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The recent PayTM saga exposed how <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> are finding it increasingly difficult to maintain sufficient security measures to ensure user authenticity and identity. Now, many fintech platforms are turning to artificial intelligence (AI) to address these challenges. A leading voice in this conversation is <keyword id="23488603" type="General" weightage="20" keywordseo="Rahul-Ayyappan" source="keywords">Rahul Ayyappan</keyword>, the Co-Founder and Chief Technology Officer (CTO) of <keyword id="23488605" type="General" weightage="20" keywordseo="Finacus-Solutions" source="keywords">Finacus Solutions</keyword> Pvt. Ltd. With over a decade of experience in shaping digital solutions for over 200 banks and financial institutions, Rahul sheds light on how AI can play a transformative role in addressing the issue of deepfakes and even strengthening eKYC (electronic Know Your Customer) systems. <h2><keyword id="20095213" type="General" weightage="20" keywordseo="facial-recognition" source="keywords">Facial recognition</keyword> technology </h2>AI algorithms can analyse facial features in-depth, detecting subtle inconsistencies that are often overlooked by human eyes. By examining dermal texture, facial feature depth, and lighting uniformity, AI can identify discrepancies indicative of deepfakes. Furthermore, AI can analyse the temporal consistency of facial movements in videos, identifying irregularities that may signal tampering. <h2>Behavioural analysis </h2>AI's ability to analyse micro-expressions, those brief, involuntary facial expressions that reveal genuine emotions, is crucial in detecting deepfakes. These expressions are difficult to replicate in fabricated media, making them a reliable indicator of authenticity. Additionally, AI can evaluate gait and gesture analysis, identifying inconsistencies that may suggest deepfake manipulations. <h2>Consistency checks </h2>AI can cross-reference data from various sources, such as document scans and live video KYC sessions, to identify inconsistencies in age, gender, or other demographic information. Geospatial validation can also be used to verify if the location of the eKYC session aligns with the user's stated address. <h2><keyword id="19897671" type="General" weightage="20" keywordseo="machine-learning" source="keywords">Machine learning</keyword> models </h2>AI models can be trained on vast datasets of real and fake images and videos to learn to identify patterns and anomalies associated with deepfakes. These models can continuously adapt and improve their accuracy as new deepfake techniques emerge. <h2>Integration with ancillary technologies </h2>Combining AI with other technologies, such as blockchain and thermal imaging, can further enhance <keyword id="22209857" type="General" weightage="100" keywordseo="deepfake-detection" source="keywords">deepfake detection</keyword> capabilities. Blockchain provides an immutable ledger of verified data, while thermal imaging can detect heat patterns on the face that are difficult to replicate in synthetic media. By leveraging these advanced AI techniques, <keyword id="23488602" type="General" weightage="20" keywordseo="eKYC-systems" source="keywords">eKYC systems</keyword> can significantly improve their ability to detect deepfakes and protect against identity theft and other fraudulent activities. As deepfake technology continues to evolve, AI will play a crucial role in ensuring the integrity and security of digital <keyword id="20470058" type="General" weightage="20" keywordseo="identity-verification" source="keywords">identity verification</keyword> processes. <div type="Article" hostid="261" msid="99803720" title="Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data" mstype="2" mssubtype="0"></div>

Fintech expert shares 5 ways AI can help detect deepfakes in eKYC systems

Mumbai, The <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> on Tuesday barred <keyword id="20838865" type="General" weightage="20" keywordseo="jm-financial-products-ltd" source="keywords">JM Financial Products Ltd</keyword> from providing any form of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, with immediate effect. The company can, however, continue to service its existing loan accounts through the usual collection and recovery process, the Reserve Bank said in a statement. <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> has been directed to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures. RBI said the action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company for IPO financing as well as NCD subscriptions. The RBI carried out a limited review of the books of the company on the basis of the information shared by the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (SEBI). The business restrictions imposed will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

