30-share BSE Sensex rises 122.61 points, Nifty up 45.45 points in early trade.
Updated On – 9 February 2024, 01:19 PM
Mumbai: Equity benchmark indices rebounded in early trade on Friday amid buying in Reliance Industries, Tata Consultancy Services and ICICI Bank along with largely firm Asian markets.
After a flat beginning, the 30-share BSE Sensex further climbed 122.61 points to 71,551.04 in early trade. The Nifty went up by 45.45 points to 21,763.40.
Among the Sensex firms, Reliance Industries, Wipro, State Bank of India, Tata Consultancy Services, Bajaj Finance, Axis Bank, ICICI Bank and Tech Mahindra were the major gainers.
Bharti Airtel, Maruti, Mahindra & Mahindra, Infosys, HDFC Bank and Kotak Mahindra Bank were among the laggards.
In Asian markets, Tokyo and Shanghai were quoting in the positive territory while Hong Kong traded lower.
The US markets ended in the green on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,933.78 crore on Thursday, according to exchange data.
The BSE benchmark fell by 723.57 points or 1 per cent to settle at 71,428.43 on Thursday amid uncertainty about the timing of interest rate reduction after the Reserve Bank of India’s monetary policy decision. The Nifty declined by 212.55 points or 0.97 per cent to 21,717.95.
Global oil benchmark Brent crude climbed 0.09 per cent to USD 81.70 a barrel.
Forex traders noted that the downturn in domestic equities and foreign fund inflows dampened investor sentiment.
Updated On – 9 February 2024, 01:19 PM
Mumbai: The rupee depreciated 5 paise to 83.01 against the US dollar in early trade on Friday, tracking a strong American currency and elevated crude oil prices in the international market.
Forex traders said a negative trend in domestic equities and foreign fund inflows weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 82.96 against the dollar and touched an early low of 83.01 and a high of 82.95 in initial trade.
On Thursday, the rupee settled on a flat note at 82.96 against the US dollar, after the Reserve Bank decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.
“The RBI kept rates on hold in its MPC meeting held on Thursday and also did not give any indication of when it will be able to cut rates prompting a fall in equity markets. It said that it cannot give any forward guidance leaving everyone guessing on the timing of the rate cycle,” Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.
The RBI maintained status quo in its monetary policy for the sixth consecutive time and left the repo rate unchanged at 6.5 per cent, in line with street expectations.
The central bank revised FY24 GDP projections higher at 7.3 per cent from 7 per cent and projected FY25 GDP at 7 per cent. It also projected CPI (consumer price-based inflation) in FY25 lower at 4.5 per cent.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 104.19, higher by 0.03 per cent.
Brent crude futures, the global oil benchmark, fell 0.04 per cent to USD 81.60 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 41.59 points or 0.06 per cent lower at 71,386.84 points. The broader NSE Nifty was down 30.25 points or 0.14 per cent to 21,687.70 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 4,933.78 crore, according to exchange data.
Asked if banks can partner with Paytm wallet, he said it is a business decision and they have to carry out required due diligence as per their board-approved policy.
Published Date – 8 February 2024, 08:56 PM
Mumbai: The Reserve Bank on Thursday said that the regulatory action is against Paytm Payment Bank Ltd (PPBL) and Paytm App will not be impacted by it. In a major action against PPBL, the Reserve Bank earlier last month directed the lender to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
“Just one clarification, this particular action is against Paytm Payments Bank and not to be confused with Paytm App…App is not impacted by this action,” RBI Deputy Governor Swaminathan J said in the media interaction after the bi-monthly Monetary Policy Committee (MPC) meeting.
Asked if banks can partner with Paytm wallet, he said it is a business decision and they have to carry out required due diligence as per their board-approved policy.
“I am sure they will carry out due diligence if they have got to do a partnership,” he said.
During the briefing RBI Governor Shaktikanta Das said there are a lot of questions and concerns in the minds of people about PPBL, and the Reserve Bank will be coming out with a detailed FAQ (frequently asked questions) next week which will make things clear.
When asked about the decision to impose the rather strong action of business restrictions, without going for other alternatives like appointing a director on the board as it has done in some cases in the recent past, Swaminathan said a “one size fits all kind of solution may not work in such situations”.
Commenting on RBI’s clarification, a Paytm spokesperson said, “We assure our users and merchant partners that the Paytm app remains fully operational, and our services are unaffected.” Paytm continues to lead in mobile payments innovation and the company is eager to enhance service offerings through partnerships with various banks, the spokesperson said.
“We assure our merchant partners that Paytm QR, Soundbox and card machines will continue to work as always. Our dedication to providing seamless payment solutions and promoting financial inclusion across India remains as strong as ever,” a spokesperson added.
