Zoho, the popular business productivity software company, is making its entry into the consumer fintech space with the launch of Zoho Pay. This standalone app will also be integrated into the company's chat platform, Arattai, allowing users to easily send and receive money while chatting with others. Zoho plans to expand their fintech offerings to include lending, broking, insurance, and wealth-tech, and sees Zoho Pay as a key component of their overall financial services ecosystem. This move also positions Arattai as a competitor to WhatsApp in the Indian market, as it experiences a surge in downloads driven by government support and privacy concerns surrounding global tech platforms.
The Employees’ Provident Fund Organisation (EPFO) has announced five major changes to the Employees’ Pension Scheme (EPS) that will significantly impact the retirement savings of salaried employees. These changes include a revised method of pension calculation, an increase in the maximum pension limit from Rs 7,500 to Rs 15,000 per month, and a reduced minimum age for drawing pension from 58 to 50 years. These revisions aim to simplify pension access, increase benefits, and improve portability for members across the country. This move, following a Supreme Court directive, is expected to provide major relief to pensioners and ensure a fair and realistic computation for employees.
Major stock indexes trended downwards on Wednesday as earnings reports pour in and trade tensions between the US and China resurface. The Nasdaq, Dow Jones Industrial Average, and S&P 500 all ended the day in the red, with pressure from a report that the White House is considering export restrictions on China. Meanwhile, gold prices saw a slight increase and the 10-year Treasury yield ticked lower. Among corporate news, Netflix reported weaker-than-expected quarterly profit while Intuitive Surgical saw a boost in shares after exceeding expectations. DraftKings also rose upon news of their acquisition of Railbird, while Tesla and IBM prepared for their third-quarter results. Lastly, AT&T and Alphabet had mixed revenue results, causing their stocks to decline and fluctuate.
Multinational digital tech giant Philips, known for its innovative products, lost a 20-year legal battle before the Delhi High Court. The case involved allegations of patent infringement against an Indian company in the manufacturing and sale of Video Compact Discs (VCD). The court's decision was a blow to Philips, highlighting the importance of protecting intellectual property in the business world.
Concord Control Systems, Elecon Engineering, and Welcure Drugs & Pharmaceuticals are among the companies to trade ex-date for corporate actions such as bonus issues, interim dividends, and stock splits. The ex-date is an important marker for investors, as those purchasing shares on or after this date will not be eligible for the announced benefits. Shareholders of these companies can expect to receive a bonus issue, interim dividend, and stock split in their portfolios, aiming to enhance shareholder value, reward investments, and improve stock liquidity.
Rediffusion's latest campaign for Rasna, titled "India ke Khushiyon ka Vitamin" aims to redefine the mother-child relationship in the modern world. By highlighting the brand's fruit-based drinks as a healthy and refreshing drink for kids, the campaign acknowledges the role of mothers as active partners in their child's growth and development. With a focus on Vitamin Josh and Vitamin Hasi, this new campaign highlights how Rasna is the perfect choice for today's multitasking mothers.
The Indian stock markets took a break on Wednesday in observance of Bali Pratipada, a day that holds cultural significance. The Asian markets, on the other hand, showed a mixed performance with Japan's Nikkei 225 declining, Singapore's Straits Times gaining, and Hong Kong's Hang Seng and Taiwan's Weighted Index decreasing. The previous day's Muhurat Trading session saw slight gains in Indian markets and top gainers included Cipla and Bajaj Finserv.
Investors in the Indian stock markets are getting a break from trading today with markets closed for Diwali Balipratipada. This traditional holiday marks the end of Diwali festivities and symbolizes Lord Vishnu's victory over King Bali. Trading in equity, derivatives, and commodity markets will remain suspended for the day, with normal trading resuming tomorrow. This break is a part of the exchanges' annual holiday list, aligning with important national and religious occasions.
Branded mithai sales are expected to rise by 15-20% during this Diwali season in India, due to a surge in corporate gifting, retail demand, and product innovation. The packaged sweets market in India is projected to reach 27,600 by 2033, with a 16% annual growth rate, as per IMARC Group. With a growing taste for luxury and customization in gifting, Indian brands are expanding rapidly and introducing new products, such as millet-based and vegan options, to cater to changing consumer preferences.
Shoppers Stop, India's leading retail destination, hosted a star-studded event to launch their exclusive Diwali Collection in Pune. With famous actress Tejasswi Prakash gracing the event, the store was transformed into a festive paradise with vibrant displays and a plethora of premium brands and gifting options. Speaking about the collection, Shoppers Stop's CEO Kavindra Mishra emphasized their commitment to providing the best shopping experience for customers. Fans had the opportunity to meet Tejasswi and explore the collection, making the launch a truly memorable Diwali celebration for everyone.