Business

Rupee falls 4 paise to 83.12 against US dollar in early trade-Telangana Today

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Forex traders noted weakened investor sentiment due to strong American currency and high international crude oil prices.

Published Date – 14 February 2024, 11:40 AM


Rupee falls 4 paise to 83.12 against US dollar in early trade


Mumbai: The rupee depreciated 4 paise to 83.12 against the US dollar in early trade on Wednesday, tracking a negative trend in domestic equities.

Forex traders said the strength of the American currency and elevated crude oil prices in the international market dented investors’ sentiments.

At the interbank foreign exchange, the rupee opened at 83.11 against the dollar and touched an early low of 83.12 and a high of 83.09 in initial trade.

On Tuesday, the rupee depreciated 8 paise to close at 83.08 against the US dollar.

“The Indian rupee is expected to fall to 83.08 as all risk assets fell against the mighty dollar with Gold also falling below USD 2,000 per ounce to USD 1,991.51. Flows should continue in the currency thus keeping it range bound after the lower opening,” said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 104.81, lower 0.14 per cent.

Brent crude futures, the global oil benchmark, fell 0.16 per cent to USD 82.64 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 617.81 points or 0.86 per cent lower at 70,937.38 points. The broader NSE Nifty was down 180.50 points or 0.83 per cent to 21,562.75 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 376.32 crore, according to exchange data.

Business

Paytm tentative timeline to restart loan sanctioning ends on Feb 14-Telangana Today

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The central bank, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

Published Date – 13 February 2024, 10:56 PM


Paytm tentative timeline to restart loan sanctioning ends on Feb 14


New Delhi: The tentative timeline shared by fintech firm Paytm to resolve operational challenges coming in the way of its lending business and restart sanctioning of new loans is ending on February 14.

One97 Communications President and Chief Operating Officer Bhavesh Gupta in a company conference call on February 1 had said that the company will not be issuing new loans for “maybe a couple of weeks” before resolving operational challenges posed due to RBI restriction Paytm Payments Bank Limited (PPBL).

The central bank, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

While the lending business of Paytm is not linked with PPBL, there are around 10-15 per cent of Paytm merchants, which are around 60,000-70,000 merchants, who are estimated to have autopay mandate set up through their PPBL account.

Paytm needs to migrate repayments linked to PPBL to other banks to avoid disruption in repayments. “We will not be originating loans for maybe a couple of weeks before we solve for the operational challenges, and then we go back to normal,” Gupta had said.

In the December quarter, the company distributed loans worth Rs 15,535 crore comprising merchant loans, personal loans, and postpaid loans. The total number of unique users who have taken a loan through Paytm increased by 44 lakhs over the last 1 year to 1.25 crore.

Paytm distributed Rs 3,579 crore merchant loans, Rs 4460 crore personal loans, and Rs 7,496 crore postpaid loans in December 2023. An email query sent to Paytm in this regard elicited no immediate reply.

Business

Google Meet rolls out ‘companion mode’ on Android, iOS devices-Telangana Today

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Companion Mode allows users to participate in a Meet call using an in-room audio/video conferencing system rather than their own PC.

Published Date – 13 February 2024, 02:17 PM


Google Meet rolls out ‘companion mode’ on Android, iOS devices


New Delhi: Google has rolled out its second screen “companion mode” to the Meet app on Android and iOS.

Companion Mode allows users to participate in a Meet call using an in-room audio/video conferencing system rather than their own PC.

The feature was originally introduced for the web.

“Beginning today, you’ll be able to use companion mode with your Android and iOS devices,” Google said in a blogpost.

“Using Companion mode from your mobile device is a quick, light-weight way to participate in meetings without opening a laptop. This can be particularly useful in meeting spaces where room for a laptop is limited,” it added.

The feature allows you to access “interactive features and controls” while you’re in a conference room or large meeting space.

Users can use companion mode to — check-in to the room to be identified by name, share an emoji reaction without interrupting the speaker, raise their hand to indicate that they’d like to speak, turn on captions to view subtitles as everyone speaks during a meeting, and more.

Meanwhile, Google and Alphabet CEO Sundar Pichai has announced that the company has reached 100 million subscriptions to Google One service that allows additional storage for free services like Gmail, Drive and Photos, as well as access to more features.

