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<ul class="summary-list"><li>Jensen Huang's net worth soared $12 billion after a record day for Nvidia stock on Wednesday.</li><li>Nvidia stock surged 13%, increasing its market value by a record $327 billion.</li></ul>Jensen Huang's net worth soared $12 billion on Wednesday after a roaring day for <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock?utm_medium=ingest&amp;utm_source=markets">Nvidia's</a> stock.The co-founder and CEO saw his net worth surge to $103 billion as the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-amd-semiconductor-chip-stock-gains-2q-earnings-reaction-outlook-2024-7">company's stock climbed 13%</a>, making him the 14th-richest person in the world, according to Bloomberg data.The upward move in Nvidia shares came after a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-amd-semiconductor-chip-stock-gains-2q-earnings-reaction-outlook-2024-7">strong earnings report from AMD</a> and after earnings results from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock?utm_medium=ingest&amp;utm_source=markets">Microsoft</a> indicated that spending for AI infrastructure, of which Nvidia is the main beneficiary, is not slowing down anytime soon.Huang's net worth has risen $59 billion this year amid a 141% year-to-date rally in Nvidia stock.Nvidia ended up adding an unprecedented $327 billion to its market value in a single day. It broke its own record of $276 billion from February, when <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-target-increase-wall-street-q4-earnings-nvda-2024-2">it reported a big earnings beat.</a>The single-day surge in market cap is bigger than the entire value of well-known companies, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock?utm_medium=ingest&amp;utm_source=markets">Bank of America</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ko-stock?utm_medium=ingest&amp;utm_source=markets">Coca-Cola</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nflx-stock?utm_medium=ingest&amp;utm_source=markets">Netflix</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tm-stock?utm_medium=ingest&amp;utm_source=markets">Toyota Motors.</a>Nvidia shares faltered on Thursday, sliding about 1%, even after <a target="_blank" class="" href="https://www.businessinsider.com/meta-stock-quarterly-earnings-call-report-live-updates-2024-7">earnings results from Meta Platforms</a> confirmed that mega-cap tech companies are continuing to accelerate their AI investments.

Jensen Huang just got $12 billion richer in a single day as Nvidia stock soared

<ul><li><keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> today announced its foray into digital-led <keyword id="2888417" type="PERSON" weightage="20" keywordseo="Discount-broking">discount broking</keyword> with a new platform – Espresso.</li><li>In an interview with Business Insider, R Kalyanaraman, Espresso’s Chief Customer Officer, explains why for the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. </li><li>In a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit.</li></ul>Leading stock broking firm Sharekhan today announced its foray into digital-led discount broking with a new platform – Espresso. For the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. And interestingly, in a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit. In an interview with Business Insider, R. Kalyanaraman, Espresso’s Chief Customer Officer, talks about Espresso and the company’s plan to take no charge for brokerages services if you register a loss in an intra-day trade. Discount broking foray Kalyan believes that multiple things have happened in the last three-five years that led to Sharekhan’s entry into discount broking. “There is clearly a segmentation of customers. One which seeks services from a full services broker like Sharekhan, they need a relationship manager, reports, and a lot more hand-holding. And in the last few years, we have observed the trend that there are a lot of new to market investors who want to do things by themselves,” he said. So Espresso was built for this emerging clan of customers who just needed digital support but would trade the DIY way. “An Espresso customer would be very different from a Sharekhan consumer,” he said. Espresso will be competing with the likes of Zerodha who have already garnered a good reputation in the market. Espresso Competition <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">Company </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;">Users </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;">Angel Broking </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;">2.15 million </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;">Zerodha </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;">3 million </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;">Paytm Money (Mutual funds. Stock broking launched recently) </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;">6.6 million </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;">Groww </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;">80 lakh </td></tr></tbody></table>Source: Company data Building for the millennial customer Right from the name ‘Espresso’ to the look and feel of the website, it doesn’t look like a traditional stock broking firm. Kalyan says it was an intentional step to build a product for the new-age customer. “The whole idea of branding the new company Espresso was to communicate in clear terms that investing is not a taboo – it’s not something to dread about,” he said. Kalyan shared that in the past few months, discount brokers account for nearly 60-70% of the total new accounts opened, which shows that the average investor age group is getting younger. Sharekhan CEO Jaideep Arora shared during a conference call with reporters that while they have already invested ₹50 crore in Espresso, they would invest more ₹25-30 crore along the way. Free brokerage if you register a loss in intra-day transactions Espresso has also made a bold move with a ‘Pay When You Profit’ pricing model for intra-day trading. With this, the company will charge brokerage fees only when you make a profit on the same day trading. “The idea was to give the customer an additional chance to learn from their mistakes. I’m trying to say that for an intra-day trade, even if you make a mistake, don’t worry, don’t pay me brokerage. There are multiple ways to connect with the customer and this is our way of saying we are in this for the long haul,” said Kalyan. And he dismisses that this model might not be sustainable. Instead, he says if they can build credibility with this model, they will show the consumer that they “are partnering with the user for the road to success”. “We have a huge support from the balance sheet of BNP Paribas (Sharekhan’s parent company) and we can go ahead and paint the town red. We chose not to do so because we don’t want to just spend money and acquire customers. We hope to make a serious name in the stock broking industry and be in the top 3 in the next five years,” said Kalyan. SEE ALSO: <a href="https://www.businessinsider.in/business/news/smaaash-shuts-down-founder-calls-it-a-premature-death-for-the-company/articleshow/78251754.cms">Smaaash shuts down – founder calls it a ‘premature death’ for the company</a> <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a> <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a>

INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade

<ul><li>Like a savings account holds money, a <keyword id="105386" type="General" weightage="20" keywordseo="demat-account" source="Orion">demat account</keyword> holds investors’ investments -- <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword>, mutual fund units, bonds etc in one place.</li><li>To invest in the stock market, it is mandatory to have a demat account.</li><li>India’s penetration into financial markets is low, given only one in every 23 people has a demat account in the country.</li></ul>India’s benchmark index Sensex, which has delivered 27% returns in the last one year has got a lot of investor attention, thereby increasing the number of demat account holders. This is because it is mandatory to open a demat account in order to invest in any financial products. Like a savings account holds money, a demat account holds investors’ investments -- stocks, mutual fund units, bonds etc., in one place. Demat account holders in the country increased by almost 50% to 6 crore as of June 2021, from 4.02 crore in February 2020. If you're looking to invest in the stock market, debt instruments, mutual funds or even <keyword id="35156" type="General" weightage="20" keywordseo="ipos" source="Orion">IPOs</keyword>, here is how you can do it by opening a demat account. Here are some example of brokers you can open your account with: <ul><li><keyword id="46252" type="General" weightage="20" keywordseo="motilal-oswal" source="Orion">Motilal Oswal</keyword></li><li><keyword id="12292089" type="General" weightage="20" keywordseo="angel-one" source="Orion">Angel One</keyword></li><li>HDFC Securities</li><li>Sharekhan</li><li><keyword id="759851" type="General" weightage="20" keywordseo="zerodha" source="Orion">Zerodha</keyword></li><li>Upstox</li><li><keyword id="6189412" type="General" weightage="20" keywordseo="groww" source="Orion">Groww</keyword></li><li>5 Paisa</li><li>Paytm Money</li></ul>List of important documents required for opening of a demat account While a demat account can be easily opened online now, one requires several documents to submit online for the know your customer (KYC). <ul><li>Identity proof from any one of these — Aadhaar card, PAN card, driving licence, voter ID card etc.</li><li>Address proof from any one of these — passport, electricity bill, ration card, gas bill, landline telephone bill etc.</li><li>Cancelled cheque of bank account you want to transact with.</li><li>Proof of income from any of these — latest salary slips, income tax returns copy, bank statement for last 6 months, copy of Form 16.</li></ul>Further, charges to open a demat account differ from banks to stock brokerages to discount brokers to online investment platforms. A typical online investment platform like Zerodha charges around ₹200-300 annually. Banks charge up to ₹900 to open such an account. Steps to open a demat account Step 1: Choose the broker you want to open an account with. Step 2: Visit the company’s website and start the demat account opening process. Step 3: Fill out the information required for know your consumer (KYC). Step 4: Submit the scanned copies including identity proof, bank account statement, income proof, photo to complete the KYC. Step 5: After submitting all the documents and verifying it, pay the required amount for trading. Step 6: At the end of the process you will receive a unique 16-digit beneficial owner identification number (demat account no.), which will be used to access the demat account online. Step 7: Login with the demat account number and walk in to your investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/saas-firm-rategains-ipo-opens-tomorrow-should-you-invest/articleshow/88125982.cms">SaaS firm RateGain’s IPO opens tomorrow — should you invest?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty-50-stocks-like-indusind-bank-tata-consumer-bajaj-finserv-tcs-hcl-drop-more-than-3-on-fear-of-rising-omicron-cases/articleshow/88122922.cms">Nifty 50 goes below 17,000-mark on rising Omicron cases, fear of lockdown</a>

