Aerospace, defence stocks continue to rally-Telangana Today

Shares of companies related to aerospace and defence sectors continued to remain in the limelight on Thursday, with firms such as Centum Electronics rallying nearly 20 per cent

Published Date – 11:25 AM, Thu – 24 August 23


Chandrayaan-3 success: Aerospace, defence stocks continue to rally



New Delhi: Shares of companies related to aerospace and defence sectors continued to remain in the limelight on Thursday, with firms such as Centum Electronics rallying nearly 20 per cent, after the successful touchdown of Chandrayaan-3 mission’s Vikram lander on the Moon.

The stock of Centum Electronics zoomed 19.69 per cent, Paras Defence and Space Technologies Ltd rallied 17.30 per cent, MTAR Technologies jumped 10.32 per cent and Hindustan Aeronautics Ltd climbed 2.69 per cent on the BSE.

Centum delivered more than 200 mission critical modules to the Chandrayaan-3 mission, according to the company’s website.

Shares of Astra Microwave Products climbed 2.63 per cent, Larsen & Toubro went up 1.82 per cent and Bharat Forge gained 1.63 per cent. Most of these firms hit their 52-week high levels during morning deals.

Shares of companies related to aerospace and defense sectors had jumped on Wednesday also. In the equity market, the BSE Sensex jumped 402.83 points to trade at 65,836.13.

“The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan-3’s successful soft landing on the Moon boosting sentiments in India,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

India’s Moon mission Chandrayaan-3 touched down on the lunar south pole at 6.04 pm on Wednesday, making it the first country to land on the uncharted surface.

Democratizing and bridging innovation with accessibility-Telangana Today

As a champion of 5G accessibility, the company emphasized that it pioneered the introduction of 5G smartphones with the realme X50 Pro in 2020.

Updated On – 01:40 PM, Thu – 24 August 23


realme’s 5G journey: Democratizing and bridging innovation with accessibility



New Delhi: In just a few years, realme which arrived in 2018 has managed to establish itself as a formidable player in the market, and one of the key drivers of this success has been their commitment to embracing 5G technology in the ever-evolving landscape of the smartphone industry.

The company said that as a 5G democratizer, it was the first brand to introduce a 5G smartphone with the realme X50 Pro in 2020, so that users could take that first step toward truly being future-ready.

In 2021, they launched their first mid-segment 5G smartphone — the realme 8 5G, which was also the first 5G phone in the number series. So far, they have launched 30 5G-enabled smartphones and the only 5G-enabled tablet in the segment – Pad X. This strategic decision is a reflection of the brand’s dedication to meet the varied needs of its customer base.

With higher bandwidth concentration, lightning-fast speeds, and enhanced security compared to legacy networks, 5G technology heralds the promise of significantly greater operational improvements and efficiencies across the tech sector. Moreover, 5G serves as the foundation for emerging technologies like IoT, AI, and VR, which are poised to revolutionise the development of new products and services.

At realme, embracing 5G wasn’t just about being the first; it was about the brand’s vision to lead India into a new era of connectivity. realme swiftly transitioned more than half of its product portfolio to 5G, recognising the pivotal role it would play in shaping the future.

One of the remarkable aspects of realme’s approach to 5G is its understanding of the diverse Indian market. What sets realme apart is its unwavering commitment to make 5G accessible to everyone, particularly the younger generation who yearns for cutting-edge technology without breaking the bank.

realme doesn’t pigeonhole its smartphones based solely on network capability. Instead, they focus on enhancing users’ daily lives with a combination of features, whether it’s a powerful chipset, exceptional camera capabilities, SuperDart charging, or network connectivity. The brand is riding big on making 5G-enabled smartphones widely available and empowering more people with 5G products and comprehensive experiences.

realme’s relentless focus on 5G benefits both the brand and its users in several ways.

By embracing 5G, realme ensures that its users are future-proofed. As 5G networks expand, realme users can tap into the full potential of this technology without needing to upgrade their devices.

5G enables faster downloads, smoother streaming, and lag-free online gaming. realme users can enjoy these benefits across various price segments, making high-quality experiences accessible to all.

realme’s commitment to 5G drives them to innovate continuously. This innovation extends beyond connectivity to other aspects like camera technology, display quality, and battery life.

realme’s focus on offering 5G smartphones in various price segments, including the entry-level range, ensures that this transformative technology is not limited to a privileged few.

