The Price of Bitcoin Exceeds $48,000

At the time of publishing, the price of the most popular cryptocurrency in the world, Bitcoin, was $48,101 (approximately Rs. 39.9 lakh), having seen a slight increase of 0.74 percent on Monday. The digital asset gained $1,826 in value over the course of the weekend (about Rs. 1.5 lakh). The next target, according to market analysts, would be $50,000 (about Rs. 41.5 lakh), which is a milestone that Bitcoin hasn't been able to reach since December 2021, if the price of the cryptocurrency rises above $48,970 (about Rs. 40 lakh).   Ether's value fell by 0.55 percent on Monday as it was unable to keep up with Bitcoin's gains. At the moment, ether is worth $2,498 (about Rs. 2.07 lakh).   Due to large net inflows into spot Bitcoin ETFs the week before, Bitcoin surged above $48,000 (about Rs. 39.8 lakh) over the weekend, hitting its highest level in 26 months. The CEO of Mudrex, Edul Patel, told Gadgets360 that Ethereum also reached its highest point since January 19 at $2,540, or roughly Rs. 2 lakh. It is currently consolidating around $2,500, or roughly Rs. 2.07 lakh, with resistance at $2,620, or roughly Rs. 2.17 lakh, and support at $2,440, or roughly Rs. 2.02 lakh.The majority of cryptocurrencies saw losses on Monday, including Ether. These comprise Avalanche, Dogecoin, Cardano, Ripple, and Binance Coin.   On Monday, the values of other altcoins, including Uniswap, Shiba Inu, Litecoin, Bitcoin Cash, Solana, and Binance Coin, also decreased. In the past day, the value of the cryptocurrency industry as a whole fell by 0.76 percent. According to CoinMarketCap, the current value of the cryptocurrency market is $1.8 trillion, or approximately Rs. 1,49,40,576 crore. Ether's market share is currently 16.7%, while Bitcoin's dominance is currently 52.5 percent.This week, there will probably be a few notable token unlocks, such as the release of SAND from Sandbox worth over $96 million (about Rs. 796 crore), or roughly 9% of the total supply. We plan to do this on Valentine's Day. Additional unlocks include Aptos, which released more than 7% .

Congress mastered art of spoiling accomplishments: FM Sitharaman in RS

Accusing the UPA government of mismanaging the price situation after taking charge from the Vajpayee government in 2004, Finance Minister Nirmala Sitharaman on Saturday mocked the grand old party, saying 'gur ko gobar karna inki maastaree hai'.Replying to a short-duration discussion on the 'White Paper on the Indian Economy' in the Rajya Sabha, Sitharaman said inflation in the last year of Prime Minister Atal Bihari Vajpayee-led NDA government was below 4 per cent. "Through their ill-targeted, reckless fiscal policy, ill-targeted subsidies and wasteful expenditure, all done for political gains, inflation went high during the UPA rule," she said.In AICC's Session in Jaipur, she said, former prime minister Manmohan Singh admitted that handling inflation was a shortcoming of the UPA government. "Gur ko gobar karna inki (Congress) maastaree hai (Congress has a mastery of ruining something that has been accomplished)," she said.The minister outlined the steps taken by the Modi government after 2014 to manage inflation in the country.In the last nine years of the Modi government, retail inflation has been mostly around 5 per cent, and it has never crossed 8 per cent. "And that Congress is lecturing us now on how to manage inflation," Sitharaman noted.She further said the Modi-led government toiled for 10 years to bring the economy back on track, taking India from the 'Fragile Five' to the fifth largest economy in the world. India is soon going to become the world's third-largest economy.On the contrary, in the Modi government, the Prime Minister personally monitors programmes and projects and their progress through the PRAGATI portal by holding video conferences with officers even at the district level. Up to the 43rd edition of PRAGATI, 348 pending projects worth Rs 17.36 lakh crores have been reviewed, their progress is happening, and they are coming to a conclusion."This kind of effort never happened earlier during the UPA era," Sitharaman said.Giving reasons for coming out with the White Paper now, Sitharaman said a similar exercise earlier would have impacted the confidence of institutions, investors, and the people. As an elected government, she said it is imperative to inform the public and Parliament about the true picture of the economy during the UPA regime and the efforts taken by the Modi government to revive the economy.In an apparent jibe at the erstwhile National Advisory Council headed by Sonia Gandhi, the finance minister said India needs a clean and accountable governance and not governance through an extra-constitutional body.    