RBI bars JM Financial Products from financing against shares, debentures

New Delhi, Global electrification, previously driven by strong electric vehicle sales, is now showing signs of growth moderation despite supply chain normalisation and price reductions by OEMs, as per a report by <keyword id="20309623" type="General" weightage="20" keywordseo="jm-financial-institutional-securities" source="keywords">JM Financial Institutional Securities</keyword>. Global automakers like <keyword id="19911527" type="General" weightage="20" keywordseo="mercedes" source="keywords">Mercedes</keyword>, Ford, GM, VW are scaling back EV investments and turning towards <keyword id="19906936" type="General" weightage="20" keywordseo="hybrids" source="keywords">hybrids</keyword> due to shifting consumer preferences and challenges like inadequacy and slow pace of charging infrastructure expansion. We believe the situation is no different in India, the analysts said. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> reduced its EV sales estimate and prices recently to boost adoption, citing similar hurdles. MSIL, with its tech-agnostic approach (Hybrids, EVs, CNG, Flex-fuel, etc.), is well-positioned (&amp; hedged) amidst slowing pace of electrification, the report said. Reports indicate of MSIL's strong Hybrid model launch pipeline going forward (five models in next 2-3 years). Tax rationalisation on hybrids could act as a fillip and shift consumer preference towards this choice of powertrain, it added. Till last year, global electric vehicle sales continued to outpace supplies (partially owing to semiconductor shortages) with OEs' orderbook piling to record levels. However, despite normalisation of supply chain, pace of electrification seems to have moderated. Reduction in EV prices (by <keyword id="19895433" type="General" weightage="20" keywordseo="tesla" source="keywords">Tesla</keyword>, Ford etc.) to drive wider adoption also isn't helping. Global automakers like Mercedes, Ford, GM, VW have deferred EV related investments, reduced their EV sales guidance indicating moderation in EV growth going ahead, the research said. Few of these auto OEMs are turning their focus back to Hybrids amidst shifting consumer preference. Domestic demand scenario for electric PVs is no different. Recently, Tata Motors (market leader with 73% share) reduced its FY24 EV sales estimate by 20% (to 75-80K units) and also cut prices by upto Rs 125K/vehicle to drive wider adoption. Lack of adequate charging infra and hesitant customers (to pay premium over ICE vehicles) are the primary reasons for slower EV adoption, the report said. Currently, MSIL is working on multiple technologies (Hybrids, EVs, Flex-fuel and Bio-gas in addition to ICE/CNG) as the company believes multiple technologies can co-exist in the medium-to-long term. Its current tech-agnostic approach is again a well thought-out approach against committing resources to a single technology, the report said.

Global automakers scale back electric vehicles, turn towards hybrids

New Delhi, The initial public offer of information and communications technology products distributor <keyword id="20436645" type="General" weightage="20" keywordseo="rashi-peripherals" source="keywords">Rashi Peripherals</keyword> got fully subscribed on the first day of bidding on Wednesday. The <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> received bids for 1,54,17,936 shares against 1,42,37,289 shares on offer, garnering a 1.08 times subscription, as per NSE data. The portion for non-institutional investors subscribed 1.87 times, while the quota for retail individual investors (RIIs) received 1.36 times subscription. The category for qualified institutional buyers (QIBs) got subscribed 1 per cent. The Rs 600-crore initial public offer (IPO) is in a price range of Rs 295-311 a share. The IPO is completely a fresh issue of equity shares. Rashi Peripherals on Tuesday mobilised Rs 180 crore from anchor investors. Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes. Last month, Rashi Peripherals raised Rs 150 crore from institutional investors in a pre-IPO funding round. <keyword id="20400939" type="General" weightage="20" keywordseo="jm-financial-limited" source="keywords">JM Financial Limited</keyword> and <keyword id="20005262" type="General" weightage="20" keywordseo="icici-securities" source="keywords">ICICI Securities</keyword> are the managers to the offer. Shares of the company are proposed to be listed on <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> and NSE.

