Sensex, Nifty Touch All-Time High Day After BJP's Poll Victory In 3 States

India's benchmark indexes opened at fresh all-time highs on Monday, aided by strong domestic macroeconomic data and elevated bets of a US rate cut in March, while analysts saw momentum picking up in the ongoing rally after the ruling Bharatiya Janata Party's (BJP) victory in key state elections.

The NSE Nifty 50 index rose 1.65% to 20,602.50 points, notching a record high for second session in a row. The S&P BSE Sensex was up 1.64% to an all-time high of 68,587.82, as of 9:16 a.m. IST.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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PSPCL Posts Rs 564 Crore Q3 Profit On Lower Power Purchase, More Generation

The Punjab State Power Corporation Ltd (PSPCL) has made a profit of Rs 564.76 crore for period ending September as against a loss of Rs 1,880.25 crore in the year-ago period.

Under the Aam Aadmi Party (AAP) government led by Chief Minister Bhagwant Mann, the timely repayment of Rs 12,342 crore subsidy to PSPCL helped considerably, according to a statement.

The Punjab government's support was vital for PSPCL to achieve the profit of 564.76 crore. The state government's role was instrumental in amplifying the power company's revenue surge and tariff adjustments.

PSPCL took several measures to ensure that power purchase cost remains under check, the statement said. It ensured 19 per cent more generation from state-owned thermals at Lehra Mohabbat and Ropar due to availability of cheaper coal from its Pachhwara coal mine.

It generated 21 per cent more power from own hydel plants; 14 per cent more generation from BBMB hydel plants, and 13 per cent more banking of power with other states.

There has been a 48 per cent reduction in power purchase through short term and purchase from exchange.

No imported coal was used at the state thermal plants in Ropar and Lehra Mohabbat due to operationalisation of the Pachhwara coal mine. A miniscule amount of imported coal was used at private thermals at Rajpura and Talwandi Sabo.

PSPCL's sale of power in exchange was worth Rs 924 crore from April to September 2023  against Rs 293 crore from April to September 2022.

The power purchase from exchange was worth Rs 1,138 crore at an average rate of Rs 4.59 per unit in 2023, as against Rs 1,914 crore at Rs 5.54 per unit in 2022. Transmission and distribution losses have reduced by 1 per cent.

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Centre Bans 'Dark Patterns' On E-Commerce Platforms; Notifies Guidelines

In order to protect consumers' interest, the government has banned use of "dark patterns" on e-commerce platforms which intend to deceive customers or manipulate their choices.

A gazette notification in this regard as "Guidelines for prevention and regulation of dark patterns" was issued on November 30 by the Central Consumer Protection Authority (CCPA) which is applicable to all platforms offering goods and services in India, and even advertisers and sellers.

Resorting to dark patterns will amount to misleading advertisement or unfair trade practice or violation of consumer rights. The penalty will be imposed as per the provisions of the Consumer Protection Act, it added.

"In the emerging digital commerce, dark patterns are increasingly being used by the platforms to mislead the consumers by manipulating their buying choices and behaviour," Consumer Affairs Secretary Rohit Kumar Singh told PTI.

The notified guidelines will ensure clarity in the minds of all stakeholders -- buyers, sellers, marketplaces and regulators - as to what is not acceptable as unfair trading practices, the latter being liable under the Consumer Protection Act, he added.

According to the notification, dark patterns have been defined as any practice or deceptive design pattern using user interface or user experience interactions on any platform that is designed to mislead or trick users to do something they originally did not intend or want to do, by subverting or impairing the consumer autonomy, decision making or choice.

For instance, 'basket sneaking' is a dark pattern that includes additional items such as products, services, payments to charity or donation at the time of checkout from a platform, without the consent of the user, such that the total amount payable by the user is more than the amount payable for the product or service chosen by the user.

Another dark pattern called "forced action" means forcing a user into taking an action that would require the user to buy any additional goods or subscribe or sign up for an unrelated service or share personal information in order to buy or subscribe to the product or service originally intended by the user.