The mojo of PSU bank stocks might fade away soon

PSU banks have been in focus for quite some time due to several tailwinds, as most entities are performing well both internally & externally from maintaining healthy asset quality to several governments' initiatives where PSU banks are the beneficiaries. The PSU Bank Index has risen by more than 56% in the last 1 year, the Nifty Private Bank Index rose by just 14%, and in the same period Bank Nifty by 13%, making PSU Banks the leader of the segment. The government kickstarted the rally through banking reforms such as the establishment of Bad Banks to move the long outstanding NPAs out of the books, the implementation of the Insolvency & Bankruptcy Code helping banks to recover their debts and, merger of several PSU banks enabling them to have a more focused approach on their operations. The current government's focus on long-term projects of infrastructure, power, and agriculture would benefit PSU banks more than private banks as they traditionally have higher exposure in these sectors. This is one of the factors due to which the share prices are soaring to new highs. PSU Banks usually trade at a low Price-to-Book value but currently, they are trading at the highest levels compared to their historical valuations. The valuations look stretched.Share price appreciation happens because of two main reasons: Earnings expansion and perception-led growth or multiple expansion. The former can be computed based on financials on a quarterly and yearly basis and the latter could be assumed as the difference between share price CAGR and earnings growth CAGR. The lower the difference, the higher the safety and vice-versa. The current rally in several PSU Banks is more because of multiple expansions rather than earnings expansion.    

Paytm Payments Bank Is Looking To Employ Outside Compliance

Four people with knowledge of the situation claim that Paytm Payments Bank Ltd. has sent out a request for proposals to outside auditors. According to the individuals cited above, who requested to remain anonymous, the bank only made this RFP available to outside auditors. As a result, it is not in the public domain.According to the three individuals mentioned above, the goal of this RFP is to audit the bank for compliance and the know-your-customer procedure.As stated by the first person quoted above, Paytm Payments Bank also hopes to demonstrate to the Reserve Bank of India that it is fully compliant by starting this audit. One97 Communications Ltd.'s associate company came under heavy fire from the RBI on January 31 for "persistent non-compliance" and serious "supervisory concerns." The regulator stated in its directives that Paytm Payments Bank will not be able to take new credit transactions, top-ups, or deposits into its accounts after February 29.

