Name: Paytm share price rallies for 2nd day in row
Uploaded: 2023-02-07T16:26:00.000+05:30
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Channel: Editorji News Desk
Description: Shares of digital payments service provider Paytm hit the upper circuit of 20% to Rs 669.6 in Tuesday's trade on BSE after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

UBS-Credit Suisse Merger: Thousands of Indian jobs at risk

After the UBS-Credit Suisse merger, role rationalisation may lead to job losses at India-based tech centres. Both offices together employ 14,000 employees across 3 cities in India

Thousands of Indian jobs could be at risk following the takeover of Credit Suisse by UBS. Employees working at the banks' technology offices in India may lose their jobs, reported The Economic Times.&nbsp;
Both companies together have 14,000 employees in the technology wing across three cities in India. Many of these jobs will be impacted when UBS starts rationalising its roles and focuses on cost reduction, especially those working at Credit Suisse.&nbsp;
However, Business Standard has reported that Credit Suisse's banking employees in India could benefit from the takeover. The report has claimed that since UBS has smaller operations in India, it is likely to retain most of Credit Suisse's banking employees.
In a deal orchestrated by regulators, banking giant UBS is buying crisis-hit Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.
The UBS-Credit Suisse deal is likely to be completed by the end of 2023.

Government may fall short divestment goals, and not just that but on the tax revenue front too, the government could face a marginal shortfall. 

Centre may fall short of its revenue collection and divestment target for the current fiscal

India may fall short of its tax revenue collection and divestment goals for the current fiscal year

Government may fall short of its divestment target for the current financial year, and not just that but on the tax revenue front too, the government could face a marginal shortfall.&nbsp;

The stock market volatility has impacted the central government's disinvestment plans. As a result, the centre is unlikely to meet its divestment target of Rs 50,000 crore for this financial year.&nbsp;
With just about 10 days left in the current fiscal, the centre is facing a shortfall of Rs. 19,000 crore, as per a report by CNBC-TV18. A&nbsp;turbulent stock market has made it more difficult for the government to implement its plans to issue an OFS. And there is a very slim chance that the ₹19,000 crore difference between present actuals and the target will be closed.
The government could also encounter a marginal shortfall in terms of tax income. According to CNBC-TV18, 98% of the total tax revenue goal for FY23 will be achieved, leaving the government with probable 2% shortfall.&nbsp;
The 2% odd gap could translate into a shortfall of ₹50,000&ndash;60,000 crore for this financial year based on the combined base of direct and indirect tax goals.
 
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The BBC said Monday that it had told staff to delete Chinese-owned video app TikTok unless it was needed for business reasons, TikTok, which is owned by the Chinese company Bytedance, has been facing the heat as several government agencies accused it

BBC urges staff to ditch TikTok over data fears

The BBC said Monday that it had told staff to delete Chinese-owned video app TikTok unless it was needed for business reasons, TikTok, has been facing the heat as several government agencies have accused it of sharing user data with the Chinese government

The British broadcasting giant BBC has told its staff to avoid using Tik Tok. In a message to employees, BBC said, "We don't recommend installing TikTok on a BBC corporate device unless there is a justified business reason." "If you do not need TikTok for business reasons, TikTok should be deleted," it added.
The U.K on Thursday announced a security ban on TikTok on government devices. The order came into effect following a review by British cybersecurity experts. U.K's action is in line with action by the European Union and the United States.
Western authorities have been becoming increasingly cautious about the app, owned by the firm ByteDance, citing fears that user data could be used or abused by Chinese officials.
After India, which was one of the first nations to ban TikTok and other Chinese apps back in 2020, a slew of other nations have clamped down on the app.&nbsp; Here's a list of countries that have put restrictions on TikTok:&nbsp;
New Zealand: Due to growing cybersecurity concerns, New Zealand on March 17 declared that it would ban TikTok on devices connected to its parliamentary network. Belgium: On March 10 Belgium's Prime Minister Alexander De Croo declared that his country's government had decided to prohibit TikTok from being used on official cell phones.&nbsp;
European Union: On Feburary 28 EU put out a ban on TikTok, employees are not permitted to download TikTok on their company-issued phones at any of the EU's three major organisations, including the European Parliament, the European Commission, and the EU Council.
Denmark: On March 6, the Defense Ministry announced a ban on "the use of the app on official units" after the country's foreign intelligence agency determined there was a risk of espionage.
United States: Earlier in March, the office of President Joe Biden gave government agencies 30 days to remove the app from equipment used by the federal government. Furthermore, it has warned that TikTok will be entirely banned if the Chinese owners of the social media platform do not sell their shares in it.
Canada: Shortly after the US government made its statement, Canada also issued directives outlawing the use of TikTok on equipment used by the federal government.
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IMD advised farmers of Jharkhand, Bihar, Uttarakhand, Uttar Pradesh, Andhra Pradesh, Assam, Punjab and Haryana to postpone harvesting.