Business

Fake HP products valued at around Rs 30 cr seized in India-Telangana Today

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According to the HP Anti-Counterfeiting and Fraud (ACF) report, in this period, law enforcement authorities in India, with support from HP’s Anti-Counterfeiting initiatives, have successfully removed nearly 4.4 lakh illicit items from the market.

Published Date – 13 February 2024, 01:16 PM


Fake HP products valued at around Rs 30 cr seized in India


New Delhi: Counterfeit products of HP — such as toner and ink cartridges — valued at approximately Rs 30 crore were seized between November 2022 and October 2023 in India, a new report revealed on Tuesday.

According to the HP Anti-Counterfeiting and Fraud (ACF) report, in this period, law enforcement authorities in India, with support from HP’s Anti-Counterfeiting initiatives, have successfully removed nearly 4.4 lakh illicit items from the market.

The majority of these operations occurred in Mumbai, where over one lakh illicit items were confiscated.

“This initiative ensures that individuals receive authentic HP products, upholding quality standards and safeguarding consumer interests. Through initiatives like the Customer Delivery Inspection service, we empower customers to verify the authenticity of their printing supplies, instilling confidence and peace of mind,” said Sunish Raghavan, Senior Director, Printing Systems, HP India.

In Mumbai, authorities stopped a scheme manufacturing counterfeit cartridges for HP printers and selling them online, carrying out a targeted enforcement action in February last year.

They seized about 25,000 illicit items, including counterfeit cartridges and components, the report noted.

In Delhi and Mumbai areas in March last year, officials thwarted two large operations manufacturing counterfeit printing supplies for HP printers.

The officials seized approximately 14,000 illicit items at the two raids.

Moreover, from April to October 2023, the officials seized about 82,000 illicit items from the market in the Delhi, Mumbai, and Kolkata, according to the report.

HP conducted approximately 300 Customer Delivery Inspections in India from November 2022 to October 2023.

Business

Adani Electricity unveils India’s first Advanced Distribution Management System in Mumbai-Telangana Today

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The Network Operations Centre (NOC) — which can locate a power disruption within seconds in its entire jurisdiction before it can lead to a large power outage — has come up at Powai.

Published Date – 13 February 2024, 11:34 AM


Adani Electricity unveils India’s first Advanced Distribution Management System in Mumbai


Mumbai: The Adani Electricity Mumbai Ltd has launched the country’s first state-of-the-art Advanced Distribution Management System to fix power supply glitches within a short time for its 31.50 lakh consumers, officials said here.

The Network Operations Centre (NOC) — which can locate a power disruption within seconds in its entire jurisdiction before it can lead to a large power outage — has come up at Powai.

The NOC can also predict and prevent power outages to help quick remedial actions, and help balance the flow of power across the entire network which can reduce the amount of energy that is lost and potentially reduce electricity bills.

The ADMS-power NOC collects data from a network of sensors, which is then analysed in realtime to give a complete picture of the city’s electricity infrastructure, and helps pinpoint and address problems even before they become significant issues for the customers and complaints pour in.

The ADMS will help identify the precise location of the fault that arises between two customer sub-stations (CSS) — equipment generally found in housing complexes that ‘steps down’ electricity voltage before supplying to the users in the vicinity.

There are 7,100 CSS’ in the Adani Electricity’s jurisdiction in Mumbai, and the new system will prove particularly beneficial in the coming summer months when there are frequent power issues which would henceforth be resolved quickly within 15-20 minutes instead of the average 34 minutes now.

Adani Electricity consumers will enjoy uninterrupted power supply for essential tasks and leisure with few power cuts, shorter duration of outages with quicker restoration times owing to ADMS’ intelligent insights, improved power quality with consistent voltage and frequency to ensure seamless operation of all devices and appliances, and enhanced service excellence.

“The launch of the NOC with India’s first ADMS marks a major highlight for Mumbai’s power landscape. We are making the city power network more reliable and efficient. By using advanced technology, the power network can predict and fix problems faster, improve the flow of electricity, and contribute to a greener future. This will make the city brighter and more resilient,” said Adani Electricity’s Managing Director, Kandarp Patel.