Maruti Grand Vitara gets up to Rs 75,000 off on MY2023 stocks

Maruti Suzuki is offering attractive discounts and benefits on Nexa models such as the Grand Vitara, Jimny, Baleno and Ignis this February. These can be availed in the form of cash discounts and exchange offers and is available on both MY2023 and MY2024 production units. The only models not listed with any offers are the XL6 and Invicto MPVs. MY2023 units of the Grand Vitara hybrid can be had with benefits of up to Rs 75,000 which includes cash discounts and exchange offers. Meanwhile, the MY2024 units are listed with benefits of Rs 50,000 which just includes an exchange offer. Regular petrol variants of the Grand Vitara are listed with benefits of up to Rs 45,000 and Rs 30,000 for MY2023 and MY2024, respectively. This is the highest benefit the Grand Vitara has been available with in a while. The highest benefit from the Nexa lineup this February is on the Jimny. It continues to be offered with Rs 1.50 lakh cash discount on the top-spec Alpha trim while the lower Zeta trim gets Rs 50,000 off. These are, however, only applicable on MY2023 units. MY2024 units of the Jimny are not listed with any benefits currently. While the SUV is capable off-road, the high sticker price has resulted in sluggish sales. The SUV has since received multiple discounts, including a Rs 2.3 lakh discount in December. 2023 model year of the Maruti Suzuki Ignis manual get discounts of up to Rs 55,000, while automatic variants get up to Rs 50,000 off. For 2024 models, the discounts are marginally less but still substantial. Manual transmission variants made in 2024 get benefits of up to Rs 45,000, while automatic variants get discounts of up to Rs 40,000. The Ignis is powered by a 1.2-litre petrol engine that puts out 83hp and 113Nm. It’s available with the choice of a 5-speed manual gearbox or a 5-speed AMT. The Maruti Suzuki Baleno has been a strong performer for the Nexa brand and is available with petrol and CNG powertrains. Petrol models manufactured in 2023 are available with benefits of up to Rs 35,000 that’s inclusive of cash discount and exchange bonuses, while CNG variants get up to Rs 15,000 off as an exchange bonus. 2024 models get benefits of up to Rs 30,000 and Rs 35,000 on petrol and CNG, respectively.  The Baleno is offered with a 1.2-litre engine that produces 90hp, 113Nm and can be mated to either a 5-speed manual gearbox or a 5-speed AMT. While using CNG, the engine output drops to 78hp and 98.5Nm, and it is only available with the 5-speed manual gearbox. Ciaz models manufactured in 2023 are offered with benefits of up to Rs 45,000, while models manufactured in 2024 get benefits of up to Rs 25,000 in the form of cash discount and exchange offers. The Ciaz is powered by a 105hp, 1.5-litre petrol engine and is available with either a five-speed manual or a four-speed torque converter automatic gearbox. Its interiors are dated and the petrol engine is unexciting, but its spacious cabin and smart pricing make it a level-headed buy  

Fintech major Paytm set for small win as govt close to approving investment

Shruti Srivastava and Sankalp Phartiyal Paytm is close to winning India’s approval to invest in its key payments gateway arm, a decision which has been pending for two years and which would give the troubled fintech company some respite. The government grew more supportive of the investment after Paytm’s Chinese shareholder Ant Group Co. lowered its stake in the Indian firm, people familiar with the matter said, with one of the people saying the approval could come within days. A federal approval is needed because Ant’s stake in Paytm makes its outlay in the Paytm Payments Services Ltd. arm a direct foreign investment.   The investment allows Paytm to beef up its arm which processes online transactions. While the investment is less than Rs 1 billion ($12 million), an approval would signal Paytm is still in the government’s good books even as the country’s banking regulator has tightened its grip on the company.  The Reserve Bank of India in 2022 held back Paytm Payments Services’ application to become a so-called payments aggregator — an entity which makes it easier for online retailers and merchants to accept customers’ digital payments. The banking regulator also asked the unit to seek permission from the federal government for a past investment from Paytm, whose official name is One97 Communications Ltd. At the time, Ant owned a nearly 25% stake in One97, and New Delhi had stepped up scrutiny of investments from China.Paytm’s billionaire founder Vijay Shekhar Sharma acquired 10.3% stake from Ant last year in a cashless deal that made him the biggest shareholder in One97 with just over 24% equity. The deal likely boosted the government’s confidence toward giving Paytm Payments Services security clearance for foreign direct investment, the people said, declining to be named as the matter is private. The proposal will now go to an inter-ministerial committee for a final decision, one of the people said.  Paytm’s application to qualify as a payments aggregator is still pending before the RBI, which in 2022 also barred the company from onboarding new online merchants. The RBI approves such applications if they fulfill regulatory requirements and match compliance norms it has set.       