Unseasonal rain, hail damage crops: 'delay harvesting, sowing' advice for farmers

IMD advised farmers of Jharkhand, Bihar, Uttarakhand, Uttar Pradesh, Andhra Pradesh, Assam, Punjab and Haryana to postpone harvesting.

While rain and hailstorms in recent days provided respite from the heat, they reportedly damaged crops in many states. The unseasonal precipitation flattened fields and damaged harvested fruits, as per reports.
IMD advised farmers of Jharkhand, Bihar, Uttarakhand, Uttar Pradesh, Andhra Pradesh, Assam, Punjab and Haryana to postpone harvesting. Farmers of Sikkim and West Bengal have been told to postpone the sowing of maize and jute.
The Union government said that it is yet to receive ground reports from state governments, but preliminary assessments suggest that the impact on rabi crops is not high.
Also Watch: <a href="https://www.editorji.com/india-news/lok-sabha-7th-straight-day-of-disruption-adjourned-for-3-hours-1679377348392">Parliament disruption: to break deadlock, party leader meeting called amid fresh adjournments</a>

Gold price rallied Rs 1,400 to touch a life-time high of Rs 61,580 per 10 grams in the national capital on Monday amid strong global trends 

Gold prices decline, day after hitting lifetime high of ₹60,100 per 10 grams

Why gold prices decline day after hitting the lifetime high?

Gold prices rallied Rs 1,400 to touch a life-time high of Rs 60,100 per 10 grams in the national capital on Monday amid strong global trends&nbsp;

Day after Gold price rallied Rs 1,400 to touch a life-time high of Rs 60,100 per 10 grams on Monday, the yellow metal prices were muted in early Asian trade on Tuesday ahead of an upcoming Federal Reserve interest rate decision, while caution over a potential banking crisis kept safe haven demand strong.&nbsp;
Gold rallied sharply over the past week amid growing fears of a U.S. and European banking collapse spurred heavy flows into traditional safe haven assets, while bets that the Fed will lack the economic headroom to keep raising rates dented the dollar.&nbsp;
Focus this week is chiefly on the results of a two-day Fed meeting, with the bank widely expected to hike interest rates by 25 basis points as compared to the previous expectations of a 50 bps hike.
On Monday (March 20) &nbsp;the Gold price touched a lifetime high of Rs 60,100 per 10 grams in the national capital amid strong global trends, according to HDFC Securities.

Federal Reserve is expected to raise rates by 25 basis points in its policy meeting this week versus a 50 basis points hike that was expected earlier prior to the collapse of Silicon Valley Bank and the following banking crisis

Federal Reserve's policy meeting: Here's what to expect 

Federal Reserve is expected to raise rates by 25 basis points in its policy meeting this week versus a 50 basis points hike that was expected earlier prior to the collapse of Silicon Valley Bank and the following banking crisis

This week's policy meeting of the Federal Reserve comes amid a challenging scenario in the U.S that stemmed from the collapse of Silicon Valley Bank and the following repurcussions.&nbsp;
In what is a crucial policy meeting, the Fed will weigh whether to continue raising interest rates to clamp down on inflation or to pause the rate hikes amid the market turmoil.&nbsp;
As per Bloomberg, before the collapse of Silicon Valley Bank and the resulting fallout, Fed policy makers were poised to raise rates by as much as 50 basis points after a string of data suggested the economy was much stronger than officials thought at the beginning of the year.&nbsp;
While there are those who believe that the Fed must pause on rate hikes given the macro envioronment, other are of the view that Fed may go ahead with a 25 basis points rate hike during this week's policy meet.&nbsp;
The Fed's decision follows a 50-basis-point rate hike from the European Central Bank on Thursday. President Christine Lagarde said the ECB remains committed to fighting inflation, while monitoring bank tensions closely.
Previously, the Fed announced four consecutive rate hikes, ranging from 25 bps to 75 bps.&nbsp;
The Federal Reserve officials are also expected to discuss the failure of the two U.S banks as well as the Credit Suisse crisis.
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Indian airlines are anticipated to incur a combined loss of USD 1.6–1.8 billion in the upcoming fiscal year, according to aviation consultancy CAPA India

