Business

Looking at further easing FDI norms in space sector: DPIIT secretary-Telangana Today

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The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday

Published Date – 02:20 PM, Mon – 11 September 23


Looking at further easing FDI norms in space sector: DPIIT secretary

The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday

New Delhi: The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that huge scope is there for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and agrti-tech.

“There is tremendous scope for collaboration… such as in artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our foreign direct investment norms to bring in private sector and foreign investment in our space sector,” Singh said at the India-Saudi Arabia investment forum meet here.

Presently FDI in space sector is allowed up to 100 per cent in the area of satellites establishment and operations through government route only. He added that several Saudi Arabian companies have invested in Indian wind and solar energy sectors.

“We look forward for collaboratively working with you,” he said, adding there is also tremendous scope for collaboration between Saudi Arabian military industry and make in India campaign, which can enable “us to work” on joint collaboration on defence projects of mutual interest.

The secretary sought investments in areas such as bulk drug parks and food processing sector. As India is the home of several agro-tech startups, huge potential is there to increase collaboration, he added.

On trade front, he said that the bilateral trade between the two countries has reached USD 52.8 billion in 2022-23. India’s exports stood at USD 10.7 billion in the last fiscal as against USD 8.8 billion in 2021-22. The bilateral trade was USD 43 billion in 2021-22.

“We have reached a stage where we can move beyond oil trade to new areas of engagement like food processing, tourism, renewable energy, health, entertainment etc… we can work in energy sector,” Singh said.

Further, he added that India has already proven its might in outsourced services and can be the destination for Saudi companies looking for such opportunities. India is recognised as the pharmaceutical capital of the world.

Joint Secretary in the DPIIT Sanjiv said: “Huge opportunities are there between India and Saudi Arabia to boost trade and investments.” Speaking at the event, Badr AlBadr, Deputy Minister of Investors Outreach, Ministry of Investment, Saudi Arabia, said that the ministry and Invest India has signed a bilateral agreement to strengthen investment ties between the two countries.

It would give a comfort zone to investors and traders to do more and more business. He also said that opportunities for business are growing between the countries.

Despite challenges like Covid pandemic, food security challenges and geopolitical uncertainties, trade is growing between the two nations, he said, adding, “investment opportunities are exceptional in Saudi Arabia”.

“We have signed….47 MoUs and agreements B2B and B2G today,” he said.

Business

New 5G smartphone with 11GB RAM in India-Telangana Today

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The Nokia G42 5G will hit the market in two shades – Purple and Grey, with an 11GB+128GB setup (comprising 6GB physical RAM and 5GB Virtual RAM) at an introductory price of Rs 12,599. It will be up for grabs on various online platforms, beginning September 15th.

Published Date – 02:52 PM, Mon – 11 September 23


Nokia introduces ‘G42’: New 5G smartphone with 11GB RAM in India



New Delhi: HMD Global, the home of Nokia phones, on Monday unveiled a new 5G smartphone “G42” with 11GB RAM in India.

Nokia G42 5G will be available in two colours — Purple and Grey, in an 11GB+128GB configuration (6GB physical RAM + 5GB Virtual RAM) at a launch price of Rs 12,599 to purchase from online stores, starting September 15.

“Our team has worked tirelessly to ensure that this phone doesn’t just meet, but exceeds the needs of our users. We have tested it rigorously, optimised its use of storage and ensured that it receives updates for years to come – creating an experience that is truly geared up for longevity,” Ravi Kunwar, Vice President- India & APAC, HMD Global, said in a statement.

The phone features a 6.56-inch HD+ display with 90 Hz Corning Gorilla Glass 3 with a brightness of 450 nits. It also includes a 50MP main camera, plus an additional 2MP macro and 2MP depth cameras, all with LED flash. For selfies, the phone comes with an 8MP camera.

The phone supports a 5000mAh battery capacity and includes 20W fast charging support.

It also comes equipped with a Snapdragon 480 Plus 5G chipset, enabling super-fast 5G accessibility for users.

Moreover, the company said that the smartphone comes with various sensors, including an Ambient light sensor, Proximity sensor, Accelerometer + G-sensor, and Side FPS, making the device adapt efficiently to a variety of user environments and demands.

