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<ul><li><keyword id="65866" type="General" weightage="100" keywordseo="irctc" source="Orion">IRCTC</keyword> has warned users about a fake Android app and website that tries to steal sensitive information from users looking to book tickets for their next journey. </li><li>The fake app and website look eerily like the original, which makes it difficult for end users to distinguish between the two. </li><li>The fake <keyword id="6503826" type="General" weightage="20" keywordseo="irctc-app" source="Orion">IRCTC app</keyword> for Android smartphones goes by the name ‘irctcconnect.apk’ and is being circulated via WhatsApp and Telegram. </li></ul>IRCTC has warned users about a fake Android app and website that tries to steal sensitive information from users looking to book tickets for their next journey. The fake app and website look eerily like the original, which makes it difficult for end users to distinguish between the two. Indian Railway Catering and Tourism Corporation (IRCTC) is a state-owned service that allows users to book rail, air, bus and hotel tickets. The fake IRCTC app for Android smartphones goes by the name ‘irctcconnect.apk’ and is being circulated via WhatsApp and Telegram. Given that it’s very trivial for Android users to manually install an app using an apk file, IRCTC had to issue an advisory to warn users about the fake app. The fake IRCTC app used by hackers to target passengers also has an accompanying website – https://irctc.creditmobile.site – which looks to have been blocked now. “Fraudsters’ aim is to get sensitive net banking credentials, including UPI details and credit/debit card information, from victims who fall prey to the smishing attack,” the IRCTC warning said. <cmsannotation type="cmsannotation" annotationid="Android safety 101" comment="subhead" text="Android safety 101">Android safety 101</cmsannotation> One of the easiest ways of staying safe while using an Android device is by not clicking on unknown links or installing apps from unknown sources. <ul><li>Newer versions of Android require users to allow app installation from unknown sources to be enabled on a per-app basis. Users are recommended to always install apps from official sources like the Google Play store. </li><li>While clicking on links, ensure that you can determine their authenticity. If you cannot directly verify this, it is recommended that you search for the company’s website. Popular search engines like Google or Bing usually surface the official website as the top search results, so that is another way to make sure to verify the authenticity. </li><li>One of the most common vectors of stealing information and phishing attacks is via one-time passwords – if you receive an OTP without having requested it, simply ignore it and never share it with anyone. </li><li>Users are also recommended to always keep their apps and software up to date. </li><li>Android smartphones also come with app verification via a service called ‘Play Protect’. It is enabled by default, but it is worth ensuring that it is on and running. </li><li>Lastly, always be cautious with app permissions – only grant necessary permissions and avoid giving access to sensitive information or features unless absolutely required. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/sbi-hul-tcs-kotak-bank-and-hdfc-and-other-big-companies-ceo-will-change-in-next-12-months/articleshow/99574790.cms">Companies with $465 billion in combined market cap to see a CEO change in the next 12 months: Here’s what investors should do</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring foreign inflows of up to $3 billion</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-shares-tank-after-a-disappointing-q4-fy23-performance/articleshow/99548980.cms">Infosys shares tank over 9% post a disappointing Q4, analysts caution demand moderation ahead</a>

IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe

Entertainment OTT player <keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> has slashed subscription rates in 116 countries following the success of its business model in India, the company said on Wednesday. Netflix has seen a 30 per cent growth in customer engagement and 24 per cent revenue growth year-on-year in India after it launched a low-priced subscription plan in the country in 2021. The company had for the first time reduced subscription prices in the range of 20-60 per cent to suit the India market and deepen its penetration. "These reductions -- combined with an improved slate -- helped grow engagement in India by nearly 30 per cent year-on-year while F/X (forex) neutral revenue growth in 2022 accelerated to 24 per cent (versus 19 per cent in 2021). Learning from this success, we reduced prices in an additional 116 countries in Q1," Netflix said in its earnings report for March 2023 quarter. The countries where the over-the-top (OTT) player has slashed the price contributed less than 5 per cent to its total revenue during financial year 2022. "We believe that increasing adoption in these markets will help to maximize our revenue in longer term," the company said. Netflix's global net income declined by about 18 per cent to USD 1,305 million in the quarter ended March 2023 from USD 1,597 million in the same period a year ago. The revenue of Netflix, however, grew 3.7 per cent to USD 8,162 million during the reported quarter from USD 7,868 million in the March 2022 quarter. The company's paid membership globally grew 4.9 per cent on YoY basis to 232.5 million. Netflix expects its net income to decline by about 1.6 per cent to USD 1,283 million in the April-June 2023 quarter while revenue to increase by 3.4 per cent to USD 8,242 million. The company, which has earlier averse to advertisements on its platform, has now started advertisement-based plans with lower subscription price points compared to its initial plans. "Engagement on our ads tier is above our initial expectations and, as expected, we've seen very little switching from our standard and premium plans," Netflix said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Netflix slashes subscription rates in 116 countries following success in India

