Stockbrokers raise alarm against fake WhatsApp groups

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, September 30, 2024. My name is Nelson John. Let's get started.
WhatsApp groups are full of people pretending to be legitimate advisors offering stock market advice. These groups promise unrealistic returns and insider information, and have caught the attention of market regulators. Stockbrokers are also raising alarms to such practices. The scams have not only duped investors, but also posed significant reputation risks to the impersonated firms. Dipti Sharma, Neha Joshi, and Shayan Ghosh bring you the details of how the authorities are fighting back to regain the public's trust.

The subsidies provided by the Indian government keep dwindling. Now, the focus has shifted towards incentivising players to set up their manufacturing facilities in India. Alisha Sachdev reports that from next April, manufacturers will be required to locally source even the smallest components, otherwise known as child parts. The new phased manufacturing plan also outlines detailed processes for each component to ensure that key steps are performed domestically.

Accenture's recent earnings report has sparked optimism within the 260 billion dollar Indian IT sector. Accenture has forecasted a better financial year moving head, especially in the Generative AI-related space. Shelley Singh writes that the Indian IT sector is using Accenture's report as a bellwether and hoping for better revenues moving forward. In particular, there are hopes that banking and the financial sector at large are likely to also spend more towards IT.

In November 2010, then-Gujarat Chief Minister Narendra Modi visited Chennai to invite Tamil Nadu textile entrepreneurs to set up spinning units in Gujarat. In a state where cotton was plentiful, and power was reliable, this invitation meant big savings on transport and energy. Despite his compelling argument, Tamil Nadu's textile industry, with its robust workforce and deep-rooted infrastructure, chose to stay put. Over a decade later, the textile industry in Tamil Nadu faces even greater challenges, from heavy reliance on migrant labour to increased operational costs. N Madhavan examines how this has prompted some units to consider relocation to states like Madhya Pradesh and Odisha for better proximity to labour and lower wages. Despite Tamil Nadu resolving its power issues, the textile sector's future in the state remains uncertain due to these compounded challenges.

IBM and Accenture are making significant strides in the generative AI sector. IBM has reported over $2 billion in GenAI bookings and sales, with Accenture close behind at $3 billion for the fiscal year. Both companies attribute much of their success to their robust consulting services, a strategy not fully embraced by India’s top IT firms like Tata Consultancy Services, Infosys, and HCL Technologies, which do not report their AI or consulting revenues separately. This approach isn't just about leveraging AI technology; it's integral to their business development strategies. Jas Bardia reports on how both firms are proactive in integrating AI into their client engagement processes, often starting with proof of concepts at early sales stages.

Stockbrokers raise alarm against fake WhatsApp groups

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