Rashi Peripherals IPO fully subscribed on Day 1 of offer

New Delhi, Shares of <keyword id="19930937" type="General" weightage="20" keywordseo="jm-financial" source="keywords">JM Financial</keyword> on Wednesday tanked over 19 per cent after the Reserve Bank imposed restrictions on group firm <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> Ltd after finding that the company indulged in various manipulations. The stock tumbled 19.29 per cent to Rs 77.10 on the BSE. At the NSE, it plummeted 18.75 per cent to Rs 77.55. The company's market capitalisation (mcap) declined by Rs 1,484.53 crore to Rs 7,643.63 crore. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after finding that the company indulged in various manipulations, including repeatedly helping a group of its own customers to bid for various IPOs by using loaned funds. In a major regulatory action, the central bank has barred the systemically important non-deposit-taking NBFC from providing any kind of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) of shares as well as against subscription to debentures. The restrictions are with immediate effect. Besides directing the entity to "cease and desist" from financing activities, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) said it is separately examining any possible regulatory violations and deficiencies on the part of the banks concerned. JM Financial Products has been allowed to continue to service its existing loan accounts through the usual collection and recovery process. In a statement, the RBI said the actions were "necessitated due to certain serious deficiencies observed in respect of loans sanctioned by the company for IPO financing as well as NCD (Non-Convertible Debentures) subscriptions". JM Financial Products offers a broad suite of loan products. Broadly, it operates under five verticals -- capital market financing, retail mortgage financing, bespoke financing, financial institution financing, and real estate financing, as per its website.

JM Financial shares tank over 19%, mcap declines by ₹1,484 crore

New Delhi, Around 10 crore shares of online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, amounting to an 1.17 per cent of the company's equity, changed hands on Wednesday at a total deal value of around Rs 947 crore. Japanese company <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>'s <keyword id="18591081" type="General" weightage="50" keywordseo="svf-growth-fund" source="Orion">SVF Growth Fund</keyword> is the likely seller in this mega transaction, according to CNBC TV18. The report had earlier said that SVF Growth Fund may sell 10 crore shares of the company or 1.17 per cent of the total equity via block deals at Rs 94 per share. SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling around 28 crore shares. Zomato shares reached near Rs 100 after the block deal, and were hovering around Rs 98.45 in morning. The fresh block sale came after another foreign institutional investor, <keyword id="260318" type="General" weightage="50" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword>, offloaded its entire shareholding of 1.44 per cent in Zomato on Monday. The deal earned Tiger Global a total of Rs 1,123.85 crore. US-based investment major, via its VC fund Internet Fund III Pte Ltd, exited online food delivery platform Zomato. The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share. Brokerage firm HSBC maintained its buy rating on Zomato and raised its price target to Rs 120 from Rs 102 earlier. The note said that hyperlocal can become a much bigger business for Zomato in the long-term. Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, <keyword id="1367664" type="General" weightage="50" keywordseo="jm-financial-institutional-securities" source="Orion">JM Financial Institutional Securities</keyword> had said in its recent report.

Zomato stock up after 10 crore shares worth ₹947 crore change hands

<keyword id="14907483" type="General" weightage="20" keywordseo="jm-financial-institutional-securities-ltd-" source="Orion">JM Financial Institutional Securities Ltd.</keyword> has released its report on Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) terming the company a population-scale initiative to democratise e-commerce, the detailed report concludes that it has the potential to create a win-win scenario for incumbents as well as new entrants. The report also terms extreme operational complexity as the roadblocks for ONDC. "With its primary focus of enabling e-commerce for small retailers and MSMEs, ONDC has the potential to enhance retail digital penetration in the country at an even faster pace than what was seen during the COVID lockdowns. The network will enable a wider customer catchment to small retailers and direct customer access to MSMEs, creating millions of million-dollar businesses," said the report. Using an open source protocol, ONDC switches the approach from closed platforms to a network that creates interoperability across all on boarded applications, says the report. "This interoperability enables unbundling, which allows all participants to play to their strengths -- a banking app with millions of consumers focuses on boarding/engaging consumers while a SaaS provider for online sellers handholds the sellers. Further, the buyers get to stick to their app of choice for accessing a broad selection while sellers do not need to spend time and capital in working with multiple platforms in silos. Overall, this can drive capital efficiency for the players, helping them achieve profitability," said the report. As per the report, the roadblocks to success of ONDC include solving the chicken and egg situation between supplier and buyer on boarding, customer complaints redressal (as a fragmented process also creates gaps for the process to fall through), competition issues in case the large incumbents or massive brands are on boarded as well as those related to data privacy and ownership. "Looking at <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> evolution, ONDC might also need to decide on its positioning as a non-regulatory authority or becoming a rule-setting body in order to ensure that the network remains fairly attuned for the small retailer to not get marginalised," said the report. Open Network for Digital Commerce (ONDC) has been incubated with the primary purpose of supporting grassroots-level entrepreneurship and digitising small, local retailers by making them a participant in India's e-commerce revolution. ONDC is pursuing an open protocol approach that drives interoperability between all onboarded platforms and, hence, lowering the entry barrier for a retailer to sell online. This allows a consumer on any app of his/her choice to buy from any seller across the network even if the seller might not be onboarded on the app that the customer is using. "We appreciate this move by the Indian government to take the digital revolution across the nook and corner of the country and believe that this could be a massive driver in taking India's digital penetration in retail from the current 5-7 per cent to almost 20 per cent in the next 5 years (current IBEF estimate is of 19 per cent by 2030)," said the report. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-acquires-california-based-solar-software-developer-sensehawk-for-32-million/articleshow/94016174.cms">RIL acquires California-based solar software developer SenseHawk for $32 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

