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Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, December 6, 2024. This is Nelson John, let's get started. Himachal Pradesh is grappling with severe financial challenges, struggling to meet promises of government job creation and welfare schemes under the weight of a heavy debt burden. The state's revenues are largely consumed by fixed expenses such as salaries and pensions, leaving little room for development initiatives. This financial strain has its roots in decisions made decades ago, when the state relied heavily on central government funds without developing its own robust revenue streams. Post-1990, as central support dwindled, Himachal Pradesh increasingly turned to borrowing, which spiraled into a fiscal crisis. Despite measures such as tax hikes and targeted freebie schemes introduced under Chief Minister Sukhvinder Singh Sukhu, the financial outlook remains bleak. As the state, a popular tourist destination, struggles to balance its books, N Madhavan explores how Himachal Pradesh's debt woes are affecting its ability to sustain growth and fulfill its promises. India is set to maintain its capital spending at around 3.4% of GDP for the 2025–26 fiscal year, translating to approximately ₹12 trillion. This steady allocation aims to sustain economic growth as state-level expenditure continues to lag. For the current fiscal year, capex stands at ₹11.11 trillion, a notable increase from the previous year's estimates. While India's GDP grew by 8.9% in the first half of the current fiscal year, full-year growth may fall short of earlier projections, report Rhik Kundu and Subhash Narayan. To keep growth targets on track, the government plans a modest increase in capital expenditure for the next fiscal year, with the rise expected to range between 7% and 10%. With private sector investments gaining momentum at a slower pace and state-level capital spending remaining subdued, the central government's capex remains a critical driver for economic growth.Bitcoin hit an all-time high of $100,000 early Thursday, fulfilling predictions made by some analysts at the start of the year. This historic surge has been driven by a mix of market optimism following Donald Trump's US presidential election win and regulatory developments. However, doubts linger about the rally's sustainability. The US SEC played a pivotal role in this price spike by approving Bitcoin ETFs earlier in January, enabling institutional investors to enter the market. This move helped Bitcoin climb from $16,500 to over $40,000, and by June, increased institutional backing pushed the price to $75,000. After dipping to $50,000 in September, Bitcoin's fortunes reversed with Trump's election victory and his appointment of crypto advocate Paul Atkins to lead the SEC. This appointment reignited investor enthusiasm, propelling the cryptocurrency past the $100,000 milestone. Shayan Ghosh delves into the key factors behind Bitcoin's record-breaking rally.NTPC Green Energy Ltd, a state-owned enterprise, is gearing up for a ₹30,000 crore investment in a dedicated transmission network to support a new green hydrogen hub in Andhra Pradesh. Rituraj Baruah reports that the network, with a capacity of 20 GW, will operate independently of the national grid and connect NTPC's upcoming solar project in Anantapur to a hydrogen production facility in Pudimadaka. Spread over 1,600 acres, the Pudimadaka hub aims to produce 1,500 tonnes of green hydrogen daily, leveraging renewable energy to split water into hydrogen and oxygen. NTPC Green Energy is currently in discussions for land allocation, a critical step that will pave the way for the construction of the transmission system, targeted for completion by 2032.The competition between India's oldest exchange, BSE, and its younger but larger rival, NSE, is intensifying. Starting January 3, BSE will shift the expiry day for its weekly Sensex contracts from Friday to Tuesday. This change aligns the expiry schedules for weekly, monthly, and quarterly Sensex, Bankex, and Sensex 50 derivatives, all set to terminate on the last Tuesday of their respective months. The move is a strategic attempt by BSE to capture a larger share of the derivatives market by extending trading focus from a single day to three days, potentially boosting trading volumes, report Ram Sahgal and Neha Joshi. Currently, NSE commands a dominant 87% market share in index options premium turnover, based on November data, while BSE holds the remaining 13%. Despite the disparity, BSE has made notable progress, growing its market share from virtually zero just 18 months ago.  Deep in debt, Himachal Pradesh is a case study in how not to run a stateCentre likely to maintain capex push in FY26 to aid economic growth amid sluggish state spendingMint Primer: Bitcoin scales the $100k peak, but can it crash too?NTPC Green plans Rs 30,000 cr-transmission network for AP green hydrogen hubBSE, NSE contest to heat up under Sebi's eagle eye