In a further boost to Paytm’s position, Revenue Secretary Sanjay Malhotra emphasised the absence of any current law enforcement and ED actions against Paytm, echoing the company’s denials of any ongoing investigations into its operations or alleged money laundering activities.
Updated On – 8 February 2024, 12:37 PM
New Delhi: In a reassuring development for the digital payments giant, Paytm, and its vast user base, recent clarifications from top government officials have put to rest any concerns regarding the company’s operational integrity and systemic stability within the financial ecosystem.
A Paytm spokesperson stated: “We have consistently assured that neither Paytm nor any of its associates are under investigation by any regulatory agency. This stance has been further validated by recent statements from senior government officials. Our commitment remains unwavering towards operating in compliance with regulatory guidance and continuously enhancing our processes to further the reach of digital payments across India.” The conversation around Paytm’s regulatory scrutiny came into the spotlight following proactive actions by the Reserve Bank of India (RBI), which were interpreted by some as indicative of underlying issues.
However, clarification from the Financial Services Secretary suggests that these measures were precautionary, aimed at safeguarding consumer interests and the broader economic landscape, rather than a reflection of any systemic instability. Financial Services Secretary Vivek Joshi on Wednesday said it is for the Reserve Bank to deal with the Paytm issue and the government has nothing to do with the matter for now.
“It is an action taken by the regulator. They regulate the banks. The government has had nothing to do until now when it comes to the actions taken against Paytm. And we believe that RBI must have taken the action in the overall interest of the consumer and the economy,” Joshi said in an interview. The dialogue gained additional momentum after Paytm’s founder, Vijay Shekhar Sharma, engaged in discussions with Finance Minister Nirmala Sitharaman, a meeting that also saw the presence of Joshi, a key government figure.
While specifics of the discussion remain confidential, the overarching message was clear: Paytm’s path forward involves close cooperation with regulatory bodies. Addressing speculations of financial instability triggered by RBI’s directive on Paytm Payments Bank, Joshi reassured, highlighting the bank’s limited size and dismissing any significant systemic risk concerns.
In a further boost to Paytm’s position, Revenue Secretary Sanjay Malhotra emphasised the absence of any current law enforcement and ED actions against Paytm, echoing the company’s denials of any ongoing investigations into its operations or alleged money laundering activities. As Paytm continues to navigate the regulatory landscape, the affirmations from government and regulatory officials serve as a testament to the company’s resilience and commitment to maintaining a transparent, secure, and inclusive digital payments ecosystem in India.
At the interbank foreign exchange, the rupee opened at 82.94 against the dollar, later reaching 82.90, marking a 6 paise gain from its last close.
Published Date – 8 February 2024, 11:30 AM
Mumbai: The rupee appreciated 6 paise to 82.90 against the US dollar in early trade on Thursday ahead of the Reserve Bank’s monetary policy decision.
At the interbank foreign exchange, the rupee opened at 82.94 against the dollar, then touched 82.90, registering a gain of 6 paise over its previous close.
On Wednesday, the rupee appreciated 9 paise to close at 82.96 against the dollar.
The Reserve Bank of India’s Monetary Policy Committee (MPC) began the deliberations on Tuesday and the announcement on interest rate decision is expected at 1000 hours.
In a research note, wealth management firm IFA Global said RBI is expected to keep rates and policy stance unchanged. Statements on liquidity in the banking system and how RBI plans to manage the same will be closely followed, it added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent lower at 103.99.
Brent crude futures, the global oil benchmark, rose 0.39 per cent to USD 79.52 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 181.05 points or 0.25 per cent higher at 72,333.05 points. The broader NSE Nifty advanced 59.60 points or 0.27 per cent to 21,990.10 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,691.02 crore, according to exchange data.
BSE Sensex Surges 321.42 Points, Nifty Climbs 80.55 Points in Early Trade
Published Date – 8 February 2024, 11:11 AM
Mumbai: Equity benchmark indices climbed in early trade on Thursday ahead of the Reserve Bank of India’s interest rate decision, amid a rally in global markets.
The 30-share BSE Sensex jumped 321.42 points to 72,473.42 in early trade. The Nifty climbed 80.55 points to 22,011.05.
Among the Sensex firms, PowerGrid jumped over 4 per cent after the company posted a 10.5 per cent rise in consolidated net profit to Rs 4,028.25 crore in the December quarter, mainly on the back of higher revenues.
HCL Technologies, IndusInd Bank, State Bank of India, Mahindra & Mahindra, Tata Consultancy Services and NTPC were the other major gainers.
