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Illegal loan apps: MeitY urges RBI to design more detailed KYC to ensure traceability

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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.



Bajaj Finance Q2 Results LIVE Updates: Net profit rises 27.8% to ₹3,550 crore, NIIs up 26% to ₹8,841 crore

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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.

TCS Q2 earnings: 5 things to watch out for

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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.


Israel-Hamas War Updates: Death toll surpasses 2400, as Palestinians seek ‘safe’ shelter amid airstrikes

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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.


Nifty Round up for 03 Oct,2023

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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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JSW Infrastructure IPO booked 37 times on final day, retail portion subscribed 9.91 times

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The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 36.96 times on the final day of bidding.


Retail investors, who have 10 percent reservation in the public issue, have bought 9.91 times the allotted quota, while the portion set aside for high networth individuals, which is 15 percent of the total offer, was subscribed 15.94 times.


Qualified institutional buyers (QIB), who are generally considered medium-to-long term investors, have bid 56.49 times their reserved portion which is 75 percent of the issue size.


The quota for QIB was reduced after anchor investors bought Rs 1,260 crore worth of shares, which is 60 percent of the total QIB book, on September 22. HSBC, Morgan Stanley, ICICI Prudential Mutual Fund, Government of Singapore, LIC Mutual Fund, SBI Mutual Fund, Fullerton, The Master Trust Bank of Japan, Monetary Authority of Singapore, Goldman Sachs, Sunil Singhania-owned Abakkus, and HDFC Mutual Fund were amongst the marquee names who participated in the anchor book.

The port-related infrastructure company intends to raise Rs 2,800 crore through its public issue, which so far has subscribed 2.13 times in the first two days of bidding, i.e. September 25 and 26.


The price band for the offer is Rs 113-119 per share.


The maiden public issue comprises only a fresh issue component. Hence, the entire fresh issue proceeds, excluding IPO expenses, will go to the maritime-related services company.


India's second largest commercial port operator will reduce its debt burden by Rs 880 crore through the fresh issue funds. At the end of June 2023, it had total outstanding borrowings at Rs 4,228.4 crore on a consolidated basis.


Further, Rs 1,029.04 crore will go towards expansion or upgradation works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port, and the Rs 151.05 crore will be utilised for the Mangalore Container Terminal owned by subsidiary JSW Mangalore Container Terminal.


And the remaining amount will be used by the firm for general corporate purposes going ahead.


JSW Infrastructure, the fastest-growing port-related infrastructure company with diversified operations in terms of cargo profile, geography, and assets, has recorded a 62.3-percent CAGR growth in net profit during FY21-FY23, and 41-percent CAGR growth in revenue from operations during the same period.


The company benefits from a strong corporate lineage of the JSW Group having strategically located assets in close proximity to JSW Group customers and industrial clusters supported by multi-modal evacuation infrastructure, Sharekhan said.


The market capitalisation post issue, at the upper price band, will be Rs 24,990 crore, while peer Adani Ports and Special Economic Zone has a market cap of Rs 1,77,243 crore on September 26's closing.


JSW Infrastructure has expanded its operations from one Port Concession at Mormugao, Goa in 2002, to nine Port Concessions as of June 2023 across India, making them a diversified maritime ports company. Its installed cargo handling capacity in India grew at a CAGR of 15.27 percent from 119.23 MTPA in March 2021 to 158.43 MTPA in March 2023.


JSW Infrastructure IPO Grey Market Premium


The company will finalise the basis of allotment of IPO shares by October 3, and equity shares will be credited to demat accounts of eligible investors by October 5.


The trading in its equity shares will commence with effect from October 6, which is the old T+6 timeline, as per the IPO schedule.


This will be the first listing from the JSW Group since 2010, when it had listed its energy business separately.


Henceforth, whether the company is going to adopt voluntarily the new T+3 timeline for listing or not will be closely watched by participants. Companies launching IPOs since September 1, 2023 can voluntarily list shares in the T+3 timeline, while it will be mandatory for all companies launching IPOs with effect from December 1, 2023.


JSW Infrastructure shares were available at around a 15-percent premium over the upper price band, in the grey market, an unofficial platform for trading in IPO shares till the listing, analysts said on anonymity.

India suspends visa services in Canada citing ‘operational reasons'

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India on Thursday suspended visa services in Canada citing ‘operational reasons’. The move comes amid the souring relationship between India and Canada over the killing of Khalistani terrorist Hardeep Singh Nijjar. 


A private agency, BLS, hired for initial scrutiny of visa applications of Canadians put out a note on its website, conveying “Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice. Please keep checking the BLS website for further updates."


