Business

Stunning family pictures from Anant-Radhika’s pre-wedding festivities-Telangana Today

admin 0

Jamnagar: A group photograph featuring Reliance Industries Chairman and MD Mukesh Ambani with wife Nita Ambani and their children, with their respective spouses during the recent celebrations of his youngest son Anant, also features the family dog. Pre-wedding celebrations ahead of the upcoming wedding of Anant Ambani with Radhika Merchant held in Jamnagar in Gujarat […]

Published Date – 8 March 2024, 03:30 PM


Stunning family pictures from Anant-Radhika’s pre-wedding festivities


Jamnagar: A group photograph featuring Reliance Industries Chairman and MD Mukesh Ambani with wife Nita Ambani and their children, with their respective spouses during the recent celebrations of his youngest son Anant, also features the family dog.

Pre-wedding celebrations ahead of the upcoming wedding of Anant Ambani with Radhika Merchant held in Jamnagar in Gujarat from March 1-3, featured celebrities from the entertainment world, tech tycoons and other VIPs from around the world.

The Ambani family seen dressed in traditional attire were all smiles as they posed for a perfect family portrait along with their adorable pet.

In other pictures, both Nita and Mukesh Ambani looked stunning as they were captured together.

Earlier, Nita Ambani spoke on the pre-wedding function of her son Anant Ambani with Radhika Merchant. She shared the relevance of art and culture and how she is “passionate” about them, saying, “Throughout my life, I have been inspired by arts and culture. It has deeply moved me and I am very passionate about it.”

While talking about her son’s wedding, she mentioned, “When it came to my youngest son Anant’s wedding with Radhika, I had two important wishes – first, I wanted to celebrate our roots. Jamnagar holds a special place in our hearts and has profound significance. Gujarat is where we come from, it’s where Mukesh and his father built the refinery, and I started my career by converting this arid and desert-like area into a lush green township and a vibrant community.”

“Second, I wanted the celebration to be a tribute to our arts and culture and a reflection of our heritage and culture created by the hands, hearts and hard work of our talented creative minds. Sanskriti aur parampara ye neev hai Bhartiye sabhyata ki aur is prachin aur pavitra Bharat bhumi ko main dil se naman karti hu.”

The celebrities included Shah Rukh Khan, Aamir Khan, Sidharth Malhotra, Kiara Advani, Saif Ali Khan, Kareena Kapoor Khan, Varun Dhawan, Anil Kapoor, Sara Ali Khan, Ibrahim Ali Khan, Ananya Panday and Aditya Roy Kapur, Rani Mukerji, MS Dhoni, and Rohit Sharma.

Business

Flipkart plans to enter quick-commerce business-Telangana Today

admin 0

The company intends to launch the instant-delivery service in select locations as early as May this year.

Published Date – 7 March 2024, 02:28 PM


Flipkart plans to enter quick-commerce business


New Delhi: E-commerce major Flipkart is planning to enter the quick-commerce business, aiming to deliver orders to customers instantly after purchase, the media reported on Thursday.

According to TechCrunch, citing sources, the company intends to launch the instant-delivery service in select locations as early as May this year.

However, the discussions are ongoing and there may be slight changes in the timeline, the report mentioned.

“The e-commerce firm is committed to meeting evolving customer expectations and delivering excellence in value, selection and speed, with more initiatives expected on this front in the coming months,” a Flipkart spokesperson was quoted as saying.

The new foray comes at a time when Flipkart is also exploring the acquisition of the instant-delivery firm Dunzo.

Earlier this month, Flipkart announced that it is gearing to roll out same-day delivery of products across multiple categories in metro and non-metro cities.

The move will see customers across cities, including Ahmedabad, Bangalore, Bhubaneshwar, Coimbatore, Chennai, Delhi, Guwahati, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Ludhiana, Mumbai, Nagpur, Pune, Patna, Raipur, Siliguri and Vijayawada.

The e-commerce major also launched its Unified Payments Interface (UPI) handle recently to further enhance its digital payment offerings for all customers, including its 500+ million customers.

