Business

Ola launches S1X with larger battery, improved range-Telangana Today

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The new S1X 4kWh will clock top speed of 90 Km/h with a quick acceleration of 0-40 Km/h in 3.3 secs.

Published Date – 2 February 2024, 07:50 PM


Ola launches S1X with larger battery, improved range

S1X 4kWh

Bengaluru: Ola Electric announced on Friday the launch of S1X 4kWh, a long range 2-wheeler EV with a claimed range of 190 km.

The new S1X 4kWh will clock top speed of 90 Km/h with a quick acceleration of 0-40 Km/h in 3.3 secs. The scooter comes with a powerful 6kW motor and offers quick performance and superior ride quality. S1X 4 kWh is aggressively priced at par with ICE models and caters to customers with different range requirements.

The scooter comes in Red Velocity, Midnight, Vogue, Stellar, Funk, Porcelain white and Liquid Silver and it is priced at Rs. 1,09,999 with deliveries starting April 2024 onwards.

The company has also announced an industry-first extended battery warranty of 8 years or up to 80,000 km across all its products, addressing customer concerns about battery health and eliminating the biggest barrier to the EV adoption.

Extended Battery Warranty
Ola has also launched the industry’s first 8 year/80,000 Kms extended battery warranty for the entire range of products at no extra cost. With this, the company has addressed the biggest barrier for EV adoption by extending the lifespan of the vehicles by 2X of ICE vehicles.

Over and above the extended warranty, customers can now also opt for Add-on warranty and increase the upper limit of the kilometers traveled up to 125,000 Kms. The Add-on warranty could be availed at a nominal starting price of Rs. 4,999.

Expansion of service network
Ola Electric has also unveiled the plans to expand its service network by 50% from the current 414 service centers to 600 centers across the country by April 2024.

Fast-charging network
Additionally, the company has announced plans to ramp up its fast-charging network rapidly to 10,000 points by the next quarter. The company has also introduced a portable fast charger accessory of 3KW and is available for purchase at Rs. 29,999.

Ola Electric’s scooter portfolio now has six best-in-class products. Priced at Rs. 1,47,499, S1 Pro (2nd Generation) is the company’s flagship scooter while S1 Air is available at Rs. 1,19,999. The S1X has four variants – S1 X+, S1 X (4kWh), and S1 X (3kWh), S1 X (3Kwh) to cater to the requirements of riders with diverse preferences. The S1 X+ is available for purchase at Rs. 99,999.

Business

CapitaLand advances construction of state-of-the-art data centre at Madhapur-Telangana Today

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The construction project involves the installation of GIS9 cabling and a 220KV GIS9 substation, with contracts for these components already finalized.

Updated On – 2 February 2024, 06:11 PM


CapitaLand advances construction of state-of-the-art data centre at Madhapur


Hyderabad: CapitaLand India Trust is making significant progress in the construction of its data centre at the International Tech Park campus in Madhapur, Hyderabad, a recent report by CapitaLand said. All necessary development permissions have been secured, and crucial contracts have been awarded.

The construction project involves the installation of GIS9 cabling and a 220KV GIS9 substation, with contracts for these components already finalized. Power sanctions have been obtained, and contracts for a gas-insulated substation and associated cabling are also in place, as stated in the report. Superstructure works are currently underway at the site, the press release said.

CapitaLand has reported active ongoing leasing discussions, signaling a positive outlook for the project. The data centre is designed with a power load capacity of 40 MW.

As of December 31, 2023, the valuation of CapitaLand DC ITPH stood at Rs 3,232 million, with a Cap Rate of 9.00 per cent. This represents a significant increase compared to the valuation on December 31, 2021, which was Rs 2,255 million, also at a Cap Rate of 9.00 per cent. The difference between the two periods is an impressive 43.3 per cent.

The redevelopment plan aims to enhance the development potential, revitalize the existing International Tech Park, and capitalize on the robust demand in Hyderabad. The report mentions that the master plan for International Tech Park is being revised to accommodate the development of a data centre. Following the completion of phase 1, spanning 1.4 million sq ft, an additional 2.3 million sq ft of leasable area, including the data centre area, is planned for subsequent phases over the next 7 to 10 years.

In addition to the International Tech Park data centre, CapitaLand’s aVance Business Hub 2 is making progress. The expected completion time for aVance A1 is the second half of 2024, while construction on aVance A2 is currently on hold.