As realme continues to expand its product portfolio, they reinforce their commitment to providing the best to their customers. realme’s mission is clear: to become the Real 5G Democratizer, making 5G-enabled smartphones widely available and empowering more people with 5G products and comprehensive experiences.

They keep pushing the envelope, bringing 5G technology to everyone, and doing so redefines what is possible in the smartphone industry. So, get ready to explore the future of connectivity with realme, where innovation and accessibility go hand in hand.

Sri Lanka’s economy expected to recover in second half of 2023-Telangana Today

Sri Lanka’s domestic economic activity is expected to recover in the second half of this year, Central Bank of Sri Lanka said in a statement on Thursday

Published Date – 01:20 PM, Thu – 24 August 23


Sri Lanka’s economy expected to recover in second half of 2023



Colombo: Sri Lanka’s domestic economic activity is expected to recover in the second half of this year, Central Bank of Sri Lanka said in a statement on Thursday.

As per the central bank, in the overall context, leading indicators of economic activity point to a lower contraction in gross domestic product (GDP) in the second quarter of this year, compared to the previous projections, while the second half is expected to record a positive growth, compared to the same period of last year, Xinhua news agency reported.

The recovery would be supported by normalisation of monetary conditions, improvement in business confidence, enhancement in supply conditions, relaxation of import restrictions, and the impact of growth-promoting structural reforms. “However, the impact of weather related disruptions and modest external demand conditions could weigh on expected growth in the near term,” the statement said.

The central bank said the headline inflation is expected to moderate further over the next few months. “The trade deficit decreased notably during the seven months ending July 2023 with a significant decrease in merchandise imports, despite the decrease in merchandise exports,” it said. Earnings from tourism and workers’ remittances, which increased considerably in the January-July period, are expected to rise further, it added.

Silver futures decline to Rs 73,557 per kg-Telangana Today

Silver futures on Thursday dropped Rs 447 to Rs 73,557 per kilogram as participants reduced their bets.

Published Date – 02:21 PM, Thu – 24 August 23


Silver futures decline to Rs 73,557 per kg



New Delhi: Silver futures on Thursday dropped Rs 447 to Rs 73,557 per kilogram as participants reduced their bets.

On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 447 or 0.6 per cent to Rs 73,557 per kg in a business turnover of 8,266 lots.

Globally, silver was trading 0.69 per cent lower at USD 24.54 per ounce in New York.

Delhi HC refuses to stay single-judge order upholding arbitral award against airline-Telangana Today

A division bench of Justices Yashwant Varma and Dharmesh Sharma said that it cannot stay the order dated July 31 in view of the Supreme Court’s direction of February 13 this year

Published Date – 02:30 PM, Thu – 24 August 23


Kalanithi Maran vs SpiceJet: Delhi HC refuses to stay single-judge order upholding arbitral award against airline



New Delhi: The Delhi High Court on Thursday rejected interim relief to low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh, who challenged a single-judge order upholding, in favour of Sun Group Chairman Kalanithi Maran and Kal Airways, an arbitral award passed by the tribunal comprising three retired Supreme Court judges.

A division bench of Justices Yashwant Varma and Dharmesh Sharma said that it cannot stay the order dated July 31 in view of the Supreme Court’s direction of February 13 this year. The court, however, issued notice to Maran and Kal Airways. On July 31, Justice Chandra Dhari Singh had pronounced the verdict in a section 34 petition filed by the parties in connection with the above-mentioned arbitral award dated July 20, 2018, wherein the decree holders — Kal Airways and Kalanithi Maran — were awarded a refund of Rs 308 crore towards the warrants, as well as a refund of Rs 270 crore towards Cumulative Redeemable Preference Shares (CRPS).

Additionally, they were also awarded an interest of 12 per cent towards pendente lite and an interest of 18 per cent from the last due date, in case the payments directed to be made by SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh are not completed within two months from the date of the award.

SpiceJet Singh had challenged the arbitral award by filing a Section 34 petition, seeking to set aside the refund of Rs 270 crore granted to Kal Airways and Maran. Furthermore, they requested the waiver of 12 per cent interest towards warrants and the setting aside of the 18 per cent interest granted under the award for both warrants and CRPS.

