<ul><li>Market is not rushing to downgrade <keyword id="17277356" type="General" weightage="90" keywordseo="jio-fin" source="Orion">Jio Fin</keyword> rivals just yet, despite its deep pockets and ability to disrupt.</li><li><keyword id="2003276" type="General" weightage="70" keywordseo="jio" source="Orion">Jio</keyword> Fin’s aggression in the unsecured loan business will decide how badly rivals will be impacted in times to come.</li><li>Given that cost of funds for JFS is expected to be significantly lower than other NBFCs, it can price its offerings much better than rivals in consumer finance. </li></ul> A behemoth was born on Monday with the listing of the financial services business of <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> on the exchanges. With the listing of <keyword id="15323576" type="General" weightage="100" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword>, the obvious question is the impact that this entity will have on other listed financial services players because it will take them head on. The obvious assumption is that companies that currently are in the consumer and MSME lending space will be directly impacted. Jio Fin’s rich parentage and high capital base will be its biggest advantage. The net worth of the newborn is higher than its nearest competitor and this will enable it to build a large loan book much faster. But this may not be enough to win in the marketplace as it is a total novice when it comes to underwriting and execution. The market will closely monitor Jio Fin’s aggression in the consumer finance business before downgrading its competitors. For now, the jury is out. Like all other businesses that Reliance has set foot in, even in financial services the market is expecting two things – scale and mega disruption. The first segment that Jio is set to rock first is the lending space. Jio Financial Services ahead of its listing on 18 August released some details on the structure of the company and businesses it would operate in. Jio Financial Services is not just a systemically important non-banking financial institution but also a core investment company (CIC). The RBI has mandated the conversion of Jio Fin into a CIC and NBFC over the next three months. What this essentially means is that all the other businesses will operate under this holding company as subsidiaries. In time, all the subsidiaries could also be listed. The key businesses that Jio Financial Services will be present include: Reliance Retail Finance, Reliance Retail Insurance Broking, Reliance Payment Solutions, Jio Payments Bank, the Asset Management Company will be a joint venture with Blackrock. Reliance Industrial Investments and Holdings will be the sole beneficiary of the 6.1% stake in Reliance Industries. Jio Information Aggregator Services will pursue the account aggregator business, which is yet to commence. Jio Infrastructure Management Services will offer project management services. The first segment that Jio Fin seeks to aggressively pursue is retail lending. The dominant player in this segment is Bajaj Finance, which offers small ticket loans to consumers to buy consumer durables. This business has been mastered by Bajaj Finance over the last decade and a half by tying up with stores like Vijay Sales and Croma. This is where Jio will strike first. Reliance Retail has over 550 digital stores against 517 stores owned by its two rivals Croma (387 stores) and Vijay Sales (130 stores). In merchant lending, its focus is on financing options for merchants in grocery, digital, fashion and pharma formats. According to Nomura, the focus of its MSME lending business will be better geographic penetration. Jio Fin will seek to meet the borrowing needs of small businesses that often resort to high-interest informal channels for small-ticket loans. The company will enter into secured loans in the medium term. Over a period of time Jio Fin will offer unsecured loans too. Sources in the banking industry believe that the new entrant will disrupt the sector with differentiated and cheaper offerings as it can afford to do it because of its strong capital base. The cost of funds of JFS are expected to be significantly lower than other NBFCs. According to Morgan Stanley, “The consolidated entity is starting with a capital base of Rs 114.1 bn as of March 2023 (Rs 193.5 bn ex-book value of RIL stake). If it were to allocate this capital to the lending business, this would likely result in it being among the largest NBFCs by net worth. While this implies significant capacity to lend, we will need to see the pace and mode of execution (organic/inorganic). Hence, the market will closely watch every move JioFS makes.” While the markets believe that Jio will put technology and analytics at the heart of the business, building data will take time. Also, given the competition in the sector, borrowing by consumers is high and that is also leading to higher delinquencies. Therefore, the franchise that Jio builds will matter more than the scale of the loan book. The other issue that analysts see is the capital base of the new entity. Jio Fin as a consolidated entity has a capital base of Rs 114,100 crore or Rs 1.14 trillion as of March 2023 (Rs19,350 crore ex-book value of RIL stake). According to Nomura, if Jio Fin were to allocate this capital to the lending business, this would likely result in it being among the largest NBFCs by net worth. “While this implies significant capacity to lend, we will need to see the pace and mode of execution (organic/inorganic). Hence, the market will closely watch every move JioFS makes,” the report adds.