Ep #145 - In today's podcast episode, I'm joined by author, speaker and finance blogger, Chris Skinner, who is known as one of the most influential people in technology and finance. Chris is an independent commentator on the financial markets and fintech through his blog, the Finanser.com, and through his 17 best-selling books. His latest book, "Digital for Good," focuses on how technology and finance can work together to address the environmental and social issues we face today and make a better world. In his day job, Chris is the CEO of the Finanser Ltd, a research and media firm focused upon FinTech and the future of finance. He is a Non-Executive Director of the FinTech consultancy firm 11:FS and on the advisory boards of many FinTech and financial firms. Chris is a regular commentator on BBC News, Sky News, CNBC and Bloomberg about banking. He is on the Advisory Boards of companies that include B-Hive, Bankex, empowr, IoV42 and Innovate Finance. He's also worked closely with leading banks such as HSBC, the Royal Bank of Scotland, Citibank and Société Générale, as well as the World Economic Forum.   Learn More About Chris Skinner and The Finanser: Visit Chris Skinner's website: https://chrisskinner.global/ Visit The Finanser Blog: https://thefinanser.com/ Visit the Captain Cake (Chris Skinner's Children Books) website: https://captaincake.com/ Connect with Chris Skinner on LinkedIn: https://www.linkedin.com/in/cmskinner/ Follow Chris Skinner on Twitter: https://twitter.com/Chris_Skinner   Also, please remember to subscribe, rate, and leave a written review for the show if you find value in it. Your reviews help this show to reach a wider audience and I appreciate everyone that has been leaving them.   FOLLOW CHARLES GAUDET ON SOCIAL MEDIA: Follow Charles Gaudet on LinkedIn: https://linkedin.com/in/charlesgaudet Follow Charles Gaudet on Facebook: https://facebook.com/charlesgaudet Follow Charles Gaudet on Twitter: https://twitter.com/charlesgaudet   VISIT THE PREDICTABLE PROFITS WEBSITE: https://PredictableProfits.com  

Chris Skinner is a bestselling author, independent commentator, and globally sought-after expert on financial markets and technology through his critically acclaimed website, The Finanser.More about our guest:Chris has been voted one of the most influential people in financial technology by the Wall Street Journal's Financial News, and has been an advisor to the White House, the World Bank, the World Economic Forum, and the United Nations. He is a visiting lecturer with Cambridge University as well as a TEDx speaker and is Chair of Nordic Future Innovation and a non-executive director of 11:FS.  Chris is also the author of sixteen best-selling books, including Digital Bank, ValueWeb and Digital Human as well as a children's book series, Captain Cake and the Candy Crew. His newest book, Digital For Good: Stand for something…or you will fall has recently been released last June 1, 2022.  He is also a regular commentator on BBC News, Sky News, CNBC and Bloomberg, Chris serves on various financial and fintech advisory boards, including B-Hive, Bankex, empowr, IoV42, Innovate Finance, Life.SREDA, Moven, Meniga, Pintail, Project Exscudo and Token Fund.  ------------------------------------------------Episode Guide:1:34 - What is Innovation?3:12 - Innovation before primetime5:20 - Financial Services, 3G-to-5G evolution, cloud computing, 3d printing7:33 - Facial Recognition: Mastercard and Alipay8 :36 - Defining 'Innovation Reapplication'9:58 - Wallet applications14:19 - Cash Machines: Why online banks still open physical branches17:28 - Upcoming Trends: Technology in Financial Industry21:01 - Blog post: "The best job in banking: Chief Cannibal"23:24 - What isn't innovation?  26:12 - Changes in the music industry28:15 - FinTech: innovations behind the scenes29:35 - Brazil's Nubank31:01 - China's Alipay and WeChat Pay33:20 - "Bankenstien"3402 - Advice for innovators-------------------------Resources Mentioned: Companies/Institutions: AlipayWeChat PayBrazil's NubankBlogs:The FinanserThe best job in banking: Chief Cannibal by Chris Skinner--------------------------OUTLAST Consulting offers professional development and strategic advisory services in the areas of innovation and diversity management.