Chris Wood of Jefferies buys Airtel to pare stake in RIL, HDFC Bank

Jefferies' Chris Wood has tweaked his India long-only portfolio to buy Bharti Airtel, raise investments in Axis Bank and State Bank of India (SBI), and pare stakes in giants Reliance and HDFC Bank. Changes will be made in the India long-only portfolio and the global long-only portfolio. An investment in Bharti Airtel will be introduced in the India long-only portfolio with a 3% weighting. This will be paid for by shaving the investment in Reliance Industries by three percentage points," Wood said. The investment in HDFC Bank will also be reduced by two percentage points, while the investments in Axis Bank and SBI will be increased by one percentage point each, he said. In Wood's global long-only portfolio, the investment in HDFC Bank will be reduced by two percentage points, while the investments in Axis Bank and TSMC will be increased by one percentage point each. Other top bets in his India long-only equity portfolio are ICICI Bank, REC Ltd, JSW Energy, Godrej Properties, DLF, Macrotech, L&T, Adani Ports, and Zomato.  

Stock Market Today: Top 10 things to know before the market opens

The benchmark Sensex and Nifty indices are likely to open on a higher note on February 8 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 26 points. Equity benchmarks the Sensex and the Nifty ended February 7 flat after a choppy session, with the Nifty failing to defend the 22,000 mark despite opening above it. The indices squandered early gains as investors' focus shifted to the Reserve Bank of India's monetary policy decision to be announced on February 8. The Sensex closed 34.09 points down at 72,152, while the Nifty close 1.1 points higher at 21,930.50. About 1,954 shares advanced, 1,314 declined and 63 were unchanged. The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,874 followed by 21,829 and 21,755 levels, while on the higher side, it may see immediate resistance at 21,948 followed by 22,067 and 22,141 levels. Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.   

Obtaining $3.4 million in Series A investment, Cashinvoice

A $3.4 million Series A funding led by HDFC Bank, Pravega Ventures, and Accion Venture Lab was obtained by Cashinvoice. By FY25, the company hope"By implementing cutting-edge SCF technology, this strategic investment will enable extended financial inclusion for the missing middle. It highlights our commitment to improving MSMEs' working capital management and cash flow, resulting in a more simplified and effective supply chain finance environment," Cashinvoice co-founder Shrinivas Kasar stated.Anchor firms and MSME partners benefit from Cashinvoice's digital invoice discounting marketplace, which integrates with corporates to handle loans against invoices. More than 15 lakh invoices worth more than Rs 15,000 crore have been processed thus far.s to have disbursed $2.4 billion in loans to MSMEs in order to grow operations, improve market presence, and create new products.Pravega Ventures, HDFC Bank, and current investor Accion Venture Lab were among the backers. The company plans to use the money to grow operations, improve its visibility in both new and existing markets, and create new products.Under the direction of co-founder and CEO Arun Poojari, Cashinvoice provides customized SCF solutions to anchor corporations, including some of India's top 100 corporates and its MSME partners (both vendors and distributors), through its digital invoice discounting platform. Its digital platform uses risk assessment and authenticated invoicing, and it integrates with anchor companies. By FY25, the company hopes to increase its discounting throughput to Rs. 20,000 Cr, which will enable digital loan processing against invoices for lenders and upscale the MSME base from the current 3,000 to 10,000.Cashinvoice was founded in September 2019 and has since made a profit by enabling the payment of over 15 lakh invoices, worth over INR 15 crore. It has done this by forming partnerships with Indian corporations, including Tata Motors, Bata, Bajaj Electricals, Oppo, Voltas, One Plus, Patanjali, Kalyan Jewellers, Paragon, and more."India's Digital Public Infrastructure prowess has allowed lenders multiple data points to assess credit risk beyond the traditional asset-based credit mechanism," Arun Poojari said in response to the news. Supply chain finance examines the vintage and pace of the buyer-seller connection while concentrating on financing particular transactions. It assists MSMEs in bringing predictability and regularity to their financial flows, allowing them to expand and create jobs. With this round, Cashinvoice will keep enhancing its offerings by capitalizing on India's DPI and the steady expansion of trade, which supports the rising GST collections.  

