Ashneer Grover, Madhuri Jain stopped at Delhi airport 'due to LOC'. BharatPe co-founder says 'no drama'
Businessman was headed to US. In May, Delhi Police's Economic Offences Wing had registered an FIR against the couple & ‘family members’ for committing alleged fraud of Rs 81 crore. Key Points
ThePrintBig 4 get bigger: Combined revenues of EY, KPMG, Deloitte and PwC cross Rs 32,700 crore
For these firms, auditing services now account for less than 15% of total revenue from a disproportionate majority only a decade and a half ago, with EY, Deloitte and PwC not actively trying to expand this service line due to associated risks. Another traditional service, taxation advisory, has been a steady money spinner for the firms. Key Points
Economic TimesTaiwan probes four firms accused of helping China's Huawei
Taiwan's government has opened an investigation into four companies named in a media report as conducting business with firms linked to U.S.-sanctioned Huawei (HWT.UL) in China, and is considering tighter rules on key technologies. Key Points
ReutersChina’s carbon price hits record as polluters rush for permits
China has been gradually easing firms into accepting pollution costs. The country is also is tightening the supply of permits slowly. Key Points
Economic TimesPremier urges Chinese tech giants to support economy as crackdown ends
China on Wednesday sent another strong signal that a years-long crackdown on its tech industry is over as Premier Li Qiang met firms such as Alibaba's cloud unit (9988.HK) and Meituan (3690.HK), and urged them to do more to support the economy. Key Points
ReutersFinancial services co Eureka Group acquires four stock broking firms, in talks with 2-3 entities
Kolkata, Jul 1 (PTI) Financial services company Eureka Group has acquired four stock broking firms and is in talks with two-three such entities as the brokerage industry is experiencing “consolidation” with rising compliance costs and shrinking margins, an official said. Any broker with less than 5,000-7,000 active clients will find their business unviable, he said. […] Key Points
ThePrintIndia’s manufacturing PMI hits highest level since October 2020 in May
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) surged to a 31-month high of 58.7 in May, with factory orders rising at the fastest clip since January 2021 and producers accumulating inputs at an unprecedented pace thanks to lower costs. Key Points
The Hindu‘This (entry of foreign law firms) is a liberalisation whose time has come’
While some in the industry have expressed concerns, others such as Cyril Shroff, managing partner, Cyril Amarchand Mangaldas (CAM), have welcomed it. In an interview with Geetika Srivastava, he says it is time to adapt and embrace this new reality. Edited excerpts: Key Points
FinancialexpressManufacturing PMI at three-month high in March: S&P Global PMI
The seasonally adjusted PMI reading moved up from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far Key Points
The HinduCyril Shroff on foreign law firms’ entry in India – says will boost competition, increase fees
"There will be significant fee increases even for domestic Indian law work. Whilst more competition would ordinarily mean lower prices, in legal markets it tends to work the other way round." Key Points
Financialexpress
Feuding law firms in Facebook antitrust case told to make peace
A U.S. judge said he hoped the two law firms would put aside their dispute over control of the Meta antitrust case Key Points
The HinduBig 4 raid each other's pools as talent war rages amid unprecedented growth
The Big Four accounting firms - EY, PwC, Deloitte, and KPMG - are engaged in a talent war as they seek to strengthen their advisory practices and fill gaps in their service portfolios. Deloitte recently hired 150 members, including 15 partners, from KPMG, prompting KPMG to actively court Deloitte partners and their teams. PwC is also said to be poaching eight partners from KPMG, along with over 150 executives. The demand for talent has intensified as the Big Four firms have reported significant growth, fueled primarily by advisory sectors such as consulting and transactions. Key Points
Economic TimesSVB’s auction block includes VC-focused lender, wealth unit
Major banks are likely to at least explore purchasing SVB businesses given their manageable size and the attractive client base of tech firms and their wealthy founders. The bank was undone by piling into bonds just before rates rose and a concentrated depositor base, but had posted profits every year before its rapid downfall. Key Points
Economic TimesStop criticising consulting firms. They fill gaps created by civil servants who stop upskilling
There’s a reason senior government officials rely more on consultants than their own subordinates. They walk the extra mile that mid or junior-level officials won’t. Key Points
ThePrint‘Tech sector at $254bn in year of uncertainty’
India’s technology and tech services industry is expected to end FY24 with $253.9 billion net revenues, up by 3.8% from a year earlier in a difficult year for bellwether IT services companies Key Points
mint
Why CA, CS firms & professionals should find a new course
India's reform choices are delivering results. Its economy rose from 10th to 5th in global size rankings in the last decade. Over 50% of India's foreign direct investment (FDI) since 1947 has come in the last five years. India is at the start of an economic super-cycle. But its soft and hard infrastructure in accounting and compliance lags behind our ambitions. Key Points
The Economic TimesIndian IT service providers won’t have a breezy 2024
They should ponder if they have adapted sufficiently to a fast-shifting technology landscape. The success of Accenture's Song unit has lessons for them. Key Points
mintManufacturing activity climbs to five-month high of 56.9 in February