Want to invest in stocks and IPOs? Here is how you can open a demat account

<ul class="summary-list"><li>Keith Gill, better known as Roaring Kitty, kickstarted the meme stock movement back in 2021. </li><li>But the 37-year-old trader vanished from the public eye abruptly three years ago.</li></ul>Memes, video clips, and Reddit posts.That's all it took for trader <a target="_blank" href="https://www.businessinsider.com/where-is-keith-gill-now-dumb-money-movie-gamestop-2023-9">Keith Gill</a>, known as Roaring Kitty, to send <a target="_blank" href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> share prices soaring and plunging in the past few weeks.Gill, 37, first grabbed headlines in 2021 when his evangelical zeal for GameStop shares triggered a <a target="_blank" href="https://www.businessinsider.com/how-short-selling-works-why-it-didnt-work-on-gamestop-2021-1">short squeeze</a>. The former CFA charter holder even had to testify to Congress in February 2021 for his role in the meme stock saga.But Gill vanished from the public eye just months later when he posted his <a target="_blank" href="https://www.youtube.com/watch?v=qqOZ5mo7vOw">last YouTube video</a> in April 2021.That was until last month, when his <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-meme-stocks-keith-gill-roaring-kitty-wall-street-bets-2024-5">sudden reemergence on X</a>, formerly Twitter, sent GameStop share prices on a roller coaster ride.Here's how Gill's bizarre social media antics have upended the stock market over the years.<h2 id="7db1130a-70d6-44d6-b8df-bf35a8f1ef8c">"I like the stock"</h2><div type="image" title="GameStop NYC" height="1125" width="1500" msid="110700943" hostid="261" sizebytes="165978"></div>Gill is widely credited for sparking the meme stock craze three years ago.The former MassMutual financial analyst started posting his bets and analyses on GameStop on Reddit's WallStreetBets forum under the username "<a target="_blank" href="https://www.reddit.com/user/DeepFuckingValue">DeepFuckingValue</a>" in 2019.His online activity would later expand to YouTube, where he built an online following with his "<a target="_blank" href="https://www.youtube.com/@RoaringKitty/featured">Roaring Kitty</a>" persona. Gill uploaded 84 videos and livestreams on his YouTube channel from July 2020 to April 2021 and has over 600,000 subscribers as of press time.It is unclear how much money Gill made from his GameStop play.Gill initially <a target="_blank" href="https://www.reddit.com/r/wallstreetbets/comments/dbkv9r/gme_yolo_monthend_update_sep_2019/">invested $53,000 of his life savings</a> into GameStop in 2019. At the time, the video game retailer's stock was <a target="_blank" href="https://www.wsj.com/articles/keith-gill-drove-the-gamestop-reddit-mania-he-talked-to-the-journal-11611931696">hovering around $5 per share</a>. The share price would eventually <a target="_blank" href="https://www.nytimes.com/2021/02/02/business/gamestop-investors-plunging-shares.html">peak at $483</a> in January 2021.Gill's unabashed support for GameStop shares turned him into a hero among Reddit users, who saw him as a modern-day David going up against the Goliath-like hedge funds shorting the stock.In February 2021, Gill <a target="_blank" href="https://www.businessinsider.com/gamestop-hearing-roaring-kitty-i-am-not-a-cat-lawyer-2021-2">testified before the House Financial Services Committee</a> about the meme stock saga. In his <a target="_blank" href="https://www.youtube.com/watch?v=ukXQGBpXaVM">testimony</a>, Gill defended his social media activity and said he used only publicly available information to trade."The idea that I use social media to promote GameStop stock to unwitting investors and influence the market is preposterous," Gill said. "My posts did not cause the movement of billions of dollars into GameStop shares.""As for me, I like the stock. I'm as bullish as I've ever been at a potential turnaround for GameStop, and I remain invested in the company," Gill concluded.<h2 id="1c2a2bd1-ba90-479c-8d79-8971a705786f">Roaring Kitty is back</h2><div type="image" title="GameStop millionaire u/DeepFuckingValue" height="911" width="1919" msid="110700945" hostid="261" sizebytes="32874"></div>Gill would retreat from public life just months after he testified to Congress. Besides ceasing his online activity, he left his job at MassMutual, per <a target="_blank" href="https://www.reuters.com/business/retail-consumer/roaring-kitty-no-longer-has-financial-broker-license-filing-2021-03-02/">Reuters</a>.Gill, however, broke his three-year-long silence on social media last month when he posted a sketch of a man leaning forward in his chair on X.The X post, published on May 12, caused GameStop share prices to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-meme-stocks-keith-gill-roaring-kitty-wall-street-bets-2024-5">skyrocket to 82%</a> the following day.Interestingly, Gill's post didn't contain a direct call for his followers to buy GameStop shares, though the man in the sketch does seem to be clutching what looks like a game controller.Nonetheless, the post's cryptic message was enough to galvanize Gill's fans and supporters, who were quick to <a target="_blank" href="https://x.com/RandomFella__/status/1789911188945436717">focus on</a> his favorite stock."Roaringkitty is back," the WallStreetBets subreddit said in an <a target="_blank" href="https://x.com/wallstreetbets/status/1789839123793981538">X post</a> on May 12.<h2 id="a210f664-b79a-4c21-8bf4-00787a9e9925">Memes, clips, and Reddit posts</h2>Since coming back online, Gill has been a prolific user of X, sometimes making multiple posts daily. The trader's posts have been coming in at a frenetic pace and seem to lack much cohesion.For instance, Gill has posted edited clips from movies like <a target="_blank" href="https://x.com/TheRoaringKitty/status/1790830761542664192">the Wachowskis' "The Matrix"</a> and <a target="_blank" href="https://x.com/TheRoaringKitty/status/1791110102797172804">Quentin Tarantino's "Kill Bill."</a>On top of clips, Gill has riffed on memes — like on May 17, when he superimposed a <a target="_blank" href="https://www.thecut.com/2016/08/ben-affleck-smoking-through-the-pain-of-existence.html">tired-looking Ben Affleck taking a smoke</a> in front of a GameStop store.Aside from drawing in retail investors, Gill's antics caught the attention of presidential candidate <a target="_blank" href="https://www.businessinsider.com/rfk-jr-meme-stocks-gamestop-retail-investing-wall-street-presidency-2024-5">Robert F. Kennedy Jr</a>.The 70-year-old revealed on May 21 that he'd <a target="_blank" href="https://www.businessinsider.com/rfk-jr-meme-stocks-gamestop-retail-investing-wall-street-presidency-2024-5">bought $24,000 worth of GameStop stock</a> to support the meme stock movement."We need a free and fair market. Let's punish predatory short selling to the moon," Kennedy <a target="_blank" href="https://x.com/RobertKennedyJr/status/1792970117204287992">wrote</a> in his X post. "By the way, I ride with you and I'm not leaving." But Gill wasn't done just yet. On June 2, he <a target="_blank" href="https://www.reddit.com/r/Superstonk/comments/1d6r5vp/gme_yolo_update_june_2_2024/">returned to Reddit</a> where he appeared to disclose a <a target="_blank" href="https://www.businessinsider.com/gamestop-stock-price-roaring-kitty-keith-gill-investing-markets-outlook-2024-6">$116 million GameStop position</a>.He later made a <a target="_blank" href="https://www.reddit.com/r/Superstonk/comments/1d7e4uh/gme_yolo_update_june_3_2024/">follow-up post</a>, saying that his stake had grown to $140 million. He then <a target="_blank" href="https://x.com/TheRoaringKitty/status/1797418617908154621">posted a picture of a Uno reverse card</a> on X on the same day.Gill's recent uptick in social media activity appears to have piqued the interest of regulators and financial institutions, who may be concerned about possible market manipulation.On Monday, <a target="_blank" href="https://www.wsj.com/finance/regulation/e-trade-considers-kicking-meme-stock-leader-keith-gill-off-platform-f2003ec4?mod=hp_lead_pos1">The Wall Street Journal</a> reported that Gill could get <a target="_blank" href="https://www.businessinsider.com/e-trade-may-ban-roaring-kitty-gamestop-stock-surge-2024-6">barred from Morgan Stanley's electronic trading platform, E*Trade</a>.A spokeswoman for the Massachusetts securities division told The Journal that they were also investigating Gill's activities.Representatives for Gill and GameStop didn't immediately respond to requests for comment from Business Insider sent outside regular business hours.