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Paytm asks merchants to link QRs to other banks’ accounts

Following the Reserve Bank of India’s (RBI’s) strictures on Paytm Payments Bank (PPB) last week, Paytm has directed its field sales executives to migrate merchant QR codes from their existing PPB accounts to accounts with other banks. For example, Manoj Kumar, who works for a retail chain ‘More’ in Indirapuram, Ghaziabad, said that representatives of the fintech major asked them to move the store’s funds from PPB to other bank accounts before February 29. The process has started over the weekend itself and the fintech major is trying to sensitise as many merchants as possible before the deadline of February 29 to ensure that their business transactions can continue unhindered. “We have been asked to migrate as many QRs as possible to alternate bank accounts by the end of the month,” said area sales executives Fe spoke to. This comes against the backdrop of panic that has spread among a section of merchants. As per a survey of 5,000 retailers on Paytm by Kirana Club, 68% of the respondents said that they have decreased their trust on the firm since RBI’s announcement. While merchants need to shift their PPB accounts, the good news is that the QR code, soundbox or card machine will not require any physical changes, the company confirmed. “In instances, where our associate PPB operates as a back-end bank, these services can seamlessly be transitioned to other partner banks. This means that for our merchant partners, there will be no disruptions, no need to revisit existing setups, and no additional effort,” said a company spokesperson.  

Morgan Stanley sees opportunity, buys shares worth ₹244 crore

Morgan Stanley on Friday bought shares worth ₹244 crore in Paytm's parent company One97 Communications, representing a 0.8 per cent stake Financial services giant Morgan Stanley on Friday made an investment in Paytm's parent company, One97 Communications, by acquiring shares worth ₹244 crore through an open market transaction.Morgan Stanley, via its affiliate Morgan Stanley Asia (Singapore) Pte - ODI, purchased 50 lakh shares on the National Stock Exchange (NSE), representing a 0.8 per cent stake in Paytm. The average price per share was ₹487.20, resulting in a total deal size of ₹243.60 crore. However, details about the sellers remain undisclosed, PTI reported.This comes after the banking sector regulator has found potential violations, including the misuse of customer documentation rules and non-disclosure of material transactions. Paytm shares price faced another 20 per cent decline on the NSE. This adds to a total of 36 per cent drop in the share price in just 2 days after the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd (PPBL), an associate of Paytm, to cease accepting deposits or top-ups in various accounts, wallets, and instruments from March 1. Morgan Stanley, via its affiliate Morgan Stanley Asia (Singapore) Pte - ODI, purchased 50 lakh shares on the National Stock Exchange (NSE), representing a 0.8 per cent stake in Paytm. The average price per share was ₹487.20, resulting in a total deal size of ₹243.60 crore. However, details about the sellers remain undisclosed, PTI reported.In related news, there are reports that the RBI is contemplating revoking the license of Paytm Payments Bank as early as next month.    

Global stocks hit two-year highs, as dollar eases

Global equities rose to a more than two-year high and the S&P 500 touched a record peak on Wednesday, as strong earnings offset jitters related to US regional banks and China markets. Bonds were under modest pressure, as comments from Federal Reserve officials reaffirmed expectations that the central bank may not soon cut rates.The MSCI world equity index, which tracks shares in 49 nations, gained 0.37% by 10:11 a.m. EST (1511 GMT) after hitting its highest since mid-January 2022. Markets got a boost from a rally in Chinese blue-chips. On Wall Street, the Dow Jones Industrial Average rose 0.25% to 38,619.03, the S&P 500 gained 0.48% to 4,978.24 and the Nasdaq Composite added 0.48% to 15,683.15. "We are at the midpoint of the 4Q earnings reporting season, and we would say that there has been more good news than bad," Arthur Hogan, chief market strategist with B. Riley Wealth, said in a morning note.  The US regional banking sector remained a concern as Moody's downgraded New York Community Bancorp to junk citing pressure on its funding and liquidity. The stock lost 22% on Tuesday, to be down 60% since it reported surprise losses last week. Chinese regulators continued efforts to steady markets, placing further curbs on short selling and state investors said they were expanding their stock buying plans. President Xi Jinping would discuss the stock market with financial regulators, Bloomberg News reported, though there was no confirmation this had happened or what was discussed. The head of China's securities regulator was replaced on Wednesday, according to Xinhua news agency, as policymakers struggle to stabilise the country's main stock indexes after a plunge to five-year lows.  