Indian carriers to report USD 1.6-1.8 billion consolidated loss in FY24: CAPA

Indian airlines are anticipated to incur a combined loss of USD 1.6&ndash;1.8 billion in the upcoming fiscal year, according to aviation consultancy CAPA India

Indian airlines are projected to record a consolidated loss of USD 1.6-1.8 billion in the next financial year, aviation consultancy CAPA India said on Monday.
The full-service carriers are expected to incur a loss of USD 1.1-1.2 billion.
According to CAPA India's forecast for 2023-24, Indian airlines are estimated to have a net induction of 132 planes next fiscal and will take the total fleet of all carriers to around 816 aircraft.
An increase in ATF prices would put pressure on costs. Also, there could be a decline in yields as a result of significant capacity addition, it added.
"Domestic and international air traffic are expected to be in the range of "160+ million and 72-75 million in FY2024, respectively, with both increasing 20 per cent or more y-o-y," it said.
In the next fiscal, Indian airlines are expected to see a net addition of 132 planes and the total fleet size is projected to be 816. For this financial year, the fleet size is estimated at 684, including those aircraft on the ground.
CAPA India also said that more than 100 planes of various Indian carriers are on the ground due to supply chain and non-supply chain issues.&nbsp;

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday.

GDP on path to 7% growth, inflation to subdue soon: Finance Ministry

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday

Notwithstanding global challenges, the Indian economy is predicted to expand by 7% in FY23, and retail inflation would reduce in line with wholesale inflation, which dropped to a 25-month low in January, the Finance Ministry's report Monthly Economic Review noted.
India's current account deficit is expected to decrease in FY23 and FY24, protecting the rupee in tumultuous times, according to the Monthly Economic Review published by the ministry. This is due to the benefits from high services exports, the moderation in oil prices, and the recent decline in demand for import-intensive goods.
This would ensure that India's foreign finances are not a significant source of concern at a time when the Fed is anticipated to raise rates further, the report added. It will also give India's external sector the much-needed cushion it needs.
As India increases its market share in both IT and non-IT services, whose demand has been stimulated by the pandemic, the increase in net service exports over the previous year is a critical development, it was stated. It was also noted that imports are now less expensive due to the drop in global commodity prices.
According to numerous foreign forecasting organizations, India's inflation will likely moderate in FY24 compared to FY23 and remain in the range of 5 to 6%, with risks being evenly distributed, it added.
Although corporates are already highly leveraged, tightening financial conditions by central banks to control inflation has sparked worries about the escalation of corporate debt vulnerabilities, it said.
The issue appears to be limited, according to the research, in the instance of India. Since mid-2021, the debt in India's private non-financial sector has steadily decreased, and the quality of the debt has improved.
According to the report, India's corporate sector credit-to-GDP ratio is also below its historical trend, indicating that there is enough room for the corporate sector to borrow more. It also stated that the corporate sector's strong debt profile will be crucial in preserving the macroeconomic stability of the economy in the future.

The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

IMF approves $3 bn bailout to debt-ridden Sri Lanka

The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

Sri Lanka's president said Monday that the International Monetary Fund has approved its request for a $2.9 billion bailout, raising hopes for an easing of the island nation's dire economic crisis.
The IMF's board also confirmed it has signed off on the loan, which clears the way for the release of funds and kicks off a four-year programme designed to shore up the country's economy.
But its managing director Kristalina Georgieva warned that Colombo must continue pursuing tax reform and greater social safety nets for the poor -- and rein in the corruption that has been partly blamed for the crisis.
"I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," President Ranil Wickremesinghe said in a statement.
Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence because of a major shortage of foreign currency reserves.
The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest.