Inside Roaring Kitty's 3 insane weeks of hyperactive social media posting that sparked a feeding frenzy for GameStop stocks

<ul><li><keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> added 12 lakh new clients in Apr-Jun as compared to 9.6 lakh in Jan-Mar.</li><li>The broking house has given ₹5.15 dividend per share in the first quarter of this financial year.</li><li>Average monthly net broking income rose to ₹68.5 crore in June quarter from ₹33.9 crore in the corresponding quarter last year.</li></ul>Awareness about investment, savings, insurance and wealth creation seems to have peaked during the pandemic and that is being reflected in India’s equity markets as well. The increase in stock market investment has benefitted traditional stock broking companies like Angel Broking, which added 12 lakh new clients between April and June as against 9.6 lakh it added during this time last year. “It is heartening to see that we continue to sustain high growth across parameters, even on a large base, with a majority of incremental clients coming from tier 2, 3 and beyond cities. As Bharat opens up more aggressively, to the idea of systematic wealth creation, we shall witness a massive growth opportunity unfolding, for the fintech industry,” said Narayan Gangadhar, chief executive officer of Angel Broking in a press note. Investors cheered this news on Dalal Street as the shares of the company surged 20% to ₹1,272 at 1:08 p.m., on Friday, July 16. Mirroring these gains, shares of peer Motilal Oswal also surged 13% to ₹1,149 as of 1:08 p.m. The rising number of investors under Angel Broking has accelerated the company’s net broking income. Out of the ₹474 crore of total income, 68% of income -- ₹322 crore -- has come from broking. The broking house has also announced a dividend of ₹5.15 per share. <div type="image" title="Angel broking net broking income" height="900" width="1200" msid="84469003" hostid="261"></div> The broking house also reported a massive jump of over 200% in net profit. Its revenue from operations increased to ₹457 crore in June quarter from ₹236 crore last year. <div type="image" title="Angel broking profit" height="900" width="1200" msid="84469017" hostid="261"></div> Angel Broking is among the top five stock brokers -- others being Zerodha, Upstox, ICICI Securities and HDFC securities -- with the highest market share. According to research platform Trade Brains, it holds a market share of 8.28%. <div type="image" title="Angel share chart" height="900" width="1200" msid="84469023" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sup&amp;gt;&amp;lt;/sup&amp;gt;&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/news/paytm-has-filed-for-2-2-billion-ipo/articleshow/84465551.cms">Paytm has filed for $2.2 billion IPO </a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-design-battery-charging-time-and-expected-price-in-india/articleshow/84467839.cms">Ola electric scooter design, battery charging time and expected price in India</a>

Angel Broking shares surge 20% as rising awareness among investors turns in favour of the stock broker

<ul><li><keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> has put out a consultation paper on <keyword id="152818" type="General" weightage="20" keywordseo="algorithmic-trading" source="Orion">algorithmic trading</keyword> by retail investors yesterday.</li><li>The market regulator has suggested additional restrictions before executing an algo trade to which online broking firms providing such services have raised their concerns.</li><li><keyword id="6377626" type="General" weightage="20" keywordseo="algo-trading" source="Orion">Algo trading</keyword> means a sell/buy order gets executed automatically when the pre-defined levels are met.</li></ul>A consultation paper by India’s market regulator Securities and Exchange Board of India (SEBI), that came out on December 9, regarding algorithmic trading by retail investors is a topic of concern for online trading platforms offering automated services to trade in the stock market. Algorithmic/algo trading means a sell/buy order gets executed automatically when the predefined levels are met. For example: You have 10 stocks of ABC company bought at ₹10 and you feel the stock will move up to ₹20. In such a case you can put an upper limit to the selling price and execute a trade beforehand. This sets you free from monitoring the stock every minute and executing the trade conveniently. So, definitely it feels like algo trading is the future, but apparently there are many concerns for the regulator regarding the misuse of such automated products especially by retail investors who have a small ticket size (average amount of investment). "This kind of unregulated/unapproved algos pose a risk to the market and can be misused for systematic market manipulation as well as to lure the retail investors by guaranteeing them higher returns. The potential loss in case of failed algo strategy is huge for retail investor [sic],” said SEBI in the consultation paper. Some of the key factors from <keyword id="12710158" type="General" weightage="20" keywordseo="sebi-consultation-paper" source="Orion">SEBI consultation paper</keyword> that indicates it wants to control algo services for retail investors. <ul><li>Stock exchanges — BSE, NSE — should approve all algo trades before execution from stock brokers.</li><li>Stock exchanges need to develop a system to ensure that only those algos which are approved by the exchange and having unique algo ID provided by the exchange are being deployed.</li><li>Brokers shall also deploy suitable technological tools to ensure that appropriate checks are in place to prevent unauthorised altering/tweaking of algos.</li><li>All algos developed by any entity have to run on the servers of broker wherein the broker has control of client orders, order confirmations, margin information etc</li><li>Stock brokers need to have adequate checks in place so that the algo performs in a controlled manner.</li><li>Stock broker is responsible for all algos emanating from its application programming interface (APIs) and redressal of any investor disputes.</li></ul>SEBI has put out the paper to seek comments from various stakeholders including market intermediaries. One of the online broking platforms that offer algo services to investors says that SEBI may want to control the automated process. “SEBI has put [out] a consultation paper with the intent of curbing unregulated algo platforms that promise guaranteed returns. But the way it's planned will mean brokers will have to stop offering APIs. This will be 2 steps back in a tech-first future,” said Nithin Kamath, founder and chief executive officer (CEO) of <keyword id="759851" type="General" weightage="20" keywordseo="zerodha" source="Orion">Zerodha</keyword> in a tweet. Deepak Shenoy, founder and CEO at wealth management firm Capitalmind said the problem isn’t algorithms, it's the way humans are misusing the technology. “The problem wasn’t the algorithm. It did exactly what it was supposed to do. But the human thinking that technology could save the day was exactly what ruined the day. Too many people blindly relied on technology that didn't know how to deal with the compounding effects of its own actions,” said Shenoy. Head of investment platform Dhan — Pravin Jadhav — also shared his views on SEBI’s recommendations saying SEBI is not intending to ban it, but wants more accountability on such trades. “SEBI wants stock exchanges to know which orders are coming from where and how; as a regulator it is a very fair ask [sic]. If you are worried because you are doing something wrong, then you shouldn’t be doing that in the first place,” said Jadhav. SEBI’s growing concerns over misuse of the automated features to trade in stocks is in line with the increasing popularity of algo trading platforms especially for young investors. In the consultation paper, SEBI is asking brokers to get exchange approvals for every algo trade, which is ‘an extremely tedious and complex process’ as per Kamath. Disallowing APIs will just shift investors from using broker APIs to third party automation tools which aren't in the control of the brokers. API establishes an online connection between a data provider (i.e., stock broker) and an end-user (i.e., client). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/metro-brands-that-is-open-for-ipo-is-aggressively-planning-on-opening-new-stores-despite-covid-19s-impact-on-its-profits/articleshow/88204220.cms">Metro Brands is aggressively planning on opening new stores despite COVID-19’s impact on its profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pharmeasy-ipo-is-now-facing-a-rejection-plea-from-traders-lobby/articleshow/88207514.cms">After chemists’ body, traders demand rejection of PharmEasy’s IPO</a>

Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading

<ul class="summary-list"><li>Despite wide public support against the practice, members of Congress invest in the stock market.</li><li>People have invested at least $55 million in two years mimicking members of Congress' portfolios.</li></ul>An app allowing its users to trade like members of Congress and leading investors just broke $100 million in total investments. Despite its success, the app's cofounders adamantly say they hope it leads Congress to ban themselves from trading.Released in January 2023, Autopilot pulls trading data filed by members of Congress and allows users to copy their trades. Since the passage of the <a target="_blank" href="https://www.businessinsider.com/congress-stocks-stock-act-violations-lawmakers-finances-disclosure-2022-12">Stop Trading on Congressional Knowledge (STOCK) Act</a> in 2012, members of Congress are required to report each of their and their immediate family's investments within 45 days or face financial penalties.The app also allows its users to mimic investments made by prominent hedge fund managers like Michael Burry, the subject of the 2015 movie "The Big Short," via their federally required 13F filings.Chris Josephs, a cofounder of the platform who runs the popular "<a target="_blank" href="https://twitter.com/PelosiTracker_">Nancy Pelosi Stock Tracker</a>" on X, told Business Insider the app breezed past the $100 million trading milestone on Monday, with more than $55 million copied from trades that copied congressionally filed ones.The app doesn't allow its users to mimic every member of Congress. Instead, it provides four legislators to copy — Rep. Nancy Pelosi, Rep. Dan Crenshaw, Rep. Debbie Wasserman Schultz, and Rep. Dan Goldman, plus an amalgam of stocks from "the top 10 politician traders based on their 2022 performance."Josephs said the portfolios of Crenshaw and Pelosi, which the congresswoman has said are made by her husband, <a target="_blank" href="https://www.businessinsider.com/nancy-pelosi-stock-trades-congress-investments-2022-7">Paul Pelosi</a>, are the two most popular to mirror.Statistics within the app show that Pelosi's reported trades increased 45% in value in 2023. Crenshaw's increased in value by 41%.Asked for comment on the matter, Corry Schiermeyer, spokesperson for Crenshaw's office, told Business Insider their boss is "not a millionaire and barely has anything invested in the market."Representatives from Pelosi's office declined Business Insider's request for comment.<h2>The fight against congressional stock trading</h2><div type="image" title="large bronze statue of bull in running stance in a brick plaza" height="1500" width="2250" msid="108687731" hostid="261"></div>At the end of 2021, Pelosi — then-speaker of the House — said that she was against banning members of Congress and their families from trading stocks, leading to massive public outcry and her to flip her position on the matter.Several members of Congress — both Republicans and Democrats — tried to ban the practice in 2022 to <a target="_blank" href="https://www.businessinsider.com/lawmakers-unlikely-banned-trading-stocks-for-now-2022-12">no avail</a>. Next congressional session, in 2023, a group of <a target="_blank" href="https://www.businessinsider.com/democratic-senators-reintroduce-bill-to-ban-stock-trading-by-lawmakers-2023-4">Democratic senators introduced a similar bill</a>, though it remains stuck in committee."That's why we're doing this," Josephs, the Autopilot spokesperson, said. "Honestly, it's partly to continue holding their feet to the fire. We're not going away."Donald Sherman, deputy director for the Citizens for Responsibility and Ethics in Washington, said he thinks the app is a "clever idea." He's not surprised to hear that many legislators have trading portfolios that are more successful than the average investor's."If I take the most generous perspective, their entire job lends itself to the kind of careful study of market trends, economic factors, and experience with what moves the market that I think most traders need and would envy," he said.As Autopilot's Josephs <a target="_blank" href="https://twitter.com/Chrisjjosephs/status/1742568215530594626">has put it</a>: If you can't beat 'em, join 'em.