The Sensex and Nifty benchmarks have corrected 13% and 15%, respectively, from their all-time highs of 2021. Some select sectors that have borne the maximum brunt of this correction are IT, banks, metals and realty. Even though it appeared that the worst was behind as Covid-19 risks subside, the geo-political crisis has sprung up new challenges that continue to drive investors away from these sectors.   The BSE IT, Bankex, Metals and Realty indices have entered the bear zone after two years since 2020, cracking 20-30 per cent so far from their record highs that were hit between October 2021 and January this year. Elevated commodity prices, an accelerated rise in interest rates, and the onset of liquidity tightening have weighed significantly on these sectors, leading to their sharp underperformance. The metal industry, for instance, has been marred by high costs as prices of key inputs touched record highs this year on supply disruptions.   Even though, the prices of ferrous and non-ferrous metals have begun softening on demand concerns, the outlook for the sector remains weak, analysts say.   According to Edelweiss Securities “Weak demand due to the lockdowns in China is now starting to weigh on prices. Hence, we believe that despite supply shock, demand could soften materially, both hurting metal prices and demand”  JP Morgan, meanwhile, has downgraded the Indian IT sector to underweight cutting target multiples by 10-20% across the pack.   Edelweiss Securities remains underweight on the real-estate sector that has long benefitted from high demand spurred by low-rates. However, it believes that rising rates, along with slowing growth could now weigh on investor returns. Despite the sharp  In the financial space, experts say that growth in pre-provision operating profits would shape returns in the sector from now on instead of reduction in credit costs. Hence, analysts at Edelweiss Securities prefer private banks over PSUs, as it believes these players tend to score well on the pre-provision profitability front in a liquidity tightening scenario.   On the other hand, they add, rising interest rates will likely be challenging for NBFCs especially, as cost of funds will see an increase. Against this backdrop, Business Standard's Avdhut Bagkar finds out what technical charts indicate for these underperforming sectors:   According to Avdhut Bagkar of Business Standard,Nifty Bank well protected by 100-WMA. Though Nifty metal and IT remain a risky play, Bagkar says Nifty metal needs to cross 200-DMA. Nifty IT index has support of 100-WMA, he says.   Market action will be stock specific today as the Q4 corporate earnings season enters its last leg. BHEL, Zomato, JK Cement, PowerGrid, Shree Cement, Divis Lab, Birla Soft, Ramco Cements and SAIL are among those companies that will be on investors' radar. Besides, crucial events lined up for this week include Delivery's likely market debut on Tuesday, and the monthly F&O expiry on Thursday.

The Sensex and Nifty benchmarks have corrected 13% and 15%, respectively, from their all-time highs of 2021. Some select sectors that have borne the maximum brunt of this correction are IT, banks, metals and realty. Even though it appeared that the worst was behind as Covid-19 risks subside, the geo-political crisis has sprung up new challenges that continue to drive investors away from these sectors.   The BSE IT, Bankex, Metals and Realty indices have entered the bear zone after two years since 2020, cracking 20-30 per cent so far from their record highs that were hit between October 2021 and January this year. Elevated commodity prices, an accelerated rise in interest rates, and the onset of liquidity tightening have weighed significantly on these sectors, leading to their sharp underperformance. The metal industry, for instance, has been marred by high costs as prices of key inputs touched record highs this year on supply disruptions.   Even though, the prices of ferrous and non-ferrous metals have begun softening on demand concerns, the outlook for the sector remains weak, analysts say.   According to Edelweiss Securities “Weak demand due to the lockdowns in China is now starting to weigh on prices. Hence, we believe that despite supply shock, demand could soften materially, both hurting metal prices and demand”  JP Morgan, meanwhile, has downgraded the Indian IT sector to underweight cutting target multiples by 10-20% across the pack.   Edelweiss Securities remains underweight on the real-estate sector that has long benefitted from high demand spurred by low-rates. However, it believes that rising rates, along with slowing growth could now weigh on investor returns. Despite the sharp  In the financial space, experts say that growth in pre-provision operating profits would shape returns in the sector from now on instead of reduction in credit costs. Hence, analysts at Edelweiss Securities prefer private banks over PSUs, as it believes these players tend to score well on the pre-provision profitability front in a liquidity tightening scenario.   On the other hand, they add, rising interest rates will likely be challenging for NBFCs especially, as cost of funds will see an increase. Against this backdrop, Business Standard's Avdhut Bagkar finds out what technical charts indicate for these underperforming sectors:   According to Avdhut Bagkar of Business Standard,Nifty Bank well protected by 100-WMA. Though Nifty metal and IT remain a risky play, Bagkar says Nifty metal needs to cross 200-DMA. Nifty IT index has support of 100-WMA, he says.   Market action will be stock specific today as the Q4 corporate earnings season enters its last leg. BHEL, Zomato, JK Cement, PowerGrid, Shree Cement, Divis Lab, Birla Soft, Ramco Cements and SAIL are among those companies that will be on investors' radar. Besides, crucial events lined up for this week include Delivery's likely market debut on Tuesday, and the monthly F&O expiry on Thursday.