Likewise, CCPA has specified 13 dark patterns to provide only as a guidance for the industry.

Initially, CCPA had identified 10 dark patterns but after the public consultation another three were included.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Nifty Hits All-Time High After Upbeat Growth Data, Sensex Up 300 Points

Nifty hit a fresh record high on Friday, as faster-than-expected economic growth in the September-quarter added to optimism over the global interest rate outlook.

The NSE Nifty 50 index rose as much as 0.52% to 20,238.45, a new record high, while the S&P BSE Sensex was up 0.44% at 67,286.16, as of 9.35 am.

The Indian economy expanded 7.6% in the September-quarter, faster than the 6.8% forecast in a Reuters poll of economists and the Reserve Bank of India's estimate of 6.5%, led by manufacturing growth.

"India's growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid," Pramod Gubbi, founder of Marcellus Investment Management, said.

The expectation that we are at the peak of the interest rate cycle in the US has facilitated the move of flows towards more risky assets like emerging equities, especially India, Gubbi added.

Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows.

FPIs snapped a two-month selling streak in November, adding stocks worth 90 billion rupees ($1.1 billion).

Wall Street equity indexes rose overnight, with the Dow Jones Industrial Average clocking its best month since October 2022, after consumer spending data signalled cooling demand, boosting the rate outlook.

Meanwhile, exit polls for state elections showed a narrow advantage for Bharatiya Janata Party in the key states of Rajasthan and Madhya Pradesh, while the Congress is seen to be leading in Chhattisgarh and Telangana.

"A decisive BJP win will reinforce consensus that the party is on the front-foot for 2024 general elections and likely add another leg of rally to markets," said three analysts led by Madhavi Arora, lead economist at Emkay Global Financial Services.

India's general elections are due early next year.

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GDP Grew By 7.6% In Q2 Compared To 7.8% In Q1

India's economy grew 7.6 per cent in the September quarter as against 6.2 per cent in the year-ago period, according to official data released on Thursday.

India remains the fastest-growing major economy, as China's GDP growth in the July-September quarter this year was 4.9 per cent.

As per the National Statistical Office (NSO) data, the GVA (Gross Value Added) of the agriculture sector recorded a 1.2 per cent growth, down from 2.5 per cent in the July-September quarter of 2022-23.

The GVA growth of the manufacturing sector accelerated to 13.9 per cent in the second quarter of the current fiscal against a decline of 3.8 per cent a year ago.

The growth in Gross Domestic Product (GDP) during the April-September period in 2023-24 stood at 7.7 per cent compared to 9.5 per cent in the first half of the last financial year.

The GDP growth in the first quarter of the current fiscal remained unchanged at 7.8 per cent.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Nandan Nilekani, Nikhil Kamath On Forbes Asia Heroes Of Philanthropy List

Nandan Nilekani, co-founder of Infosys, KP Singh, chairman emeritus at DLF, and Nikhil Kamath, co-founder of Zerodha, have been named on the 17th edition of Forbes Asia's Heroes of Philanthropy list released today.

The unranked list "highlights business leaders who are donating from their fortunes and giving personal time and attention to their select causes", Forbes said in a press release.

The annual list, which spotlights 15 philanthropists, does not include corporate philanthropy except for privately-held companies where the individual is a majority owner.

Nandan Nilekani, co-founder and chairman of tech giant Infosys, have made it to the list for donating Rs 3.2 billion (USD 38 million) to his alma mater IIT Bombay in June, Forbes said, adding that the gift will be made over a period of five years.

This was to mark his 50-year association with the technology institute, where he studied electrical engineering as an undergraduate.

Since 1999, Mr Nilekani has given Rs 4 billion in total to the institute. In the past year, he donated an additional Rs 1.6 billion to educational causes.

Mr Singh, who stepped down as chairman of DLF in 2020, in August divested his remaining direct stake in the real estate firm to fund philanthropic causes, Forbes said citing the company.

He garnered Rs 7.3 billion from the disposal of his 0.59 per cent shareholding in the Delhi-based property developer.