<keyword id="85557" type="General" weightage="100" keywordseo="Passenger-traffic" source="Orion">Passenger traffic</keyword> at <keyword id="55482" type="General" weightage="20" keywordseo="Bangalore-airport" source="Orion">Bangalore airport</keyword> jumped 96 per cent to 31.91 million in FY2022-23 compared to 16.28 million in the previous year, the <keyword id="474239" type="General" weightage="20" keywordseo="private-airport" source="Orion">private airport</keyword> operator announced on Tuesday. <keyword id="1200739" type="General" weightage="20" keywordseo="Domestic-traffic" source="Orion">Domestic traffic</keyword> grew 85.2 per cent to 28.12 million in FY23 against 15.18-million in FY22 while international traffic rose over three-fold to 3.78 million during the period from 1.10 million in the year ending March 2022, <keyword id="436900" type="General" weightage="20" keywordseo="Bangalore-International-Airport-Ltd" source="Orion">Bangalore International Airport Ltd</keyword> (BIAL) said. Kempegowda International Airport Bengaluru (KIAB / BLR Airport) reported a strong growth in passenger numbers and maintained its leading position in processing perishable cargo, it said. The increase in passenger volumes in FY23 can be attributed to post-pandemic operations resumption, as well as the re-introduction of key routes and the initiation of new routes connecting leading business hubs and travel destinations. Bangalore Airport is now connected to a total of 100 destinations, 75 destinations across India, and 25 international, contributing to a steady recovery, it said. The airport in 2022-23 saw Akasa launching its services from the airport, Qantas' service to Sydney and the launch of daily Airbus A380 services to Dubai by Emirates, BIAL said. "With the recent launch of Terminal 2 (T2), we are better equipped than ever before, to maintain our standing as the preferred gateway to South and Central India," said Satyaki Raghunath, Chief Strategy and Development Officer, BIAL. The recovery in air transport movements (ATMs) saw 50.8 per cent overall growth in the previous fiscal with domestic ATMs growing 49.8 per cent year-on-year while international growth stood at 59.6 per cent, BIAL said. On February 26 this year, the airport recorded the highest number of passengers for the fiscal 2022-23 at 114,299 passengers, which was also the highest number of passengers on a single day since the airport opened in 2008, it stated. Major international airlines have reinstated their operations from Bengaluru during the fiscal, BIAL said. The airport also said it has maintained its position in cargo as India's leading airport for handling perishable cargo for the third consecutive year. The airport has processed 44,143 MT of perishable cargo in the current year till January 2023 (full-year results awaited) and 52,366 MT during FY22, the airport operator said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/volkswagen-to-bring-its-first-ev-in-india-next-year/articleshow/99584045.cms">Volkswagen to bring its first EV in India next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Passenger traffic at Bangalore airport up 96% at 31.91 million in FY23