Business

Sensex, Nifty hit fresh record peaks in early trade-Telangana Today

admin 0

BSE Sensex Hits Record High of 74,245.17, Nifty Reaches 22,523.65

Published Date – 7 March 2024, 01:01 PM


Sensex, Nifty hit fresh record peaks in early trade


Mumbai: Equity benchmark indices Sensex and Nifty hit their fresh record peaks in early trade on Thursday amid firm trend in the US markets and foreign fund inflows.

The 30-share BSE Sensex climbed 159.18 points to reach an all-time peak of 74,245.17 in early trade. The Nifty went up by 49.6 points to 22,523.65.

However, later the markets turned volatile and both the benchmark indices were trading between highs and lows.

Among the Sensex firms, JSW Steel, Tata Steel, Bajaj Finance, Bajaj Finserv, Asian Paints and State Bank of India were the major gainers.

Mahindra & Mahindra, Infosys, Axis Bank and ICICI Bank were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended in the positive territory on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,766.75 crore on Wednesday, according to exchange data.

“There are some distinct trends in the market now. One, largecaps are outperforming mid and smallcaps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude dipped 0.13 per cent to USD 82.85 a barrel.

The BSE benchmark jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99 on Wednesday. The Nifty climbed 117.75 points or 0.53 per cent to settle at a fresh closing peak of 22,474.05.

Business

Rupee rises 9 paise to 82.74 against US dollar-Telangana Today

admin 0

Positive equity markets provided support to the local currency, but its rally was limited by volatile crude oil prices, according to forex traders.

Published Date – 7 March 2024, 12:09 PM


Rupee rises 9 paise to 82.74 against US dollar


Mumbai: The rupee stayed firm and rose 9 paise to 82.74 against the US dollar in early trade on Thursday on the back of a weak American currency overseas and sustained inflow of foreign funds in the domestic capital markets.

The local currency also found support from positive equity markets, however, volatile crude oil prices capped its rally, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 82.82 and gained further to trade at 82.74 against the greenback, climbing 9 paise from its previous close.

On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined by 0.07 per cent to 103.24.

The low level of dollar index was attributed to the US payroll data released on Wednesday, which showed lower-than-expected job growth in February.

Also, the indication of dovish monetary policy moves by Federal Reserve chairman Jerome Powell in his testimony before Congress impacted the market participants, according to analysts.

Brent crude futures, the global oil benchmark, fell 0.13 per cent to USD 82.85 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 58.49 points or 0.08 per cent higher at 74,144.48 points. The broader NSE Nifty rose 17.00 points or 0.08 per cent to 22,491.05 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday as they bought shares worth Rs 2,766.75 crore, according to exchange data.

Business

Salesforce logs 35 pc YoY growth in new business in India-Telangana Today

admin 0

Globally, the company registered revenue of $34.9 billion for fiscal 2024, an increase of 11 per cent year-on-year.

Updated On – 7 March 2024, 09:33 AM


Salesforce logs 35 pc YoY growth in new business in India


Bengaluru: Enterprise software major Salesforce has strengthened its presence in India with a 35 per cent growth (year-on-year) in new business driving efficiency, productivity and success for customers across industries, it said on Thursday.

Leading Indian businesses such as Air India, Atomberg, Narayana Health and Jaipur Rugs, among others, collaborated with Salesforce to create digital strategies focused on increasing productivity, driving efficiency and revolutionising interactions with customers in a new era of AI innovation.

“Its been a year of phenomenal growth and India continues to be a bright spot for Salesforce globally. This is a golden era of technology adoption in the country and we are excited to be a part of this digital transformation journey,” said Arundhati Bhattacharya, CEO and Chairperson, Salesforce India.

Globally, the company registered revenue of $34.9 billion for fiscal 2024, an increase of 11 per cent year-on-year.

In India, the company recently announced the expansion of its Bengaluru office and its flagship Centre of Excellence (CoE) in Hyderabad reinforcing India as a leading talent, knowledge and global innovation hub for the company.

Currently, Salesforce has 11,000 employees in India, across sites in Hyderabad and Bengaluru as well as Mumbai, Gurugram, Pune and Jaipur.

Salesforce said it continues to hire in India for roles across technology and product, sales, business support and customer success, making India the second largest talent hub for the company. The company’s growth in India is also supported by an ecosystem of established strategic partners, startups, over 2 million Salesforce developers, and more users of Trailhead – its free online learning platform – than any market outside the US.