On the other hand, Kal Airways and Maran also filed a Section 34 petition, seeking the setting aside of the award to the extent no interest was granted in the amount of Rs 270 crore. They also claimed damages for non-issuance of warrants and CRPS. The high court had dismissed the Section 34 petitions filed by the parties. After careful consideration and hearing all arguments, the judge found no valid reason to interfere with the arbitral award.

On July 24, the high court issued notice to SpiceJet Ltd and Singh in Kal Airways and Maran’s application seeking an urgent hearing of its enforcement petition in a case where the former is to pay approximately Rs 390 crore to it towards its interest liability under the arbitral award. Allowing the application, a bench of Justice Yogesh Khanna had directed SpiceJet and its CMD to file an affidavit disclosing all their assets before the next date of hearing, September 5, and also mandated the physical presence of Singh before it.

The Supreme Court had, on February 13, directed SpiceJet to pay Rs 75 crore to decree holder (Kal Airways and Maran) within a period of three months towards its interest liability under the arbitral award, and had also clarified that in the event of failure to pay, the entire award would become executable in entirety in favour of decree holder.

On the applications seeking further time extension that were moved by SpiceJet for two more months as the three months time period had expired on May 13, and it failed in honouring the top court’s order, senior advocate Maninder Singh, appearing for the decree holder, informed the court that the apex court order of February 13 has been now reaffirmed by another order dated July 7, whereby the time applications of SpiceJet are also dismissed.

The apex court, while dismissing the same, observed that SpiceJet’s application is nothing but a delay tactic to not pay money even when there are court orders directing the same. Singh told the high court that SpiceJet is not honouring the orders passed by any of the courts, and has earlier too failed to comply with the order passed by this court dated November 4, 2020, directing the airlines to file its affidavit of disclosure of its assets. It was also reaffirmed by an order dated May 29 by this court and the same is not filed to date, he apprised the court.

He submitted before Justice Khanna’s bench that Order XXI Rule 41 (iii) of the Code of Civil Procedure clearly provides that the court may, for a period not exceeding three months, pass an order of arrest of the Judgement Debtor for not complying with the order to file an affidavit of assets.

Following the top court’s order dated February 13, the high court had on May 29, directed SpiceJet and Ajay Singh to pay the entire executable amount under the award to the decree holder.

Stock market ends in red-Telangana Today

As such, the stock market’s daily fluctuations serve as a reflection of the dynamic and ever-changing landscape of the financial world.

Published Date – 04:31 PM, Thu – 24 August 23


Stock market ends in red



Mumbai: The stock market, which opened on a positive note on Thursday, experienced a reversal of fortune as the trading day progressed.

Both the Sensex and Nifty indices ended the day in the red, reflecting a day of mixed sentiments among investors.

At the close of the trading session, the Sensex recorded a decline of 180.96 points, settling at 65,252.34.

Meanwhile, the Nifty index also registered a downturn, closing 57.30 points lower at 19,386.70. This fluctuation in market indices reflects the nature of trading activities.

In the Nifty segment, the market saw 16 companies advancing, while 35 companies faced declines as the closing bell rang. This diversity in stock performance indicates the varying fortunes of different sectors and industries.

Among the top gainers in the Nifty index, prominent names include BPCL, Asian Paints, IndusInd Bank, Infosys, and Britannia. These companies managed to buck the overall trend, securing positive gains amidst the market’s volatility.

On the flip side, the list of top losers featured Jio Financial Services, Reliance, Divi’s Lab, Power Grid, and ONGC. These companies faced setbacks during the trading day, contributing to the overall negative sentiment in the market.

Varun Aggarwal, founder and Managing Director of Profit Idea, said, Market witnessed selling today after gap up opening in second half. Reliance Industries dragged the index lower contributing maximum fall. Banks also witnessed profit booking”.

“Weekly F&O expiry triggered profit booking and sectoral shifts. Market bias inspite of fall looks good as long as OI data is protecting heavy put writing on lower levels. Recent lows of 19253 on Nifty remains important. The focus remains on quality blue chip stocks of Pharma, FMCG, IT, and selected mid and small-cap stocks”, said Aggarwal The stock market’s performance on any given day can be influenced by a myriad of factors, including economic indicators, corporate earnings reports, global events, and investor sentiment.

As such, the stock market’s daily fluctuations serve as a reflection of the dynamic and ever-changing landscape of the financial world.

Investors and market participants will continue to closely monitor developments, both within the country and globally, as they seek to make informed investment decisions in this fluid environment.