The 92-year-old Singh, who has an estimated fortune of USD 14 billion, splits his time between London and Dubai.

After previously setting up the K.P. Singh Foundation Trust and the KP Singh Charitable Foundation Trust, Singh launched the KP Singh Foundation in 2020.

Mr Kamath, who made it into the Forbes' philanthropy list, joined the Giving Pledge initiative in June.

In his pledge letter, the 37-year-old co-founder of discount broking firm Zerodha, wrote he is mainly interested in climate change, energy, education, and health as well as the foundation's mission to create a more equitable society.

Mr Kamath's YouTube podcast series 'WTF is' has been giving away up to Rs 10 million (USD 120,000) -- contributed by Kamath and business leaders who are guests on his show -- to a charity picked by audience members, Forbes said.

Mr Kamath, who has an estimated net worth of USD 1.1 billion, plans to increase episode donations to Rs 40 million, it added.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex Rises By 305 Points, Nifty By 103 In Early Market Trade

Equity benchmark indices rallied in early trade on Wednesday amid continuous foreign fund inflows along with buying in heavyweight IT stocks, Reliance Industries and HDFC Bank.

The 30-share BSE Sensex climbed 305.44 points to 66,479.64 in early trade after beginning the day on a positive note. The Nifty went up by 103 points to 19,992.70.

Among the Sensex firms, Bharti Airtel, Tech Mahindra, Wipro, Tata Consultancy Services, HCL Technologies, Infosys, Mahindra & Mahindra, HDFC Bank, Axis Bank and Reliance Industries were the major gainers.

Power Grid and NTPC were the laggards.

In Asian markets, Tokyo quoted with gains while Seoul, Shanghai and Hong Kong traded lower.

The US markets ended marginally up on Tuesday.

"Since the global market backdrop continues to be favourable, the rally in India is likely to continue. The drop in US 10-year bond yield to 4.3 per cent and the dollar index dropping below 103 are positive for equity markets.

"FIIs have turned buyers responding to the changed reality," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.02 per cent to USD 81.66 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 783.82 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 204.16 points or 0.31 per cent to settle at 66,174.20 on Tuesday. The Nifty gained 95 points or 0.48 per cent to 19,889.70.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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NDTV Profit Business Channel Resumes Operations This December

NDTV Profit, the business news channel of the New Delhi Television Ltd, is set to resume regular operations from December. The channel will go live on December 8 - six years after it was discontinued on June 1, 2017.

The company informed the stock exchanges today that its Board of Directors has approved regular operations of NDTV Profit channel.

NDTV's share prices jumped over 12% on the National Stock Exchange and over 11.5% on the Bombay Stock Exchange as it closed Tuesday.

Analysts and investors are cheering the channel's big comeback as there are only three other dedicated business channels at the moment.

With the era of digitalisation and the Indian economy witnessing a significant uptick, this comes as a welcome move to expand the horizons of business and economic news.

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Stocks Of Adani Group Firms Climb In Morning Trade

Shares of Adani group firms continued to attract heavy demand in morning trade on Tuesday, with Adani Total Gas climbing nearly 20 per cent. All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market.

Shares of Adani Total Gas zoomed 19.61 per cent, Adani Energy Solutions surged 13 per cent, Adani Power soared 8.46 per cent, Adani Green Energy jumped 7.84 per cent, Adani Enterprises climbed 7 per cent, Adani Wilmar went up by 6.86 per cent and NDTV advanced 6.42 per cent on the BSE.

Adani Ports gained 3.71 per cent, Ambuja Cements climbed 3.66 per cent and ACC went up by 2.86 per cent.

Stock prices of Adani group companies soared on Friday also as the Supreme Court heard and reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.

On Friday, nine of the 10 listed group companies ended in the green, adding Rs 14,786 crore to their combined market capitalisation, stock exchange data showed.