Will Jio Fin follow the retail, telecom model and disrupt the financial services sector?

<ul><li>Stock offers a bouquet of financial services to investors across payments, lending, asset management and insurance.</li><li>Company has a balance sheet of Rs 1.1 trillion already and is the fifth largest financial services firm by capital.</li><li>The shareholding of <keyword id="15323576" type="General" weightage="90" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> mimics the shareholding pattern of its parent RIL. Promoters (Ambani family) will hold 46% stake in the new company.</li></ul> Shares of <keyword id="15327441" type="General" weightage="100" keywordseo="jio-financial" source="Orion">Jio Financial</keyword> listed at Rs 262 per share on the exchanges on Monday but ended at a five percent lower circuit at Rs 248.9 per share. The listing kicks off the value unlocking process undertaken by <keyword id="6355199" type="General" weightage="20" keywordseo="Reliance-Industries" source="Orion">Reliance Industries</keyword>, which demerged its financial services arm earlier this year. Shares of <keyword id="17277356" type="General" weightage="60" keywordseo="jio-fin" source="Orion">Jio Fin</keyword>ancial, which was valued at $20 bn through a special trading session prior to its listing. This valuation makes Jio Fin the second most valued non-banking financial services firm in the country. The reason for the valuation of Jio Fin is primarily due to the 6.1% stake the company holds in Reliance Industries. The listing was expected to happen around Diwali but was advanced to 21 August. Jio Financial’s balance sheet at the end of FY23 was Rs 1.1 trillion and core net worth (ex cost of investment in shares of RIL) is Rs 31,600 crore. According to Jefferies, Jio FS also has investments in preference shares of associates and JVs worth Rs 17,600 crore. On asset side, investments are at Rs1.1tn which include MTM gains and the majority of residual assets are liquid assets. Jio Financial will compete with other behemoths like Paytm, Bajaj Finance and other bank-led lending platforms in times to come as it will offer a variety of services. The non-banking financial services firm will lend to both retail consumers as well as businesses and will also have a payments platform. Apart from the lending and payments businesses, it seeks to be present in insurance broking and asset management businesses. The management team will bank on team ramp-up &amp; digital platforms that are powered by data and analytics. The exchange derived price of Rs262/share includes value of stake in RIL &amp; valued the company at 2x on core price to book value. To begin with, Jio Financial will build a loan book comprising loans that will finance consumer durables sold at its retail stores while the merchant lending will include sellers on its fashion, grocery and pharma platforms. In the small and medium enterprises segment, the company aims to give out working capital loans to these businesses. The company has already announced a partnership with Blackrock for its asset management business. The shareholding of Jio Financial Services mimics the shareholding pattern of its parent RIL. Promoters (Ambani family) will hold 46% stake in the new company as is the case with RIL. The new financial behemoth’s chairman is <keyword id="396965" type="General" weightage="50" keywordseo="kv-kamath" source="Orion">KV Kamath</keyword>, the former CEO/Chairman of ICICI Bank and on board of RIL) Hitesh Sethia (earlier with ICICI Bank) is CEO of Jio Fin, while <keyword id="1476482" type="General" weightage="50" keywordseo="charanjit-attra" source="Orion">Charanjit Attra</keyword> is the COO (earlier CFO at SBI). According to global investment bank Jefferies, “While teams are being built across segments, management is planning to intensely focus on digital platforms across verticals. Its asset-backed balance sheet, strong credit rating and promoter backing would also help get access to funds at cheaper rates, especially after the merger of HDFC Limited with HDFC Bank.