“We continue to focus on empowering businesses to harness the power of AI. I’m excited to bring the power of our trusted, unified ‘Einstein 1 Platform’, to deliver unprecedented customer success in the region,” said Bhattacharya.

Business

Nifty hits fresh record highs in volatile trade-Telangana Today

admin 0

Private banks, IT, and healthcare stocks contributed to the gain in Nifty, Jasani said.

Published Date – 6 March 2024, 06:23 PM


Nifty hits fresh record highs in volatile trade


Mumbai: The Nifty ended on a positive note on Wednesday after a highly volatile session, hitting fresh record highs.

A sharp recovery was seen in the Nifty post noon on Wednesday. At close, Nifty was up 118 points, or 0.53 per cent, to close at 22,474.05 levels, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The broad market indices ended in the negative even as the advance-decline ratio fell sharply to 0.24:1. Private banks, IT, and healthcare stocks contributed to the gain in Nifty, Jasani said.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said the domestic equities made a comeback after a minor pause and continued to touch new highs.

The positive up-move was supported by buying in banking, IT, healthcare, and auto stocks. The broader market, however, continued to witness selling with Nifty Midcap 100 down 0.5 per cent and Nifty Smallcap 100 down 2 per cent, Khemka said.

Sectoral rotation was seen in the market with private banks gaining momentum and supporting the index. The NBFC came under pressure after RBI’s disciplinary action against IIFL and JM Financials.

“We expect the largecaps to drive the market in the near term, while midcap and smallcap could remain under pressure,” he said.

On the global front, US Fed Chair Jerome Powell’s speech later on Wednesday night will be crucial as it will provide some insights into the upcoming policy direction.

Also, investors would watch out for US Job data, which would provide more cues from an interest rate decision point of view, Khemka said

Business

Rihanna’s Fenty Beauty enters Indian market-Telangana Today

admin 0

The beauty brand which was developed in 2017 with a vision of inclusivity and global reach at its core will now become even more accessible to consumers at Nykaa’s Cross Border Store starting from March 7, 2024.

Published Date – 6 March 2024, 01:53 PM


Rihanna’s Fenty Beauty enters Indian market


New Delhi: Rihanna who painted Gujarat’s Jamnagar city red with her performance during the pre-wedding celebrations of Anant Ambani and Radhika Merchant has now made an iconic move by launching her Fenty Beauty brand in India.

The beauty brand which was developed in 2017 with a vision of inclusivity and global reach at its core will now become even more accessible to consumers at Nykaa’s Cross Border Store starting from March 7, 2024.

“Fenty Beauty was created so that people everywhere would be included. Expanding to India is so exciting because the more people that can feel beautiful, recognised, and empowered, no matter their ethnicity, culture, skin tone, or style the better,” said Rihanna.

Fenty Beauty envisions bringing a carefully curated and easily accessible selection from Rihanna’s beloved beauty brand. Nykaa will offer a line-up of Fenty Beauty’s best-selling products, including the iconic Pro Filt’r Soft Matte Longwear Foundation, Killawatt Freestyle Highlighter, Gloss Bomb Universal Lip Luminizer, and much more.

“We are thrilled to begin our partnership with one of the most innovative and disruptive beauty brands in the world, Fenty Beauty. The brand’s ethos of diversity and inclusivity is a perfect fit for Nykaa’s mission of democratizing beauty for all Indians. We look forward to working closely with Fenty Beauty to bring the best of global beauty into our consumers’ hearts and homes,” said Anchit Nayar, Executive Director and CEO, of Nykaa Beauty.

Fenty Beauty offers a wide range of artistry-quality products designed with Rihanna’s vision of making sure people everywhere feel represented, with a focus on traditionally hard-to-match skin tones, formulas that work for all skin types, textures that love to be layered, and universal shades for all to enjoy.

Business

Elon Musk wanted ‘absolute control’ of the company: OpenAI-Telangana Today

admin 0

The ChatGPT maker alleged that Musk wanted “majority equity, initial board control, and to be CEO.”

Published Date – 6 March 2024, 11:04 AM


Elon Musk wanted ‘absolute control’ of the company: OpenAI


New Delhi: Sam Altman-run OpenAI has hit back at Elon Musk’s lawsuit, saying as the company discussed a for-profit structure in order to further the mission, “Musk wanted us to merge with Tesla or he wanted full control”.