Top headlines   ·        Sensex gains 460 points to end record-breaking year with a bang; up 22% in 2021 ·        Indigo Paints zooms 16% after brokerage firm Motilal Oswal gives Buy rating ·        SmallCap Responsive Industries zooms 65% in 3 days on FY22 half-yearly turnaround ·        CMS Info Systems rallies smartly after a listless listing ·        GST Council defers rate hike in textiles, refers issues to group of ministers   The key benchmark indices ended the record-breaking year 2021 on a higher note. The BSE Sensex and NSE Nifty displayed a firm trend throughout the day on the back of steady gains in auto, financials, FMCG and index heavyweight Reliance Industries.   The Sensex touched a high of 58,409 before ending the day with a gain of 460 points at 58,254. In total, the total gain for the index this week was 1,130 points.   The Sensex finished the calendar year with a solid gain of 22%. It touched a new life-time high of 62,245 on October 19, 2021. The NSE Nifty today settled 150 points higher at 17,354, and was up a whopping 24% through 2021.   Titan was the top gainer among the Sensex 30 stocks. It ended 3.5% higher at Rs 2,522. UltraTech Cement and Kotak Bank were up around 2.5% each. Maruti, Axis Bank, SBI, Bajaj Finserv, HDFC Bank, Nestle and Sun Pharma were the other major gainers.   Among losers for the day, IT stocks underperformed on selective profit-taking and NTPC slipped 2%.   The broader markets outperformed the benchmark indices. The BSE Midcap and Smallcap were up 1.4% and 1.2%, respectively.   Textile stocks ended with strong gains after the GST Council decided to defer implementation of the GST rate increase. TT Ginni Filaments and Super Spinning were the major gainers, up 10-11% each. Salona Cotspin, SPL Industries, GTN Textiles, Digjam and Bombay Dyeing were among the other major gainers, All of them rose about 5% each.   Among sectors, the BSE Metal and Consumer Durables indices were up over 2% each. The auto and telecom indices gained 1.7% each. The Bankex, FMCG, Oil & Gas and Realty indices also finished with gains of over 1% each.   Among individual stocks, Indigo Paints was in the spotlight. The stock rallied nearly 16% on the BSE after Brokerage firm Motilal Oswal initiated a coverage on the stock with a 'Buy' rating and a target of Rs 2,270. The brokerage said the company had successfully surpassed the high entry barriers of the Indian paints industry.   Further, CMS Info Systems had a muted debut, with the stock getting listed at Rs 218.50 on the BSE - a 1.2% premium to its issue price of Rs 216 per share. The stock, however, rallied in the latter half of the trading day and ended 10% higher than its issue price.   Lastly, among small caps, another paints and furniture company Responsive Industries rallied over 19% on the BSE after the company recently announced its quarterly and half-yearly numbers for the the period until the end of September. The company reported a turnaround, with a net profit of Rs 6.60 crore, against a net loss of Rs 4.13 crore in the same period a year earlier. The stock has zoomed a whopping 68.7% in the past three trading sessions alone.