ITC, Maruti, Bajaj Finance and Asian Paints were among the laggards.
In Asian markets, Seoul, Tokyo and Shanghai were trading in the positive territory while Hong Kong quoted lower.
The US markets ended with gains on Wednesday.
“The mother market US is setting new records and this provides the support to facilitate new records in India, too. The bulls are again on the front foot and will use any positive news to push the market forward.
“The event which will be closely watched today would be what RBI says,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global oil benchmark Brent crude climbed 0.42 per cent to USD 79.54 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,691.02 crore on Wednesday, according to exchange data.
The BSE benchmark declined 34.09 points or 0.05 per cent to settle at 72,152 on Wednesday. The Nifty ended marginally up by 1.10 points or 0.01 per cent to 21,930.50.
“At the interbank foreign exchange, the rupee started at 83.03 against the dollar, marking a 2 paise increase from its last closing.”
Published Date – 7 February 2024, 10:10 AM
Mumbai: The rupee appreciated 2 paise to 83.03 against the US dollar in early trade on Wednesday supported by positive domestic equities.
Moreover, the weakness of the American currency in the overseas market also aided sentiments.
At the interbank foreign exchange, the rupee opened at 83.03 against the dollar, registering a gain of 2 paise over its previous close.
On Tuesday, the rupee declined marginally by 2 paise to close at 83.05 against the US dollar.
Forex traders said the rupee is trading in a narrow range as factors such as capital inflows and stable domestic economic data supported sentiments, while hawkish FED, strong US data and global tensions weighed on the local unit.
Moreover, investors were cautious as the Reserve Bank’s monetary policy committee (MPC), the six-member rate-setting panel, began the deliberation on Tuesday. The central bank will announce the key interest rate decision on Thursday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent lower at 104.09.
Brent crude futures, the global oil benchmark, rose 0.17 per cent to USD 78.72 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 336.54 points or 0.47 per cent higher at 72,522.63 points. The broader NSE Nifty advanced 116.05 points or 0.53 per cent to 22,045.45 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 92.52 crore, according to exchange data.
Fawazul Kabir of the CBMAK told reporters that Tramboo Sports presented itself as the manufacturer of cricket bats which were obtained from local maker Alfa Sports & Company.
Updated On – 7 February 2024, 08:52 AM
Srinagar: The Cricket Bat Manufacturers Association of Kashmir (CBMAK) has sued Sony Entertainment Television, Shark Tank India and Tramboo Sports for alleged business loss and mental agony.
Fawazul Kabir of the CBMAK told reporters that during an episode of Shark Tank India, aired on January 30 on Sony Entertainment Television, Tramboo Sports presented itself as the manufacturer of cricket bats which were obtained from local maker Alfa Sports & Company.
Kabir said that through a legal notice sent to Shark Tank India, Sony Entertainment Television and Tramboo Sports, Alfa Sports & Company has sought Rs 500 crore as damages for mental agony and business loss.
Alfa Sports & Company has claimed that the cricket bats claimed to have been solely manufactured by Tramboo Sports were bought from it.
“It is a clear breach of vendor relationship and contract agreement,” Kabir said.
Local cricket bat manufacturers also question the authenticity of Tramboo Sports’ technology claims, pointing out that the technologies touted as unique by Tramboo Sports were actually part of the J&K government’s initiative to elevate the quality of Kashmir willow cricket bats.
“Around 400 manufacturing units across Kashmir contribute to the industry, which is supported by government-backed willow technology and storage facilities,” Kabir said.
Defending itself, Tramboo Sports clarified that its operations are based on contract manufacturing and that it did not claim exclusive manufacturing rights.
In the instances where our associate Paytm Payments Bank operates as a back-end bank, these services can seamlessly be transitioned to other partner banks
Published Date – 6 February 2024, 09:19 PM
Photo: ANI
New Delhi: Paytm founder, Vijay Shekhar met with Union Finance Minister Nirmala Sitharaman on Tuesday and discussed the ongoing issue of the company, sources said. Paytm spokesperson said, “Over the last two years, we have been working with multiple third-party leading banks.
We are expanding these relationships, and they are progressing positively. We continue to operate (and have been in the past) with not just one partner but multiple banking partners for a host of services including Paytm QR.
In the instances where our associate Paytm Payments Bank operates as a back-end bank, these services can seamlessly be transitioned to other partner banks. This means that for our merchant partners, there will be no disruptions, no need to revisit existing setups, and no additional effort.
They can continue using our pioneering, Made-In-India Paytm QR codes, Soundbox, and card machines as before.