Jio Financial slips 5% after listing at Rs 262 per share on exchanges

<ul><li>After Jio Financial Services and <keyword id="6357073" type="General" weightage="80" keywordseo="itc" source="Orion">ITC</keyword> Hotels, many groups like <keyword id="13852" type="General" weightage="80" keywordseo="jsw" source="Orion">JSW</keyword>, <keyword id="6360721" type="General" weightage="80" keywordseo="tatas" source="Orion">Tatas</keyword> and more have plans to unlock value across businesses.</li><li>Conglomerates are discounted by the markets and hiving off subsidiaries is a good idea, say stock market experts.</li><li>Tatas, Adani and JSW group also have plans to hive off subsidiaries and raise funds via IPOs. </li></ul>Conglomerates are chaotic and which is why they tend to trade at a discount. Indian promoters have realised that unlocking value by demerging these businesses is not a bad thing after all. Large Indian business houses have been expanding their wings – entering into new territories and incubating new businesses. Now many of them like JSW group, Adani Group and Tatas, like <keyword id="10926" type="General" weightage="80" keywordseo="reliance" source="Orion">Reliance</keyword> Industries, could also look at unlocking value from them. The rally in shares of Reliance Industries ahead of Jio Fin’s listing has added $7.6 billion to Mukesh Ambani’s wealth this year. He is currently the 11th richest man in the world with a wealth of $94.6 billion. After listing Jio Financial Services, Reliance is expected to hive off its retail and telecom businesses into separate entities. Its buyout of minorities/potential investors in Reliance Retail and the stabilizing of telecom capex, all indicate towards unlocking value, says a recent report by Bernstein. The 'path to potential IPOs' a key medium term catalyst for Reliance, says the research firm, which sees a 19% upside on the company stock. Escaping the conglomerate discount ITC, which has tobacco, FMCG and agri businesses under the parent company, has recently announced its plans to hive off its hotels business — with a 10:1 scheme. The capex heavy business exiting the fold is also good news for the stock. “The demerged business would be able to raise and deploy its own capital to fund growth of the hotels business and ensure it remains on top amongst peers. Synergies between hotels and other ITC businesses like foods should largely remain unaffected given that the new entity would remain an associate of ITC,” said J M Financial. The research firm estimates that post-tax return on invested capital (ROIC) will rise, and can drive valuation-multiple further up for ITC as a whole. Stock market experts say that conglomerates are discounted when they are a part of holding companies — and their real value comes to fore only as individual entities. “Under a holding company structure, markets undervalue business. Subsidiary companies are discounted anywhere between 20-40% in the sum of the parts (SOTP) valuation method,” says Gaurav Dua, head of research at Sharekhan. Dua says that while it’s important for new businesses to be incubated under a parent company as they need capex and other support, they also need to be hived off after a critical stage. Many group companies are now in the process of doing so. Tatas, Adanis &amp; JSW The Tata group also has many businesses that have hit critical size and scale. It has already filed a draft red herring prospectus (DRHP) for two of its businesses. Tata Play is one of India’s top DTH players with a customer base of over 20 million. Tata Technologies has also filed a DRHP. The company is owned by Tata Motors, and offers engineering, research and development services for the auto sector. This IPO will also help Tata Motors retire some of its debt. Sajjan Jindal-led JSW group has also filed a DRHP for its ports business, JSW Infrastructure to raise as much as ₹2,800 crore. It also has plans to hive off its cement business under JSW Cement — in the <a href="https://www.cnbctv18.com/business/companies/jsw-sajjan-jindal-says-ipo-on-the-cards-for-infra-and-cement-businesses-but-in-next-2-years-16875781.htm">next two years if</a> the market is conducive. Before the Hindenburg Research allegations hit the group, the Adanis had spoken of their plans to bring three more IPOs into the market. It had plans to hive off Adani Airport Holdings and its green hydrogen business from Adani Enterprises by end of the year and go in for an IPO by 2028. It also had plans to list Adani Road Transport, AdaniConneX which houses its data center business. However, as the new busy season of IPOs is afoot, value unlocking is not a game only only of the large companies. Mid and small sized companies too are taking the route as seen with SAT Industries that hived off Aeroflex Industries and is now in the process of raising funds via an initial public offer.

