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Google Pay Leads All UPI Apps in India and Other Top News Today

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 28, 2020 2:21 PM 5 min read
Editorial

Google Pay leads all UPI apps in India. Maruti Suzuki reports 5% rise in profit in Q3. SEBI probes Rakesh Jhunjhunwala for alleged insider-trading. UK permits Huawei to build non-core elements of its 5G infrastructure.

 

TECH

Among UPI apps in India, Google Pay leads all others, Razorpay report says.

Pay Leads the Fray: When it comes to UPI apps in India, Google Pay is the clear leader. 59% of UPI transactions in 2019 were done on the Google payments platform, as per a report by fintech firm Razorpay. PhonePe and Paytm follow with 26% and 7% respectively.

 

Meanwhile, Amazon Pay was the most preferred wallet among consumers (33%) last year, followed by Ola Money (17%). Digital payment usage itself rose 338% while the usage of cards and net banking saw a decline (by 46% and 11% respectively). BS

 

What's behind tech giants' new-found love for government regulation?

Chain Us to Free Us: Alphabet, Microsoft, Facebook and Apple - these are some of the major tech firms whose leaders have come out in support of government regulation of the tech industry. This push towards embracing government intervention was evident in the recently concluded World Economic Forum in Davos. And it may not only be the result of "for-the-greater-good" thinking that CEOs have stated. As government and public backlash against big tech grows across the world, top executives might be sensing that new regulation is inevitable. By endorsing their companies being regulated, they may be looking to steer the outcome as much as possible in a direction more favourable to their firms. WSJ

 

MARUTI SUZUKI

Maruti Suzuki reports 5% rise in profit in Q3.

Affliction is a Good Man's Shining Time: India's biggest automaker Maruti Suzuki has reported 5% rise in net profit to ₹1,564.80cr ($219m) for Q3 on the back of lower commodity prices and reduction in corporate tax rate, partially offset by higher sales promotion expenses and higher depreciation and lower fair value gain on invested surplus.

 

The news comes in spite of the ongoing slump in the auto industry in India.  

 

The carmaker sold a total of 437,361 vehicles during the quarter, up 2% YoY. ET Markets

 

Hikes prices of some models by up to 4.7%.

Rates Hiked!: Maruti Suzuki on Monday announced that it has hiked prices of its cars, across various models and ranging up to 4.7% (ex-showroom Delhi). The new prices are effective from January 27th. 

 

Has you dream car become costlier? Check here.

 

INSIDER TRADING

SEBI probes Rakesh Jhunjhunwala for alleged insider-trading.

Insider Edge: Markets regulator SEBI is probing billionaire investor Rakesh Jhunjhunwala and his family members, in a case of alleged insider-trading in the shares of Aptech, an education firm owned by him and his family.

 

In 2005, Jhunjhunwala had first picked up a 10% stake in Aptech at ₹56 per share. He gradually raised his holding. On September 7th, 2016, shares of Aptech hit the upper circuit at ₹175.05 after the investor’s brother and wife bought 763,057 shares in the IT firm through block deals. Hindu BusinessLine

 

Extra Crunch: This Livemint report tracks how SEBI fares in cracking down on insider trading cases, what it looks for when investigating these cases and how regulations evolved in the past.

 

WORLD

UK permits Huawei to build non-core elements of its 5G infrastructure.

Entry by Invitation Only: The United Kingdom has allowed Chinese telecommunication giant Huawei to build non-core elements of its 5G infrastructure, thereby dismissing calls from the Trump administration to boycott the Chinese company over security fears.

 

Meanwhile...: Huawei has been designated a “high-risk vendor” and will be banned from the “core” of the 5G network. It will also be not permitted to operate at sensitive sites such as nuclear and military facilities, and its share of the market will be capped at 35%. The Guardian

 

J&J CEO probed regarding timing of his sale of company stock.

I Plead Innocent: J&J CEO, Alex Gorsky on Monday faced questions from plaintiffs lawyers over the timing of his sale of company stock, as he testified for the first time in a jury trial over allegations that the company’s baby powder causes cancer.

 

Gorsky told the jury that he had sold company shares in November 2018, two days after a Reuters reporter contacted the company and summarized in an email her review of documents that showed J&J knew small amounts of asbestos had been found in its talc on occasion since 1971. Gorsky however testified that he had not read all the internal company documents. ET

 

India pushes Qatar to delink price of its imported gas from that of oil.

A Fair Deal?: Minister of Petroleum & Natural Gas Dharmendra Pradhan has said that India wants Qatar to delink the price of its imported gas from that of oil under long-term deals.

 

Blast From the Past: India in 1999 had signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa).

 

The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas. The deal was, however, renegotiated in 2015 leading to about a 50% cut in prices for India, which agreed to buy an extra 1 mtpa of LNG from Qatar. Reuters

 

CORONAVIRUS

Oil rout extends to sixth day as China coronavirus fears and death toll rise.

Oil Fall Down: Brent crude and US West Texas Intermediate climbed further down as fears over the coronavirus outbreak in China rose (What is a coronavirus?). Both contracts are on track for their worst monthly falls since May and the oil rout has now entered its sixth day. Investors are concerned the outbreak could dampen demand for crude and related products even as reports of the virus spreads across the world beyond China, where it originated. Reuters

 

Health experts say coronavirus outbreak looks "well contained".

The State of Affairs: As of Tuesday, the coronavirus outbreak has killed 106 people and infected 4,515. Most of the cases have been contained to China, although some have been reported in the US, Germany, France, Japan and Australia. In India, some suspected patients have been kept under observation.

 

Health experts, reportedly, are saying the outbreak "appears to be very well contained", thanks to China's robust response to it. While previous coronavirus outbreaks like SARS and MERS had death rates of 10% and 35% respectively, this one seems to have a death rate of 2-3%. However, the extent of the problem is still unclear and the problem could escalate. CNBC

FIN.

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