Business

India surgical sutures market to grow to $380 mn in 2030-Telangana Today

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Minimal access surgeries (MAS) have gained significant importance in recent times owing to reduced post-operative pain, shorter hospital stays, and quicker recovery of patients.

Published Date – 03:38 PM, Mon – 11 September 23


India surgical sutures market to grow to $380 mn in 2030



New Delhi: The domestic surgical sutures market will continue to grow at a compound annual growth rate of over 13 per cent to reach $380 million in 2030, according to a report on Monday.

Minimal access surgeries (MAS) have gained significant importance in recent times owing to reduced post-operative pain, shorter hospital stays, and quicker recovery of patients.

In India where a large population seeks affordable healthcare, the success of MAS heavily relies on efficient suturing techniques that are vital to minimise complications and infections.

The report by GlobalData, a leading data and analytics company, reveals that India will account for about 18 per cent of the Asia-Pacific (APAC) surgical sutures market, by revenue, in 2023.

“Traditional suturing techniques in India often involve using metal clips, plasters, and bandages. However, such techniques are known to pose risks due to poor sterilisation and cause unwanted reactions in patients,” said Ayshi Ganguly, Medical Devices Analyst at GlobalData, in a statement.

“Furthermore, the limited number of skilled practitioners and poor access to healthcare in rural areas have been additional drawbacks. This drives the requirement of alternative suturing techniques that can reduce the complications associated with traditional sutures,” she added.

Surgical sutures have efficiently sealed wounds and incisions by securely holding the tissue together, reducing the risk of infection and minimising scarring, making them an effective tool in MAS.

Ganguly pointed at India’s ‘Make-in-India’ policy that aims to boost domestic manufacturing of such medical equipment and devices, thereby reducing dependence on imports in the upcoming years.

“The development of such devices will expand the scope of exports and create a favourable business environment for the healthcare sector. With this, the Indian surgical sutures market is all set to flourish, offering promising domestic and export opportunities for Indian manufacturers,” Ganguly said.

Business

Nifty breaches 20K for first time-Telangana Today

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Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky.

Updated On – 04:35 PM, Mon – 11 September 23


Nifty breaches 20K for first time



New Delhi: Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post July 2023, said Dhiraj Relli, MD & CEO, HDFC Securities.

Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky.

Small-cap and Mid-cap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised, he added.

Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time, says Rupak De, Senior Technical analyst at LKP Securities. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.

On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark, he said.

Business

Nifty scales 20,000 mount, Sensex regains 67,000 level as stocks extend rally to 7th day-Telangana Today

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The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities

Published Date – 04:26 PM, Mon – 11 September 23


Nifty scales 20,000 mount, Sensex regains 67,000 level as stocks extend rally to 7th day



Mumbai: Benchmark Sensex jumped by 528 points to regain the 67,000 level while Nifty scaled the record 20,000 mark for the first time as robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.

The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities.

The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.

The Nifty hit its all-time high of 20,008.15, a gain of 188.2 points or 0.94 per cent, in day trading. The 50-issue barometer closed just below the 20,000 mark at 19,996.35, reflecting gains of 176.40 points or 0.89 per cent.

“Nifty has finally managed to touch the much-anticipated 20,000 mark in the second attempt post-July 2023. Robust flows from local investors amidst mixed/negative flows from foreigners have helped Nifty achieve this landmark.

“Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky,” said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.

Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers.

Bajaj Finance and Larsen & Toubro were the laggards.

“The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest.

“Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fueled optimistic sentiment, leading to a market rally,” said Vinod Nair, Head of Research at Geojit Financial Services.

India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending “global trust deficit”.

Modi also announced that African Union was admitted as G20’s permanent member.

In Asian markets, Seoul and Shanghai ended with gains while Tokyo and Hong Kong settled lower.

European markets were trading in the green. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude declined 0.23 per cent to USD 90.35 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50 per cent to finish at 66,598.91 on Friday. The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 224.22 crore on Friday, according to exchange data.