Away from the umbrella, India Inc unlocks value

<ul><li>The world’s largest asset manager with assets of $8.59 trillion under management is excited about India.</li><li>Fink says India offers an unprecedented opportunity to transform the asset management industry by launching affordable and transparent investment products.</li><li><keyword id="3820" type="General" weightage="10" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> says JFS will prove to be an invaluable addition to the <keyword id="10926" type="General" weightage="80" keywordseo="reliance" source="Orion">Reliance</keyword> ecosystem of customer-facing businesses. </li></ul> The annual general meeting of Reliance Industries is never devoid of star power. At the 46th AGM of the company, <keyword id="47013" type="General" weightage="80" keywordseo="larry-fink" source="Orion">Larry Fink</keyword>, the chairman and chief executive officer of BlackRock , addressed the shareholders of Reliance Industries, following the announcement of its partnership with the newly minted Jio Financial Services for the asset management business. Fink said: “BlackRock is already one of the largest non-Indian investors in India today, and India lies at the heart of our global platform... Global investors recognise that India is at the cutting edge of digital transformation, in large part because Reliance and Jio have built a digital and consumer ecosystem unparalleled anywhere else in the world.” Blackrock, the world’s largest asset manager with assets of $8.59 trillion under management, is excited about India for a variety of reasons. Given India’s young population, digital access and rising affluence, Fink said that there is an unprecedented opportunity to transform the asset management industry by introducing a full-service tech-enabled asset manager with affordable and transparent investment products to meet the needs of every segment of the society. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. Fink said: “We see growing financialisation and a shift from unmanaged and physical assets to saving and investing, and we expect this to increase as per capita GDP continues to rise and technology advances digital inclusion. Even though this AGM was not supposed to be include plans for Jio Finance, as it has been hived off as a separate company, Mukesh Ambani said that in the payments business, JFS would consolidate payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times. Jio Financial Services will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. Ambani added that just like Jio and Reliance Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses. He said that there were three reasons that gave him the JFS would play a critical role in the success of Reliance Retail. The digital-first architecture of JFS will give Retail an unmatched headstart to reach millions of Indians. Second, RIL has provided JFS with a strong capital foundation to build a best-in-class, trusted financial services enterprise and achieve rapid growth. Reliance has capitalized JFS with a net worth of Rs 120,000 crore to create one of the world’s highest capitalised financial service platforms at inception. He lauded the Jio Fin team under the leadership of KV Kamath, former chairman of ICICI Bank. ALSO READ: <a href="https://www.businessinsider.in/business/corporates/news/ril-agm-isha-akash-and-anant-ambani-to-join-ril-board-nita-ambani-steps/articleshow/103132457.cms" data-type="tilCustomLink" target="_blank">Isha, Akash and Anant Ambani to join RIL board, Nita Ambani steps down</a>

Not content being a large foreign investor, BlackRock’s boss Larry Fink says India is at the heart of its global platform

An Indo-German team of researchers has discovered a new species of catfish in <keyword id="28504" type="General" weightage="100" keywordseo="kerala" source="Orion">Kerala</keyword> measuring no more than 32 millimeters, with no eyes and a blood-red body. The researchers studied the genus <keyword id="7614752" type="General" weightage="80" keywordseo="horaglanis" source="Orion">Horaglanis</keyword> of catfish -- a diverse group of ray-finned fish. The tiny members of this genus, only about three centimetres in length, live in local aquifers without light. As part of a broad-based Citizen Science project, the study published in the journal Vertebrate Zoology was able to gather information on the distribution of the animals, their genetics, and evolutionary history. "Currently, 289 fish species are known from subterranean aquatic habitats worldwide -- less than 10 per cent of them live in aquifers," said <keyword id="5800719" type="General" weightage="50" keywordseo="ralf-britz" source="Orion">Ralf Britz</keyword> of the Senckenberg Natural History Collections. "In order to obtain information from this almost unknown biotope, we conducted a six-year study of water-bearing laterite rock layers and their fascinating fish fauna in the southern Indian state of Kerala," <keyword id="4220271" type="General" weightage="80" keywordseo="britz" source="Orion">Britz</keyword> said. Horaglanis fishes live exclusively in aquifers, are very small, blind, and they lack pigments. "There are very few documented occurrences of these species -- as a rule, these elusive little fish only come to the surface when a domestic well is being dug or cleaned," Britz explained. The biologist and his Indian colleagues, led by <keyword id="2481025" type="General" weightage="50" keywordseo="rajeev-raghavan" source="Orion">Rajeev Raghavan</keyword> from the University of Kochi, Kerala and Neelesh Dahanukar from Shiv Nadar Institution of Eminence, Delhi-NCR, relied on the cooperation of local citizen scientists. Over a six-year period, they conducted a series of workshops, focus group discussions, and informal conversations with communities at several sites, including the type localities of the three Horaglanis species known to date. The researchers complemented this citizen science approach with targeted collection efforts in wells and above-ground storage tanks, with scoop nets in shallow wetlands, water channels, home gardens, and plantations, and with the use of baited traps in excavated wells on farmsteads, in ponds, and caves. "This allowed us to generate data sets with a total of 47 new site detections and 65 new genetic sequences. These show, among other things, that Horaglanis are endemic to the part of Kerala state south of the Palghat Gap -- the mountain pass apparently represents a biogeographical barrier for the subterranean world as well," Britz explained. "The genus is characterised by a high level of genetic diversity that has evolved over millions of years -- although the fishes' appearance has changed remarkably little," he added. In addition, the team succeeded in identifying a new species: Horaglanis populi is a catfish measuring no more than 32 millimetres, with no eyes and a blood-red body, and is genetically distinct from the three previously known Horaglanis species. "The specific name populi, the genitive of the Latin noun for 'people,' honours the invaluable contributions of the interested public in Kerala who helped document the biodiversity of these subterranean fishes -- including the discovery of the new species," says Britz. "Our Horaglanis project is an excellent example of how public involvement can greatly increase our knowledge of rarely collected organisms that live in relatively inaccessible habitats. Local people expand the researchers' 'eyes and ears' by several orders of magnitude," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vodafone-idea-continues-to-bleed-subscribers/articleshow/98006341.cms">Reliance Jio and Airtel add subscribers as Vodafone Idea continues to bleed subscribers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-closes-offices-in-delhi-mumbai-staff-asked-to-work-from-home/articleshow/98006141.cms">Twitter closes offices in Delhi, Mumbai; staff asked to work from home</a>