German carmaker <keyword id="6361865" type="General" weightage="80" keywordseo="volkswagen" source="Orion">Volkswagen</keyword> plans to bring its first electric vehicle to <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> next year with the launch of premium electric SUV ID.4 to tap the opportunity in the fast-growing electric mobility space in the country, a senior company official said on Tuesday. By 2030, Volkswagen expects 25-30 per cent of its total sales in India to come from EVs and the rest from internal combustion engine vehicles. The company, which has introduced a slew of new variants of its existing conventional engine models, Taigun and <keyword id="5317244" type="General" weightage="50" keywordseo="virtus" source="Orion">Virtus</keyword>, is looking at a sales growth of 40-45 per cent this year. Volkswagen Passenger Cars India Brand Director <keyword id="201012" type="General" weightage="50" keywordseo="ashish-gupta" source="Orion">Ashish Gupta</keyword> said the company is following a two-pronged strategy of premiumisation and electrification to strengthen its presence and enhance its position in India. "Our strategy is very clear. One is premiumisation and the second has to be naturally in line with global positioning, electrification," he told PTI here in an interaction. Asserting that electrification has to be "done now", he said, "You have to start doing it now to be able to bring a mass electric car, in the timelines that the industry is looking at somewhere in between 2026-27. That's what most of the market is looking at in terms of mass electrification. We are looking at similar timelines." When asked further about the type of product and launch timelines, <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said, "The path to mass electrification in India is first of all going with your global premium products. That's where the ID4 will slot in." He further said, "We are working towards it and if all goes well definitely next year, I would like to bring this here." The ID4 will be assembled in India at the company's Aurangabad plant with parts and components imported. Gupta said electric mobility in India has grown faster than expected and VW believes that by 2030 the level of EV penetration in the passenger vehicles segment in the country could be around 18-30 per cent of total sales on the basis of different studies. As for VW, he said the company is on the more optimistic side and EVs share to its overall sales in India could be around 25-30 per cent with the rest coming from internal combustion engine vehicles by 2030. Electrification will come in steps as the ecosystem is currently not ready in India, Gupta said. "The supply base is not ready. About 50 per cent of the car cost of an electric car is the battery and unless mass localisation of battery manufacturing happens in India, none of the OEMs, not only us, will be able to do mass electrification." On the overall sales growth prospects for 2023, he said, "The first quarter has been good for us. We have grown almost 15 per cent compared to quarter one of last year. This year our plan is to grow around 40 to 45 per cent compared to last year." In 2022, VW sold around 41,000 units in the domestic market and in the first quarter of 2023 it sold nearly 12,000 units, he added. Gupta said the company will focus on premiumisation and network expansion, along with the addition of new variants to existing models to further propel its growth. "We are expanding into new territories because that's where the growth is coming in...With the new variants, we are now making the technology even more accessible. We are bringing in more price points in our range that will definitely add volumes...," he said. Gupta said the semiconductor shortage issue, due to which VW had suffered a production loss of around 18,000 last year, has improved although it has not fully been resolved. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2023-these-players-proving-age-is-just-a-number/slidelist/99583314.cms">Ageless wonders: These senior players in IPL are ruling with their performance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Volkswagen to bring its first EV in India next year

<ul><li><keyword id="45660" type="General" weightage="20" keywordseo="Yes-Bank" source="Orion">Yes Bank</keyword> has more shareholders than active debit cards, according to the latest data reported by the company. </li><li>The lender’s non-institutional public shareholder base stood at 50.57 lakh at the end of the March quarter, while its total debit cards outstanding stood at 44.26 lakh. </li><li>Its public shareholder base has increased by nearly 7 lakh in the last one year. </li></ul>Yes Bank has more shareholders than active debit cards, according to the latest data reported by the company. The private sector lender’s latest shareholding data shows that its public shareholder base stood at 50.57 lakh at the end of the March quarter, up from 48.13 lakh in December. On the other hand, the lender’s total debit cards outstanding stood at 44.26 lakh at the end of March this year. Essentially, its shareholders outnumber debit cards by 6.31 lakh. <div type="image" title="Yes Bank shareholders vs debit cards March 2023." msid="99601265" hostid="261" sizebytes="11494"></div> According to the shareholding data, Yes Bank’s non-institutional public shareholder base has been on an upward trajectory for the past few quarters – it increased by nearly 7 lakh shareholders in the last one year, going from 43.62 lakh at the end of March 2022 to 50.57 lakh note. Curiously, no other bank in the private sector has more shareholders than debit cards. Here’s a look at the banks with the highest and lowest ratio of shareholders to debit cards. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholder to debit card ratio </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholder to debit card ratio </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">114.3% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.1% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.2% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.8% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tamilnad Mercantile Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.8% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dhanalakshmi Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.3% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Karnataka Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.4% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">South Indian Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jammu and Kashmir Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody></table> Source: ICICI Direct Interestingly enough, Yes Bank’s stock has gained nearly 22% in the last one year. However, on a longer term basis, it is down 95% over the last five years. Most of the major decline happened in 2019 when the lender posted a surprise loss of ₹1,506 crore in Q4 FY19 – this was its first quarterly loss since FY 2005-06. By March 2020, Yes Bank’s board of directors was superseded by the Reserve Bank of India after a bank run on the private sector lender. During this crisis, the bank’s stock fell nearly 48% in the first three months of 2020. Since then, it has been hovering between ₹15-25 per share. <cmsannotation type="cmsannotation" annotationid="UPI eating into debit card usage" comment="subhead" text="UPI eating into debit card usage">UPI eating into debit card usage</cmsannotation> The ubiquitous nature of UPI has had an adverse impact on both debit and credit card usage, but data from the Reserve Bank of India suggests that debit cards borne the bigger brunt of this. “The data broadly suggests that the impact of UPI appears to be a lot stronger in hurting the growth of debit card transactions over credit cards at this point,” said a report by Kotak Institutional Equities. It’s not just UPI that’s hurting debit card usage – even credit cards are eating into its market share across offline and online segments. The share of debit cards in offline transactions fell from nearly 60% in November 2020 to a little over 40% in November 2022. Its share in online transactions fell from nearly 35% to less than 20% during this period. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a> <a href="https://www.businessinsider.in/business/corporates/news/sbi-hul-tcs-kotak-bank-and-hdfc-and-other-big-companies-ceo-will-change-in-next-12-months/articleshow/99574790.cms">Companies with $465 billion in combined market cap to see a CEO change in the next 12 months: Here’s what investors should do</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring foreign inflows of up to $3 billion</a>