The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses

Amazon plans 9,000 more job cuts: CEO

The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses

Amazon CEO Andy Jassy said Monday he was cutting 9,000 more jobs from the online retail giant's workforce, following the 18,000 that were axed in January.
"Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount," Jassy said in a memo to staff.
The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses, Jassy told staff.
The layoffs account for a smaller percentage of Amazon's total workforce, which ran up to 1.5 million people in December 2022, than the cuts seen at some other tech giants.
Meta has laid off nearly 25 percent of its estimated workforce in just a few months in what CEO Mark Zuckerberg has called the company's "year of efficiency" as the US tech sector continues to downsize.

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Shares of digital payments service provider Paytm hit the upper circuit of 20% to Rs 669.6 in Tuesday's trade on BSE after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter

Paytm share price rallies for 2nd day in row

Shares of digital payments service provider Paytm hit the upper circuit of 20% to Rs 669.6 in Tuesday's trade on BSE after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter

Share price of One97 communications, which is commonly known as Paytm extended its rally for the second consecutive day on Tuesday after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter.
In early trade, the stock struck a 20% upper circuit. While the stock has skyrocketed by over 27% in 2 days. Major brokerages globally have raised their target price for Paytm shares after strong Q3 numbers.&nbsp; At the time of writing, Paytm shares soared by 5.09% or ₹28.40 to trade at ₹587 apiece on BSE.&nbsp;
Paytm shares have kicked started the week with a bang post Q3. On Monday, the share price closed at ₹558 apiece up by 6.31% on Dalal Street. So far, in the week, the shares have climbed by at least 27.55% on D-Street. &nbsp;

Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilising." "And the U.S. banking system remains sound,”

US banking stabilizing, may intervene more if needed: Treasury Secretary Janet Yellen

U.S Treasury Secretary, Janet Yellen, said that the overall &ldquo;the situation is stabilising", with respect to the banking crisis, adding that the U.S. banking system remains sound.&nbsp;

Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is &ldquo;sound&rdquo; but additional rescue arrangements &ldquo;could be warranted&rdquo; if any new failures at smaller institutions pose a risk to financial stability.
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall &ldquo;the situation is stabilising." "And the U.S. banking system remains sound,&rdquo; Yellen says.
Yellen's remarks come after a series of troubling bank developments this month.
Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank's health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed.
They said that all depositors at both banks, including those holding uninsured funds, those exceeding USD 250,000, would be protected by federal deposit insurance.
And last week a third bank, San Francisco-based First Republic Bank, was fortified by USD 30 billion in funds raised by 11 of the biggest U.S. banks in an attempt to prevent it from collapsing.
The government is now determined to restore public confidence in the banking system and to prevent any more turmoil. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
Yellen, in her prepared remarks, says the government's intervention was necessary to &ldquo;protect the broader banking system" and more rescue efforts could be necessary.

Cisco's first-ever Cybersecurity Readiness Index highlighted where businesses are doing well and where cybersecurity readiness gaps will widen if global business and security leaders don't take action

Only 24% of Indian companies ready to defend cybersecurity threats: Survey

Cisco's first-ever Cybersecurity Readiness Index highlighted where businesses are doing well and where cybersecurity readiness gaps will widen if global business and security leaders don't take action

Just 24 per cent of organisations surveyed in India have the 'mature' level of readiness needed to be resilient against the modern cybersecurity risks, according to a new Cisco study released on Tuesday.
Cisco, in a separate announcement, said it aims to train 500,000 cybersecurity professionals over 3 years across India.
Cisco's first-ever Cybersecurity Readiness Index highlighted where businesses are doing well and where cybersecurity readiness gaps will widen if global business and security leaders don't take action.
Underlining that readiness is critical, the Cisco study revealed that 90 per cent respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months.
India scored high in the global chart in terms of maturity (24 per cent), performing above the global average of 15 per cent on cybersecurity readiness. About 38 per cent of companies in India fall into the beginner or formative stages.