Indo-German team discovers new catfish species in Kerala with no eyes, blood-red body

<ul><li><keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> closed 0.53% or 320 points higher at 60,942 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended up 0.50% or 91 points at 18,119.</li><li>Sun Pharmaceuticals, Hindustan Unilever, Eicher Motors, UPL and Tech Mahindra were top gainers on the 50 stock index Nifty50.</li><li>The range-bound movement is likely to continue in the run-up to the Budget 2023-24, according to analysts.</li></ul>India’s benchmark indices Sensex and Nifty50 ended higher on Monday led by gains in shares of IT, pharmaceuticals, FMCG companies and positive cues from global markets. Sensex closed 0.53% or 320 points higher at 60,942 while Nifty50 ended up 0.50% or 91 points at 18,119. Sun Pharmaceuticals, Hindustan Unilever, Eicher Motors, UPL and Tech Mahindra were top gainers on the 50 stock index Nifty50. On Friday, Sensex and Nifty50 closed in the red – while Sensex declined 237 points to close at 60,622, Nifty50 fell 80 points to close at 18,028. The rangebound movement is likely to continue in the run-up to the Budget 2023-24, according to analysts. Top gainers and losers on Nifty500 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Torrent Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.52% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8.10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.99% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infibeam Avenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.82% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.58% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Energy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.89% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Can Fin Homes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.55% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.17% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajesh Exports </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.19% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE, as on January 23, 2023 “Markets maintained the upward momentum through the trading session on positive cues from Asian and European indices. IT stocks emerged as the star performers after getting hammered in recent sessions on worries global IT spending may moderate this year due to likely slowdown in key economies. If the optimism continues, we may see some pre-budget rally in the truncated week,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities. Prices of crude oil continued to edge up – Brent crude oil prices were up 0.7% on Monday, at $88.24 per barrel. On the other hand, the rupee fell 21 paise against the US dollar to close at 81.38, reversing its gains from this morning when it appreciated 19 paise to fall below the 81 mark for the first time in two months. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sectoral indices </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.89% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.74% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Private Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.58% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty PSU Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.44% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Metal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.63% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE, as on January 23, 2023 Besides, investors also took some support from strong corporate earnings reported by banks and expectations of a less aggressive rate hike going ahead. “Market breadth tilted in favour of bulls lifted by financial stocks, amid positive cues from global peers. Strong corporate earnings reported by banks boosted appetite for financial stocks. Positive global markets owing to possibility of a less aggressive rate hike, further added colour,” said Vinod Nair, head of research at Geojit Financial Services. Positive cues in global markets Markets in the US snapped a three-day losing streak on Friday to close in the green, boosted by Netflix’ earnings and job cuts announced by US tech companies. While the S&amp;P 500 closed 1.89% up, the Dow Jones Industrial Average gained 1%. The tech-heavy Nasdaq posted a gain of 2.66%. This comes even as the US government hits its $31.4 trillion debt ceiling on Thursday, with the administration now using extraordinary cash measures to stave off a crisis. In Asia, while some key major markets like China were closed for holidays, Japan’s Nikkei 225 index ended in the green with a gain of 1.33%. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ai-as-a-service-to-free-speech-platforms-and-social-commerce-these-are-the-big-emerging-trends-of-2023/articleshow/97172911.cms">AI as a Service to free speech platforms and social commerce, these are the big emerging trends of 2023</a> <a href="https://www.businessinsider.in/business/corporates/news/rils-q3-net-profit-stays-flat-at-15792-crore-retail-and-jio-deliver-while-o2c-drags-due-to-weak-demand/articleshow/97179878.cms">RIL’s Q3 net profit stays flat at ₹15,792 crore – retail and Jio deliver, while O2C drags due to weak demand</a> <a href="https://www.businessinsider.in/business/corporates/news/google-to-axe-12000-jobs-ceo-sundar-pichai-says-company-hired-for-a-different-economic-reality/articleshow/97176523.cms">Google to axe 12,000 jobs; CEO Sundar Pichai says company hired for a different economic reality</a>