ONDC is a population-scale initiative to democratize e-commerce: JM Financial

New Delhi, <keyword id="20609999" type="General" weightage="20" keywordseo="gpt-healthcare" source="keywords">GPT Healthcare</keyword> Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, on Monday fixed a price band at Rs 177-186 per share for its Rs 502-crore initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>). The initial share-sale will open for a public subscription during February 22-26. The bidding for anchor investors will open for a day on February 21, the company said. The IPO is a combination of a fresh issue of equity shares aggregating to Rs 40 crore and an Offer For Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II. BanyanTree, which holds 2.6 crore shares or 32.64 per cent stake in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company. Proceeds from the fresh issue to the tune of Rs 30 crore will be used for payment of debt and general corporate purposes. At the upper end of the price, the IPO will mobilise Rs 501.67 crore. GPT Healthcare, founded by Dwarika Prasad Tantia, Dr Om Tantia and <keyword id="20641288" type="General" weightage="20" keywordseo="shree-gopal-tantia" source="keywords">Shree Gopal Tantia</keyword>, started with an eight-bed hospital in Kolkata in 2000. Today it operates four full service multi-specialty hospitals, with a total capacity of 561 beds. The company competes with listed industry peers, including Global Health Ltd, <keyword id="20641289" type="General" weightage="20" keywordseo="krishna-institute-of-medical-sciences-ltd" source="keywords">Krishna Institute of Medical Sciences Ltd</keyword>, <keyword id="20641290" type="General" weightage="20" keywordseo="jupiter-life-line-hospitals-ltd" source="keywords">Jupiter Life Line Hospitals Ltd</keyword>, Yatharth Hospital &amp; Trauma Care Services Ltd and Shalby Ltd. Investors can bid for a minimum of 80 equity shares and in multiples of 80 equity shares thereafter. Its total income increased 7.3 per cent to Rs 361.03 crore in FY23 from Rs 337.41 crore in FY22. JM Financial is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE.