Aspen Tech’s spokesperson, M.V. Rudresha said the company is proud to partner with Adani Electricity to enhance Mumbai’s distribution system through its OSI monarch software platform, and as a partner to Adani Group, they digitally transform them by optimizing the assets to run faster, longer, safer and greener.

The ADMS platform is not only relevant for today, but is future ready as well by creating an ecosystem for analytics-based monitoring and maintenance practices in the interest of Adani Electricity’s customers.

The system will enable Adani Electricity to enhance the services being provided to 31.5 lakh Mumbaikars through advanced situational awareness and quick response to the events in the network.

Business

Rupee up 8 paise to 82.99 against US Dollar in early trade-Telangana Today

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At the interbank foreign exchange, the domestic currency opened at 83.01, then touched 82.99 against the greenback in initial deals, registering a rise of 8 paise from its previous close.

Published Date – 12 February 2024, 10:50 AM


Rupee up 8 paise to 82.99 against US Dollar in early trade


Mumbai: The rupee appreciated 8 paise to 82.99 against the US dollar in early trade on Monday, amid weakness of the American currency in the overseas market.

At the interbank foreign exchange, the domestic currency opened at 83.01, then touched 82.99 against the greenback in initial deals, registering a rise of 8 paise from its previous close.

On Friday, the domestic currency settled at 83.07 against the dollar.

Investors are now awaiting US inflation data on Tuesday for further cues.

“If the inflation prints releases lower than expected, the dollar index is likely to correct towards 102.50 levels which will push the rupee stronger. On the flip side, if released stronger, the upside potential for DXY (US Dollar Index) is up to 105 levels, but USDINR is not likely to breach past 83.25 levels on the upside,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 per cent lower at 104.03.

Brent crude futures, the global oil benchmark, declined 0.51 per cent to USD 81.77 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 140.34 points or 0.20 per cent lower at 71,454.25. The broader NSE Nifty declined 39.35 points or 0.18 per cent to 21,743.15.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they bought shares worth Rs 141.95 crore, according to exchange data.

Meanwhile, India’s forex reserves jumped by USD 5.736 billion to USD 622.469 billion for the week ended February 2, the Reserve Bank said on Friday.

In the previous week, the overall reserves had increased by USD 591 million to USD 616.733 billion.

Business

Morning session sees volatile stock market trading-Telangana Today

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Opening on a positive note, the 30-share BSE Sensex climbed 52.48 points or 0.07 per cent, to 71,647.97 points in early trade.

Updated On – 12 February 2024, 10:37 AM


Morning session sees volatile stock market trading


Mumbai: Equity benchmark indices witnessed see-saw movements in early trade on Monday, mainly tracking mixed trends in global markets.

Opening on a positive note, the 30-share BSE Sensex climbed 52.48 points or 0.07 per cent, to 71,647.97 points in early trade. However, it shed the gains and fell 147.85 points or 0.21 per cent to 71,447.64 points.

Similarly, the broader Nifty rose 30.70 points or 0.14 per cent to 21,813.20 points before declining 44.60 points or 0.20 per cent to 21,737.90 points.

In the Sensex pack, Wipro, HCL, Tech Mahindra and Infosys were the major gainers while PowerGrid, Hindustan Unilever, Reliance, Bharti Airtel and ICICI Bank were among the laggards.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that rising US bond yields may trigger selling from foreign institutional investors. “So, the tug of war between the bulls and the bears is likely to continue.” “Apart from positive economic cues, a major factor supporting the market is the sustained flows to the market through mutual funds… however, the frothy valuations of the broader market are a matter of concern. From the long-term perspective, safety is in large-caps,” he added.

In Asia, Tokyo’s Nikkei 225 and China’s Shanghai Composite were trading marginally higher. Hong Kong’s Hang Seng was in the red.

On Friday, European markets closed in the negative territory while the US stocks ended on a mixed note.

Global oil benchmark Brent crude declined 0.52 per cent to USD 81.76 a barrel on Monday.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 141.95 crore on Friday, according to exchange data.

On Friday, Sensex climbed 167.06 points or 0.23 per cent to settle at 71,595.49 points while the Nifty gained 64.55 points or 0.30 per cent to close at 21,782.50 points.

Business

Cisco likely to slash thousands of jobs next week: Report-Telangana Today

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Cisco last year issued layoff notices to nearly 4,000 employees, as the company rolled out efforts to “rebalance” and cut costs.