Top headlines   ·       Sensex gains 969 points from day's low, ends 296 points up ·       HP Adhesives makes strong debut at 16% premium, ends 22% higher ·       RBL Bank tanks 20% as Vishwavir Ahuja goes on leave; analysts sound caution ·       Tech Mahindra gains 4% to touch new all-time high ·       Adani Group nears first coal shipment from shunned Australian mine   The key benchmark indices closed higher after starting on a muted note and staying in the red zone for a while. However, by close, they recouped losses and finished with steady gains on the back of support from select pharma and private banking shares. IT stocks also logged notable gains.   BSE benchmark Sensex rallied to a high of 57,512, up 969 points from the day's low. It finally ended 296 points higher at 57,420.   The NSE Nifty surged 279 points from the day's low to hit a high of 17,112. The index eventually settled with a gain of 82 points at 17,086.   On an immediate basis, the index has formed a support zone near the 17,000-16,900 level. If it manages to sustain above this level, one can expect a swift extension in current pullback towards the hurdle zone of 17,150-17,220, according to Rohit Singre, senior technical analyst at LKP Securities.   Among stocks, RBL Bank garnered a lot of attention today as the scrip hit a 52-week low, crashing over 20%. The RBI appointed Yogesh K Dayal as an additional director after the private sector bank's managing director and chief executive officer Vishwavir Ahuja went on a medical leave.   Later, in a clarification, the RBI said that the bank was well capitalised and its financial position remained satisfactory. Analysts believe that this development will create uncertainty and will be negative for the stock – at least in the short to medium term. The stock closed 18.3% lower on the BSE.    That apart, Tech Mahindra was the leading gainer. It rallied 4% to hit a new high of Rs 1,792 on the expectation of strong earnings in the December quarter. The stock has surged 12% in the past week, against a 2.8% rise in the Sensex.   The company remains confident of delivering double-digit organic revenue growth in FY22, given broad-based demand, strong deal wins, improving win rates and steady progress on client mining.   Further, the shares of GMR Infrastructure also rose 12% on the BSE after the GMR Group signed a shareholders agreement with Indonesia's Angkasa Pura II for the development of Medan Airport.   Adding to the continuous trail of IPO debuts, HP Adhesives made a decent market debut, with its shares getting listed at Rs 319 on the BSE, a 16% premium over the issue price. The stock, which got locked in the 5% upper circuit in early trade, closed 22% higher on the exchange at Rs 335.   The broader markets also finished with notable gains. The BSE Midcap and Smallcap closed 0.3% and 0.5% up, respectively.   Among sectors, the Nifty Pharma index saw the biggest gains amid a fresh surge in Covid cases in some states, possibly led by the Omicron variant. The index closed 1.6% higher. The Bankex, the other notable gainer on the BSE, ended 0.7% up.   Meanwhile, in other news, the Adani Group is preparing to ship the first coal cargo from Australia's most controversial mine, after battling a seven-year campaign by climate activists and defying a global push away from fossil fuels.   The Carmichael mine in the outback Queensland state of Australia is likely to be the last new thermal coal mine to be built in that country. But it will be a vital source of supply for importers such as power plants in India. According to a spokesperson for Adani Group's Australian subsidiary Bravus Mining & Resources, the company has secured the market for 10 million tonnes of coal per annum which will be produced at the Carmichael Mine.

Here's all that happened in the markets today:   Top headlines Benchmarks extend their losing streak into third day; Sensex falls 433 points Capital goods index hits record high in a weak market Godrej Consumer Products' Q2 profit rises 4.6% YoY, misses estimates SC asks Future not to proceed with RIL deal till next hearing Sapphire Foods IPO sails through on final day   Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. With consumer inflation rising to a 30-year high but the Fed maintaining its stance that the situation is transitory, many believe that the Fed is behind the curve.   Therefore, if the entrenched inflation forces the central bank to accelerate tapering and advance rate hikes, there could be a sharp correction in the markets globally, including India.   Amid these fears, the benchmark S&P BSE Sensex erased 433 points and closed at 59,920. The Nifty50, on the other hand, settled with a loss of 143 points at 17,874.   SBI, down nearly 3 per cent, was the top laggard among the Sensex stocks. It was followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank. On the upside, Titan ended 1.7 per cent higher ahead of its September quarter results.   In the broader markets, the BSE Midcap and Smallcap indices slipped 0.6 per cent and 0.5 per cent, respectively.   Among individual stocks, shares of Godrej Consumer Products ended 2.5 per cent lower after the company's Q2 results missed Street expectations. It reported a net profit of Rs 479 crore, up 4.6 per cent YoY, while revenue grew 8.5 per cent to Rs 3,164 crore.   Those of Future Group, on the other hand, ended flat with a positive bias, even as the Supreme Court asked the Group not to proceed with its case against Amazon at any other forum until the case is finally heard.    Sectorally, the BSE Realty index plunged 2.5 per cent, while the Bankex, Healthcare and Telecom indices were down over one per cent each.   The BSE Capital Goods index, which hit a record high of 29,057 in intra-day trade, also ended 0.14 per cent lower. Among individual stocks, Larsen & Toubro, Grindwell Norton and Timken also hit their respective record highs on the BSE in intra-day trade.   And before we close, a look at the primary markets. Sapphire Foods, the owner of Pizza Hut and KFC chain of restaurants, ended its three-day share sale with 6.5 times subscription, backed firmly by retail and QIB investors.   The IPO of Latent View Analytics, meanwhile, has been subscribed 23 times and will close tomorrow.