Equity markets were closed on Monday for Guru Nanak Jayanti. In the broader equity market, the benchmark indices faced heavy volatile trends and were quoting between highs and lows.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Tata Technologies IPO Allotment Expected Soon: Steps To Check Status

The initial public offering by Tata Technologies Ltd witnessed a remarkable response from the investor with a subscription of 69.4 times. The IPO by a Tata Group company in nearly two decades was open for subscription from November 22 to 24.

Notably, the investor purchased 312.65 crore equity shares against the offer size of 4.5 crore shares, reflecting a substantial demand. The total bids amounted to ₹1.56 lakh crore worth of shares in just three days, according to a Moneycontrol report.

The ₹ 3,042.51 crore IPO was open for subscription for three days at a price range of ₹ 475-500 per share.

As the subscription period has ended, the investor are awaiting the share allotment by Tata Technologies. The share allotment for Tata Technologies IPO is expected by Tuesday, November 28.

 The investor can check the share allotment status on the websites of BSE or the official registrar. Link Intime India has been appointed as the official registrar for the Tata Tech IPO.

Tata Technologies IPO: How to check allotment status?

Once allotted, the investor can check the share allotment status using their application or PAN details.  

Follow these steps to check status on BSE website:

1.    Visit the BSE website, at www.bseindia.com

2.    Choose ‘Equity' and select the issue name from the dropdown.

3.    Enter your application number and PAN card number.

4.    Click on the ‘Search' button.

On Link Intime website:

1.    Visit the Link Intime website, at www. linkintime.co.in/IPO/public-issues.html

2.    Select Tata Technologies from the dropdown list of company names.

3.    Enter your PAN, application number, DP/Client ID, or account number/IFSC.

4.    Click on ‘Search'.

Please make sure that the details are entered correctly to view the status after allotment. 

Tata Technologies IPO: Listing date

Successful investor can expect the equity shares to be credited to their demat accounts by November 29. The shares are likely to be listed on the stock exchanges on November 30, according to reports.

Tata Technologies IPO is gaining a good response in the unofficial grey market. The premium over the issue price of ₹ 500 per share has increased by about 10 per cent up to 80 per cent, as on November 27. Before the IPO opened for subscription, the quoted grey market premium was 70 per cent. 

Keywords: Tata Tech IPO, Tata Technologies IPO, Tata Technologies IPO share allotment status, Tata Technologies IPO listing date

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3 Reasons Behind Bitcoin Rallying To Its Highest This Year

Bitcoin, the world's most prominent cryptocurrency, surged past $38,000 on Friday for the first time this year. The cryptocurrency gained around 1.5% on Friday to trade above the $38,000-level for the first time since May 2022 in line with gains in other crypto assets such as Ether and Solana, reported CNBC.

Here are the main factors that fuelled the rally in Bitcoin.

Resolution Of Binance's Legal Troubles

One of the major factors contributing to Bitcoin's rise is the resolution of Binance's legal troubles.

Changpeng "CZ" Zhao, the CEO of Binance, the largest crypto exchange in the world, agreed to plead guilty to federal criminal charges brought by the US Department of Justice, reported Reuters.

This settlement has instilled renewed confidence among the investors, easing concerns about the exchange's future and its impact on the broader cryptocurrency market which is still recovering from the 2022 FTX's failure.

The development has also come within a month of FTX founder Sam Bankman-Fried's conviction in a federal fraud and conspiracy trial.

Anticipation Of Bitcoin ETF Approval

The rally in Bitcoin has also come amid expectations of approval of a Bitcoin exchange-traded fund (ETF). An ETF would allow traditional investors to gain exposure to Bitcoin without directly owning or managing the cryptocurrency, potentially expanding its investor base and driving further demand.

Bitcoin (BTC) has been range bound since March, fluctuating between a support level of $25,000 and a resistance level of $30,000. 

In October, rumours of a spot ETF approval sparked a price surge, driving BTC from below $27,000 to over $38,000 by Friday. 

Macroeconomic Factors

Investors also weighed the minutes of the Federal Open Market Committee meeting, which were also released on the day of the settlement. The minutes showed that officials expressed little appetite for cutting interest rates anytime soon, which could have a dampening effect on risk assets like Bitcoin.