In February, manufacturing activity in India reached a five-month high due to increased new export orders and sustained domestic demand. The HSBC India Manufacturing Purchasing Managers Index rose to 56.9, with new export orders hitting a 21-month high. External demand was driven by countries like Australia, Bangladesh, Brazil, Canada, China, Europe, Indonesia, the US, and the UAE. Key Points
Economic TimesInfosys plans walk-in recruitment event in Bengaluru on March 9
Infosys' hiring comes after a renewal of four big-ticket contracts, spurring the need for more professionals. The company has sent a broadcast mail to employees, urging them to refer potential candidates in a sign of easing curbs on hiring and revival in business sentiment. Key Points
Economic TimesIndia’s state-run firms seen extending dream rally on Modi bets
Modis government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of Indias $4 trillion stock market. The S&P BSE PSU Index, a gauge that includes some of the nations largest power utilities, miners, oil refiners and engineering firms, has surged 44% thus far in 2023. Key Points
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Binance might be peak for U.S. crypto enforcement cases, says CFTC official
Enforcement action against crypto firms may have peaked after last month's $4.3 billion settlement with Binance, as such cases provide companies with a "template" for how they should be governed, a senior U.S. regulator said on Tuesday. Key Points
ReutersTCS jobs scam: IT firm fires six employees and staffing firms; Upgrad, Udacity in deal talks
N Chandrasekaran, Tata Sons chairperson, informed shareholders during the TCS Annual General Meeting (AGM) that the company has sacked six employees and banned as many staffing firms after allegations by a whistleblower surfaced a recruitment scam. This and more in todays ETtech Morning Dispatch. Key Points
Economic TimesIT stocks' rally overdone, says Jefferies; Infosys among 3 top picks
Jefferies has taken a 'Hold' view on Tata Consultancy Services (TCS), HCL Technologies and LTI MIndTree while an 'Underperform' stance on Wipro and Tech Mahindra. Jefferies' estimates on the IT sector hinge upon the takeaways from its conversations with managements of seven domestic IT firms who have acknowledged that the demand uncertainty will linger, going forward. Key Points
Economic TimesMarket valuation of BSE-listed firms hit lifetime peak of Rs 301.10 lakh crore
The market capitalisation of BSE-listed firms hit a lifetime peak of Rs 301.10 lakh crore in morning trade on Thursday, driven by a positive trend in domestic equities. Key Points
The Tribune IndiaEcommerce, food-delivery firms face new trouble as government eyes related party services ban
The Consumer Affairs Ministry is leading the latest round of deliberations which were held earlier this month, sources added. There has also been an inter-ministerial discussion with the Department for Promotion of Industry and Internal Trade (DPIIT) and The Ministry of Electronics and Information Technology ( MeitY). Key Points
Economic Times
India's manufacturing PMI slips to lowest level in four months
India's manufacturing sector expanded at the slowest pace in four months in February amid rising borrowing costs & weakness in the sector, a private survey showed on Wednesday. However, the sector remained relatively strong amid buoyant domestic demand, despite higher inflationary pressures. It was well above the 50-mark separating expansion from contraction for a 20th straight month. Key Points
Economic TimesRBI ups scrutiny of fintechs with more inspections
India's financial regulator, the Reserve Bank of India (RBI), is intensifying oversight of fintech firms after inspections revealed lapses in customer due diligence. The RBI has increased meetings with executives and invested in better technology to monitor regulatory compliance. This comes after the central bank ordered Paytm to shut down its banking unit for persistent non-compliance. Key Points
Economic TimesService activity rises to three month high in December, optimism improves
A private survey by S&P Global has reported a three-month high in service sector activity in India, driven by strong demand from both international and domestic markets. The HSBC India Services PMI survey ended 2023 at 59, higher than the previous month's reading of 56.9. The 400 service sector firms expect this momentum to fuel growth in 2024, with advertising and better customer relationships underpinning upbeat forecasts for output. Key Points
Economic TimesServices activity rises back in September; optimism improves to the highest in over nine years
India's services sector showed strong growth in September, with the S&P Global India Services PMI Business Activity Index rising to 61, its highest level in over nine years. The increase in new business and output growth contributed to the positive sentiment. The survey also revealed that service firms are optimistic about market dynamics and expect buoyant demand in the coming months. Key Points
Economic TimesD-Street investors are buying dividend stocks as rally stalls
The NSE Nifty Dividend Opportunities 50 Index has rallied 22% this year while the NSE Nifty 50 Index advanced a tad below 9%, putting the gap between the two measures near a reading in 2010. “Investors are trying to buy a margin of safety as markets have already run up in the last 2-3 months,” said Rajesh Palviya, a strategist with Mumbai-based Axis Securities Ltd. Key Points
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Huawei and Alibaba among companies seeking Chinese deepfake approvals
China's cyberspace regulator has received 110 applications from Chinese technology companies such as Huawei (HWT.UL) and Alibaba (9988.HK) for approvals related to models that can be used to manipulate visual and audio data. Key Points
ReutersS&P Global PMI signals Indian manufacturing hit a four-month peak in April
For India’s manufacturing sector, new orders and production levels recorded their strongest growth so far in 2023 during April as per the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI), which rose to 57.2 from 56.4 in March. Key Points
The Hindu