Let’s begin. The Reserve Bank of India’s monetary policy committee is scheduled to meet in an off-cycle meeting on November 3, laying down an official explanation to the central government as to why it failed to keep inflation within the tolerable target band of 2-6 per cent for three consecutive quarters. The consumer-based inflation for the month of September spiked to a five-month high of 7.41 per cent. RBI governor Shaktikanta Das will announce the MPC meet outcome shortly. The six-member committee, chaired by Das, will hold the additional, off-cycle meeting for the first time since its establishment in 2016.
On to IPOS. Medanta operator Global Health Ltd’s IPO opened for public subscription todat and will close on Monday, 7 November. The company has set a price band of Rs 319-336 a share for the initial share sale. Ahead of the IPO, the company has mobilised Rs 662 crore from anchor investors. Global Health IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale (OFS) of up to 5.08 crore equity shares. At the upper end of the price band, the company is expected to fetch Rs 2,206 crore through the IPO. Proceeds from the fresh issue will be used to pay debt and general corporate purposes.
Meanwhile, For the first time, there is data to prove that cash is losing the king status it has enjoyed for decades in India. According to an SBI Research report, currency circulation in the country declined during the recently concluded Diwali. This has happened for the first time in 20 years. “In a remarkable development, for the first time in 20 years, currency in circulation declined during the Diwali week. Innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to a smart-phone led payment economy,” the report said. The Currency in Circulation has been declining from 88% in FY16 to 20% in FY22. The CIC is estimated to go down further to 11.15% in Financial Year 27. In contrast, the digital transactions share is continuously increasing from 11.26% in Financial Year16 to 80.4% in Financial Year 22. According to the report, it is expected to touch 88% in Financial Year 27.
Moving on. Nasdaq-listed Cognizant Technology Solutions reported a 15.6% rise in net profit to $629 million for the September quarter from $544 million a year ago, on the back of a 5.6% rise in revenue in constant currency from the year-ago period to $4.9 billion. The company follows the calendar year. The Teaneck, New Jersey-based firm expects its full year 2022 revenue to grow 7% in constant currency to about $19.3 billion. This was lower than the 8.5-9.5% guidance it gave for the full year in the June quarter. “Revenue and bookings were below our expectations as company specific fulfillment challenges were compounded by the impact of an uncertain macroeconomic backdrop,” said Brian Humphries, chief executive officer. “We are confident the steps we are taking will return the company to accelerated growth over the medium to long term.” The adjusted operating margins expanded to 16.4% from 15.8% in the year-ago period. Bookings in the quarter declined 2% year-on-year and represented an in-period book-to-bill of approximately 1.0x. This resulted in trailing 12-month bookings of $23.1 billion, which represented a book-to-bill of approximately 1.2x.
On the technology front, WhatsApp is either introducing new features or working on something or the other to improve the user experience. Basically, it is never at rest. Speaking of which, the popular messaging app, WhatsApp silently released a new feature for iOS users. The Meta-owned platform has introduced a new feature which allows users to view their Status directly from the profile. Although a small update, which is already available on Facebook, now you don’t have to take the extra effort of going to the ‘Status’ tab to view your contacts’ status. To check for this feature, first, make sure you are using the updated version of WhatsApp which is 22.21.77. After which, you can go to any of your contacts’ profiles who have put a status. When you click on their profile picture, you will be asked if you want to view their profile picture or view their status. Now whenever your contacts’ will put a status, their profile will start showing in a blue circle, like how it appears for Instagram Stories.
And lastly, let’s hear how the stock market performed today. Indian share market remained subdued on weekly F&O expiry, weighed by weak global sentiment as the US Fed raised interest rates by another 75 basis points. Key indices NSE Nifty 50 was at 18051 and BSE Sensex fell over 100 pots to trade at 60789. Broader markets, however, advanced as Nifty MidCap 100 and Nifty SmallCap 100 indices climbed up to 0.34% and 0.29%, respectively. All sectors were fluctuating between gains and losses.