The Fed's hawkish stance is likely to keep Bitcoin prices in check in the near term, but the overall outlook for the cryptocurrency remains positive.

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Be Judicious In Using Flexibility On Interest Rates:Governor To NBFC-MFIs

Stating that some Non Banking Finance Company-Microfinance Institutions (NBFC-MFIs) are making wider net interest margins, RBI Governor Shaktikanta Das on Wednesday asked entities to be "judicious" in using the flexibility on the interest rates they charge from borrowers.

Speaking at the annual Fibac event, Mr Das said the microlending segment serves marginalised clientele and has emerged as an important financial conduit to foster financial inclusion.

"Though the interest rates are deregulated, certain NBFC-MFIs appear to be enjoying relatively higher net interest margins. It is indeed for microfinance lenders themselves to ensure that the flexibility provided to them in setting interest rates is used judiciously," he said.

It can be noted that following the crisis in the microfinance segment in Andhra Pradesh that had also led to the creation of the NBFC-MFI segment, the Reserve Bank of India (RBI) had capped the maximum interest which lenders can charge at 24 per cent. The rate regime was deregulated it in 2021, making it possible for entities to charge as much as they want.

Mr Das acknowledged that such entities have to bear in mind the affordability and the repayment capacity of the borrowers while setting their interest rates.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Union Minister To Meet Social Media Platforms Over Deepfakes Tomorrow

Union Minister Ashwini Vaishnaw has called a meeting with representatives of social media platforms on the issue of deepfakes on Thursday, according to a source.

The move comes amid concerns over misuse of technology and the government's firm resolve to push digital platforms to crack down on deepfakes.

According to a source, IT Minister Ashwini Vaishnaw will meet social media platforms on the issue of deepfakes on November 23.

Recently, several 'deepfake' videos targeting leading actors went viral, sparking outrage and raising apprehensions over misuse of technology and tools for creating fake content and narratives.

On Friday, Prime Minister Narendra Modi cautioned that deepfakes created by artificial intelligence can lead to a big crisis and stoke discontent in society, and urged the media to raise awareness about its misuse and educate people.

Vaishnaw has warned that safe harbour immunity clause will not apply if platforms do not take adequate steps to remove deepfakes.

The government had recently issued a notice to companies on the issue, and while the platforms responded, the minister made it clear that firms will have to be more aggressive in taking action on such content.

Speaking to reporters late last week, Vaishnaw had said, "They are taking steps... but we think that many more steps will have to be taken. And we are very soon going to have a meeting of all the platforms... maybe in the next 3-4 days, we'll call them for brainstorming on that and make sure that platforms make adequate efforts for preventing it (deepfakes), and cleaning up their system." Asked if big platforms like Meta and Google would be called for the meeting, the minister had replied in the affirmative.

"The safe harbour clause, which most social media platforms have been enjoying... that does not apply if they do not take adequate steps for removing deepfakes from their platforms," Vaishnaw had said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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India Needs To Add 80 GW Coal-Based Capacity By 2030: Minister

India needs to add thermal coal-based power generation capacity of 80 GW against the 27 GW currently under construction as the peak power demand in the country would spike to 335 GW by 2030 from 241 GW at present, Union Power Minister RK Singh said on Tuesday.

Mr Singh presided over a review meeting on thermal power capacity addition in the country where independent power producers and state-owned generators NTPC, SJVN, NHPC, DVC, THDCIL, and NLCIL participated virtually and in physical mode on Tuesday.

Besides energy secretaries of 13 major states were also invited for deliberations.

Addressing the review meeting, Mr Singh said India's peak power demand would touch 335 GW in 2029-30 from the present level of 241 GW.

Peak power demand had touched all-time high of 241 GW in September, reflecting rise in electricity consumption in the country with expansion of economic activities as well as per capita usage.

The minister said India needs 80 GW of coal-based thermal power generation capacity to be build against 27 GW under construction at present.