RBI: Even as global growth is set to slow down or even enter a recession in 2023, India will have a steady gathering of momentum since the second quarter of the current financial year

Unlike global economy, India would not slow down: RBI article

RBI: Even as global growth is set to slow down or even enter a recession in 2023, India will have a steady gathering of momentum since the second quarter of the current financial year

Unlike the global economy, India would not slow down and maintain the pace of expansion achieved in 2022-23, an RBI report said on Tuesday.
"We remain optimistic about India, whatever the odds," said the article on the state of the economy published in the March edition of the Reserve Bank bulletin.
The NSO&rsquo;s end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers, it said.
Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, it said.
"Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and instead suggest a sequential slowing down through successive quarters of 2022-23 to an unsuspecting reader," said the article.
The article has been authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
The authors further said India&rsquo;s real GDP can go up from Rs 159.7 lakh crore in 2022-23 to Rs 170.9 lakh crore against the current projection of Rs 169.7 lakh crore in 2023-24.
"This is simple arithmetic; hardly a hurray at half-time. Also, unlike the global economy, India would not slow down &ndash; it would maintain the pace of expansion achieved in 2022-23. We remain optimistic about India, whatever the odds," the article said.
Currently available forecasts of India&rsquo;s real GDP growth for 2023-24, including those of the RBI, settle between 6 and 6.5 per cent.
The central bank said that views expressed in the article are those of the authors and do not represent the views of the Reserve Bank of India.

In sports, Olympic gold medalist Neeraj Chopra debuted at No. 23 ranking, along with Commonwealth gold medalist PV Sindhu (each valued at $26.5 million)

Ranveer Singh overtakes Virat Kohli to be most valuable celebrity in 2022

In sports, Olympic gold medalist Neeraj Chopra debuted at No. 23 ranking, along with Commonwealth gold medalist PV Sindhu (each valued at $26.5 million)

Bollywood actor Ranveer Singh, who's famous for his energy and enthusiasm&nbsp;has become India's most valuable celebrity, taking over Virat Kohli who topped celebrity brand value rankings for five consecutive years until 2021.
Gullyboy actor, Singh jumped one rank with brand value moving up to $181.7 million in 2022 from $158.3 million in the previous year while Kohli's brand value stood at $176.9 million last year from $185.7 million in 2021, according to Kroll&rsquo;s Celebrity Brand Valuation Report 2022. Kohli secured the second rank with a brand value of $176.9 million and Akshay Kumar held steady in third position with a brand value of $153.6 million.
Alia Bhatt retained the fourth spot and the title of the most valued female celebrity with a valuation of $102.9 million. Deepika Padukone rejoined the league of the top five most valued celebs, with a brand valuation of $82.9 million. Olympic gold medalist Neeraj Chopra debuted at No. 23 ranking, along with Commonwealth gold medalist PV Sindhu (each valued at $26.5 million).&nbsp;

A report by TeamLease Digital has revealed that India has 45000 open jobs in Artificial Intelligence with annual salaries for freshers ranging from Rs 10 to 14 lakhs

45,000 high paying AI jobs up for grabs in India: Report

A report by TeamLease Digital has revealed that India has 45000 open jobs in Artificial Intelligence with annual salaries for freshers ranging from 10 to 14 lakhs

AI job market to flourish: Report

A report by TeamLease Digital has revealed that India has 45,000 open jobs in Artificial Intelligence with annual salaries for freshers ranging from Rs 10 to 14 lakhs

A report by TeamLease Digital has revealed that India has 45,000 jobs in Artificial Intelligence with annual salaries for freshers ranging from Rs 10 lakh to 14 lakhs. The report also says that candidates with eight years of experience in similar fields can earn even higher salaries ranging from Rs 25 lakh to 45 lakhs per annum.
The roles are up for grabs in the healthcare, education, banking, manufacturing, and retail sectors. The report states that data scientists and machine learning engineers are the most sought-after.&nbsp;
According to TeamLease Digital&rsquo;s research, the expected salaries for freshers in various technology roles in India are as follows,&nbsp;
<ul>
<li>Data engineers can earn up to Rs 14 lakhs per annum</li>
<li>ML engineers up to Rs 10 lakhs, data scientists up to Rs 14 lakhs</li>
<li>Devops engineers up to Rs 12 lakhs</li>
<li>Data architects up to Rs 12 lakhs</li>
<li>BI analysts up to Rs 14 lakhs, and database admins up to Rs 12 lakhs</li>
</ul>
The report has also stressed the need for upskilling and investing in AI skills.&nbsp;

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