Sensex, Nifty50 end higher led by gains in IT, pharma and FMCG stocks

<ul><li><keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> and <keyword id="10875" type="General" weightage="80" keywordseo="ibm" source="Orion">IBM</keyword>’s new chipset design could potentially double either the performance or battery life of smartphones, crypto mining rigs among other things.</li><li>This new design is called <keyword id="12740717" type="General" weightage="20" keywordseo="vtfet" source="Orion">VTFET</keyword> and could succeed the current-gen FinFET design used in most modern chipsets.</li><li>Earlier this year, MIT, <keyword id="1187141" type="General" weightage="20" keywordseo="ntu" source="Orion">NTU</keyword> and TSMC developed a new chipset manufacturing process that could result in chipsets up to 1,00,000 times thinner than a strand of human hair.</li></ul>Tech giants Samsung and IBM have teamed up for a new chipset design that could potentially result in a one-week battery life on smartphones. The new chipset design seems ingenious, too – instead of laying flat on the chipset, the transistors are now stacked vertically. Samsung and IBM have named this design <keyword id="12740718" type="General" weightage="20" keywordseo="vertical-transport-field-effect-transistors" source="Orion">Vertical Transport Field Effect Transistors</keyword> (VTFET), which will succeed the FinFET (Fin Field Effect Transistor) design that is used by most of the modern smartphone chipsets. Stacking up the transistors vertically would allow Samsung and IBM to pack the chipset more densely, which alone would result in a performance and efficiency bump. The current would now pass up and down instead of horizontally, as is the case in current chipsets. Samsung and IBM claim that this new design would allow Samsung to offer up to a two-time jump in performance, or power savings of up to 85% when compared to the current chipsets. <cmsannotation type="cmsannotation" annotationid="More semiconductor breakthroughs in the works" comment="subhead" text="More semiconductor breakthroughs in the works">More semiconductor breakthroughs in the works</cmsannotation> If the Samsung-IBM collaboration seems like a breakthrough in chipset design and performance, there’s more in store – earlier this year, the Massachusetts Institute of Technology (MIT), National Taiwan University (NTU) and Taiwan Semiconductor Manufacturing Company (TSMC) teamed up to develop a <a href="https://interestingengineering.com/semiconductor-breakthrough-widened-gap-tiny-chips">new process</a> that would allow them to manufacture chipsets thinner than 1-nanometre. For context, a human hair is <a href="https://www.nano.gov/nanotech-101/what/nano-size">approximately</a> 80,000-1,00,000 nanometres wide. Even at one nanometre thickness, 80,000-1,00,000 chipsets would have to be stacked above each other to be as thick as a single strand of human hair. To be sure, it might still be a while before we see this new chipset design in consumer electronics – most importantly, smartphones – but it could be a game changer for other use cases as well. For instance, the companies claim that this could result in less power-hungry crypto mining operations, internet-of-things (IoT) devices that last much longer between charges and more. Basically, anything that uses this chipset design could last almost double the time between two charges. <div type="Youtube" id="OF3Zwfu6Ngc" title="IBM and Samsung Unveil Semiconductor Breakthrough That Defies Conventional Design" thumbUrl="https://i.ytimg.com/vi/OF3Zwfu6Ngc/mqdefault.jpg"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-1rs-data-plan-recharge-benefits-cheapest-4g-data-plan/articleshow/88292543.cms">At ₹1, Reliance Jio’s latest data pack is the cheapest in the world – costs less than a packet of water</a> <a href="https://www.businessinsider.in/tech/apps/news/snapchat-launches-short-video-editing-app-story-studio/articleshow/88290788.cms">Snapchat is getting serious about short videos with its new standalone editing app ‘Story Studio’</a> <a href="https://www.businessinsider.in/tech/news/indian-government-issues-urgent-warning-for-google-chrome-users-install-the-latest-update-now/articleshow/88290651.cms">Indian government issues 'urgent' warning for Google Chrome users, install the latest update now</a>