In a blog post, the ChatGPT maker alleged that Musk wanted “majority equity, initial board control, and to be CEO.”

In the middle of these discussions, “he withheld funding”.

OpenAI co-founders Greg Brockman, Ilya Sutskever, John Schulman, Sam Altman, and Wojciech Zaremba said that “We couldn’t agree to terms on a for-profit with Elon because we felt it was against the mission for any individual to have absolute control over OpenAI.”

Musk left OpenAI, “saying there needed to be a relevant competitor to Google/DeepMind and that he was going to do it himself. He said he’d be supportive of us finding our own path”.

According to OpenAI, they couldn’t agree to terms on a for-profit with Musk because “we felt it was against the mission for any individual to have absolute control over OpenAI”.

The billionaire then suggested instead merging OpenAI into Tesla.

Musk soon chose to leave OpenAI, “saying that our probability of success was zero, and that he planned to build an AGI competitor within Tesla”.

In December 2018, Musk sent OpenAI an email, saying “Even raising several hundred million won’t be enough. This needs billions per year immediately or forget it”.

OpenAI said it is focused on “advancing our mission and have a long way to go”.

Musk alleged in his lawsuit that OpenAI has become “a closed-source de facto subsidiary” of Microsoft.

Business

RBI bars JM Financial Products from lending against shares, bonds-Telangana Today

admin 0

The company shall, however, continue to service its existing loan accounts through the usual collection and recovery process.

Published Date – 5 March 2024, 07:58 PM


RBI bars JM Financial Products from lending against shares, bonds


New Delhi: The Reserve Bank of India (RBI) on Tuesday directed JM Financial Products Limited (the company) to stop from any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures.

The company shall, however, continue to service its existing loan accounts through the usual collection and recovery process.

The central bank order has come into force with immediate effect. According to RBI, this action was necessitated due to certain serious deficiencies observed in respect of loans sanctioned by the company for IPO financing as well as NCD subscriptions.

The RBI carried out a limited review of the books of the company based on the information shared by the Securities and Exchange Board of India (SEBI).

During the limited review, RBI said it was observed, that the company repeatedly helped a group of its customers to bid for various IPO and NCD offerings by using loaned funds.

“Apart from being in violation of regulatory guidelines, there are serious concerns on governance issues in the company, which in our assessment are detrimental to the interest of the customers. Regulatory violations and deficiencies, if any, on the part of the bank(s) in this regard is being examined separately,” RBI said in a release.

The business restrictions now being imposed, will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

Business

Over two-third of all smallcap stocks have become multibaggers since Covid bottom-Telangana Today

admin 0

One-third of the companies have outperformed the Nifty Index, while only 10 per cent firms gave negative returns or lost money since the Covid bottom.

Published Date – 5 March 2024, 05:30 PM


Over two-third of all smallcap stocks have become multibaggers since Covid bottom


New Delhi: More than two-third of all smallcap stocks have become multibaggers since the stock market bottom of Covid-19, as per an analysis by DSP Mutual Fund.

One-third of the companies have outperformed the Nifty Index, while only 10 per cent firms gave negative returns or lost money since the Covid bottom.

The top 20 performers ran at a CAGR of 76 per cent, on average, which means tripling every other year.

In comparison, in the bull run of 2003-07, more than three-fourth of all stocks had become multibaggers. Only six stocks had given negative returns and the top 20 performers ran at a CAGR of 160 per cent, on average.

The report notes that the overall wage bill growth for BSE500 has decelerated to 11 per centa notable decline from the 20 per cent observed a couple of quarters ago.

Of concern is the more pronounced moderation in the growth of the private sector wage bill, which has slowed to 9 per cent YoY — a 10-year low excluding the impact of Covid-19.

If this sharp slowdown continues, it has the potential to impact consumption, especially in the premium segment, the report said.

“This can also have implications for the small and midcap stocks, which have shown exceptionally strong profit growth led by significantly higher margins. Slowing wages growth, subdued core inflation and expectations of low growth in nominal GDP create questions about the sustainability of SMID earnings momentum and valuations,” the report said.