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Paytm Shares Surge 5% Post Axis Bank Deal, New RBI Deadline

Paytm

Paytm Shares Surge 5% Post Axis Bank Deal, New RBI Deadline

After the Indian central bank gave Paytm’s banking division extra time to shut down and the company teamed up with Axis Bank to try to keep some of its well-liked products running, the company’s shares increased 5% on Monday. The stock reached 358.35 rupees, the top trading limit.

Customers of the bank would be able to withdraw their deposits even after March 15th, according to the RBI, which has offered full support to the bank’s patrons. The banking regulator stated, answering a number of frequently asked questions about the situation, that going future, some of the clients—including those who had salary accounts at the concern—will have to choose an other bank.

The deadline extension, according to Bernstein analysts, will allow for a “smooth transition” for the transfer of Paytm Payments Bank accounts. As part of its efforts to handle the current situation, Paytm also signed up Axis Bank as a new banking partner on Friday in an effort to maintain some of its well-liked goods.

Analyst Views and Market Impact on Paytm Shares Amidst RBI Deadline Fallout

Brokerage Citi stated in a note that despite keeping its “Sell” rating and 550 rupee price objective on the stock, the company is likely to explore more of these collaborations since it sees them as “significant positives for ongoing business.”

You won’t be able to get any such credits into your Paytm Payments Bank account after March 15, 2024. To prevent difficulty, it is advised that you prepare alternate arrangements with a different bank before March 15, 2024,” the RBI stated.

Also Read: Tata Group Surpasses Pakistan’s Entire Economy in Size

Since the RBI’s ruling against Paytm Payments Bank on January 31, which was brought about by what the central bank authorities described as continuous non-compliance with regulations, Paytm shares have dropped 53%. The stock market meltdown has reduced the value of stockholders by 255.74 billion rupees ($3.08 billion).

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TCS Witnesses First Net Headcount Drop in Two Decades

Tata Consultancy Services

TCS Witnesses First Net Headcount Drop in Two Decades

On Friday, Tata Consultancy Services (TCS) disclosed that during the fiscal year 2023–24 (FY24), the company’s headcount decreased by 13,249 people (year over year). The top provider of IT software has seen a decline in personnel for the first time in 19 years.

601,546 people worked for the company at the end of FY24, according to TCS’s stock exchange filing. The top IT software company has experienced a decline in staff for the first time in 19 years.

As per TCS’s stock exchange statement, the company had 601,546 workers at the end of FY24. In the fourth quarter (Q4) of FY 2024, TCS experienced a 1,759 workforce reduction (January to March).

The company’s headcount has decreased for the third straight quarter with this one. There were 5,680 fewer employees in Q2 than there were in Q1 (quarter over quarter), and the corporation saw a net decline of 6,333 workers.

At Rs 12,434 crore for the January-March quarter of FY24, TCS recorded a 9% increase in net profit over the same time the previous year, when it was Rs 11,392 crore.

Also Read: India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

“Our delivery centers are much more lively, and the morale of our associates has increased due to the reduced attrition at 12.5%, the positive response to our campus hiring, the increased customer visits, and the employees returning to the office,” chief HR officer Milind Lakkad said in a statement. To Rs 61,237 crore during the quarter, the company’s revenue climbed by 3.5 percent.

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India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

Web3

India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

According to recent research released on Tuesday, India now boasts one of the biggest Web3 ecosystems globally, home to over 35 million merchants and over 1,000 firms.

Globally, the percentage of Blockchain developers in the nation climbed from 3% in 2018 to 12% last year, the highest percentage among emerging nations, according to a report by Web3 venture capital firm Hashed Emergent.

Tak Lee, CEO and Managing Partner of Hashed Emergent, stated, “The findings underscore India’s remarkable ascent in Web3 adoption and show that it is on a trajectory to become the global leader.”

Lee continued, “We think the regulatory environment is slowly changing in the right direction, but more beneficial regulatory developments are needed to spur growth.”

Out of more than 150 nations, India topped the list for on-chain usage in the previous year.

The Head of Web3 at KPMG in India, Krishna Tyagi, claims that “blockchains have enabled various innovative use cases such as DeFi, tokenization of real-world assets, self-sovereign identities, track and trace, etc., which were not possible earlier.”

Also Read: Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Startups in India are receiving more funding in the Web3 subsectors of infrastructure, entertainment, and finance.

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Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Language

Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

According to research conducted on Monday, more than half of urban Indians (approximately 51%) utilize terms or phrases from particular regional languages to express affection or in clever or hilarious circumstances that are difficult to properly translate into English. The study by language learning app Duolingo is based on a poll that was conducted in association with YouGov to ascertain urban Indians’ opinions regarding language and expression.

The results showed that more than half (51%) of Indians frequently use unusual phrases (from other languages) in everyday speech. Regarding phrases or words that convey nuanced meanings that cannot be fully translated or expressed in English, roughly 68% of urban Indians acknowledged this. Similarly, 69% acknowledged that they have used language-specific phrases or words that cannot be fully translated into English to express emotions or feelings (such as happiness or sadness) or to have conversations with family and friends.

Furthermore, 51% admitted to utilizing these idioms to add wit and humor to their conversations or as terms of endearment or love language. Recently, the company celebrated this language diversity by asking users to go on a voyage of linguistic discoveries with the “#EnglishMeinNahiJamta” campaign, which was posted on Duolingo India’s Instagram page. Favorite words from their local languages that become less magical when translated into English were shared by users under the guidance of the lovable characters Duo and Lily.

Also Read: Reed Hastings: Netflix’s Success Strategy Includes Firing Employees with Adequate Performance

“At Duolingo, we understand that languages are more than just communication tools—they’re expressions of culture, emotion, and identity,” says Karandeep Singh Kapany, Regional Marketing Director. Our “#EnglishMeinNahiJamta” campaign, which highlights phrases that defy translation and demonstrate a growing appreciation for linguistic diversity, celebrates this beauty. We enable people to embrace expression, improve lives, and create international relationships through programs like this,” he continued.

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