GPT Healthcare sets IPO price band at ₹177-186 per share

<keyword id="22905164" type="General" weightage="20" keywordseo="Hero-Motors-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero Motors Ltd" meta.hostid="261" meta.entityid="Hero Motors Ltd">Hero Motors Ltd</keyword>, the auto-components firm of the <keyword id="20312813" type="General" weightage="100" keywordseo="Hero-Motors" source="keywords">Hero Motors</keyword> Company (HMC) Group, today filed preliminary papers with markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> to raise Rs 900 crore through an initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>). The IPO is a combination of a fresh issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 500 crore and an Offer-For-Sale (<keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword>) of shares valued at Rs 400 crore by promoters, according to the draft red herring prospectus (<keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword>). The OFS includes Rs 250 crore worth of shares by O P <keyword id="22905165" type="General" weightage="20" keywordseo="munjal-holdings" source="keywords">Munjal Holdings</keyword>, who hold 71.55% in the company, and Rs 75 crore each by Bhagyoday Investments and Hero Cycles, who hold 6.28% stake and 2.03% shares, respectively. South Asia Growth Invest LLC has 12.27% shareholding in the company. Additionally, the company may consider a pre-IPO placement of Rs 100 crore. If this placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue of upto Rs 202 crore will be used for debt payment, Rs 124 crore for purchase of equipment required for capacity expansion purposes, particularly for its plant in Noida, UP. Hero Motors is India's leading automotive technology company engaged in designing, developing, manufacturing and supplying high engineered <keyword id="22905163" type="General" weightage="20" keywordseo="powertrain-solutions" source="keywords">powertrain solutions</keyword> provider to automotive OEMs in the United States, Europe, India, and the ASEAN region. The company's product range includes both electric and non-electric powertrains for various vehicle categories including two-wheelers, e-bikes, off-road vehicles, electric and hybrid cars and heavy-duty vehicles. For the uninitiated, powertrains refers to the combined assembly and mechanism that propel your vehicle ahead, and includes the engine, transmission, driveshaft, axle and more. <h2>Steady financials </h2> Hero Motors' revenue from operations stood Rs 1,064.4 crore in the fiscal 2024. ICICI Securities, DAM Capital Advisors, and JM Financial are the book-running lead managers to the issue. However, as per its DRHP (draft red herring prospectus), a significant potion of its business relies just on their top 10 customers. In FY24, the company's revenue earned from its top 10 customers stood at Rs 8,191.86 million, constituting 76.96% of its total revenue from operations. In FY23, the share of top 10 customers to Hero Motor's total revenue from operations stood at around 88.84%. In FY24, Hero Motors derived 58.72% of its total revenue, or about Rs 6,249.85 million from India, while about 29.33%, or Rs 3,121.67 million stemmed from European region, including the United Kingdom. As of FY24, the company's most significant chunk of revenue (around 41.37%) came from two-wheelers, followed by motorsport and performative equipment (27.52%), automotive and aerospace related equipment (21.36%) and e-bikes (9.75%). Another concerning aspect is the company's PAT (profit after tax margin), which shrunk from 10.83% in FY22, to 1.60% in FY24. In terms of human resources, the company had 1,484 permanent employees as of March 31st, 2024, with an attrition rate of 14.42%.

Hero Motors files draft papers for Rs 900-crore IPO, may consider pre-IPO fundraising

IT solutions major <keyword id="2547767" type="General" weightage="100" keywordseo="rashi-peripherals" source="Orion">Rashi Peripherals</keyword> has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an Initial Public Offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>). The public issue is a completely fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP). The company may consider a private placement of equity shares for up to Rs 150 crore. If such placement is completed, the fresh issue size will be reduced. Of the IPO proceeds, funds worth Rs 400 crore will be utilised for payment of debt and Rs 200 crore for funding working capital requirements and general corporate purposes. Mumbai-based <keyword id="16144753" type="General" weightage="50" keywordseo="rashi-peripherals-ltd" source="Orion">Rashi Peripherals Ltd</keyword> is a national distributor of information and communications technology products for brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and <keyword id="220321" type="General" weightage="50" keywordseo="lenovo-india" source="Orion">Lenovo India</keyword>. The company aims to expand its geographic presence in non-metro cities which includes Tier I and Tier II cities and other rural geographies which are becoming centres of consumption for ICT products such as personal computers, smartphones, internet devices, and networking devices. The company's revenue from operations surged 57.19 per cent from Rs 5,925.05 crore in fiscal 2021 to Rs 9,313.44 crore in fiscal 2022, while its profit after tax grew 33.85 per cent to Rs 182.51 crore from Rs 136.35 crore a year ago. <keyword id="45949" type="General" weightage="50" keywordseo="jm-financial" source="Orion">JM Financial</keyword> and ICICI Securities are the book-running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/waive-gst-on-helmets-road-safety-body-urges-fm-ahead-of-the-union-budget/articleshow/97129234.cms">Waive GST on helmets, road safety body urges FM ahead of the Union Budget</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/article/budget-2023-24-what-the-common-man-wants-on-the-personal-tax-front/articleshow/97124204.cms">Budget 2023-24: What the common man wants on the personal tax front</a>