Traders have invested $55 million using an app that helps them copy congressional stock portfolios

<ul><li>The SGX Nifty was trading 0.31% lower at 7:50 am, indicating a weak opening for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Friday. The SGX Nifty was trading 0.31% lower at 7:50 am, indicating a weak opening for Nifty50. However, The US stock markets soared on Thursday, as investors cheered healthy economic data and bet on tech stocks to post strong quarterly earnings. The Dow Jones Industrial Average closed 139 points higher and the S&amp;P 500 gained 1.19%. These are the stocks to watch out for during the trading session on October 29: IndiGo India’s largest airline IndiGo reported a net loss of ₹1,194 crore for the second quarter ended September 30. The company had posted a net loss of ₹1,062 crore in the same quarter last year. The airline’s total income was down 65% to ₹3,029 crore. The shares of IndiGo ended 2.3% higher on Thursday. Tata Group stocks The Tata Group stocks such as Tata Motors, TCS, Tata Communications, among others, will be in focus throughout the trade today. The Shapoorji Pallonji Group has submitted a plan for separation from Tatas to the Supreme Court. The Mistrys have valued their holding in the Tatas at ₹1.75 lakh crore. Hindustan Petroleum (HPCL) The petroleum giant Hindustan Petroleum announced that its board would meet on November 4 to consider a share buyback plan as the company management feels the share price is lower than the value it deserves. The shares of HPCL ended 5% higher on Thursday. SpiceJet, IndiGo and other aviation-related stocks The stocks of SpiceJet, IndiGo and other aviation-related stocks will be in focus today. The Civil Aviation Minister Hardeep Singh Puri announced that the upper and lower limits on domestic airfares would remain in place for another three months post-November 24. The shares of SpiceJet ended 2% lower on Thursday. Mangalore Refinery and Petrochemicals Limited (MRPL) ONGC subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) registered a net profit of ₹35.84 crore in the second quarter ended September 30, as against a loss of ₹574.45 crore in the corresponding period last year. The shares of MRPL ended 1% lower on Thursday. Zensar Technologies Zensar Technologies reported an 11.7% rise in net profit to ₹89.2 crore for the second quarter ended September 30. The board of the company has also given in-principle approval for a merger of its wholly-owned subsidiary Cynosure Interface Services with the company. The merger aims at reducing administrative costs. The shares of Zensar Technologies ended 0.37% lower on Thursday. TVS Motor TVS Motor Company reported a 29.37% decline in consolidated net profit at ₹181.41 crore for the quarter ended September 30. The production and sales improved consistently from July onwards, but the commercial vehicle segment continued to hurt the company. The shares of TVS Motor ended over 1% lower on Thursday. Vodafone Idea Debt-ridden telecom firm Vodafone Idea reported narrowing of its consolidated loss to ₹7,218.2 crore for the quarter ended September 30. The company had posted a loss of ₹50,897.9 crore in the same quarter last year. However, the total income declined by about 3% to ₹10,830.5 crore during the reported quarter. The company’s subscriber base also declined to 27.18 crore in Q2, from 27.98 crore earlier. The shares of Vodafone Idea ended 4% lower on Thursday. Angel Broking Kuwait Investment Authority has acquired half a percent stake in retail broking company Angel Broking via open market transactions on October 29 for ₹321.73 per share. The shares of Angel Broking ended 3% higher on Thursday. Reliance Industries, Dixon Technologies, IndusInd Bank, Indian Oil Corporation, UPL, Reliance Industries, Dixon Technologies, IndusInd Bank, Indian Oil Corporation, UPL among others are slated to announce quarterly financial results today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/marutis-revenue-rises-10-as-car-sales-increase-but-high-commodity-prices-dampen-profit/articleshow/78929357.cms" data-type="tilCustomLink">Maruti’s revenue rises 10% as car sales increase but high commodity prices dampen profit</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-backer-lightspeed-india-invests-in-a-live-tutoring-platform-teachmint/articleshow/78924152.cms">BYJU'S backer Lightspeed India invests in a live tutoring platform Teachmint</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms" data-type="tilCustomLink">COVID-19 vaccine updates: Pfizer, Moderna to roll out COVID-19 vaccine by December</a>

Top stocks to watch — RIL, IndiGo, Tata Group, SpiceJet, Angel Broking, Dixon Tech, MPCL, and others

<ul class="summary-list"><li>The Saint Petersburg stock exchange broke into chaos this week after a filing said the exchange was bankrupt.</li><li>The filing was submitted by fraudsters, the exchange said in a statement.</li></ul>One of Russia's main stock exchanges descended into chaos this week after a false bankruptcy report sent investors fleeing and pushed shares briefly to record lows. Court filings dated November 24 show that the Saint Petersburg Stock Exchange, Russia's second largest stock trading platform, filed for bankruptcy last week, <a href="https://www.reuters.com/business/russias-spb-exchange-denies-that-it-has-filed-bankruptcy-2023-11-27/#:~:text=%22SPB%20Exchange%20has%20not%20filed,9.5%25%20by%20the%20day's%20close">Reuters</a> reported.News of bankruptcy filings caused investors to flee the exchange, with Moscow-listed shares on the SPB Exchange plunging 30% on Monday to their lowest-ever level. But the filing was a fake submitted by fraudsters, the exchange said on Monday. The Moscow Arbitration Court has also rejected the filings, the state-owned Russian news agency RIA reported."SPB Exchange has not filed documents for bankruptcy," SPB's media team told Reuters this week. "SPB Exchange has a stable financial position and there are no signs of bankruptcy."Shares on the SPB Exchange recovered slightly after the announcement, ending Monday just 9.5% lower. The tumult finishes off a rocky month for the SPB exchange, which was hit by US sanctions late in November. New restrictions have the exchange unable to settle around two-thirds of clients' trades held in foreign currency. <a href="https://www.reuters.com/markets/europe/russias-spb-exchange-clients-get-third-fx-funds-back-after-us-sanctions-2023-11-28/">Trading on the exchange was briefly halted</a> before it rolled out a plan to distribute a third of funds back to clients, but only in rubles.<a href="https://markets.businessinsider.com/news/stocks/russia-economy-stock-market-putin-ukraine-war-moscow-investment-sanctions-2023-8">Foreign investors in Russia are stuck in a state of limbo</a>. The nation has halted flows of foreign assets, meaning those who invested in Russian stocks prior to the invasion of Ukraine haven't been able to cash out. The move is intended to prop up Russia's stock market, two Yale researchers previously told Business Insider, adding that Russia's stock market performance this year has been a facade created by restrictions imposed by Moscow.

