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News on Medial
DOGE’s federal spends slash unlikely to bleed Indian IT companies
Economic Times
·
5m ago
Medial
The Department of Government Efficiency’s (DOGE) cancellation of federal contracts may affect US-based consulting technology companies but will minimally impact Indian IT firms. Indian IT's exposure to US federal contracts is less than 2% of its revenue, often working with state and local governments instead. While uncertainties exist, DOGE’s tech-focused initiatives might spur opportunities for global tech players, especially those with local US investments. Major consultancies could face significant effects from these changes.
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Related News
Payments firms slash cashbacks, incentives on funding drought
Economic Times
·
9m ago
Medial
Consumer payment companies like PhonePe, Paytm, Amazon Pay, and Cred have significantly reduced their marketing spends and customer incentives. This reduction can be attributed to the maturing digital payments market in India, with cashbacks now being offered in a more systematic and structured manner. Startups are focusing on conserving cash and building towards profitability and sustainability. Despite permission to onboard new customers, Paytm remains focused on controlling costs. Amazon Pay has reduced its marketing expenses by 23% in FY2024 compared to the previous year. Cred, as a new entrant, has also cut down on marketing spends. With market stability, industry insiders are watching the emergence of Bhim and the possibility of market domination battles.
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DOGE has built an AI tool to slash federal regulations | TechCrunch
TechCrunch
·
12d ago
Medial
The Department of Government Efficiency (DOGE) has developed an AI tool, aiming to cut half of federal regulatory mandates, according to a report. The DOGE AI Deregulation Decision Tool analyzes 200,000 federal regulations to identify those no longer required by law. Though not officially sanctioned, it has been applied to departments like Housing and Consumer Financial Protection. This initiative represents DOGE's broader AI efforts, which previously included a tool with errors in assessing Veterans Affairs contracts.
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Elon Musk and Trump win fight to keep DOGE’s work secret
Arstechnica
·
4m ago
Medial
Elon Musk and the Department of Government Efficiency (DOGE) secured a temporary court decision, shielding them from complying with a discovery order tied to their cost-cutting operations. A federal appeals court placed a stay on a prior ruling that allowed 14 states to request information from Musk and DOGE. The states claimed President Trump overly empowered Musk without proper authorization. The situation is pending further court decisions, with the possibility of future limitations on DOGE's access to government data.
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Will the Budget bring credit card international spends under TCS?
Money Control
·
1y ago
Medial
The government's flip-flop on tax collected at source (TCS) on credit card international spends finally ended last year, sparing credit cardholders from the TCS axe. While TCS applies to international transactions via debit cards and other payment modes once they cross the Rs 7 lakh per person per financial year limit, credit card transactions remain exempt. Experts believe it is unlikely that the government will bring credit cards under the TCS net in Budget 2024, as banks are not ready with the required systems.
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FMCG ad dollars seen rising in Q4
Livemint
·
1y ago
Medial
Large packaged goods companies in India are increasing their advertising and promotion (A&P) spending in response to cooling raw material prices and competition from local players. With the moderation in input costs, companies are experiencing expanded gross margins and reinvesting a significant portion in ad spends to revive volumes. FMCG companies are expected to increase their ad spends-to-sales ratio in FY25, especially with stable raw material prices and recovering rural demand. This trend is seen across companies like Hindustan Unilever, Dabur India, and Colgate-Palmolive.
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India’s IT sector much-awaited moment has arrived: the US Fed’s rate cut
Livemint
·
10m ago
Medial
The US Federal Reserve's half percentage point interest rate cut could benefit India's IT services sector, as it may encourage companies to increase their technology spending. The US is the largest market for India's IT services industry. Fortune 500 companies, which are clients of Indian IT services providers, have previously reduced their spending on non-essential technology. However, the rate cut is expected to revive demand for IT services. Indian IT stocks dropped on Wednesday ahead of the US rate decision, with the Nifty IT Index falling to a two-week low.
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'People who should be considered for promotion': Musk after DOGE’s accountability mail to US govt employees
Business Today
·
5m ago
Medial
Elon Musk has directed US federal employees to submit weekly reports of their work, risking dismissal if they fail to comply. Agencies like the State Department and FDA received the email titled "What did you do last week?" which demands a five-point summary of weekly achievements. Musk indicated that standout employees should be considered for promotion. This unconventional move has sparked debates on government transparency, employment rights, and private-sector influence on public administration.
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New-Age Tech Stocks Bleed Amid Broader Market Decline, FirstCry Biggest Loser This Week
Inc42
·
1m ago
Medial
The Indian equity market experienced a downturn due to geopolitical tensions and mixed global cues, impacting 24 of 33 new-age tech stocks under Inc42, resulting in declines between 0.19% and 9%. The cumulative market cap fell approximately $4 billion, ending the week at $87.32 billion. FirstCry was the biggest loser, with shares down 8.88%. In contrast, nine tech companies saw gains from 0.61% to 9.33%.
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Indian brands slash CAC by 30% using AI tool
Inshorts
·
2m ago
Medial
Top Indian enterprises like Dr. Reddys and Apollo Tyres have reduced customer acquisition costs by up to 30% using Intellsys.ai. This AI-driven platform offers instant, actionable insights, eliminating the need for traditional dashboards and manual analysis. With over 200 integrations, it empowers teams to make swift, data-backed decisions without technical expertise.
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Mid-day Mood | Sensex, Nifty maintain upward momentum; broader market lags behind
Money Control
·
10m ago
Medial
The Indian stock market continued its upward trend, with the Sensex and Nifty reaching record highs following the US Federal Reserve's rate cut. IT and banking stocks contributed to the gains, while the energy sector faced profit booking. Analysts believe that there are no immediate triggers to significantly move the market up or down, and any selling by foreign investors is unlikely to have a significant impact due to ample domestic liquidity. Technical analysis suggests that the Nifty may face resistance around the 26,200-26,250 level. The market will also closely watch for comments from Fed Chair Jerome Powell and other officials for insights into future monetary steps.
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