He was of the view that the renewable energy capacity addition alone cannot help meet the rising electricity demand in the country that has already peaked at an all-time high of 241 GW.

India has set an ambitious target of having 500 GW of renewable energy capacity by 2030.

The minister said unless storage is viable and scalable, coal (based power generation) cannot be ignored.

Therefore, power demand in India requires coal-based thermal power capacity addition in the country to avoid outages, he said.

He said "the hypocrisy around renewable energy propagated by developed countries stands exposed and the West, which is itself dependent on 75 per cent fossil fuels, cannot lecture us".

He pointed out that India's per capita emission is the lowest in the world.

As per the latest report of the Central Electricity Authority (CEA) for October, India's installed generation capacity is about 425 GW, including around 179 GW renewable energy and large hydro electric plants.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Grand Wedding Season Anticipates Nearly Rs 5 Lakh Crore Business

As the nation emerges from a record-breaking Diwali festive season, the business community is gearing up for a colossal surge in demand with the commencement of the upcoming wedding season on November 23.

With an estimated 38 lakh weddings expected to take place across the country, the mainline retail sector, encompassing goods and services, anticipates a staggering business worth Rs 4.74 lakh crore.

This marks a significant increase from last year's trade, which amounted to Rs 3.75 lakh crore for approximately 32 lakh weddings during the same period.

The auspicious wedding season, commencing on Dev Uthan Ekadashi on November 23 and extending until December 15, will witness a flurry of ceremonies as stars align for propitious wedding dates.

Calculations indicate that November 23, 24, 27, 28, and 29, along with December 3, 4, 7, 8, 9, and 15, are deemed auspicious for matrimonial celebrations.

The Confederation of All India Traders (CAIT), after consultations with trade bodies and stakeholders across 30 cities, predicts a substantial economic surge.

According to CAIT estimates, the 38 lakh weddings are expected to infuse about Rs 4.74 lakh crore into the market, reflecting both wedding-related purchases and the procurement of various services.

CAIT National President B C Bhartia and Secretary General Praveen Khandelwal emphasized that Delhi alone is projected to witness over 4 lakh weddings during this season, contributing to an estimated business volume of approximately Rs 1.25 lakh crore.

Breaking down the expenditure patterns, CAIT expects about 7 lakh weddings with expenses around Rs 3 lakh, 8 lakh weddings with Rs 6 lakh, 10 lakh weddings with Rs 10 lakh, 7 lakh weddings with Rs 15 lakh, 5 lakh weddings with Rs 25 lakh, 50 thousand weddings with Rs 50 lakh, and another 50 thousand weddings with expenses exceeding Rs 1 crore.

In the realm of goods, the estimated trade distribution includes 10 per cent in textiles, sarees, lehnga, and garments, 15 per cent in jewellery articles, 5 per cent in electronics, electricals, and consumer durables, 5 per cent in dry fruits, fruits, sweets, and nankeen, 5 per cent in food grain, grocery, and vegetables, 4 per cent in gift items, and the remaining 6 per cent in miscellaneous items.

The services sector is also expected to flourish, with allocations of 5 per cent for banquet halls, hotels, and other marriage venues, 5 per cent for event management, 12 per cent for tent decoration, 10 per cent for catering services, 4 per cent for flower decoration, 3 per cent for travel and cab services, 2 per cent for photo and video shoots, 3 per cent for orchestra and band services, 3 per cent for lights and sound, and the remaining 3 per cent for miscellaneous services.

Mr Bhartia and Mr Khandelwal anticipate that the momentum from the wedding season will spill over into Christmas and New Year sales, followed by another surge in the wedding season starting January 14, coinciding with Sankranti.

The economic landscape is set for a jubilant celebration, both in terms of matrimony and market vibrancy.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Is Bitcoin Leading The Way To A Financial Revolution?

