BUSINESS
ICICI Bank is covered by 51 analysts on the Street and enjoys 98% Buy ratings
ICICI Bank is covered by 51 analysts on the Street and it enjoys 98 per cent Buy ratings, followed by L&T (98 per cent), ITC (97 per cent), SBI (96 per cent) and HDFC (96 per cent). Conversely, JSW Steel (24 per cent), Wipro (33 per cent), Shree Cement (38 per cent), TCS (47 per cent), and Asian Paints (48 per cent) have the lowest percentage of Buy ratings, the report said.
Industry body questions government's call for 5G demand studies from enterprises
The government on Wednesday announced to undertake demand studies for the direct assignment of spectrum to enterprises with net worth more than Rs 100 crore which are willing to set up private captive 5G networks. Enterprises, which are willing to set up Captive Non-Public Network (CNPN) by obtaining spectrum directly from DoT, are invited to participate in this exercise.
Hackers exploited crypto platform RenBridge to launder $540 mn
The report by Blockchain analysis group Elliptic said one cross-chain bridge in particular -- RenBridge -- has been used to launder at least $540 million in crypto assets by hackers and fraudsters. Cross-chain bridges allow crypto assets to be transferred between blockchains, without going through a centralised service such as a crypto exchange. Billions of dollars in assets have been transferred between Bitcoin, Ethereum and other blockchains -- using bridge services such as Portal, cBridge and Synapse.
Are cryptocurrencies making a comeback?
The prices of ethereum and other leading digital currencies have also rallied in the past two months, leading to hopes that this nascent market may have reached its bottom, CNN reported. But the optimism could be premature, and fleeting. Companies with direct ties to the crypto landscape continue to struggle. Coinbase reported a loss for the second quarter after the closing bell on Tuesday.
Gautam Adani gets 'Z category' security after Home Ministry acts on IB report
According to sources in the Home Ministry, on the basis of the threat perception report received from the IB, Adani has been provided high-level security by the government for which he will himself bear its expenses. According to sources, more than 30 army personnel will be deployed in the security given to India's top industrialist.
Take that, Elon Musk: Ford CEO dares Tesla boss
According to The Verge, Farley spoke at a Ford plant in Michigan to announce a deal with DTE Energy that both companies billed as the "largest renewable energy purchase from a utility in US history". But after touting the company's move to more sustainable sources, he made a quick jab at his main rival in the EV space, whom he has praised for helping spur the industry toward electric vehicles.
'India's growth for 2022-23 to be strongest among largest economies'
India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors. "The recent strong run of data increases our confidence that India is well positioned to deliver domestic demand alpha, which will be particularly important as developed markets' growth weakness percolates into Asia's external demand," Morgan Stanley said.
Coinbase reports $1.1 bn in net loss, revenue drops 60% in Q2
"Q2 was a tough quarter, with trading volume and transaction revenue each down by 30 per cent and 35 per cent sequentially, respectively. Both metrics were influenced by a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike," the company said after reporting its Q2 results late on Tuesday.
Battered SoftBank selling Alibaba shares to pocket $34 bn
"The current equity market environment is challenging and may be prolonged. Considering the said market environment, "SBG (SoftBank Group Corp) has determined that the best option at this time is to settle these prepaid forward contracts in physical form," said the company, adding that this "will further strengthen our defense against the severe market environment".
Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr
In a statement, the Union Finance Ministry said that the two installments have been released as against the normal monthly devolution of Rs 58,332.86 crore. "This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure," it said. As per the ministry, states like Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore and Bihar got Rs 11,734.22 crore.
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