Fintech

Seven NSE midcap stocks showed upward momentum on November 7, with RSI trending above 50, signaling strengthening price momentum and potential buying opportunities, according to stockedge.com data.

Select stocks gain momentum even in volatile markets.

The Gurugram-based startup, which operates insurance marketplace Policybazaar and credit marketplace Paisabazaar, had reported a loss of Rs 21 crore in the year-ago period.

India's job market is showing growth, but the focus should be on job quality as AI reshapes the landscape. Evidence suggests job creation is not a concern, but the nature of these jobs is crucial. While concerns exist about unemployment figures, rural areas are seeing a shift towards self-employment and income generation.

Indian stock market expert Hemang Jani believes the current market correction presents a good opportunity for investors to buy stocks. He suggests focusing on sectors like banking, defense, pharmaceuticals, and telecoms, where companies have reported strong financial performance. Jani also sees potential in the upcoming Swiggy IPO, citing attractive valuations and growth in the food delivery and quick commerce sectors.

The anchor portion of Swiggy's initial public offering (IPO) closed on Tuesday. This and more in today’s ETtech Morning Dispatch.

An ETMarkets analysis reveals an interesting trend: Mutual Funds (MFs) have been steadily increasing their investments in 152 smallcap stocks over the past four quarters, from December 2023 to September 2024.

The Ministry of Home Affairs has called for action against unauthorised use of personal data across various platforms. This and more in today’s ETtech Morning Dispatch.

The second quarter earnings season is in full swing, with 63 companies, including prominent names like Dr Reddy's, Titan, and Mankind Pharma, set to release their July-September 2024 quarter results today.

According to industry insiders, many companies would use the Pan number of a customer and use the Income Tax department’s backend systems to access the customer’s full name, address, phone number and many such details. To combat this, the Union home ministry through the Indian Cybercrime Coordination Centre (I4C) has asked to shut down any unauthorised use of PAN of Indian citizens by fintechs and other consumer technology companies.

The second quarter earnings season is underway and as many as 170 companies will declare their results this week. Some of the marquee names include Titan, Asian Paints, PB Fintech, IRCTC, IRFC, RVNL, Mazagon Dock Ship, Tata Steel, Mahindra & Mahindra, Trent, LIC, MRF, Tata Motors, and SBI among others.

India and Saudi Arabia aim to collaborate in fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, and mining to enhance trade and investment. This follows the recent meeting between ministers in Riyadh. India is the second largest trade partner for Saudi Arabia. Over 2,700 Indian companies are already operating in Saudi Arabia.

​​ Sopnendu Mohanty, the designated CEO of GFTN Group, underlined the importance of India as a destination of the wide range of investment opportunities and a world-wide accepted hub of technologists as well as talent pool.

NPCI has shot off a letter to banks and fintechs asking them to refrain from using the UPI system for any form of service other than payment settlements and account validation. Fintech startups use the UPI ID to find out the name of the customer, the status of the bank account, alternate UPI IDs, and also verify the mobile number of the customer.

The Indian government collaborates with fintech companies to develop a new AML system targeting local financial frauds. This initiative involves geotagging transactions, forming a suspicious registry, and quicker fraud recovery, complementing existing mechanisms like CFCFRMS and involving new regulatory and cybersecurity measures.

The business, which will be operated by its subsidiary PB Financial Account Aggregator, will assist Paisabazaar access the financial data of customers to help it make informed decisions.

The government has allocated Rs 13.24 crores for the centre’s operations over a five-year period. ​​The CoE aims to accelerate the growth of fintech in the state by leveraging its thriving entrepreneurial ecosystem, facilitating innovation, and providing extensive support for startups in the financial technology sector.

Following its sister firm Policybazaar’s playbook, digital credit marketplace Paisabazaar, a part of listed PB Fintech, is building its own offline distribution channel. Naveen Kukreja, chief executive officer of Paisabazaar, told us that the company has set up a field team of around 100 people in Delhi, Mumbai, and Bengaluru.

Brokerage firms have issued varied ratings on several stocks: HSBC and Jefferies maintain buy ratings on Varun Beverages and GMR Airports, respectively. Bernstein has an outperform call on PB Fintech, Axis Capital rates Tata Technologies as reduce, and UBS initiates a buy on 360 One, reflecting a mix of optimism and caution in the market.

FY24 price return: 61% Number of MF schemes that held stock in August 2024: 148 As of August '24, the market value of stocks in equity mutual funds reached Rs 10,119 crore.