ETH researcher: The Merge is Ethereum's chance to take over Bitcoin
Mon, Jul 25, 2022 3:41 PM

ETH researcher: The Merge is Ethereum's chance to take over Bitcoin

Vivek Raman, an Ethereum researcher, is confident that Ethereum's impending switch to a proof-of-stake (PoS) mechanism would allow it to overtake Bitcoin (BTC) as the most prominent cryptocurrency. Vivek said, "Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin." The ETH's PoS switch is scheduled to take place in September.

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Equitas SFB and HDFC Securities collaborate to offer Demat Services
Mon, Jul 25, 2022 3:33 PM

Equitas SFB and HDFC Securities collaborate to offer Demat Services

HDFC Bank's arm HDFC Securities collaborated with Equitas Small Finance Bank to offer demat account and broking/investment services to its customers. Following this partnership, Equitas Small Finance Bank will provide its users with a 3-in-1 account that allows them to access HDFC Securities' services. The leading stock broking company will enable seamless share transactions for Equitas customers.

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Nahar Spinning Mills' standalone net profit drops by 27.99% in Q1FY23
Mon, Jul 25, 2022 3:32 PM

Nahar Spinning Mills' standalone net profit drops by 27.99% in Q1FY23

Nahar Spinning Mills has announced its results for Q1FY23. The company reported a net profit of Rs 72.25 crore in the quarter ended June 2022, a drop of 27.99% against Rs 100.34 crore during the previous quarter ended June 2021. Its sales stood at Rs 861.89 crore in the quarter ended June 2022, a surge of 16.76% against Rs 738.18 crore during the previous quarter ended June 2021.

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Divyashakti's net sales stand at Rs 24.12 crore in June 2022
Mon, Jul 25, 2022 3:23 PM

Divyashakti's net sales stand at Rs 24.12 crore in June 2022

Divyashakti Limited's standalone net sales grew by 64.96% to Rs 24.12 crore in June 2022 up in comparison to Rs. 14.62 crore in June 2021. The company's quarterly net profit also zoomed by 50.64% to Rs. 4.84 crore in June 2022 as compared to Rs. 3.21 crore in June 2021. Its EBITDA was Rs. 7.20 crore in June 2022, higher by 69.41% from Rs. 4.25 crore in June 2021.

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Class action against Yuga Labs, company behind BAYC NFT
Mon, Jul 25, 2022 3:18 PM

Class action against Yuga Labs, company behind BAYC NFT

Yuga Labs, the company behind Bored Ape Yacht Club's NFT collection, may face a lawsuit from a group of investors for selling securities that failed to have guaranteed returns. The proposed class-action driven by law firm Scott+Scott claims that Yuga Labs used celebrity promoters and endorsements to "inflate the price" of the BAYC NFTs and the APE token.

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To buy more btc, Australia's crypto king Schebesta sold $6.5m penthouse
Mon, Jul 25, 2022 3:09 PM

To buy more btc, Australia's crypto king Schebesta sold $6.5m penthouse

Finder co-founder Fred Schebesta has listed his $6.5 million penthouse for sale in order to buy more Bitcoins. The penthouse is just a 300m walk from the iconic Tamarama beach. In June, Schebesta declared that he would list the magnificent home in Sydney's eastern suburbs for sale if the value of crypto fell below $12,000.

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Total number of crypto users likely to reach 1 billion by 2030, study shows
Mon, Jul 25, 2022 3:00 PM

Total number of crypto users likely to reach 1 billion by 2030, study shows

According to a study, the total no. of crypto users will reach 1 billion by 2030. The report estimates that about 0.3% of individual wealth is currently held in crypto assets, compared to 25% in equities. Retail investors only invested $300M, or 4% of their entire assets, while institutional investors devoted 2% of their portfolio to the crypto market. Approx 200M people utilise crypto worldwide.