Stock Market LIVE Updates | Nifty 50, Sensex open higher, Paytm down nearly 10%

Suven Pharma, Performance over the next few quarters likely to remain soft due to near-term macro challenges and industry-wide inventory de-stocking in specialty chemicals and the impact of Covid molecule in the CDMO business. Net profit for the quarter fell 56%, while revenue declined by 38%. Margin also narrowed to 29.78% from 41.5% last year.Following Reserve Bank of India’s (RBI) crackdown on Paytm Payments Bank, several Indian startup founders have written to the Prime Minister’s Office (PMO), Finance Ministry as well as the central bank requesting a rollback restrictions imposed on the fintech led by Vijay Shekhar Sharma, sources told CNBC-TV18 on February 6Net profit of ₹2,442.2 crore misses CNBC-TV18 poll estimate of ₹3,200 crore. Revenue and EBITDA in-line with estimates, while margin of 52.9%, higher than expectations of 52.2%. On a sequential basis, the margin narrowed by 20 basis points, while profit rose over 80%. India mobile services Average Revenue Per User (*ARPU) stood at ₹208 from ₹193 during the same quarter last year. Ashok Leyland reported a robust Q3 with an EBITDA of ₹1114 Cr (12.0%) and a net profit of ₹580 crore, marking a 60% increase over Q3 FY23. Revenues stood at ₹9273 crore, a 2.7% growth. The company achieved a historic high commercial vehicle volume of 1,38,416 units in the first nine months of the fiscal year. Despite global challenges, it recorded a 6.5% growth in export volume. The debt was ₹1747 Cr at the end of Q3 FY24, with a debt-equity ratio of 0.2 times.    

Varun Beverages Q4 Results: Cons PAT at Rs 132 crore; final dividend declared

Varun Beverages Ltd, PepsiCo's largest franchise bottler, on Monday reported a consolidated net profit of ₹132 crore for the fourth quarter ended December 2023, up 77% year-on-year, helped by growth in revenue and improved profit margins. The company, which follows the calendar year as its financial year, had posted a net profit of ₹74.7 crore during the October-December quarter a year ago. Its revenue from operations during October-December 2023 stood at ₹2,731 crore, a jump of 21% as compared with ₹2,257 crore in the the year-ago period, Varun Beverages said in a regulatory filing. Varun Beverages' total expenses stood at ₹2,552 crore, a jump of 17% as against ₹2,177 crore. The board of PepsiCo's largest franchise bottler also recommended a final dividend of ₹1.25 per equity share for the financial year ended December 31, 2023 to the shareholders of the company. The record date will be fixed by the Board of Directors of the company. Ravi Jaipuria, Chairperson of Varun Beverages, said that despite the abnormally high unseasonal rains in the peak season, his company concluded 2023 on a strong note. He said his company witnessed a healthy double-digit volume growth in both Indian and International markets. "Our consolidated sales volume increased by 13.9%, and the net realisation per case increased by 7% in 2023. Both these together contributed to our remarkable revenue growth of 21.8 per cent and an impressive PAT growth of 35.6 per cent. In line with our strategic objectives, we have successfully commissioned multiple greenfield and brownfield facilities across key geographies during the year. This expansion not only strengthened our manufacturing capabilities but also extended our market reach," he added.Shares of Varun Beverages Ltd was trading almost flat at ₹1,287.75 apiece on the NSE.  

Over 50 smallcap stocks gain between 15-50% as Sensex logs best week in 2024; do you own?