 

Business

Salaries delayed, US unit files for bankruptcy-Telangana Today

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The company had earlier listed February 1 for the January salary pay-out for its employees, which has now been delayed and there is no communication.

Published Date – 2 February 2024, 02:22 PM


Byju’s saga: Salaries delayed, US unit files for bankruptcy


New Delhi: Embattling edtech company Byju’s has reportedly delayed salaries of its employees for the month of January, as the firm aims to raise funds through a rights issue.

The company had earlier listed February 1 for the January salary pay-out for its employees, which has now been delayed and there is no communication, according to sources.

In December, the company had assured its employees their salaries would be credited on the first day of every month.

The company was yet to comment on the salary delay. The news was first reported by MoneyControl.

The salary delay comes as the Byju’s Alpha unit in the US has filed for Chapter 11 bankruptcy proceedings in the US court of Delaware, listing liabilities in the range of $1 billion to $10 billion.

Reports also surfaced that Byju’s investors are seeking to oust the top bosses of the company led by Byju Raveendran, saying they are ‘deeply concerned’ about future stability under the current leadership.

The investors are seeking an extraordinary general meeting (EGM) to adopt resolutions on outstanding governance, financial mismanagement and compliance issues, according to earlier reports.

The board consists of founder and CEO Byju Raveendran himself, his co-founder and wife Divya Gokulnath, and his brother Riju Ravindran.

Think and Learn Private Limited (TLPL), the parent company of Byju’s, earlier this week announced to raise $200 million by way of a rights issue to all its equity shareholders, in its bid to achieve operational sustainability.

The proposed rights issuance aims to fund the ongoing capital expenditure and support general corporate purposes, the company said in a statement.

According to reports, the edtech major is going to raise funds at a drastic valuation cut of around $250 million, from its all-time high of $22 billion market valuation in 2022.

As the largest shareholders, the founders of BYJU’S have invested more than $1.1 billion in the last 18 months.

Overseas lenders of Byju’s $1.2 billion term loans have also filed a petition before the Bengaluru Bench of the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd.

Business

Boycott Zerodha trends on X after consecutive tech glitches in past few months-Telangana Today

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The glitch briefly hindered some traders from executing their orders and other problems, such as orders not exiting on the app.

Published Date – 2 February 2024, 01:55 PM


Boycott Zerodha trends on X after consecutive tech glitches in past few months


New Delhi: Several users on Friday took to X participating in the “Boycott Zerodha” trend after the company’s trading app Kite suffered consecutive tech glitches in the past few months, resulting in losses for their clients while trading.

The glitch briefly hindered some traders from executing their orders and other problems, such as orders not exiting on the app.

“Lost 33k in July 2023 due to Zerodha tech glitch. My buy order was executed at 3.31 p.m. when I placed it around 3 p.m. They said they would give me 50 per cent back but I never heard back from them. spine less. ethics @zerodhaonline #BoycottZerodha,” a user wrote.

“Choosing @zerodhaonline as a broker was the second worst decision of my life. Supporting RCB is still the first. #BoycottZerodha #zerodhaglitch,” another user said.

One more user mentioned, “Technical glitch and losses due to technical glitches has become the new normal for #zerodha users. It is high time that Regulatory bodies should look into the matter to safeguard investors. #BoycottZerodha”.

Zerodha went down four times in a row in the last four months.

The company faced tech glitches on October 31, November 6, December 4 and January 29.

Business

Sensex surges over 700 points in response to interim budget announcement-Telangana Today

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Sensex was trading at 72,422.09 points, up 776.79 points or 1.08 per cent.

Published Date – 2 February 2024, 12:39 PM


Sensex surges over 700 points in response to interim budget announcement


New Delhi: BSE Sensex jumped more than 700 points to cross the 72k mark on Friday, a day after the presentation of the Interim Budget 2024-25.

Sensex was trading at 72,422.09 points, up 776.79 points or 1.08 per cent.

Powergrid is the top gainer, up by more than 4 per cent. Infosys is up more than 2 per cent.

The Nifty top gainers are BPCL, Adani Ports, up by more than 4 per cent.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said the non-populist Budget focused on fiscal consolidation is a big positive.

“The big allocation for rural housing will benefit all construction-related segments like cement, steel, paints etc. Another important budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at Rs 11.75 trillion. This is beneficial for banks,” he said.

He said that the global cues are better since the mother market US is appreciating the favourable trends in the US economy after the brief disappointment with the cautious Fed message.

“It is evident that the US is heading for a soft landing and rate cuts are coming,” he said.

