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Tata Motors commences production at Sanand plant it acquired from Ford-Telangana Today

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Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, had acquired the facility from Ford India for Rs 725.7 crore in January last year.

Published Date – 12 January 2024, 05:37 PM


Tata Motors commences production at Sanand plant it acquired from Ford


New Delhi: Tata Motors on Friday said it has commenced production at its new production facility at Sanand in Gujarat.

Tata Passenger Electric Mobility Ltd, a unit of Tata Motors, had acquired the facility from Ford India for Rs 725.7 crore in January last year.

“We have successfully retooled the factory in the shortest span of 12 months, taking it to a new level to accommodate a wide range of existing products and future new models to come,” Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility (TPEM) MD Shailesh Chandra said in a statement.

The facility will play a pivotal role in steering Tata Motors, especially TPEM, towards achieving newer feats, he added.

“With existing capacities near saturation, this new facility will unlock an additional manufacturing capacity of 3 lakh units per annum which is scalable to 4.2 lakh units per annum,” Chandra said.
The plant, which would be the company’s second in Gujarat, would roll out both Internal Combustion Engine (ICE) and electric models.

The plant currently has more than 1,000 employees.

Tata Motors said it will create 1,000 additional jobs in the next 3-4 months in the region, in line with the production ramp-up plans.

Business

Boeing 777-9 to make India debut at Wings India 2024 in Hyderabad-Telangana Today

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Based on the most successful twin-aisle airplane ever, the 777, and with advanced technologies from the 787 Dreamliner family, the 777-9 will be the world’s largest and most efficient twin-engine jet.

Published Date – 12 January 2024, 05:42 PM


Boeing 777-9 to make India debut at Wings India 2024 in Hyderabad

Boeing 777-9

Hyderabad: Boeing’s new wide body 777-9 jet, is set to make its Indian debut at Wings India 2024, scheduled to be held in Hyderabad from January 18-21.

The newest member of Boeing‘s market-leading wide body aircraft, the 777-9 will be on display for visitors on January 18 and 19. Based on the most successful twin-aisle airplane ever, the 777, and with advanced technologies from the 787 Dreamliner family, the 777-9 will be the world’s largest and most efficient twin-engine jet.

“We welcome the opportunity tointroduce the state-of-the-art 777-9 to India and look forward to its induction in our customers’ fleets over the coming years. The 777-9 will become the flagship of many airlines around the world,” said Ryan Weir, Boeing vice president, Commercial Sales and Marketing for India.

At Wings India 2024, Boeing will underscore its commitment to fostering an Aatmanirbhar aerospace ecosystem in India with an exhibit showcasing cutting-edge technologies, services, top-tier sustenance, and training capabilities. Boeing will engage with customers and industry partners on the growth trajectory of India’s aviation sector strengthened by local manufacturing, alliances, and engineering and research expertise.

“Our dedication to bolstering India’s civil aviation growth remains unwavering, providing efficient aircraft, top-notch services, and innovative solutions in line with the Aatmanirbhar Bharat vision,” said Salil Gupte, president, Boeing India.

Air India will receive 10 777-9s, as part of the carrier’s substantial order placed in 2023, aimed at bolstering its fleet strategy and meeting the growing demand for international air travel in the rapidly expanding South Asian market.

Among its investments aimed at bolstering the growth of India’s civil aviation industry, Boeing has partnered with GMR Aero Technic to establish a Boeing Converted Freighter line in Hyderabad and established a Global Support Center in Gurgaon. Additionally, Boeing has committed a $100 million investment in infrastructure and pilot training programs to support India’s growing demand for pilots in the coming two decades.

 

Business

Rupee rises 11 paise to settle at 82.90 against US dollar-Telangana Today

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At the interbank foreign exchange, the domestic currency opened weak at 83.08 and traded between 82.86 and 83.10 against the greenback during intra-day deals

Published Date – 12 January 2024, 04:51 PM


Rupee rises 11 paise to settle at 82.90 against US dollar


Mumbai: The rupee strengthened for the eighth consecutive session and settled with a gain of 11 paise at 82.90 (provisional) against the US dollar on Friday, buoyed by robust equity market sentiments.