Nearly 50 smallcap stocks logged a double digit rise in their stock prices - in the range of 15-50 per cent last week, with the benchmark BSE Sensex logging its best week in 2024 so far, as the government's fiscal prudence in Interim Budget 2024 also boosted sentiment. The benchmark Nifty 50 index hit an all-time high for the fifth time this year on Friday, driven by gains in heavyweights such as Reliance Industries and information technology (IT) stocks.On the stock-specific front, NBCC (India), HCC, IRB Infra, Shakti Pumps, Punjab & Sind Bank, KPI Green Energy, Tata Investment, Andrew Yule, Infibeam Avenues, Man Industries, Indian Bank, PTC Industries, Jaiprakash Power, Zen Technologies, SpiceJet, UCO Bank, Orient Green Power, and others are among the smallcaps that logged a double-digit rise in their share prices last week. The government's adherence to its fiscal consolidation roadmap and thrust on capex are positive for bonds and the impact on equities has been as expected, said Abhishek Goenka, founder and CEO of IFA Global. The gains in mid-caps last week were capped by Paytm shares nosediving 20 per cent for the second day in a row, since the central bank ordered its banking arm to stop taking fresh deposits. Markets rebounded after spending two weeks in a corrective phase and gained around two per cent, led by favorable cues. The tone was positive for most of the week citing favorable global cues and buying in select heavyweights however underperformance of banking majors continues to weigh on the sentiment.Frontline indices logged their best week this year so far, led by large-cap stocks like Reliance Industries, which logged its best week since June 2022. On the weekly basis, the BSE benchmark jumped 1,384.96 points or 1.95 per cent, and the Nifty climbed 501.2 points or 2.34 per cent."Large-caps like Reliance and HDFC Bank have come to the fore in this leg of the rally," said Saurabh Jain, assistant vice president of research for retail equities at SMC Global. The allocations could shift further towards the segment from small- and mid-caps as investors seek safety in an expensive market, according to analysts.The BSE benchmark declined 106.81 points or 0.15 per cent to settle at 71,645.30 on Thursday when the finance minister presented Interim Budget 2024 in the Parliament. The Nifty 50 dipped 28.25 points or 0.13 per cent to 21,697.45 on February 1. PSU bank surged over two per cent on account of the 10-year G-Sec yield falling to an eight-month low at 7.04 per cent after the finance minister announced a lower borrowing plan.    

Banks await RBI nod on KYC challenges at Paytm before moving business

Digital payments player Paytm is awaiting the Reserve Bank of India’s (RBI) approval to start moving its settlements business from Paytm Payments Bank to other lenders. But issues around KYC (Know Your Customer) of the accounts could be a major hiccup holding up the process. Two senior bankers in the know told ET that given Paytm was involved in issues around KYC of its user base in the past, bankers are looking for directions from the RBI before taking on the business. KYC is a process that requires a potential customer to submit original identity documents to a bank before being able to access its services. The central bank allows digital KYC through video verification. “We have to be careful about who we are doing business with. In this case, we need to be sure of the KYC of the merchants as well as the customers, so the central bank will need to take a call on that,” one of the bankers said. This will take time, and the banking regulator will only take the call after detailed consideration and thorough scrutiny of its own. The actual number of proper KYC-ed users of Paytm will be scrutinised too, the bankers added. The RBI did not respond to emailed queries from ET. On January 31, the RBI asked Paytm Payments Bank to stop offering basic banking services from February 29. It has effectively asked its customers to move all their funds from the payments bank or use up their available balance.The language and the directive from the banking regulator came as a shock to the banking and fintech industry. Several industry insiders said that coming back from this situation might be a huge challenge for the bank promoted by Paytm founder Vijay Shekhar Sharma.  

The Following Bitcoin Halving Is Set for April 2024: Why Is It Important?