He said that the correction in the dollar index to 103 and the US 10-year falling to 3.88 per cent may restrain the FIIs from selling.

He said that the near-term risk in the market is the high valuation which can trigger corrections on some negative news.

“Expect high volatility in the near-term,” he added.

Business

Rupee rises 16 paise to 82.82 against US dollar-Telangana Today

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Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1 per cent of GDP for FY25.

Published Date – 2 February 2024, 12:18 PM


Rupee rises 16 paise to 82.82 against US dollar


Mumbai: The rupee appreciated 16 paise to 82.82 against the US dollar in early trade on Friday supported by positive domestic equities, as the interim budget focused on higher capex and faster fiscal consolidation.

Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1 per cent of GDP for FY25.

Moreover, the weakness of the American currency in the overseas market also boosted sentiments.

At the interbank foreign exchange, the rupee opened at 82.91 against the dollar and then touched a high of 82.82, registering a gain of 16 paise over its previous close.

The rupee appreciated by 6 paise to close at 82.98 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in interim budget for 2024-25.

Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain a world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget.

Continuing on the fiscally prudent path, the Modi government in the interim budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.

According to CR Forex Advisors MD-Amit Pabari, for FY24 the deficit is lowered to 5.8 per cent, against the projected 5.9 per cent. The government’s decision to raise the capital expenditure target to a historic Rs 11.11 lakh crore aims to stimulate demand and consumption in the economy.

“The expectation of a credit rating upgrade increases as fiscal consolidation and lower borrowing costs suggest an improvement in the fiscal profile. This could be significant positive news for the rupee,” Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 103.01.

Brent crude futures, the global oil benchmark, rose 0.48 per cent to USD 79.08 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 706.5 points or 0.99 per cent higher at 72,351.80 points. The broader NSE Nifty advanced 226.65 points or 1.04 per cent to 21,924.10 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,879.58 crore, according to exchange data.

Business

Apple achieves record revenue in latest quarter in India-Telangana Today

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Apple revealed its fiscal 2024 Q1 financial results, ending on December 30, reporting a quarterly revenue of $119.6 billion, marking a 2% year-over-year increase.

Published Date – 2 February 2024, 09:58 AM


Apple achieves record revenue in latest quarter in India


Cupertino: Apple has registered strong double-digit growth in the December quarter in India, reaching another quarter revenue record in the country, the company’s CEO Tim Cook has said.

Apple announced financial results for its fiscal 2024 first quarter ended December 30 where it posted quarterly revenue of $119.6 billion, up 2 per cent year over year.

Cook highlighted December quarter records in India, Indonesia, Saudi Arabia and Chile.

Responding to an analyst questions, Cook multiple times referenced that India grew in revenue terms, strong double digits in the December quarter and “hit a quarter revenue record”.

India’s smartphone shipments remained flat in 2023 at 152 million units, but Apple surpassed the 10-million-unit mark in shipments and capturing the top position in revenue in a calendar year for the first time.

“For Apple, the opening of own retail stores and increasing focus on LFR (large-format retail) through regular promotions contributed to increased offline shipments. Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS,” said Counterpoint research analyst Shubham Singh.

During the earnings call, Luca Maestri, Apple’s CFO, highlighted Zoho, a leading SaaS technology company headquartered in India, offering its 15,000-plus global employees a choice of devices, with 80 per cent of their workforce using iPhone for work and nearly two-thirds of them choosing Mac as their primary computer.

“Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Cook.

“We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments,” he said in a statement late on Thursday.

During the quarter, Apple generated nearly $40 billion of operating cash flow, and returned almost $27 billion to its shareholders.

“We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans,” said Maestri.

Business

Markets turn highly volatile after firm opening ahead of Budget-Telangana Today

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The 30-share BSE Sensex climbed 248.4 points to 72,000.51 in early trade after beginning the day on a positive note. The Nifty went up by 62.65 points to 21,788.35.

Updated On – 1 February 2024, 11:31 AM


Budget Day: Markets turn highly volatile after firm opening ahead of Budget


Mumbai: Benchmark equity indices began the trade on an optimistic note on Thursday but later faced heavy volatile trends ahead of presentation of interim Budget.

The 30-share BSE Sensex climbed 248.4 points to 72,000.51 in early trade after beginning the day on a positive note. The Nifty went up by 62.65 points to 21,788.35.

Later, both the benchmark indices hit choppy waters and were trading between highs and lows.