A Russian stock exchange descended into chaos this week after fraudsters declared it had filed for bankruptcy

<ul><li>Indian stock market hit new highs today led by a rise in <keyword id="11782097" type="UNKNOWN" weightage="20" keywordseo="shares-of-banks">shares of banks</keyword>, FMCG and IT stocks.</li><li><keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> 50 closed above historic high 16,000 points and Sensex closed above 53,500 points.</li><li>Analysts believe strong performance by stocks like HDFC, IT stocks, SBI, which are heavyweights on Nifty 50 led the rally.</li></ul>What is common between Titan, HDFC IndusInd Bank, Nestle India and Ultratech Cement? These are the top five gainers on the Nifty50, the benchmark index, that closed at a record level, above at 16,000, which had seemed to be a barrier even for the bulls in the market in recent months. That a varied set of stocks, from a watch maker to a mortgage lender, a bank to a company that is known for its noodles and sauces, as well a cement maker fill up the top five positions on the bourses on a given day ⁠— it only tells us that the euphoria is widespread and not tied to a specific theme. <table style="border-width: initial; border-style: none;"></colgroup><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;">Nifty 50 - 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;">Gains on Aug 3 </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;">Titan </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;">3.99% </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;">HDFC </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;">3.78% </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;">Indusind 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;">3.49% </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;">Nestle India </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;">3.29% </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;">UltraTech Cement </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;">2.71% </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;">State Banks of India </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;">2.55% </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;">Hindustan Unilever </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;">2.39% </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;">AxisBank </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;">2.34% </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;">Bharti Airtel </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;">2.34% </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;">Tata Motors </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;">2.29% </td></tr></tbody></table> The Indian stock markets seem to be taking comfort over the improved economic conditions, better corporate earnings and rising consumer demand in certain sections of the society. Nifty 50 closed above historic high 16,000 points and Sensex closed above 53,500 points. These are some of the facts that led to this spectacular rally in the Indian stock market: <ul><li>Shares of Nifty 50 heavyweight HDFC surged nearly 4%, a day after its earnings, because the amount of defaults was <a href="https://www.businessinsider.in/finance/banks/news/bad-loans-increasing-in-pnb-hdfc-rbl-kotak-mahindra-bandhan-and-federal-banks-bank-other/slidelist/84996023.cms">much less </a>than what the market had feared. </li><li>Gross GST (goods and services tax) collection jumped 33% in July at ₹1,16,393 crore.</li><li>31 Nifty 50 companies, that have posted results so far, have shown 70% on year earnings growth against expected 64%, according to Motilal Oswal Financial Services <a href="https://www.moneycontrol.com/news/business/fastag-toll-collections-rise-to-nearly-pre-covid-19-second-wave-levels-in-july-comes-in-at-rs-2976-crore-7269031.html">report</a>. </li><li>India’s fiscal deficit narrowed to an 8-year low of ₹2.7 lakh crore in June quarter, helped by a rebound in revenues and lower spending.</li><li>The country recorded its highest ever monthly exports worth $35.2 billion in July 2021, an increase of 47.91% from July 2020.</li><li>Meanwhile, several states have been easing covid-19 restrictions as the numbers of covid cases on the national level has slowed down.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/infra-market-raises-another-125-million-to-expand-its-construction-material-portfolio/articleshow/85002478.cms">E-commerce platform for construction material Infra.Market raises $125 million from Tiger Global investment </a><a href="https://www.businessinsider.in/business/startups/news/infra-market-raises-another-125-million-to-expand-its-construction-material-portfolio/articleshow/85002478.cms"></a> <a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms">As Vodafone Idea shares dive 10% and more, here's a look at what analysts had to say about it prospect in recent week</a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a 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Here’s why Nifty broke the 16,000 barrier ⁠— Titan, HDFC, Nestle and Ultratech tell the story of the euphoria in the Indian stock market