Forex traders said an upward move in crude oil prices and stronger American currency, however, contained the uptick of the Indian currency, even as investors remained concerned about the domestic macroeconomic data to be released later in the day.

At the interbank foreign exchange, the domestic currency opened weak at 83.08 and traded between 82.86 and 83.10 against the greenback during intra-day deals.

The unit finally settled at 82.90 (provisional) against the dollar, registering a gain of 11 paise over its previous close, amid a bullish trend in domestic equities, wherein benchmark indices climbed lifetime highs.

The domestic currency settled 2 paise higher at 83.01 on Thursday.

In the last eight trading sessions, the local unit added 42 paise, since the level of 83.32 versus dollar recorded on January 2.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee gained on strong domestic markets and a weak US dollar. However, the surge in crude oil prices amid the escalation of tensions in the Middle East capped sharp gains.

“Fresh inflows from foreign investors may also support the rupee. However, a rise in global crude oil prices may cap sharp gains. Traders may remain cautious ahead of inflation and IIP data from India. USD-INR spot price is expected to trade in a range of Rs 82.55 to Rs 83.20,” he added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09 per cent higher at 102.38 on Friday.

Brent crude futures, the global oil benchmark, surged 2.95 per cent to USD 79.69 per barrel.

On the domestic equity market front, Sensex surged 847.27 points, or 1.18 per cent, to settle at a fresh peak of 72,568.45 points. The Nifty also soared 247.35 points, or 1.14 per cent, to a new record of 21,894.55 points.

Foreign institutional investors (FIIs) sold shares worth Rs 865.00 crore on Thursday, according to exchange data.

On the macroeconomic front, the net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday.

Business

Reliance Industries shares climb nearly 3 pc; market valuation jumps Rs 46,810 cr-Telangana Today

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The company’s market valuation also jumped Rs 46,810.44 crore to reach Rs 17,92,872.53 crore.

Published Date – 10 January 2024, 06:25 PM


Reliance Industries shares climb nearly 3 pc; market valuation jumps Rs 46,810 cr


New Delhi: Shares of Reliance Industries on Wednesday climbed nearly 3 per cent to reach its 52-week high-level on hectic buying at the counter during the fag-end of the trade.

The stock of the country’s most valued firm by market valuation jumped 2.69 per cent to settle at Rs 2,649.95 on the BSE. During the day, it advanced 3 per cent to reach its 52-week high of Rs 2,658.95.

It climbed 2.88 per cent to Rs 2,655 on the NSE.

The company’s market valuation also jumped Rs 46,810.44 crore to reach Rs 17,92,872.53 crore.

Buying in the heavyweight stock also helped the equity benchmark indices settle higher after a volatile trade.

The BSE benchmark Sensex climbed 271.50 points or 0.38 per cent to settle at 71,657.71, and the Nifty advanced 73.85 points or 0.34 per cent to 21,618.70.

In traded volume terms, 4.58 lakh shares of the company were traded on the BSE and over 55.51 lakh shares on the NSE during the day.

 

Business

Sensex and Nifty rally in positive opening-Telangana Today

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Nifty showed a significant rise of 110.65 points, commencing at 21,556.50. Nifty companies witnessed 32 advances and 17 declines, showcasing a diverse market sentiment.

Updated On – 10 January 2024, 11:03 AM


Stock market soars in green: Sensex and Nifty rally in positive opening


Mumbai: The stock market kicked off the trading session on a positive note, with the Sensex gaining 32.36 points, opening at 71,404.59.

Simultaneously, the Nifty showed a significant rise of 110.65 points, commencing at 21,556.50. Nifty companies witnessed 32 advances and 17 declines, showcasing a diverse market sentiment.

Leading the gainers among Nifty firms were Cipla, HCL Technologies, Adani Ports, SBI Life, and HDFC Life, while BPCL, ONGC, NTPC, Coal India, and Axis Bank faced losses, marking them as the top losers. These early market movements reflected a dynamic start to Wednesday’s trading session.