“We are actively engaging with our vast network of merchant partners and it’s heartening to see their unwavering support and faith in us. They understand that Paytm QR, Soundbox, and card machines will continue to function as usual. We are onboarding more merchants and also observing a consistent pattern in customer behaviour, with no shift in their preference for using Paytm for payments. Paytm is committed to compliance with all regulatory directives while continuing to offer innovative, secure, and seamless digital payment solutions to millions across India. We remain focused on our mission to empower businesses and consumers alike, reinforcing our role as a leader in India’s digital payments landscape.”
The company, earlier said that it filed a specific clarification on Sunday, categorically denying any investigation by the Enforcement Directorate on OCL, our associates, and our management.
“We have since seen additional media reports making baseless speculations about investigations of the company or its associate Paytm Payments Bank Limited (PPBL) for violation of foreign exchange rules,” it said, adding that Paytm will continue to post such clarifications as required.
In its release, the company said, “To address the recent misinformation, factual inaccuracies, and speculation, One97 Communications Limited (OCL / Paytm / Company) would like to set out the company’s position and directly address rumours in the recent misleading media reports about the company and its associate, Paytm Payments Bank Limited (PPBL / Bank). This filing is done in the interest of transparency and protecting our reputation, customers, shareholders, and stakeholders from being influenced by unwarranted and speculative stories. We will continue to post such clarifications as required.”
The company, in its release, further stated, “Categorically deny any investigation by the Enforcement Directorate on OCL, our associates, and/or its Founder and CEO for anti-money laundering activities Neither the company nor its founder and CEO are being investigated by the Enforcement Directorate regarding, inter alia, money laundering. In the past, certain merchants/users on our platforms have been subject to inquiries, and on those occasions, we have always cooperated with the authorities. During any such investigations by the authorities on any set of merchants/users in the past, we have cooperated with them on these investigations. This has been previously disclosed to the stock exchanges.”
The release added, “We would like to set the record straight and deny any involvement in anti-money laundering activities. We have and continue to abide by Indian laws and take regulatory orders with utmost seriousness. There are other stories in various media, including social media, which are spreading speculation and misinformation on the reasons for RBI action on Paytm Payments Bank. The recent direction from RBI is a part of the ongoing supervisory engagement and compliance process. For this action, we refer our stakeholders to the official press release of RBI dated January 31, 2024 and not rely on unofficial sources.”
The release further stated, “We are exploring all options to ensure that our stakeholders are protected from unwarranted and speculative stories.”
Hala Mobility will move 2000 E2Ws, which will be deployed initially in a phased manner across Hyderabad, with plans to add up to 18,000 E2Ws until the end of 2026.
Published Date – 6 February 2024, 09:24 PM
Hyderabad: City-based Hala Mobility, an E-MaaS Multi Modal EV Fleet platform, and Sieger Technologies, a lithium-ion battery manufacturing form, have announced on Tuesday a strategic partnership aimed to scale 18,000 two wheeler EVs in Hyderabad by 2026.
As part of the partnership, Hala Mobility will move 2000 E2Ws, which will be deployed initially in a phased manner across Hyderabad, with plans to add up to 18,000 E2Ws until the end of 2026. The deployment will later expand to other major Indian cities like Chennai, Bengaluru, Visakhapatnam, Vijayawada, Mumbai and Pune.
The partnership signifies a holistic approach to sustainable EV charging. By integrating Sieger’s advanced battery technology, Hala Mobility ensures its fleet deployments benefit from battery swap capabilities, fast charge/discharge, and extended cycle life.
Srikanth Reddy, Founder and CEO of Hala Mobility, emphasized the significance of this key partnership, stating, “At Hala, we continually explore cutting-edge solutions infused with technology to enhance the Electric Vehicle (EV) experience, prioritizing convenience, comfort, and cost-effectiveness for our users.”
“The technology will empower riders to charge their vehicles up to 80% in just 40 minutes, effectively addressing range anxiety and providing an efficient 2W solution with extended battery life for improved mileage and range. These collaborations not only elevate the accessibility and reach of our platform but also contribute to making sustainable mobility options more appealing and practical for consumers.” added Srikanth.
Sieger’s Gen 2.0 Rapid Charge Batteries, known for their sustainability and cost-effectiveness, mark a significant leap forward in the industry. The technology is a new performance standard and ensures the best overall total cost of ownership.
Guru Prashanth Madem, MD, Sieger Tech, expressed confidence in the partnership’s transformative impact on electric transportation in India, stating, “We chose to partner with Hala Mobility due to their commitment to reliability, affordability, and ease of access in the electric mobility sector. Hala Mobility’s innovative E-MaaS platform aligns perfectly with our goal to revolutionize E- Mobility Space.”
