560 level then expect some upmove in the market and if it breaks and trade below 19520 level then some decline can be seen. Currently Nifty spot is trading at 19541.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 702. If it manages to trade and sustain above 705 level then expect it to rise and if it breaks and trade below 700 level then it will head towards 695-693 levels quite soon.

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Topic :- Time:12.05 PM

Just In:

Vedanta shares surge after initial volatility on demerger plans, up over 10% in two sessions

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 19520 level then expect some upmove in the market and if it breaks and trade below 19480 level then some decline can be seen in the Nifty.

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Topic :- Time:11.50 AM

Just In:

Bandhan Bank reopens online and debit card services after 3 days but customers complain of disruptions

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex falls 400 points, Nifty below 19,550

2. Vedanta shares jump after demerger plan.

3. India asks Canada to withdraw dozens of diplomats

4. Indias factory activity grows at slowest pace in 5 mths

5. Jio adds another ₹16,640 crore ammo for 5G boost

6. JSW Infrastructure shares debut at 20% premium

7. PNB Housing stock price up 109.3% in last one year

8. Adani Ports shares rise 1% after 1HFY24 cargo hits lifetime high of 202.6 MMT

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Topic :- Nifty Opening Note

Indian Stock Market Opening View For 03 Oct,2023:

Nifty is likely to remain volatile and is expected to follow global cues. Nifty spot if manages to trade and sustain above 19680 level then expect some upmove in the market and if it breaks and trade below 19580 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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