Yes Bank has more shareholders than debit cards as retail investors continue to buy in

<ul><li>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets.</li><li>While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most.</li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today.</li></ul>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets. While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today. While the 30-stock <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> was down 0.2% or 117 points to 59,610, the 50-stock <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was down 0.17% or 31 points to 17,629. The IT index was down 0.93%, followed by the FMCG index which fell 0.55%. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.49% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.42% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.32% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.41% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.30% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.82% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.90% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.76% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.86% </td></tr></tbody><tbody></tbody></table> Source: NSE, as on April 19, 2023 Earlier on Tuesday, Sensex and Nifty50 continued to snap amid selling pressure in energy, FMCG and financial services stocks. Both Sensex and Nifty50 ended 0.3% lower – while Sensex fell 184 points to close at 59,727, Nifty50 fell 47 points to 17,660. Layoffs could once again gather steam with reports suggesting that US-based consulting giant Ernst &amp; Young, and media behemoth Disney are expected to lay off thousands of employees. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Uncertainty persisted in markets around the world. Benchmark indices in the US ended on a mixed note on Tuesday, with Dow Jones falling 0.03% while S&amp;P 500 gained 0.09%. The tech-heavy Nasdaq ended 0.04% lower. Markets in Asia were also mixed on Wednesday morning, with KOSPI rising 0.12%, while Shanghai Composite and Taiwan Weighted were both down 0.3%. Nikkei 225 edged 0.24% lower, while Hang Seng was down 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword>, <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword>, Oil India: The government has reportedly increased the windfall tax on domestic crude oil production to ₹6,400 per tonne. Besides, the government has decided to remove the export duty on diesel. State Bank of India: The largest public sector bank has approved long term fundraising of up to $2 billion in debt during FY24. The fundraising will happen in one or multiple tranches through a public offer or private placement of unsecured notes in US dollar or any other convertible currency. ICICI Lombard General Insurance: The insurer has reported nearly 40% jump in net profit in March quarter at ₹436 crore compared to ₹312 crore last year. Bank of India: The lender’s board has approved to raise ₹6,500 crore from various means including share sale to fund business growth in FY24. CRISIL: The rating agency has reported a 20% rise in net profit at ₹145 crore in March quarter as against ₹121 crore during the same quarter last year. Earnings today: Tata Communications, ICICI Securities, Alok Industries, Citadel Realty and Developers, G G Engineering, Gujarat Hotels among stocks to release their March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Sensex, Nifty50 edge lower in morning trade amidst a decline in IT, FMCG stocks