<ul><li>Without any <keyword id="441877" type="PERSON" weightage="20" keywordseo="direct-marketing">direct marketing</keyword> and advertising costs, the platform has been investing on creating awareness about itself through knowledge sharing platforms like Varsity.</li><li>Currently, <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> facilitates over 5 million orders daily, which accounts for about 10-15% of the daily equity volume in India, according to the platform. </li><li>During the months of the lockdown, the company claims to have seen a 100% month-on-month growth.</li><li><keyword id="968035" type="PERSON" weightage="20" keywordseo="Nikhil-Kamath">Nikhil Kamath</keyword>, Co-Founder and CIO Zerodha and <keyword id="8547049" type="UNKNOWN" weightage="20" keywordseo="True-Beacon">True Beacon</keyword>, tells us their magic growth mantra and vision for the Zerodha of the future.</li></ul> Back in 2010, when Nikhil Kamath along with his brother <keyword id="1430802" type="COMPANY" weightage="20" keywordseo="Nithin-Kamath">Nithin Kamath</keyword> founded Zerodha, an online brokerage platform, the duo spent almost nothing on advertising the platform. Since then, their strategy to target consumers has been simple, they have been growing the brand by focusing more on the product, making the end-user’s experience seamless and democratizing participation. Without any direct marketing and advertising costs, the platform has been investing on creating awareness about itself through knowledge sharing platforms like Varsity. The strategy seems to have worked well. Currently, Zerodha facilitates over 5 million orders daily, which accounts for about 10-15% of the daily equity volume in India, according to the platform. During the months of the lockdown, the company claims to have seen a 100% month-on-month growth. We recently caught up with Nikhil Kamath, so understand how the brand has been expanding its offering and how, with zero marketing and advertising spends, the brand has been succeeded in bringing more and more users to its platform. Excerpts: Q) While the Covid-19 lockdown brought about gloom for most organizations, Zerodha has been witnessing substantial growth. Tell us a bit about how the last few months have been and the factors that you feel have led to this growth. We, along with most online businesses, have been lucky through the corona cycle. Work from home has expedited the trend towards moving to mobile and doing most transactions online, which were prevalent pre-crisis. Zerodha, along with the rest of the broking industry has witnessed considerable growth, as a younger breed of millennial investor, is entering the financial markets. Falling interest rates and flattening real yields have also aided in this surge. Historically in a bull market, equity participation rises. But this time around we are witnessing very mature behavior. During a bear market valuations are low, and the market corrects itself, it is an excellent time to make long-term investments. Usually, that is the behavior of seasoned traders. Still, we are experiencing a surge from first-time investors who are looking for viable alternatives to investment than real estate and other forms of investments that have declining yields. The pandemic has heightened this trend as people have more time on their hands to educate themselves and make informed decisions. Q) With so many new people now entering the fray, what steps are you taking to educate them so that they can make informed decisions and trades? We continuously have been building our education ecosystem around the stock market and the <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> space. We do this through educational tools such as varsity, constant engagement on social media platforms and speaking engagements. <keyword id="3342240" type="PERSON" weightage="20" keywordseo="Karthik-Rangappa">Karthik Rangappa</keyword>, who leads the Varsity programme at Zerodha, has been working towards vernacular languages to make the free educational tool accessible to those not well-versed in English. One of the companies we have invested in through our incubator, Finshots, simplifies financial concepts and macroeconomic concepts for the benefit of new participants in capital markets or even incumbents less familiar with business concepts. Q) You say you have zero ad spends. Walk us through the strategy you employed to grow the brand. Our belief to grow the brand is to make the end-users experience seamless and democratize participation. We do this in a couple of different ways. Continually evolving our product to create the end-user experience seamless is one. The most significant growth factor for us is a product that is continually changing. The other is to raise awareness and enable products in the wealth management and fintech space through our incubator, which has led to making the financial ecosystem more robust with companies such as Finshots to Small Case. The ethos behind us investing in startups is to ensure that more people understand the capital markets ecosystem and have a better user experience. To that end, we have varsity to educate and Rainmatter that builds products in the fintech and wealth management space. Q) In your line of business, trust plays a major role as investors are trusting you with their money. How are you building that trust in the minds of your consumers? Most of our new customers hear about both Zerodha and True Beacon through word of mouth and existing clientele. In marketing, testimonials are the highest trust evoking factor. Transparency has been at the forefront of our ethos from the beginning; we continue in our pursuit of simplifying and reducing the opacity around stock markets. For example, in our asset management company True Beacon, we don't have management fees or lock-in periods or even entry and exit fees, which is an industry practice. Instead, we only charge a performance fee that brings greater accountability, and hopefully will align fund management and client interests going forward. Q) Varsity has seen a good uptake among users. What are your plans for expanding on that offering? Yes, we have had great traction with Varsity since its inception and more so during the lockdown. We had over 8 million page views and over 9 lakh app install since March 23, 2020. The number of user-submitted queries have crossed 8,000. Karthik Rangappa, Head of Varsity at Zerodha’s current focus is to continue adding more quality content and cover a wider variety of topics related to capital markets. The slightly longer-term focus is to create a series of high-quality certificate programs. We are even open to the idea of collaborating with the academia (Domestic or International) for accreditation. Q) When you launched, one of your USP was pricing. But now in the discount broking segment, there are many other players too. How are you offering a differentiated product? Zerodha was originally founded with the idea of being a brokerage firm for traders built by traders, and we disrupted the existing pricing structure by introducing a deeply discounted flat fee-per-trade model. Deeply discounted flat fee -per trade model gave us a significant boost, but to stay ahead of the curve, we realized that technology could disrupt the existing models. Traders were using legacy platforms with poor user experiences. Building our proprietary technology to make a trade as seamless as possible kept us ahead of the curve. We continue to invest in technology to keep finding new ways of building investment and trading applications that make the use case for end-users, be it a seasoned trader or a first-time capital market participant, to simplify investments. Kailash Nadh, our CTO who specializes in building products for mass use has selectively built a resilient innovative team who continue to push the boundaries of what can be achieved. Q) You’ve spoken about how your childhood played a defining role in you having a unique outlook towards traditional marketing models. Tell me a bit more. From playing chess professionally as a teenager to all the other pursuits, I might have followed since. The one thing that has always remained relevant is creating a set of rules and staying disciplined within that. This, along with diversification and delaying gratification, has been essential life lessons that might apply to most spheres of life. Stoicism has been a guiding paradigm in my life and a skill that I had to develop as a professional trader. Trading at a very fundamental level is making decisions that would deal with obstacles in a volatile market, stoicism guides you to perceive and react to obstacles rationally and not make emotional decisions. Q) While you aren't advertising now, is there a scope of you doing some sort of advertising/marketing in the near future? Are you willing to explore something like influencer or content marketing in the future? We are not opposed to marketing. However, it should solve a challenge or have some value other than just brand recognition. Influencer marketing is a viable option, provided it teaches something to capital markets participants in an informative way. Q) What is your vision for Zerodha? It is our continuous endeavor to create a platform that can offer differentiated products. Given the high levels of under-penetration in India, there is a huge scope for growth in the capital markets ecosystem. On another front, we have started an asset management firm called True Beacon that caters to the other end of the spectrum than retail users. We have also launched an FPI that enables global investors and not just institutional players to participate in the Indian equity market - thereby encouraging the foreign inflow of investments in the Indian equity market. The response to the True Beacon domestic and global entity has been positive, and we will continue to roll out new products on that first catering to HNIs in India and abroad.

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