Samsung and IBM’s new chipset design could mean you need to charge your phone just once a week

Increased demand for leadership roles from government think tanks, public and the private sector and presence of marquee brands were some of the notable highlights at the <keyword id="6357275" type="ORGANIZATION" weightage="20" keywordseo="Indian-School-of-Business">Indian School of Business</keyword> recent placements as students received an average package of Rs 22 lakh. The School witnessed a 39% increase in the number of recruiters participating in the current placements season. Over 400 companies-domestic and international made 1,113 offers to students of the PGP Class of 2017. In addition to its students, ISB alumni too continue to do well beyond graduation – for example, ISB has been ranked number one amongst the top 30 global B Schools, for a 160 % increase in salary of its alumni, three years after completion of the programme, as per the Financial Times Global MBA rankings 2017. New campus recruits Besides the regular recruiters such as McKinsey &amp; Co, BCG, Parthenon, AT Kearney, <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword>, <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, Citibank, Novartis, Siemens, Amazon , <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword>, Hindustan Unilever ltd, who were on campus, there were several new companies such as Jones Lang LaSalle, Havells, Revigo, P&amp;G, Lending kart, Reliance Jio, Mindtree Consulting, L’ Oreal, Bain &amp; Co and Roland Berger. Public companies showed keen interest Reinforcing its trust in the leadership skills of ISB graduates, the government of Andhra Pradesh recruited at ISB for the second consecutive year with a total of 21 offers. ISB students were the preferred choice for several public advocacy and strategy roles. For the first time, they were chosen for roles of Executive Assistants to District Magistrates at select districts in the state. Other roles offered were in the areas of Fin-Tech, Textiles, Tourism, and Infrastructure among others. More leadership roles offered There was also a visible increase in leadership roles this year. 70+ offers were made to ISB students for leadership roles by leading corporates including Aditya Birla Group, Citibank, Yes Bank, Philips India Ltd, Tech Mahindra, MAX, Mytrah Energy and Genpact. ISB's women picked as leaders Echoing the ISB’s mission and efforts towards increasing gender diversity at the leadership level, Axis Bank continued to hire women students of ISB for their exclusive Leadership Programme for the third year, with roles across Treasury, Corporate Finance, Retail and Consumer Banking. Making its first appearance on campus Ashok Leyland, the PSU manufacturing giant also recruited ISB’s women students for leadership positions across Product, General Management and Strategy. Overseas recruitments ISB graduates continue to be the preferred choice of several international companies as they come with prior transnational work experience. These companies too offered senior management positions across locations such as Germany, Switzerland, Ireland, Abu Dhabi, Tokyo, Japan and Singapore. Among the international companies, Cargill, Apple, Coty Inc, Landmark Group, Baycurrent and Credit Access Asia were some among those who recruited for the first time at ISB. Consulting and IT/ITES sectors continued to be the largest recruiting sectors constituting 20% and 21% of total number of offers followed by BFSI and Healthcare &amp; Pharma. With a class size of 903, the Post Graduate Programme in Management (PGP) at ISB is one of the largest group of top-notch experienced talent in the region. The student body at ISB is a diverse mix of professionals across age groups, location, vertical and function, which allows recruiters from various sectors the opportunity to hire for multiple positions. The School follows an integrated system of ‘Rolling Placements Process’ which is a campus neutral, lateral hiring process spread over several months allowing students and recruiters to interact with each other and find their desired fit.

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