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>’s most recent cost control efforts by slashing the fixed fee for its delivery partners is hurting the company’s topline. </li><li>According to analysts, Zomato is looking at a 1% revenue loss from <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> due to the strike by delivery partners in the Delhi-NCR region. </li><li>Its core food delivery business is expected to remain subdued in the March quarter, and while the company is targeting breakeven in Q2 FY24, analysts now expect it to happen in FY25. </li></ul>Zomato is in the news for its efforts to control costs and achieve breakeven – it’s increasing the commission it charges its restaurant partners, while reducing the fee it pays to its delivery partners. The latter has got Zomato in trouble, with its delivery partners in the Delhi-NCR region going on strike since the last one week. According to a report by ICICI Securities, this has led to a temporary shutdown of nearly 25% of Blinkit’s total dark stores, leading to a revenue loss of nearly 1% already. Zomato has rolled out a new fixed-cum-variable structure of ₹15 per delivery with an additional incentive based on the distance travelled, replacing the old fixed-fee structure of ₹25 per delivery. This has not gone down well with its delivery partners, who have demanded a rollback of this structure. The company clarified in an exchange filing today that it had to “shut down some stores for a few days to ensure the safety of our employees at stores and the delivery partners”. However, it added that most of the stores were now back up and running. <cmsannotation type="cmsannotation" annotationid="Strikes not new, but this time is different" comment="subhead" text="Strikes not new, but this time is different">Strikes not new, but this time is different</cmsannotation> Strikes by restaurant and delivery partners are not new for either Zomato or rival Swiggy, but this time is different given the fact that the strike in Delhi-NCR has attracted both national as well as political attention. Analysts at ICICI Securities think this needs to be resolved at the earliest through “a combination of clearer communication on expected change in earnings for delivery executives or some concessions on the delivery fee, or both.” Cutting down on delivery costs will help Zomato expand the delivery radius of the existing Blinkit stores and help it control capital expenditure. <cmsannotation type="cmsannotation" annotationid="Recovery of food delivery a key monitorable" comment="subhead" text="Recovery of food delivery a key monitorable">Recovery of food delivery a key monitorable</cmsannotation> Zomato’s core food delivery business has seen a slowdown post Diwali, and it continues to be a key monitorable going forward. Analysts expect the gross order value in the March quarter to remain subdued, with improvements expected to be driven by volumes and not value. Attempts to improve revenue by increasing the take rates from restaurants and hiking advertisement charges are likely to help provide a boost to the topline and offset the impact of free delivery to its Zomato Gold subscribers. With food delivery being a two-player market between Zomato and Swiggy, and Zomato leading with a 55% market share, analysts suggest gains through scaling up in this segment could be slower. A slowdown in discretionary spends and return of dine-outs has also impacted Zomato’s food delivery business. “We assume the hyper-growth expectations of the [Dalal] Street have now been suppressed,” said a report by HSBC Global. <cmsannotation type="cmsannotation" annotationid="Quick commerce a gateway to quicker gains" comment="subhead" text="Quick commerce a gateway to quicker gains">Quick commerce a gateway to quicker gains</cmsannotation> With the food delivery business expected to remain subdued in the March quarter, analysts are bullish on quick commerce as a business prospect despite the hiccups Zomato has gone through in this segment, especially post the Blinkit acquisition. “Quick commerce offers a much bigger total addressable market and the current penetration levels in quick commerce are significantly lower compared to food delivery,” said the analysts at JM Financial. According to a Redseer report, the quick commerce market in India is currently valued at just $5.5 billion, which is a fraction of the estimated addressable market of $45 billion. This leaves a lot of room for growth in this segment for Zomato, as well as its rival Swiggy. <cmsannotation type="cmsannotation" annotationid="Expect breakeven by FY25" comment="subhead" text="Expect breakeven by FY25">Expect breakeven by FY25</cmsannotation> All said and done, analysts expect Zomato to achieve breakeven by FY25, even though the company’s management has set a timeline of Q2 FY24. “Higher city-level competitive intensity in India is likely to slow down profitability as orders will be split between Zomato and Swiggy and can delay the gains emanating from scaling up of customer base over the next few years,” said a report by Motilal Oswal. While the Blinkit acquisition offers Zomato an opportunity to grow its overall business faster at a time when its core food delivery business is expected to remain subdued, it also brings with it additional risks. The high attrition levels seen in the senior management are also a cause for concern, according to brokerages. Looking beyond the “adjusted EBITDA” (earnings before interest, taxes, depreciation, and amortisation) narratives, food delivery as well as quick commerce are still in their nascent stages in India, and the total addressable market remains huge. Analysts remain bullish on Zomato’s long-term prospects, thanks to tailwinds like increasing technology and internet penetration, and rising incomes. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-has-more-shareholders-than-debit-cards-as-retail-investors-continue-to-buy-in/articleshow/99601288.cms">Yes Bank has more shareholders than debit cards as retail investors continue to buy in</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

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