IT solutions firm Rashi Peripherals files ₹750 crore IPO papers with Sebi

Travel distribution firm <keyword id="19235970" type="General" weightage="50" keywordseo="tbo-tek-ltd" source="Orion">TBO Tek Ltd</keyword> has filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>). The maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale of up to 15,635,996 equity shares by promoters and investors, according to the draft red herring prospectus (DRHP) filed on Wednesday. Those selling shares in the <keyword id="883402" type="General" weightage="50" keywordseo="ofs" source="Orion">OFS</keyword> are promoters -- Gaurav Bhatnagar, <keyword id="2222661" type="General" weightage="50" keywordseo="manish-dhingra" source="Orion">Manish Dhingra</keyword> and LAP Travel -- and investors -- <keyword id="19441773" type="General" weightage="50" keywordseo="tbo-korea" source="Orion">TBO Korea</keyword> and Augusta <keyword id="2900872" type="General" weightage="100" keywordseo="tbo" source="Orion">TBO</keyword>. Proceeds from the fresh issue will be used for growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes. Before this, the company had filed draft papers with Sebi in December 2021 to float Rs 2,100 crore initial share-sale. However, the company didn't launch the IPO. <keyword id="12814674" type="General" weightage="80" keywordseo="tbo-tek" source="Orion">TBO Tek</keyword> is a leading travel distribution platform in the global travel and tourism industry providing services to buyers and suppliers in over 100 countries as of June 30, 2023. The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform. In October, investment firm General Atlantic announced that it would acquire a minority stake in TBO. Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue. The equity shares will be listed on the BSE and NSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/multilingual-global-office-calls-might-soon-become-easier-with-ai-live-translate-call/articleshow/105087029.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/multilingual-global-office-calls-might-soon-become-easier-with-ai-live-translate-call/articleshow/105087029.cms" target="_blank">Multilingual global office calls might soon become easier with AI Live Translate Call</a><a href="https://www.businessinsider.in/stock-market/news/esaf-small-finance-bank-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/105065641.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/esaf-small-finance-bank-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/105065641.cms" target="_blank">ESAF Small Finance Bank IPO allotment – how to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank">Six out of the top ten most selling cars in India in October are from Maruti Suzuki</a>

TBO Tek files IPO papers with Sebi again

New Delhi, <keyword id="6519493" type="General" weightage="20" keywordseo="fedbank-financial-services" source="Orion">Fedbank Financial Services</keyword> Ltd (Fedfina), which is promoted by private sector lender <keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword>, filed fresh preliminary papers with capital markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">Sebi</keyword> to raise funds through an initial public offering (IPO). The company's IPO comprises fresh issue of equity shares aggregating up to Rs 750 crore and an Offer-for-Sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP, according to the draft red herring prospectus (DRHP) filed on Wednesday. Under the OFS, Federal Bank will offload 1.65 crore shares and True North Fund VI LLP will divest 5.38 crore shares. The bank proposes to utilise the net proceeds from the fresh issue towards augmenting Tier - I capital base to meet its future capital requirements and meeting offer expenses. Earlier, the bank had filed draft IPO papers with the Securities and Exchange Board of India (Sebi) in February 2022, seeking to mobilise Rs 900 crore through fresh issue, besides, there was an OFS component too. Fedbank Financial Services, a retail focused NBFC, caters to products like gold loan, home loan, loan against property and business loan. As of March 2023, the bank's 86 per cent of total loan assets were secured against tangible assets -- gold or customer's property. ICICI Securities, BNP Paribas, Equirus Capital and JM Financial are the book running lead managers to the issue.