Varun Aggarwal, founder and managing director, Profit Idea, said, “Global market cues remained mixed, impacting Asian stocks differently, with Japan experiencing gains, while Australia and South Korea saw declines. Wall Street exhibited a day of mixed trading, with certain influential companies offsetting overall losses. Investors are closely watching the upcoming US inflation report, crucial for understanding the Federal Reserve’s potential rate-cutting strategy”.

Domestically, attention is focused on key economic indicators such as retail inflation, factory production data, and upcoming corporate earnings reports from major IT companies like TCS, Infosys, and Wipro.

Oil prices witnessed a slight uptick due to unexpected declines in US crude stocks, yet gains were limited by a larger-than-expected increase in product inventories.

Brent crude reached USD 77.88 per barrel, and West Texas Intermediate settled at USD 72.53 per barrel.

The Nifty 50 maintained a positive bias within a narrow range, awaiting a decisive breach of 21,700-21,750 for a potential breakout. Strong support is evident at 21,450, where the 20-day moving average is situated.

The Bank Nifty retained an overall positive sentiment, requiring a breach of 48,000-48,200 for further upside, with support at 46,300.

Gold prices remained steady as investors awaited the US inflation data, aiming to gain insights into potential Federal Reserve interest rate adjustments.
Spot gold reached USD 2,031.30 per ounce, while US gold futures rose to USD 2,036.90 per ounce.

Silver faced a decline to USD 23.03 as the dollar strengthened, with Thursday’s US consumer and producer inflation reports eagerly anticipated for understanding December’s price movements.

Business

Indian economy likely to grow at 6.2 pc next fiscal: Report-Telangana Today

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A pick-up in capex is expected to become more broad-based in FY25, led by marginally moderate public capex but higher private corporate capex after elections, Jain said.

Published Date – 9 January 2024, 10:22 PM


Indian economy likely to grow at 6.2 pc next fiscal: Report


Mumbai: The Indian economy is likely to grow at 6.2 per cent in the next fiscal, mainly due to the favourable combination of neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels, a foreign brokerage report said on Tuesday.

Despite the rising external headwinds, India is likely to grow 6.2 per cent next fiscal against a consensus of 6.3 per cent to USD 3.9 trillion from USD 3.57 trillion in FY24 on a likely 7 per cent growth, as consumption growth is likely to stabilise at 4.7 per cent from 4.5 per cent in FY24, Tanvee Gupta-Jain, the UBS India chief economist, said in a note.

A pick-up in capex is expected to become more broad-based in FY25, led by marginally moderate public capex but higher private corporate capex after elections, Jain said. Another growth driver will be the residential housing sector along with exports, which may marginally improve, depending on global growth.

“We expect India to maintain medium-term growth of 6.5 per cent annually from FY26 through FY30 when it sees the GDP touching SD 6 trillion,” she said, adding the country’s potential growth could benefit from digitalisation adoption, increased services exports and a manufacturing push.

However, she flagged the record high level of household debt, which according to the latest RBI data surged to 5.8 per cent of GDP in FY23.

Explaining the sweet spot that the country is in, she said a key factor supporting better economic activity is the sharp pick-up in credit growth, which may clip at 13-14 per cent next fiscal as well (which is also partly driven by higher household leverage explaining a fifth of the past two years private consumption growth).

“We expect bank credit to sustain double-digit growth of 13-14 per cent in FY25 and a virtuous investment cycle could help shift the credit driver from fast-growing consumer loans towards manufacturing/infra sectors,” she said.

On the forthcoming general elections, the brokerage said recent opinion polls and state election results suggest an increased probability that the BJP will perform well in the upcoming general elections, thus reducing risks of fiscal populism.

“We believe political stability supports policy continuity, leading toward further digitalisation and reforms to boost manufacturing/exports, given the country’s increasing footprint in global value chains.”