Among the Sensex firms, Mahindra & Mahindra, Maruti, Power Grid, NTPC, IndusInd Bank and Sun Pharma were the biggest gainers.

Larsen & Toubro, Titan, Bajaj Finserv and JSW Steel were the major laggards.

Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms.

In Asian markets, Seoul, Shanghai and Hong Kong quoted in the green while Tokyo traded lower.

The US markets ended sharply lower on Wednesday.

The US Fed on Wednesday left its main interest rate steady and made clear it “does not expect it will be appropriate” to cut rates “until it has gained greater confidence that inflation is moving sustainably towards” its goal of 2 per cent.

“Wall Street took a hit overnight with the Dow down 0.8 per cent, the S&P 500 off 1.6 per cent, and the Nasdaq tumbling 2.2 per cent amid disappointing earnings from Alphabet. The Fed’s decision to keep interest rates steady further fuelled selling across indexes. Investors now await Finance Minister Nirmala Sitharaman’s interim Budget presentation, hoping for measures to boost economic growth and control deficits,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

On a positive note, January’s GST collections hit a record high of Rs 1.72 lakh crore, he added.

Global oil benchmark Brent crude declined 1.40 per cent to USD 81.71 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,660.72 crore on Wednesday, according to exchange data.

The Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11 on Wednesday. The Nifty climbed 203.60 points or 0.95 per cent to 21,725.70.

Business

Rupee rises 9 paise to 82.95 against US dollar ahead of Budget-Telangana Today

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Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.

Published Date – 1 February 2024, 11:40 AM


Rupee rises 9 paise to 82.95 against US dollar ahead of Budget


Mumbai: The rupee appreciated 9 paise to 82.95 against the US dollar in early trade on Thursday as market participants remained cautious ahead of the interim Budget.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.02 against the dollar and then touched a high of 82.95, registering a gain of 9 paise over its previous close.

In initial trade, the rupee also touched a low of 83.03 against the American currency.

On Wednesday, the rupee appreciated 6 paise to 83.04 against the US dollar.

Forex traders said rupee traded in a narrow range and market participants remained cautious ahead of the interim Budget.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.24 per cent higher at 103.52.

Brent crude futures, the global oil benchmark, fell 1.40 per cent to USD 81.71 per barrel.

Indian rupee looks boxed between 83.00 to 83.20 narrowly as US Federal Reserve decided not to cut rates, Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.

In the domestic equity market, the 30-share BSE Sensex was trading 55.16 points or 0.08 per cent higher at 71,807.27 points. The broader NSE Nifty advanced 19.05 points or 0.09 per cent to 21,744.75 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs1,660.72 crore, according to exchange data.

The Union government’s fiscal deficit touched Rs 9.82 lakh crore or 55 per cent of the annual Budget target at the end of December 2023, as per the official data released on Wednesday.

In the corresponding period last year, the deficit was 59.8 per cent of the Budget estimate of 2022-23.

Business

Ranveer Singh invests in boAt, becomes key stakeholder-Telangana Today

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Under the agreement, he has been appointed as the official ambassador for boAt’s audio products and will be featured prominently in their captivating new campaign, ‘Lost in Nirvana’.

Published Date – 1 February 2024, 11:00 AM


Ranveer Singh invests in boAt, becomes key stakeholder


New Delhi: Homegrown consumer electronics brand boAt has announced that Bollywood actor Ranveer Singh invested an undisclosed amount in the company, becoming a key stakeholder in its future.

As part of the deal, he has been signed on as the official face of boAt’s audio products and will be the star of their immersive new campaign, ‘Lost in Nirvana’.

“His investment and strategic involvement validate our mission to revolutionise the audio experience in India. Together, we’ll push boundaries, redefine sound, and create a community that thrives on passion and innovation,” Aman Gupta, Co-founder, and CMO of boAt, said in a statement.

According to the company, this partnership sets the stage for Singh’s pivotal role in boAt’s upcoming campaign for ‘Nirvana series’ boAt’s sub-brand offering premium & superior audio products, which includes TWS and headphones crafted for the ultimate listening experience.

“boAt’s commitment to best-in-class sound and youth connect resonates deeply with me. Investing in their journey is more than just a financial decision; it’s about co-creating a revolution. Get ready for boAt to amplify the sound of India like never before!,” said Singh.

The ‘Lost in Nirvana’ campaign features captivating ad films that invite viewers to experience the Nirvana range’s exceptional features, such as an impressive 120 hours of battery life, boAt signature sound, and cutting-edge Active Noise Canceling technology, the company mentioned.