Published Date – 10 February 2024, 04:25 PM


Cisco likely to slash thousands of jobs next week: Report


San Francisco: Global networking giant Cisco is reportedly geared up to lay off “thousands” of employees next week, as the company pivots to focus on “high-growth areas”.

Cisco is expected to report its Q2 2024 earnings on February 14 and the layoff announcement is likely to be made during the earnings, reports Reuters.

Cisco did not comment on the potential job cuts.

Cisco last year issued layoff notices to nearly 4,000 employees, as the company rolled out efforts to “rebalance” and cut costs.

The networking company had a total employee count of 84,900 as of its fiscal 2023, according to reports.

In September last year, Cisco laid off 350 employees in the Silicon Valley in the US in its latest job cut round.

The company in November 2022 announced to slash about 5 per cent of its workforce, around 4,000 jobs.

The company had said in a statement that these “recent notifications are part of the rebalancing effort we began in November 2022, which included a limited restructuring impacting our real estate portfolio and approximately 5 per cent of our workforce”.

The layoffs in November were part of a $600 million restructuring plan.

“This rebalancing is about prioritising investments in our transformation, to meet and exceed our customers’ expectations in the changing technology landscape,” the company had said.

For its full fiscal 2023 year, Cisco generated sales of $57 billion.

Business

Sovereign Gold Bonds 2023-24 (Series IV) subscription open Feb 12-16-Telangana Today

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Payment for the Bonds can be made via cash (up to Rs 20,000), demand draft, cheque, or electronic banking.

Published Date – 10 February 2024, 02:00 PM


Sovereign Gold Bonds 2023-24 (Series IV) subscription open Feb 12-16


New Delhi: Finance Ministry on Friday said that the Sovereign Gold Bonds 2023-24 (Series IV) will be opened for subscription during February 12-16, with settlement date as February 21.

The gold bonds will be issued by the RBI at a price of Rs 6,263 per gram.

The government in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price of Sovereign Gold Bonds to investors who apply online and the payment is made through digital mode.

For such investors the issue price of Gold Bond will be Rs 6, 213 per gram of gold.

Payment for the Bonds will be through cash payment (up to a maximum of Rs 20,000/-) or demand draft or cheque or electronic banking.

The SGBs will be available through various channels, including scheduled commercial banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), designated post offices, and recognised stock exchanges, such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Individual investors can start with a minimum investment of 1 gm and go up to a maximum of 4 kg.

The know-your-customer (KYC) norms for SGBs are the same as that for purchasing physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required. Permanent Account Number (PAN) issued by the income tax department is mandatory.

SGBs come with tenure of eight years with an exit option after the fifth year. SGBs are tax free if held till maturity.

SGBs also offer an annual interest of 2.50 per cent, credited semi-annually to the buyer’s bank account, with the final interest payment made at maturity along with the principal amount. Upon maturity, buyers will receive the value of gold at current market prices, and the interest income, all of which is tax-free.

SGBs can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.

Business

Licious lays off 3% of its workforce amid restructuring exercise-Telangana Today

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The company said in a statement on Friday that it sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats.

Updated On – 9 February 2024, 05:06 PM


Licious lays off 3% of its workforce amid restructuring exercise


New Delhi:Direct-to-consumer (D2C) foodtech platform Licious is laying off nearly 3 per cent of its workforce, around 80 employees, as part of a restructuring exercise.

The company said in a statement on Friday that it sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats. “We are reprioritising our cost outlays, considering the new growth levers.

In doing this, it is unfortunate that we have to separate with some employees who have been a part of our journey,” a company spokesperson said.

Licious saw its operating revenue remain flat to reach Rs 746.3 crore in FY23, less than half of what it had projected. Even as the company’s revenues remained flat, its losses in FY23 narrowed to Rs 528.5 crore, down around 38 per cent from Rs 855.6 crore in FY22, according to data accessed via market intelligence platform Tofler.

Licious’ total expenses were Rs 1,304.8 crore — an increase of 10 per cent from Rs 1,187 crore in FY22, according to reports. The foodtech platform is hopeful of closing the current fiscal year with a revenue run rate of Rs 1,200 crore. In March 2022, it raised $150 million, after it became the first D2C unicorn in the country.