The most costly cryptocurrency asset to dominate the market since its launch in 2009 is Bitcoin, the first cryptocurrency ever created. When Bitcoin was first created, its anonymous creator—known only by the pseudonym Satoshi Nakamoto—capped the number of tokens in circulation at 21 million. This basically indicates that once there are 21 million Bitcoin in circulation, no more will be created. A regular process known as "Bitcoin halving" takes place to prevent that from occurring. The Bitcoin blockchain undergoes a halving process every 210,000 blocks are mined. Following a halving, miners' block rewards are cut in half, which lessens their incentive to mine Bitcoin blocks and stifles the flow of new coins into the network. It takes three to four years for the process of halving to occur because that is how long it takes to mine 210,000 blocks on the Bitcoin blockchain. The first Bitcoin halving process took place in 2012, following its creation in 2009. The payout for mining Bitcoin decreased to 25 BTC at that time from 50 BTC. The reward for mining bitcoin decreased from 25 bitcoin to its current price of 6.25 bitcoin during the second and third halving processes, which took place in 2016 and 2020. BitPanda records the history of Bitcoin halving.With Bitcoin currently trading at $42,812 (approximately Rs. 35.5 lakh), the reward value for Bitcoin miners is 6.25 BTC, or $269,465 (approximately Rs. 2 crore). As stated in the code that Satoshi Nakamoto compiled, the Bitcoin halving event is only planned to occur 64 times in total.      

In a pre-Series A funding round, EV ride-hailing company Snap-E Cabs raises $2.5M.

Snap-E Cabs, an EV ride-hailing startup, earns $2.5 million in a pre-Series A funding round headed by Inflection Point Ventures.Snap-E Cabs is a ride-hailing platform for electric vehicles that offers 100% electric mobility solutions that are dependable, economical, efficient, and sustainable. The funds generated will go toward hiring more employees to support the company's expansion, making technology upgrades, launching new tech-enabled services, and growing its operations into other regions."In addition to upending the world's oil markets, India's shift to electric vehicles positions the nation—with its 1.4 billion people and quickly expanding economy—as a major player in the global EV market, signifying a significant step toward sustainable development," stated Mayank Bindal, the founder and CEO of Snap-E Cabs.In line with the company's announcement, the funds would be invested in technology upgrades and new tech-enabled services to improve operating capabilities.The firm also wants to extend its services to new regions and increase its geographic reach. According to the announcement, the company places a lot of emphasis on talent acquisition to make sure it has the trained personnel necessary to support its growth and innovation initiatives.Inflection Point Ventures led a Pre-Series A Round that saw USD 2.5 million obtained by Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing. The money raised will go toward hiring skilled workers, modernizing equipment, and expanding into new areas.The company has experienced significant growth, operating 600 automobiles annually with an Annual Recurring Revenue (ARR) of $35Cr. With a hybrid B2B and B2C approach, Snap-E Cabs guarantees quick vehicle rotation and less than 5% downtime. The company sets itself apart with features like a fleet that is entirely electric, no surge pricing, and no cancellations.Notable alliances that Snap-E Cabs has forged include contracts with the West Bengal government and the Airport Authority of India (AAI). An important 5-year contract for EV operations at Howrah train Station, a major Indian Railways train terminal, has been obtained by the business.Leading the Pre-Series A Round, Inflection Point Ventures (IPV) has invested over INR 650 Cr in more than 200 deals. The managing director of IPV, Rahul Wagh, highlights the importance of decarbonizing transportation on a worldwide scale and notes that India offers a favorable climate for e-mobility.The founder and CEO of Snap-E Cabs, Mayank Bindal, highlights the growing trend of electric car adoption worldwide as well as India's audacious goal of having 30% of its fleet electric by 2030. According to Bindal, India's transition to electric vehicles is an important step toward lessening its reliance on foreign oil, promoting sustainable development, and establishing the nation as a prominent player in the global EV industry.Snap-E Cabs currently operates a fleet of 600 electric vehicles in Kolkata; by the end of FY 24, it hopes to increase that number to 300–400 EVs. Additionally, the company plans to add 1500–2000 more EVs to its fleet and expand its services to two or three more locations in FY 25.