Transaction limit for small value payments in offline mode raised to Rs 500-Telangana Today

he Reserve Bank on Thursday enhanced the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200.

Published Date – 05:32 PM, Thu – 24 August 23


Transaction limit for small value payments in offline mode raised to Rs 500



Mumbai: The Reserve Bank on Thursday enhanced the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available.

However, the total limit for offline transactions on a payment instrument remains Rs 2,000 at any point in time.

“The upper limit of an offline payment transaction is increased to Rs 500,” the RBI said in a circular on ‘Enhancing transaction limits for Small Value Digital Payments in Offline Mode’.

To increase the speed of small-value transactions on UPI, an on-device wallet called UPI-Lite was launched in September 2022 to optimise processing resources for banks, thereby reducing transaction failures.

The product has gained traction and currently processes more than 10 million transactions a month.
Earlier this month, the RBI had proposed to facilitate offline transactions using Near Field Communication (NFC) technology to promote the use of UPI-Lite. Transactions through NFC do not require PIN verification.

It had said this feature will not only enable retail digital payments but also ensure speed, with minimal transaction declines in situations where internet or telecom connectivity is weak or not available.

Rafael Nadal joins Infosys as brand ambassador-Telangana Today

Nadal is a perfect embodiment of what it takes individuals or business leaders to evolve and continually navigate their next.

Published Date – 05:54 PM, Thu – 24 August 23


Rafael Nadal joins Infosys as brand ambassador



Bengaluru: Infosys, a global leader in next-generation digital services and consulting, today announced a three-year partnership with global tennis star Rafael Nadal. Globally acknowledged as one of the legends in sports, he also has had the ability to change with the changing rigors of tennis over the years.

Nadal is a perfect embodiment of what it takes individuals or business leaders to evolve and continually navigate their next.

As the digital innovation partner for the ATP Tour, Roland-Garros, Australian Open, and The International Tennis Hall of Fame, brand Infosys has helped reimagine the tennis ecosystem for a billion fans globally leveraging AI, cloud, data analytics and digital experiences. Infosys has pioneered video and stats analysis platforms for players and coaches to revolutionize training, bolstered match analysis with AI-assisted journalism platforms for broadcasters to post engaging content and introduced new ways for fans to engage with the game.

Other innovations, from Infosys, for the tennis ecosystem include explorations in the digital universe including mixed reality, social VR and 3D art museums to expand the history, and heritage of tennis to fans globally.

Most recently, Infosys launched the Carbon Tracker, allowing ATP players to track and offset emissions from their travel on tour. It is a first of its kind sustainable tech in any sport.

In addition, Infosys’ partnerships with tennis have also extended to serve communities around the world, a good example being STEM (science, technology, engineering, and mathematics) education, made engaging through the lens of tennis, to enable young children to develop a deeper appreciation for STEM studies together with Tennis Australia.

Rafael Nadal, said, “I’m very happy to work closely with Infosys, as they work to not only evolve the experience of tennis to the times, but also empower people in our communities to be part of a brighter future. I love the way Infosys has brought its digital expertise across industries to the global tennis ecosystem. It has transformed the tennis experience for a billion global fans and truly empowered all players on the tour with analytics that they could have only dreamt of a few years ago. Also, the impact that Infosys is making beyond the court ‘creating the next opportunity for people, businesses, and communities’ deeply inspires me. I believe it’s our shared aspiration to create societal good that makes our handshake truly meaningful.”

Tune in to Infosys brand ambassador Rafael Nadal talk about how Infosys has helped transform tennis.

To mark this – Nadal’s first-ever collaboration with a digital services company – Infosys and Nadal’s coaching team are developing an AI-powered match analysis tool. This personalized tool will be available in real time to Nadal’s coaching team to simultaneously track insights from his live matches, when he is back on tour, along with historical data from his earlier matches.

Salil Parekh, Chief Executive Officer & Managing Director, Infosys, said, “It is an honor to welcome Rafa, one of the world’s most respected champion athletes and humanitarians  as an ambassador for Infosys. He is someone who personifies the spirit of always evolving, never giving up, utmost dedication and determination to give the very best in every situation. We are inspired by his approach, and it reflects our own aspirations to continuously evolve and always remain relevant for our clients.”

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI.

We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit: www.infosys.com to see how Infosys  can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements.

The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, and our corporate actions including acquisitions.

Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023.