Equity markets reversed their 3-day losing streak on the back of a strong buying in IT and select financial shares in the last hour of trade. That apart, green shoots of economic recovery further bolstered sentiment on the Street. Goods and services tax (GST) collected in October, for instance, rose to Rs 1.3 trillion, which is 24 per cent higher than a year ago, and 36 per cent more than the collection in the pre-Covid year of 2019-20. This is the second highest collection since the introduction of a new indirect regime in 2017. All time high collection figure was over Rs 1.40 trillion in April this year. Separately, India's manufacturing activity continued to improve in October with the IHS Markit India Manufacturing Purchasing Managers' Index climbing to 55.9, up from 53.7 in September and 52.3 in August. The upturn was sharp and the fastest in seven months. Similarly, factory output increased at a sharp pace that was the strongest since March. Against this backdrop, the BSE Sensex reclaimed the 60,000-mark, and surged to a high of 60,220 during the day, before settling with a gain of 831 points at 60,138. The NSE Nifty, on the other hand, touched a high of 17,954, and ended 258 points higher at 17,930. Among the Sensex 30 pack, IndusInd Bank zoomed 7.5 per cent to Rs 1,225 while Bharti Airtel finished with a solid gain of 4 per cent a day ahead of its Q2 results tomorrow. HCL Technologies, Tata Steel, Tech Mahindra , Dr.Reddy's, SBI, Kotak Bank and TCS were some of the other major gainers. On the downside, Bajaj Finserv and Mahindra & Mahindra were the prominent losers, down around 1.5 per cent each. Meanwhile, in the broader markets, the BSE Midcap index surged 1.8 per cent, while the Smallcap index moved up 1.1 per cent. Among sectors, the BSE Realty index soared 3.7 per cent, while the Telecom and Metal indices surged around 3.5 per cent each. The IT index was up 2.3 per cent, and the Bankex jumped 1.8 per cent. Even the Auto index gained over 1 per cent despite auto companies reporting mixed monthly sales figures for October. While Tata Motors said its total wholesales increased by 30 per cent YoY, Maruti Suzuki India reported a 24 per cent decline. On the earnings front, shares of HDFC ended nearly 2 per cent higher after the country's largest mortgage lender reported a 32 per cent rise in standalone net profit to Rs 3,780 crore for the second quarter ended September 30. Its total income during the period rose to Rs 12,226.39 crore. IRCTC, on the other hand, closed with gains of 1.6 per cent after the govt-owned entity reported a near five-fold increase in net profit to Rs 154.83 crores in the second quarter of financial year 2021-22. This was on the back of higher profit under ticketing revenue that touched Rs 220.34 crore in the period under review from Rs 61.34 crore in the same period a year ago. Now, coming to result reactions for companies, whose numbers were released post market hours on Friday and over the weekend. First among them is Steel Authority of India. Shares of the company surged 13 per cent to Rs 130.35 on the BSE in Monday's intra-day trade after the company reported best-ever quarterly standalone profit after tax of Rs 4,304 crore for Q2FY22. It had posted Rs 393 crore net profit in the year-ago quarter. The shares ended 9 per cent higher on the BSE. On the flipside, shares of Bandhan Bank dipped 7 per cent to Rs 272.55 on the BSE in today's intra-day trade after the bank reported net loss of Rs 3,009 crore in Q2FY22 on huge provisions of over Rs 4,600 crore for the bad loans and restructured advances. It had posted a net profit of Rs 920 crore in Q2FY21. The shares, however, trimmed losses and closed with a loss of around 1 per cent. Now, let's take a look at the primary market action of the day. The three-day issue of Nykaa closed with an impressive oversubscription of over 80 times today. Fino Payments Bank, on the other hand, ended Day 2

