The users of the crypto lending platform Vauld will continue to earn interest on their fixed crypto deposits. This was confirmed by Vauld CEO Darshan Bathija, on the company’s official Telegram channel. In an FAQ posted, Bathija clarified all the doubts Vauld users had after the company suspended withdrawals and deposits citing the crypto market’s volatile conditions.
Vauld is a crypto lending platform that allows users to earn a fixed interest on their cryptos as soon as they deposit their funds. The interest was calculated daily, and users were able to make the payout weekly. Earlier, they could withdraw their funds immediately.
Vauld management in an earlier blog post said that it is facing financial challenges despite its best efforts. The crypto company said that the current market climate had led to a significant amount of customer withdrawals when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s Terra-Luna stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
Bathija also announced that there could be a solution as Nexo, the lender in the digital finance space is looking to acquire the company. As there is no update from the company on this, many users on Telegram requested the co-founder to provide more information about the deal.
For the full year ending August, Accenture has raised its revenue growth guidance to 25.5-26.5% from 24-26% earlier. Note that the company follows a September-August financial year. The company's management indicated a strong demand environment and order bookings and added that there has not been any change in the decision-making cycle by its clients.
"The guidance increase is large enough noting that just one quarter remains for completion of FY2022. Revenue growth guidance for 4QFY22 at 20-24% is remarkably strong," analysts at Kotak Institutional Equities said in a report on 23 June.
Fears of a recession leading to possible reductions in IT spending by clients have weighed on investors' sentiment towards the IT sector. Worried over it, some global research houses recently downgraded Indian IT stocks, trimming their earnings estimates for FY23. Consequently, IT stocks have been under severe pressure.
Against this backdrop, Accenture's Q3 earnings do provide some comfort, but they do not completely take away the concern of a slowdown.
"In our view, the deteriorating macro is beginning to show up in some metrics. The net hiring number at ~12,000 is the lowest one has seen in the recent quarters (last 5 quarters’ average is ~37,000)," analysts at Nirmal Bang Institutional Equities said in their report on Accenture's Q3FY22 earnings. This tends to be a lead indicator, especially for a company where utilisation levels have been high. The domestic brokerage house also pointed out, cost take-out apparently is becoming an increasing discussion point with some clients.
Analysts at Nomura Financial Advisory and Securities (India) Pvt. Ltd said a read through for Indian IT services sector from Accenture's result is that while FY23F demand outlook remains strong, “we expect it to slowdown faster than consensus’ estimates for FY24F". Nomura is among those who have downgraded the Indian IT sector.
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