Nvidia Hits USD 2 Trillion Market Value in AI Driven

The significant milestone followed a robust revenue forecast, leading to a record-breaking $277 billion increase in market value on Thursday, the largest single-day gain on Wall Street.

Nvidia’s remarkable growth in the past year draws comparisons to the suppliers of tools during the 1800s gold rush, as its chips are utilized by major generative AI players like OpenAI and Google.

Also Read: Nvidia Hits USD 2 Trillion Market Value in AI Driven

Surging from $1 trillion to $2 trillion in market value in just around nine months, Nvidia achieved this feat faster than any other US company and in less than half the time it took tech giants Apple and Microsoft.

“For AI companies today – the leaders of the sector – what’s going to be binding for them is not going to be demand. It’s just going to be their capacity to answer the surging demand,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

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HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks

The day started with HDFC Bank shares opening at ₹1380, lower than the previous day’s close at ₹1,394. The company’s market capitalization is ₹10.39 lakh crore, making it the third most valued company after Reliance Industries and Tata Consultancy Services.

Following negative global cues and higher-than-expected inflation numbers in the US, the Bombay Stock Exchange benchmark Sensex dropped more than 675 points. At 1:34 pm, the BSE index was in the red at 71,206.

To HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks, Last week, HDFC Bank announced regulatory approval from the Reserve Bank of India (RBI) to acquire up to a 9.5 percent stake in six lenders, including ICICI Bank and Axis Bank.

Entities within the HDFC Bank Group include HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company, and others. more about HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks.

In the previous month, HDFC Bank reported a 2.65 percent rise in consolidated net profit, reaching ₹17,258 crore for the October-December period. This is compared to ₹16,811 crore in the preceding September quarter. The bank, which merged mortgage lender parent HDFC into itself in July, reported a standalone net profit of ₹16,372 crore against ₹15,976 crore in the quarter-ago period. Core net interest income grew to ₹28,470 crore, and other income stood at ₹11,140 crore during the quarter.

(Source: PTI)

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Paytm Founder Vijay Shekhar Sharma Meets Sitharaman: Reports

Reports suggest that One97 Communications, the parent company of the payment services firm, faced a significant decline in its stock value following major business restrictions imposed by the Reserve Bank of India (RBI) against Paytm Payments Bank Ltd (PPBL).

Earlier on the same day, Reuters revealed that Sharma and Paytm officials had met with the RBI on February 5 to discuss regulatory concerns.

These meetings come after the RBI instructed Paytm Payments Bank on January 31 to halt new deposits in its accounts and digital wallets from March due to supervisory concerns and non-compliance with rules.

As per Paytm Founder Vijay Shekhar Sharma Meets Sitharaman. Sources mention ongoing discussions to address regulatory concerns and compliance issues with both the RBI and the ministry.

Paytm has requested an extension of the February 29 deadline from the RBI and seeks clarity on the transfer of its license for the wallets business and Fastag digital highway toll payment service, according to sources.

“The RBI listened to Paytm without making any commitments,” said another source.

Responses from Paytm, RBI, and the finance ministry to Reuters’ request for comment are still pending.

As of February 5, Paytm’s shares had dropped by about 42%, causing a $2.5 billion reduction in its market value. Concerns arose about the broader business impact, as Paytm Payments Bank plays a crucial role in the digital payments app, competing with platforms like Walmart’s PhonePe and Google.

As Paytm Founder Vijay Shekhar Sharma Meets Sitharaman. On February 6, the stock hit a record low following a Reuters report on the Enforcement Directorate investigating potential violations of foreign exchange rules by the company.

A Paytm spokesperson refuted the allegations, denying any foreign exchange law violations.

There are speculations that the RBI’s regulatory actions might lead to the cancellation of Paytm’s license, according to a source familiar with the matter from last week.

On Tuesday, Paytm’s shares partially recovered, closing 2.9% higher at 451.15 rupees, after an earlier 8% increase.

Avinash Gorakshakar, head of research at Profitmart Securities, suggested that this share move could be a “dead-cat bounce” amid ongoing negative news affecting the stock.

Bernstein lowered its target share price but maintained an outperform rating, anticipating Paytm’s ability to successfully navigate operational changes required to overcome the imposed restrictions.

Also Read: Paytm Founder Vijay Shekhar Sharma Meets Sitharaman

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