Igor Khmel is a Ukrainian native serial entrepreneur. He is the founder of BANKEX, FinDelivery and BRIK Exchange. Igor's professional track record includes management consulting at McKinsey and Deloitte in Moscow, and investment & trading at Citadel hedge fund in Chicago. He has had significant exposure to FinTech, building and advising a number of startups in California. Igor founded Sberbank Lab, a FinTech laboratory at the largest bank in Eastern Europe, which he left after three years to build his own FinTech companies. FinDelivery is the market leader in Russia for white-label in-person identification of bank clients (KYC). BANKEX is the asset-backed token protocol that made top20 ICO globally in 2017. BRIK Exchange is the US-based platform for commercial real estate liquidity. Igor holds an MBA degree from Stanford Business School, an MA in Economics from New Economic School, and an MS in physics from the Moscow Institute of Physics and Technology. Igor is based in the Bay Area, California. FIND IGOR ON SOCIAL MEDIA LinkedIn | Facebook | Instagram ================================ SUPPORT & CONNECT: Support on Patreon: https://www.patreon.com/denofrich Twitter: https://twitter.com/denofrich Facebook: https://www.facebook.com/denofrich YouTube: https://www.youtube.com/denofrich Instagram: https://www.instagram.com/den_of_rich/ Hashtag: #denofrich © Copyright 2022 Den of Rich. All rights reserved. ᐧ

Igor Khmel, a Ukrainian native serial entrepreneur. He is the founder of BANKEX, FinDelivery and BRIK Exchange. Igor's professional track record includes management consulting at McKinsey and Deloitte in Moscow, and investment & trading at Citadel hedge fund in Chicago. He has had significant exposure to FinTech, building and advising a number of startups in California. Igor founded Sberbank Lab, a FinTech laboratory at the largest bank in Eastern Europe, which he left after three years to build his own FinTech companies. FinDelivery is the market leader in Russia for white-label in-person identification of bank clients (KYC). BANKEX is the asset-backed token protocol that made top20 ICO globally in 2017. BRIK Exchange is the US-based platform for commercial real estate liquidity. Igor holds MBA degree from Stanford Business School, MA in Economics from New Economic School and MS in physics from the Moscow Institute of Physics and Technology. Igor is based in the Bay Area, California.FIND IGOR ON SOCIAL MEDIALinkedIn | Facebook | InstagramVisit podcast page for additional content https://www.uhnwidata.com/podcast

What is blockchain, how does it work, and how can it apply to you? On the show we have Syed Hussain, the Global Chief Commercial Officer of BANKEX, a blockchain-based fintech company from New York City. They have an extraordinarily innovative tool, Securitization 2.0 Operating Systems for Capital Markets, and today, Syed tells us more about blockchain and how it can revolutionize the market. Blockchain: what is it, and why is it so revolutionary?  This is the kind of technology that spans across humankind because it operates on two core foundations of human interaction: trust and incentivization.  But blockchain technology allows us to make incentives a fungible resource that can be freely traded, facilitated by the trust that is systematically built in. That is, it allows us to digitize our assets  — i.e. anything that holds value, like art, or real estate, or copyrights, or even information — so that it’s freely tradable and traceable. Then, the ‘proof of asset protocol’ allows relevant parties to reach a consensus as to the value of the asset and the fact that it exists. It’s revolutionary because it’s efficient. Once you put up an asset on an immutable blockchain, that record exists forever and there’s no need to replicate the process every time a transaction needs to occur.  What is a blockchain-based Smart Contract?  It’s leveraging the power of blockchain to institute an algorithm that allows you to do an individual transaction, then come up with agreements around that individual transaction. That is, because everything surrounding your asset is already digitized, stored, associated, and controlled by algorithms, a Smart Contract is able to automate the execution of succeeding transactions, from granular to highly complex, without the need for human interference.  What is Smart Justice, and how does it work for clients, customers, and other stakeholders? There is a lot that goes into ensuring compliance, but what happens when something doesn’t adhere to what was agreed upon? Or, perhaps, a situation occurred was outside the control of the parties involved? These are common situations, and contracts usually have arbitration clauses just for this purpose, where an arbiter comes in and uses a “baseline” to understand both sides. With blockchain, you can agree on those baselines in advance of the execution. Smart Justice is arbitration on the blockchain, referencing a different set of Smart Contracts — allowing for automation, pre-agreement, and self-execution of arbitrations.  Resources for Syed: Syed Hussain (LinkedIn)syed@bankex.com Resources for BANKEX WebsiteFacebookLinkedInTwitterHashtag Learn more about your ad choices. Visit megaphone.fm/adchoices