On the equities, the note said after outperforming EMs by 11 per cent in 2023, the domestic market trades at an 86 per cent (one-year forward premium) premium to EMs. FII and household flows into the markets held strong in 2023, supporting these valuations, which the brokerage believes, are driven by a perception of better geopolitical and macroeconomic positioning.

“However, sell-side EPS growth estimates are their lowest ever and valuations are close to their peaks. Accordingly, we are underweight on India within EMs,” the note said. Jain expects CPI to moderate from 5.4 per cent in FY24 to 4.8 per cent in FY25, as food prices normalise and supply conditions improve and believes that inflation in this cycle will take much longer to reach the targeted 4 per cent.

Business

IndiGo introduces charges for front row aisle or window seat up to Rs 2K-Telangana Today

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Passengers opting for window or aisle seats in the front row of an A321 aircraft, which typically accommodates 222 seats, will now incur a fee of Rs 2,000.

Published Date – 9 January 2024, 11:00 AM


IndiGo introduces charges for front row aisle or window seat up to Rs 2K


New Delhi: Days after reducing fuel charges, the IndiGo has increased charges for passengers seeking extra legroom in the front row of its aircraft. According to the airline’s website, passengers opting for window or aisle seats in the front row of an A321 aircraft, which typically accommodates 222 seats, will now incur a fee of Rs 2,000. A slightly reduced charge of Rs 1,500 is applied for the aisle seat in the same row. Meanwhile, all seat types in the second and third rows have a flat rate of Rs 400.

IndiGo emphasises that passengers not interested in purchasing a preferred seat can choose any available free seat or be assigned one at no additional cost during airport check-in. These revised charges apply uniformly to A321 planes with 232 seats and A320 aircraft with 180 seats, as indicated on the airline’s official website. A response from IndiGo is awaited.

Business

Netflix may introduce in-app purchases, ads to games-Telangana Today

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In August, Netflix rolled out its games across devices — TVs, computers, and mobile — and announced the first public tests of its cloud-streamed games.

Published Date – 11:48 AM, Sat – 6 January 24


Netflix may introduce in-app purchases, ads to games


San Francisco: Streaming giant Netflix is reportedly planning to generate revenue from its gaming business by adding in-app purchases and advertisements.

The company has had discussions in recent months about how to generate revenue from its games, reports The Wall Street Journal, citing people familiar with the discussions. For two years, Netflix subscribers have been able to download tons of mobile games, all free with their subscription.

The company offers more than 75 mobile games, like Grand Theft Auto, Love Is Blind, Monument Valley and Oxenfree. According to the report, Netflix is planning to put a price tag on premium gaming titles and placing ads on games. Netflix was yet to comment on the report.

The company last year said it was not worried about ads and in-game payments. We want to have a differentiated gaming experience and part of that is giving game creators the ability to think about building games purely from the perspective of player enjoyment and not having to worry about other forms of monetization, whether it be ads or in-game payment, Netflix co-CEO Greg Peters had said during the earnings call.

In August, Netflix rolled out its games across devices — TVs, computers, and mobile — and announced the first public tests of its cloud-streamed games.

Business

Tata Motors launches Punch.ev based on ‘acti.ev’ architecture-Telangana Today

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Punch.ev will be the first product based on this Pure Electric Architecture – acti.ev, which will spawn a variety of products with multiple body styles and sizes.

Published Date – 05:24 PM, Fri – 5 January 24


Tata Motors launches Punch.ev based on ‘acti.ev’ architecture


Mumbai/Hyderabad: Tata Passenger Electric Mobility, on Friday introduced its first advanced Pure EV architecture – acti.ev (pronounced as active). acti.ev stands for (Advanced Connected Tech-Intelligent Electric Vehicle) and will underpin future products from the TPEM portfolio.

Punch.ev will be the first product based on this Pure Electric Architecture, which will spawn a variety of products with multiple body styles and sizes.

Starting Friday, customers can book their Punch.ev by visiting their nearest Tata Motors showrooms authorized for EV sales or Tata.ev stores by making a payment of just ₹21,000. Bookings can also be made online at https://bit.ly/punchev-bookingsopen.