Business

Rishabh Instruments stock ends on muted note in debut trade-Telangana Today

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Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

Published Date – 05:45 PM, Mon – 11 September 23


Rishabh Instruments stock ends on muted note in debut trade

Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

New Delhi: Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

The stock began the trade at Rs 460, up 4.30 per cent from the issue price of Rs 441 on the BSE. During the day, it jumped 6.49 per cent to Rs 469.65. Shares of the company later ended at Rs 442.75 apiece, up 0.39 per cent.

On the NSE, it was listed at Rs 460.05, registering a gain of 4.31 per cent. The stock ended at Rs 441.50 each, up 0.11 per cent.

The company commanded a market valuation of Rs 1,680.74 crore.

In volume terms, 5.80 lakh shares of the company were traded on the BSE and over 80.38 lakh shares on the NSE during the day.

The Initial Public Offering (IPO) of Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers.

The company had fixed the price band for the IPO at Rs 418-441 per share.

The IPO had a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power and automotive sectors.

Business

Rupee falls 1 paisa to 83.03 against US dollar on Monday-Telangana Today

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A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall

Updated On – 06:47 PM, Mon – 11 September 23


Rupee falls 1 paisa to 83.03 against US dollar on Monday

Representational Image

New Delhi: The rupee settled 1 paisa lower at 83.03 (provisional) against the US dollar on Monday, as positive cues from domestic equity markets failed to allay investors’ concerns over elevated crude prices.

A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.93 against the US dollar and moved between the peak of 82.83 and the lowest level of 83.06.

The rupee finally settled 1 paisa lower at 83.03 (provisional) against the previous close.

On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.

“We expect the rupee to trade with a slight positive bias on the soft US dollar, positive domestic markets and a correction in crude oil prices. However, concerns over global economic slowdown and rising expectations of a rate hike by FOMC amid strong economic data from the US may cap sharp gains,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

Choudhary said that traders may remain cautious ahead of inflation data from India and the US later this week. “USD/INR spot price is expected to trade in a range of Rs 82.40 to Rs 83.30.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.42 per cent to 104.65.

Brent crude futures, the global oil benchmark, were trading 0.30 per cent lower at USD 90.38 per barrel.

On the domestic equity market front, the BSE Sensex regained the 67,000-level and closed 528.17 points or 0.79 per cent higher at 67,127.08. The broader NSE Nifty advanced 176.40 points or 0.89 per cent to 19,996.35.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 224.22 crore, according to exchange data.

Business

India’s passenger vehicle sales increase to highest-ever level in August-Telangana Today

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In the Three-Wheeler category, sales witnessed an extraordinary surge, with 64,763 units sold in August 2023 compared to 38,369 units in the same month the previous year, registering a remarkable year-on-year increase

Published Date – 11:37 PM, Mon – 11 September 23


India’s passenger vehicle sales increase to highest-ever level in August

In the Three-Wheeler category, sales witnessed an extraordinary surge, with 64,763 units sold in August 2023 compared to 38,369 units in the same month the previous year, registering a remarkable year-on-year increase

New Delhi: The Society of Indian Automobile Manufacturers (SIAM) has revealed that August 2023 witnessed achievements in the Indian automotive industry, with the highest-ever year-on-year monthly sales for Passenger Vehicles and Three-wheelers.

The announcement was made by SIAM during the release of the monthly sales data for August 2023. Highest-ever passenger vehicle sales reported. This growth reflects the resilience and dynamism of the sector. In the Three-Wheeler category, sales witnessed an extraordinary surge, with 64,763 units sold in August 2023 compared to 38,369 units in the same month the previous year, registering a remarkable year-on-year increase.

Two-wheeler sales remained robust, with 15,66,594 units sold in August 2023, a marginal increase from the 15,57,429 units sold in August 2022.

Commenting on the sales data for August 2023, Vinod Aggarwal, President of SIAM, expressed his enthusiasm for the sector’s performance.

Vinod Aggarwal stated, “Last month witnessed the highest-ever August month sales for Passenger Vehicles and Three-Wheelers, while Two-Wheeler sales remained stable compared to a year ago. We have also observed significant growth in the Commercial Vehicle segment in August 2023.

Based on last month’s performance, we are even more optimistic about the upcoming festive season, driven by a positive economic outlook and the revival of monsoon following a deficit in August”, said Aggarwal.