These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Centum Electronics, MTAR Tech settle with gains; BHEL, Hindustan Aeronautics fall on profit-taking-Telangana Today

India’s Moon mission Chandrayaan-3 touched down on the lunar south pole at 6.04 pm on Wednesday, making it the first country to land on the uncharted surface.

Published Date – 05:58 PM, Thu – 24 August 23


Centum Electronics, MTAR Tech settle with gains; BHEL, Hindustan Aeronautics fall on profit-taking



New Delhi: Shares of a number of companies that have contributed to the development of ISRO’s Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon ended with gains on Thursday.

However, some companies, including Hindustan Aeronautics Ltd and Larsen & Toubro, pared their gains and ended lower due to the emergence of profit-taking.

The stock of Centum Electronics ended 7.26 per cent higher, Paras Defence and Space Technologies Ltd rallied 6.13 per cent, MTAR Technologies jumped 3.83 per cent and Bharat Forge gained 0.72 per cent on the BSE.

The stock of Centum Electronics had zoomed 19.69 per cent in morning trade and Paras Defence and Space Technologies Ltd had rallied 17.30 per cent.

Centum delivered more than 200 mission-critical modules to the Chandrayaan-3 mission, according to the company’s website.

Most of these firms hit their 52-week high levels during the day.

Shares of Mishra Dhatu Nigam Ltd dropped 2.54 per cent, BHEL went lower by 1.78 per cent, Hindustan Aeronautics Ltd declined 1.60 per cent, Larsen & Toubro fell by 1.10 per cent and Astra Microwave Products dipped 0.10 per cent.

All these firms had climbed during the day.

Shares of companies related to the aerospace and defense sectors had jumped on Wednesday as well.

In the equity market, the BSE Sensex ended 180.96 points lower at 65,252.34.

India’s Moon mission Chandrayaan-3 touched down on the lunar south pole at 6.04 pm on Wednesday, making it the first country to land on the uncharted surface.

Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls-Telangana Today

In essence, the authority suggested many of the banks should do more to fight money laundering, and it provided guidelines — even with a suggested table of categories — for banks to follow.

Updated On – 07:25 PM, Thu – 24 August 23


Regulator’s review of over 30 Swiss banks finds shortcomings in money-laundering controls

In essence, the authority suggested many of the banks should do more to fight money laundering, and it provided guidelines — even with a suggested table of categories — for banks to follow.

Geneva: Switzerland’s financial markets authority said Thursday that an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analysing the risk of money laundering.

The authority, known as FINMA, said the review was prompted by repeated signs of shortcomings in money-laundering risk analysis during its regular visits to financial

The poor assessment of the banks — which were not identified by name — is significant because Switzerland ranks No. 1 worldwide in wealth management.

Consulting firm Boston Consulting Group, in its Global Wealth Report 2023 released in late June, projected that Hong Kong is poised to eclipse Switzerland as a booking centre for wealth by 2025.

Switzerland has long had a reputation for banking secrecy, though some money-laundering experts say it has at least partially cleaned up its act in recent years — such as by exchanging more information to help combat tax evasion by depositors.

“FINMA reviewed risk analyses of over 30 banks in spring 2023,” the report said.

“In doing so, it was found that a large number of the risk analyses examined did not meet the basic requirements for such an analysis.” The authority cited “some cases” in which banks failed to provide an adequate definition of risk tolerance for money laundering, which would involve setting limits to lower risks.

In essence, the authority suggested many of the banks should do more to fight money laundering, and it provided guidelines — even with a suggested table of categories — for banks to follow.

For example, it said the reviewed banks often did not set necessary exclusions for some countries, client segments, and services or products, such as for “politically exposed persons” — individuals with a prominent function or role — in some countries.

Nor did most of the banks establish proper ways of allowing for exceptions, the authority said.

The review “regularly” found that banks had not broken down risks “individually or comprehensively” or that some types of risks relevant to the banks went uncovered.

Some banks did not compile key figures on risk exposure to money laundering among their clients.

Authorities in Switzerland and beyond have unearthed a string of money laundering cases involving Swiss financial institutions in recent years.

In June last year, a Swiss court fined Credit Suisse over USD 2 million for failing to prevent money laundering linked to a Bulgarian criminal organisation more than a decade ago.

An array of troubles at Credit Suisse, long Switzerland’s No. 2 bank, threatened to shake global financial markets earlier this year and led to its takeover by rival UBS two months ago.