The row over Khalistani terrorism


After the ‘not so pleasant’ discussion around the Khalistani issue between the prime ministers of India and Canada during the G20 meeting in Delhi earlier this month,  Canadian Prime Minister Justin Trudeau said Monday that his government was investigating “credible allegations" that Indian government agents were linked to the June 18 slaying, when Nijjar was gunned down outside a Sikh cultural center in Surrey, British Columbia. 


He also said though Canada is not trying to provoke India, strong measures need to be taken. 


“The government of India needs to take this matter with the utmost seriousness. We are doing that, we are not looking to provoke or escalate," Reuters quoted him as saying on Tuesday.


The tit-for-tat dynamic

India, however, denied any role in the killing, calling the allegations absurd.


The tension seems to be escalating further as both the countries are taking measures reflecting a tit-for-tat dynamic in their diplomatic relations. As Canada expels Indian diplomat; India responds with a reciprocal expulsion.


On Wednesday, India told its citizens to avoid travelling to parts of Canada, following a diplomatic row sparked by the allegation that New Delhi was involved in the killing of a Sikh separatist near Vancouver.

Taking Stock: Bears tighten grip on D-St; Sensex down 796 points, Nifty at 19,900

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The Indian equity indices ended lower for the second consecutive session on September 20 with Nifty falling below 19,900 amid selling in heavyweights and across the sectors, barring power stocks.




At close, the Sensex was down 796 points or 1.18 percent at 66,800.84, and the Nifty was down 231.90 points or 1.15 percent at 19,901.40.




After a gap-down start, market remained under selling pressure and extended the losses as the day progress, to end near day's low.




BSE Sensex and Nifty50 indices touched the day's low of 66,728.14 and 19,878.85, respectively.




Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.




Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.




Biggest losers on the Nifty were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, while gainers included Power Grid Corporation, Coal India, ONGC, Sun Pharma and Eicher Motors.




Amongst sectors, except power, all other sectoral indices ended in the red with bank, metal and realty down one percent each.




The BSE midcap index shed 0.30 percent and Smallcap index declined 0.5 percent.




A long build-up was seen in AU Small Finance Bank, Polycab India and Dr Lal PathLabs, while a short build-up was seen in HDFC Bank, JK Cement and Zydus Lifesciences.




Among individual stocks, a volume spike of more than 300 percent was seen in Hindustan Copper, Mahindra & Mahindra Financial Services and India Cements.




Nearly 200 stocks touched their 52-week high on the BSE, including GPT Infraprojects, Axis Bank, Thomas Scott, Indusind Bank, Karnataka Bank, Dhampur Sugar Mills, Union Bank Of India, Tata Consultancy Services, Coal India. Click to View Full List

India-Canada relations: What's the future?

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India and Canada have a long and complex history, but in recent years, relations have become increasingly strained. Issues such as the Khalistani separatist movement, the treatment of Indian farmers, and the Canadian government's decision to ban Air India have all contributed to a growing rift between the two countries.

So, what's the future of India-Canada relations? Is there a way to mend the fences and rebuild trust?

Here are some things to consider:

  • Both sides need to show a willingness to compromise. This means being willing to listen to each other's concerns and try to find common ground.
  • There needs to be a greater understanding of each other's cultures and perspectives. This can be achieved through dialogue and education.
  • Both countries need to work together to address shared challenges, such as climate change and terrorism.

India and Canada are important partners, and it is in the interests of both countries to maintain a strong relationship. However, this will require effort and goodwill on both sides.

#IndiaCanadaRelations #FutureOfIndiaCanada

Zaggle Prepaid IPO: Zaggle IPO fully subscribed on day 3, retail portion sees huge demand

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Zaggle Prepaid Ocean Services IPO subscription status: Zaggle Prepaid IPO has been subscribed 1.18 times on day 3, so far. Zaggle Prepaid IPO has opened for subscription on Thursday, September 14, and will close today (Monday, September 18).

Zaggle IPO's retail investors portion was subscribed 3.48 times, NII portion was subscribed 1.76 times, and Qualified Institutional Buyers (QIB) was subcribed 9%.

Zaggle Prepaid IPO subscription status details

Zaggle Prepaid Ocean Services IPO has received bids for 2,27,35,530 shares against 1,93,26,761 shares on offer, at 12:36 IST, according to data from the BSE.

Zaggle Prepaid IPO retail investors' portion received bids for 1,23,91,290 shares against 35,57,802 shares on offer for this segment.


Zaggle IPO's non-institutional investors' portion received bids for 93,96,630 shares against 53,36,703 on offer for this segment. The QIB portion received bids for 9,47,610 shares against 1,04,32,256 shares on offer for this segment.



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