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Larsen & Toubro Q1 profit may surge by 55% on softening of commodity prices
Mon, Jul 25, 2022 2:59 PM

Larsen & Toubro Q1 profit may surge by 55% on softening of commodity prices

Larsen & Toubro is expected to register a 55% YoY growth in its consolidated profit after tax, while its consolidated revenues are likely to increase by 20.4% YoY during Q1FY23. Analysts projected that the engineering giant's consolidated PAT to be around Rs 1,816 crore as compared to a PAT of Rs 1,174 crore posted during Q1FY22 thanks to the lowering of commodity prices.

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To incentivise EV adoption, India is setting up a $5 bn fund
Mon, Jul 25, 2022 2:56 PM

To incentivise EV adoption, India is setting up a $5 bn fund

India is allegedly constituting a $5 bn fund to bolster the adoption of electric vehicles (EVs) in the country. The aforementioned fund is said to have been proposed by the government think tank NITI Aayog. The US Agency for International Development (USAID)will provide technical assistance in setting up the fund, which is aimed at minimizing the high upfront capital expenditure for EV ownership.

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To protect investors, the Chinese Supreme Court will research crypto
Mon, Jul 25, 2022 2:55 PM

To protect investors, the Chinese Supreme Court will research crypto

In order to safeguard investors' legal rights, China's top court announced that it would research crypto. The Chinese Supreme People's Court said it would "actively research new cases such as asset-backed securities, crypto,& cross-border financial product transactions." The Chinese government also revealed the ninth batch of 348 domestic blockchain information service names & record numbers.

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As investors await earnings wave, U.S. stock futures hold near 5-week highs
Mon, Jul 25, 2022 2:46 PM

As investors await earnings wave, U.S. stock futures hold near 5-week highs

The day has been faring quite well for Wall Street. The U.S. stock futures have raked in hefty gains and are currently holding firm near their five-week highs. Investors, with peeled eyes, are waiting for companies to roll out their earning numbers. Moreover, they are staying wary of The Federal Reserve's decision.

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Barclays buying stake in crypto company Copper
Mon, Jul 25, 2022 2:45 PM

Barclays buying stake in crypto company Copper

According to Sky News, Barclays Plc is buying a stake in Copper, a crypto company which counts former U.K. Chancellor of the Exchequer Philip Hammond as an investor. As per unnamed sources, Barclays plans to invest a ‘few million dollars’ in Copper. Copper’s services include custody, prime broking and settlement for institutional investors in crypto assets.

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Jyothy Labs PAT jumps by 18.7% to Rs 47.73 crore in Q1FY23
Mon, Jul 25, 2022 2:42 PM

Jyothy Labs PAT jumps by 18.7% to Rs 47.73 crore in Q1FY23

Jyothy Labs posted an 18.73% growth in its consolidated net profit at Rs 47.73 crore in Q1FY23. The home-grown FMCG firm registered a net profit of Rs 40.20 crore in the April-June quarter of the last fiscal year. The company's revenue from operations improved by 13.66% to Rs 597.20 crore during the period under review in comparison to Rs 525.40 crore in Q1FY22.

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This bank stock is up by 15% in 5 days. Could it get a re-rating
Mon, Jul 25, 2022 2:41 PM

This bank stock is up by 15% in 5 days. Could it get a re-rating

After the release of Q1 earnings, Hindujas-promoted lender IndusInd Bank has joined the list of the top performers in the Bank Nifty pack. The stock logged a massive spike of more than 15 percent last week and now brokerages are of the opinion that it could rally up to 50 percent from its current levels.

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Owing to a global demand slump, Japan slashes its FY GDP growth forecast
Mon, Jul 25, 2022 2:35 PM

Owing to a global demand slump, Japan slashes its FY GDP growth forecast

Japan's government has cut its economic growth forecast for the current fiscal year to 2.0%. The aforementioned slash has been made largely due to slumping overseas demand. It highlights the impact of Russia's war in Ukraine, China's strict COVID-19 lockdowns, and a weakening global economy.

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