SIAM’s report detailed the robust growth across various segments of the automotive industry. In August 2023, approximately 3.59 lakh units of Passenger Vehicles were sold, representing a notable growth of 9.40 per cent compared to the same month in 2022.

Three-Wheelers reported exceptional growth, with a staggering 68.79 per cent increase, achieving sales of approximately 0.65 lakh units in August 2023.

Furthermore, Two-Wheeler sales remained steady, with 15.67 lakh units sold in the country, reflecting a growth of 0.59 per cent compared to August 2022.

SIAM said, 3.59 lakh units of Passenger Vehicles were sold in the month of August, with a growth of 9.40% compared to August 2022. Three-Wheelers also reported a significant growth of 68.79%, posting sales of about 0.65 lakh units in August 2023. 15.67 Lakh Two-Wheelers were sold last month in the country, with a growth of 0.59% compared to August 2022. The sales figures for August 2023 underscore the resilience and vitality of the Indian automotive sector.

The industry’s optimistic outlook and strong performance are expected to continue, particularly with the festive season on the horizon and positive economic indicators.

Business

Yatra Online IPO to open on Friday-Telangana Today

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The initial share sale of travel service provider Yatra Online Ltd will open for public subscription on Friday.

Published Date – 10:41 PM, Mon – 11 September 23


Yatra Online IPO to open on Friday

The initial share sale of travel service provider Yatra Online Ltd will open for public subscription on Friday.

New Delhi: The initial share sale of travel service provider Yatra Online Ltd will open for public subscription on Friday.

The three-day Initial Public Offering (IPO) will conclude on September 20 and the bidding for anchor investors will open on September 14 and for retail on September 15, according to the Red Herring Prospectus (RHP) filed on Friday.

The online travel company had raised Rs 62 crore from a rights issue and allotted 26.27 lakh shares at a price of Rs 236 per share, which was a part of pre-IPO placement.

Hence, the size of the fresh issue of Rs 750 crore has been reduced by Rs 148 crore, including the pre-IPO placement of Rs 62.01 crore, and accordingly, the fresh issue is Rs 602 crore.

The company has revised its Offer For Sale (OFS) component from 93.28 lakh equity shares to 1.22 crore equity shares after its promoter, THCL Travel Holding Cyprus Ltd offloading more shares in the issue.

The OFS now comprises up to 1.17 crore equity shares by THCL Travel Holding Cyprus Ltd and up to 4.31 lakh shares by investor Pandara Trust – Scheme I, represented by its trustee Vistra ITCL (India) Ltd, as per the RHP.

Proceeds from the fresh issue worth up to Rs 150 crore will be utilised towards strategic investments, acquisitions and inorganic growth and up to Rs 392 crore towards investment in customer acquisition and retention, technology, and other organic growth initiatives.

Yatra Online Ltd is a corporate travel services provider in terms of number of corporate clients and the third largest online travel company in the country among key online travel players in terms of gross booking revenue and operating revenue.

SBI Capital Markets Ltd, DAM Capital Advisors Ltd and IIFL Securities Ltd are the book-running lead managers to the IPO.

The shares of the company will be listed on the BSE and NSE.

Business

Big C announces attractive offers on mobiles, smart TVs, laptops on occasion of Ugadi festival

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Big C offers discounts on purchase of mobiles a 10 per cent cash back, on Smart TV will get Rs.1,500 cash back, and laptops can be bought on easy installments

Published Date – 09:24 PM, Fri – 17 March 23

Big C announces attractive offers on mobiles, smart TVs, laptops on occasion of Ugadi festival
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Hyderabad: On the occasion of Ugadi festival, Big C will be offering several attractive offers on mobiles, Smart TVs and laptops, for its customers, said CMD Big C, M.Balu Chowdhary.

On purchase of mobiles, 10 per cent cash back, interest free easy installments with no down payment is offered apart from an assured gift. Those buying Smart TV will get Rs.1,500 cash back and laptops can be bought on easy installments.

There were other offers too that include 51 per cent discount on branded accessories, Rs.5,000 instant discount and Rs.2000 worth adaptor free on purchase of Iphone. The cash back offers include Rs.10,000 on Samsung mobile, Rs.5,000 on Vivo, 10 per cent on Oppo mobile.