Confused by all the hype about Blockchain and cyber-currencies? Hosts Jeremy Schwartz and Wharton Finance Professor Jeremy get a crash course from the Chief Commercial Officer for BANKEX, a global financial technology firm. He will explain why his firm thinks this is the future of banking. We’ll also have Professor Siegel’s take on this week’s market drop—and whether we’re now entering a bear market. Tune in!Guests:Syed Hussain - Chief Commercial Officer for BANKEX. Let me tell you more about BANKEXFollow the firm on Twitter @BANKEXOr check out their website https://bankex.com/en/Will Peck - Director of Corporate Strategy at WisdomTree See acast.com/privacy for privacy and opt-out information.

This show we talk about how MovieCoin and BankEx bosses up and combine forces to leverage each others strengths. https://venturebeat.com/2018/09/17/moviecoin-brings-blockchain-to-blockbusters-so-you-can-invest-in-hollywood/amp/ If you are interested in trading cryptocurrency click link below to set up your account for free. http://portal.jafx.com/Redirect?linkID=lxazi21888 Shot out to our major sponsor Coinseed. If you have not downloaded the app, the link is below. https://coinseed.app.link/cryptocentz Please click, suscribe and review us on itunes, google play music, iheart radio and now youtube at https://www.youtube.com/channel/UCnWo--PtvI5-WRfxYjhLTLg Encrypted Apparel as one of our show sponsors. Encrypted Apparel is an amazing fashionable line of shirts that are inspired by cryptocurrency. Use the link wearencrypted.com and the coupon code CRYPTOCENTZ to receive 10% off your purchase --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/cryptocentzpodcast/message Support this podcast: https://anchor.fm/cryptocentzpodcast/support

This week in the news SEC suspends trading of two crypto securities. OKEx founder Star Xu arrested in China on fraud charges. Plasma sees real-life usage after Bankex launches coffee vending machine payment system. Justin Sun of Tron fame fires back at Vitalik. Novogratz thinks we've hit the bottom. Also in the show Beak has some exciting news in his pick of the week. Bublé gives us a spreadsheet-drive update on 'The Contest'. If you enjoy the show then head on over to https://www.patreon.com/cryptoweekly and support us! You now get free crypto weekly swag with the chance to win more AND receive the show earlier than the normies.

In this episode: - C-CEX experience security breach / DOGE and LTC balances stolen - BANKEX is to partner with Codex Protocol - PAC partners with the Crypto Payments Network - First crypto exchange application filed in Iceland - BTC gains 2% to $6,400 as ETH continues to sink

Syed Hussain, Chief Commercial Officer for BANKEX, joins hosts and Wharton Profs Anne Greenhalgh and Mike Useem to explain blockchain technology and talk about why this space is attracting so much interest on Leadership in Action. See acast.com/privacy for privacy and opt-out information.

Bankex is a fintech company that utilizes new technologies to expand the frontiers of traditional financing. BANKEX is a decentralized Bank-as-a-Service exchange powered by blockchain API.

Cash alert, cash alert! Instagram influencers and lifestyle brands, the mediatoken is here! This episode talks about the prospects of putting your social media channels on the BANKEX blockchain to raise cash for you to grow the following and ad dollars. Check out mediatoken.bankex.com as well as www.instagram.com/turismospain/ who is one of the first pages in the blockchain. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/cryptocentzpodcast/message Support this podcast: https://anchor.fm/cryptocentzpodcast/support

Security, we talking about security? In this show BANKEX shows us how tokenization of assets will be the way people, companies and institutions will finance their growth as well as decentralizing the banking process and allowing anyone with cash to participate in asset growth. Imagine being a business owner and your assets and not credit is the end all be all for you getting funded. Bankex sees the future and is getting ahead of it now! https://bitcoinexchangeguide.com/bankex/ Binance is our sponsor of today’s show. Make sure you go and set up an account or buy your next currency through them. If you have not set up an account, here is a link to do so. https://www.binance.com/?ref=11221383 Also make sure to follow us at facebook.com/cryptocentzpodcast as well as cryptocentz on twitter and instagram. Please also subscribe to the podcast and leave a review. Email us for questions or comments at info@cryptocentz.com --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/cryptocentzpodcast/message Support this podcast: https://anchor.fm/cryptocentzpodcast/support