The advent of digitalization has fuelled rapid evolution in the world of finance, challenging traditional notions of currency and value. In this realm, Bitcoin has emerged as a formidable force, constantly sparking fervent debates and discussions about its price swings. The staggering recent surge in Bitcoin value has further garnered positive attention from both investors and crypto enthusiasts despite its decentralized nature and inherent volatility. As crypto is leading the world toward a borderless financial system, experts are wondering if Bitcoin is at the forefront of this revolution.

Bitcoin has been a long-standing player in the cryptocurrency market, making a significant impact on the financial landscape. This journey was kicked off in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto when Bitcoin was introduced simply as a peer-to-peer electronic cash system. Since then, the crypto world has seen rising interest in cryptocurrencies and its underlying blockchain technology among investors and traders alike.

The core value of Bitcoin lies in its decentralized nature. While governments and financial institutions regulate traditional currencies, Bitcoin operates on a decentralized network called blockchain, which means there is no central authority to control its valuation. This has offered Bitcoin users a sense of autonomy and freedom from centralized authorities. Additionally, the transparency and security of blockchain technology have also enhanced its appeal, attracting investors who rely on its prospects to transform the digital currency landscape.

Multiple Advantages

One of the key features that fuelled the growth of Bitcoin is its potential to facilitate cross-border transactions without the need for intermediaries. This feature has revolutionized how people and businesses conduct international trade, helping them escape the daunting and often costly transactions used by traditional banking systems. The 24/7 accessibility of Bitcoin also makes it an attractive option for those conducting transactions across different time zones.

Despite its alluring features, Bitcoin has faced controversies from critics who are skeptical about the sustainability of its growth. They raise concerns about the volatility of Bitcoin, citing its price fluctuations over the years. They have also highlighted the adverse impact of Bitcoin mining on the environment, pointing to its energy-intensive nature. Regulatory challenges and security issues have further raised questions about its rising value, demanding more comprehensive oversight and regulation of the cryptocurrency market.

New Digital Currency

However, the growing acceptance of Bitcoin among mainstream financial institutions and businesses hints at a major shift in public perception of cryptocurrencies. Renowned corporations have started integrating Bitcoin into their payment systems, and some have even invested portions of their treasuries in Bitcoin. This mainstream adoption brings more legitimacy to the cryptocurrency, developing a strong connection between the traditional and the digital financial realms.

The future of Bitcoin might remain uncertain as of now, but its impact on the global financial landscape cannot be overlooked. Whether Bitcoin will lead investors and traders into a new era of financial autonomy or face hurdles that limit its potential, the cryptocurrency has undeniably emerged as a trailblazer in the world of digital assets, shaping global economies. As the world continues to grapple with the regulatory environment regarding the use and trading of digital assets, time will reveal whether Bitcoin will pave the way for a financial revolution or remain an alluring yet volatile asset in the digital financial landscape.

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"Not Out Of The Woods Yet": RBI On Inflation

India is not home-free with regards to the pressures of high prices but the moderation in retail inflation over the last two months is a relief, the Reserve Bank of India (RBI) said in its November bulletin published on Thursday.

"We are not out of the woods yet and have miles to go, but (inflation) readings of around 5% and 4.9% in September and October, respectively, are a welcome relief from the average of 6.7% in 2022-23 and 7.1% in July-August 2023," the RBI said in its 'State of the Economy' article in the bulletin.

India's annual retail inflation eased to a four-month low of 4.87% in October but remained above the RBI's 4% target. The central bank expects inflation to average 5.4% in 2023-24.

High-frequency food price data for this month up to Nov. 13 indicates that cereal and pulse prices have increased further, while edible oil prices continued to decline, the RBI said.

India's growth continues to depend on domestic demand, which provides a cushion against external shocks, the RBI said.

The country's external sector has remained viable, with a modest current account deficit financed by resilient capital flows, one of the least volatile currencies in the world and a "healthy" level of foreign exchange reserves, it said.

India's economic growth has also picked up, the central bank said, noting the momentum of the change in gross domestic product is expected to be sequentially higher in October-December on the back of "ebullient" festival demand.

Investment demand also appears to be resilient given the government's infrastructure spending, an uptick in private capex and digitalisation, among other reasons, the central bank said.