Federal Bank's subsidiary Fedfina re-files IPO papers with SEBI

<ul><li>Shares of the entire IT pack companies have been beaten down significantly in 2023 due to macro headwinds.</li><li>The March quarter results of TCS, Infosys and HCL Technologies so far have also underlined the ongoing slowdown.</li><li>The IT companies in India faced the heat after the banking crisis in the US and Europe erupted.</li><li> Considering the macro economic challenges like high inflation, interest rates and banking crisis in regions, analysts expect the <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> to remain watchful for at least the next few quarters.</li></ul>India’s information technology services companies have been struggling amid heightened fears of recession across developed markets and the repercussions of a banking crisis in the US and Europe. And the situation is unlikely to improve until the end of the year, analysts say. Amid the ongoing weakness in the sector, foreign portfolio investors (FPIs) have also sold their stakes in IT companies. FPIs turned bearish on the IT and oil and gas sector in March – between these two sectors, they <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">sold equities worth ₹13,734 crore. </a> Analysts expect pain to continue till end of 2023 Considering the macro economic challenges like high inflation, interest rates and banking crisis in the US and European regions, analysts expect it will be a watchful few quarters for the IT sector. "The biggest issue in the IT sector is growth slowdown and possibility of recession. So, as long as the slowdown persists and global growth remains uncertain, the market will expect lesser order flow, slower execution and pricing challenges. All these three factors will lead to IT companies suffering and valuations may also not expand. Investors will have to remain watchful for one to two quarters till there is some clarity on the global growth scenario," Deepak Jasani, head of retail research at HDFC Securities told Business Insider India. The IT majors’ recently-posted fourth-quarter results and FY24 growth predictions tell their own story about the sector’s ongoing struggles. For FY23, IT major Infosys reported a growth of 15.4% in constant currency terms, lower than the guidance of 16-16.5% that it had given <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">at the end of Q3</a>. Besides, it guided for a 4-7% revenue growth in FY24. This is the first time since FY16 that Infosys has guided for single-digit revenue growth in constant currency terms. Bigger rival Tata Consultancy Services (TCS) reported a 11-quarter low constant currency revenue growth at $7.2 billion in Q4. TCS’ outgoing chief executive officer Rajesh Gopinathan said in a post-earnings conference that the company is seeing stress in one of its largest markets, North America. The recovery that the company had expected had not yet materialised. According to Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India, the macro uncertainty faced by the sector is unlikely to get better before 2-3 quarters. “(For) the entire calendar year, things look dicey and the industry may witness some kind of stability by the fag end of this year. US, North America, which are among the biggest markets for the sector, are not expected to improve in the near term." Banking crisis could impact June-quarter earnings The global growth slowdown has worked its way into the stock market performance of these companies with shares of the entire IT pack being beaten down significantly in 2023. The Nifty IT index is down 30% so far this year compared to a 3% fall in the broader Nifty50 index. The IT companies in India faced the heat after the banking crisis in the US and Europe erupted in March, triggered by the collapse of Silicon Valley Bank and Signature Bank in the US and the turmoil at Swiss lender Credit Suisse. IT majors like TCS, Infosys and Wipro have also neared their 52-week low since March considering IT companies’ exposure to US banks amid the banking sector crisis. BFSI clients are among the Indian IT companies’ largest clients. "Most of the price damage in the IT stocks has already been done. However, outperformance of the sector from the current level seems restricted till global macro headwinds stabilises. The sector valuation multiple is driven by earnings growth and if growth tapers off, there are little chances of the (IT) stocks outperforming the broader market indices,” added Hota. He, however, recommends staggered buying in TCS among the large caps and Persistent Systems from the mid-cap stocks, for long-term investors. The lower-than-expected growth in March quarter for sector leaders Tata Consultancy Services (TCS), Infosys and HCL Technologies have underlined the ongoing slowdown. And analysts see this spilling over to the next quarter as well. “The banking crisis in US regional banks and European banks in March 2023 has induced greater caution and could impact the June 2023 quarter. We would not be surprised by a weak US performance across companies that are likely to report in the coming days,” said a report by Kotak Institutional Equities. Analysts at JP Morgan have also highlighted the weakness in banking, financial services and insurance (BFSI) and telecom verticals, which would impact Tech Mahindra and Mphasis as they have high exposure to these verticals. Stock movement of IT companies in 2023 so far <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock performance in 2023 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.99% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.56% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.92% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.32% </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/insider-reviews/first-day-first-show-business-insider-sent-its-mystery-shopper-to-apples-flagship-store-in-mumbai-and-was-surprised/articleshow/99682868.cms">First day, first show: Business Insider sent its mystery shopper to Apple’s flagship store in Mumbai and was surprised</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-net-profit-grows-1-7-sequentially-at-4716-crore-in-q4-fy23/articleshow/99674353.cms">Reliance Jio Q4 net profit grows 1.7% sequentially to ₹4,716 crore; ARPU up marginally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a>

You Searched For "jm financial institutional securities ltd" and got 13 results

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