Speaking about this aspirational introduction, Tata Passenger Electric Mobility Ltd. chief products officer, head of HV programs and customer service, Anand Kulkarni, said, “As leaders of the EV evolution in India, we are proud to enter 2024 with a groundbreaking development in the form of acti.ev – a made-in-India advanced Pure EV architecture that promises to be a trendsetter in the country’s rapidly developing EV market. This architecture has been meticulously designed to enable class leading efficiencies, maximizing space, battery capacity and enhancing the overall driving experience. acti.ev is a global ready, future-facing pure electric architecture that enables the implementation of software oriented features, ensuring that our vehicles are not only technologically advanced but also future-proof.”

“With this, we are doubly excited to announce the unveil of the first product made on this advanced, multi-layered architecture – the Punch.ev,” he added.

“We are confident that future products made on the acti.ev architecture will continue to spark delight in our ever growing community,” said Anand Kulkarni.

The acti.ev architecture is based on the key pillars of Performance, Technology, Modularity, and Space Efficiency and consists of four layers:

Powertrain

acti.ev features an optimised battery pack design, with cells tested to advanced global standards – leading to 10% improvement in energy density. This battery pack design also offers multiple range options from 300 km ~ 600 km. The architecture also allows for modularity in choosing the right drivetrain option for the appropriate product, between AWD, RWD, and FWD. acti.ve can support 7.2kW to 11kW on board charger for AC fast charging and DC Fast Charging upto 150kW – thereby adding ~100 km range in just 10 minutes.

Chassis

The second layer of this architecture can house multiple body styles with a reinforced body structure capable of meeting future GNCAP / BNCAP safety protocols. acti.ev maximises cabin space and storage with a flat floor without a transmission tunnel, and an added frunk, therefore allowing more space for occupants in the cabin. Its lower center of gravity helps in improved driving dynamics and handling.

Electrical Architecture

acti.ev is a future ready scalable architecture with higher computing powers and ADAS level 2 capabilities. The architecture is ready for ADAS L2+ capabilities – ensuring higher standards of safety and navigation capabilities. Its 5G readiness allows for advanced network speeds with seamless connectivity. The architecture will also support Vehicle to Load (V2L) and Vehicle to Vehicle Charging (V2V) technology.

Cloud Architecture

This architecture is based on future ready scalable cloud architecture that promises an enhanced user experience, with Arcade.ev, an in-car app suite. Furthermore, acti.ev is loaded with cutting-edge solutions that not only promise superior connectivity but advanced over-the-air updates for software and other features.

 

Business

RBI imposes monetary penalty of Rs 5 lakh on Sankheda Nagarik Sahakari Bank-Telangana Today

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The central bank said that in its statutory inspection of the bank with reference to its financial position as of March 31, 2022.

Published Date – 10:49 PM, Thu – 4 January 24


RBI imposes monetary penalty of Rs 5 lakh on Sankheda Nagarik Sahakari Bank


Mumbai: Reserve Bank of India on Thursday said that it has imposed a monetary penalty of Rs 5 lakh on Sankheda Nagarik Sahakari Bank Limited, which is based in Sankheda, Chhotaudepur, Gujarat.

RBI said that by an order dated December 7, 2023, it has imposed a monetary penalty on the bank for non-compliance with its directions on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ read with RBI directions on ‘Loans and Advances to Directors, etc.–Directors as Surety/Guarantors–Clarification’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.

“This penalty has been imposed in the exercise of powers conferred on RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949,” the press release said.

The central bank said that in its statutory inspection of the bank with reference to its financial position as of March 31, 2022, and examination of the inspection report, risk assessment report, and all correspondence, it has been revealed that the bank-sanctioned loans were relatives of directors of the bank stood as guarantors and breached the prescribed inter-bank gross exposure limit as well as the prudential inter-bank counterparty exposure limit.

“Consequently, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the said directions, as stated therein,” the press release said.

RBI said that after considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, it came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted the imposition of a monetary penalty on the bank.