The RBI also said the calibrated normalisation of surplus liquidity and robust credit growth strengthened transmission during the current tightening phase, although the transmission is still not complete.

The transmission of rates to term deposits has been robust, while savings deposit rates have exhibited "rigidity," the central bank said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Not Out Of Woods Yet, Have Miles To Go: RBI Bulletin On Retail Inflation

A Reserve Bank Bulletin on Thursday said retail inflation has moderated due to monetary policy action and supply-side interventions, but "we are not out of the woods yet and have miles to go".

An article on the state of the economy in the November Bulletin also noted that the global economy is showing signs of slowing down in the ongoing quarter as manufacturing languishes while services sector activity appears to have reached the end of its post-pandemic expansion.

Going forward, it said tightening financial conditions is a significant risk to the global outlook.

"In India, the momentum of the change in GDP is sequentially expected to be higher in Q3, 2023-24, with festival demand remaining ebullient," the article authored by a team lead by RBI Deputy Governor Michael Debabrata Patra said.

The authors said investment demand appears to be resilient with the government's infrastructure spending, an uptick in private capex, automation, digitalisation, and indigenisation providing a boost.

Referring to the headline inflation based on Consumer Price Index (CPI), the article said a combination of monetary policy action and supply-side interventions guided inflation down from the high reaches to which it had climbed through the first seven months of 2022-23.

In fact, November 2022 was the first month when headline inflation dropped back into the RBI's tolerance band of 2-6 percent in the whole calendar year.

"We are not out of the woods yet and have miles to go, but readings of around 5 percent and 4.9 percent in September and October, respectively, are a welcome relief from the average of 6.7 percent in 2022-23 and 7.1 percent in July-August 2023," it said.

The RBI, however, said the views expressed in the article are of the authors and do not represent the views of the central bank.

The article further said India's external sector has remained viable, with a modest Current Account Deficit (CAD) financed by resilient capital flows, one of the least volatile currencies in the world and a healthy level of foreign exchange reserves.

The momentum of growth has picked up, taking GDP well above pre-pandemic levels to becoming the fifth largest economy in the world at market exchange rates, it added.

"Steadfast policy initiatives are showing results, with the financial sector exhibiting soundness and supporting the credit needs of a resurgent economy," it said.

The 37th edition of the State of the Economy article marks the third year of its revival after a long hiatus of 25 years.

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RBI Stops Bajaj Finance From Giving Loans To E-Tailers, EMI Card Users

Bajaj Finance Ltd has been ordered by the central bank to stop giving loans under its two categories of products for alleged violation of digital lending rules.

The Reserve Bank of India (RBI) in a statement today said that Bajaj Finance, an arm of Bajaj Finserv Ltd, should stop giving loans under its "two lending products eCOM and Insta EMI Card" immediately.

The RBI said it took the action after the company was allegedly found violating extant provisions of the central bank's digital lending guidelines.

"This action is necessitated due to non-adherence of the company to the extant provisions of digital lending guidelines of Reserve Bank of India, particularly non-issuance of key fact statements to the borrowers under these two lending products and the deficiencies in the key fact statements issued in respect of other digital loans sanctioned by the company," the RBI said in the statement issued by its Chief General Manager Yogesh Dayal.

The RBI said it will review the decision after Bajaj Finance corrects the flaws it had pointed out.

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India's Exports Rise 6.21% To $33.57 Billion In October

India's exports rose by 6.21 per cent to USD 33.57 billion in October this year, as against USD 31.6 billion a year-ago, government data showed on Wednesday.

Imports also increased to USD 65.03 billion in the month under consideration, as against USD 57.91 billion recorded in October 2022.

The country's trade deficit in October stood at USD 31.46 billion.

During the April-October period of this fiscal year, exports contracted by 7 per cent to USD 244.89 billion.

Imports during the seven-month period fell by 8.95 per cent to USD 391.96 billion.

Commerce Secretary Sunil Barthwal said the trade numbers in October reflect 'green shoots'. 

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