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Rupee recovers from all-time low, gains 6 paise to 85.07 against US dollar-Telangana Today

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Forex traders say the rupee is likely to remain in a weakening mode due to significant dollar demand

Published Date – 20 December 2024, 10:17 AM


Rupee recovers from all-time low, gains 6 paise to 85.07 against US dollar

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Mumbai: The rupee saw some recovery from its all-time low level and appreciated 6 paise to 85.07 against the US dollar in early trade on Friday. Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand. The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025.

The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two. At the interbank foreign exchange, the rupee opened at 85.07, registering a gain of 6 paise from its previous close. It was later trading at 85.10 against the greenback, a tad above the all-time low level.

On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar. “The Indian rupee is facing headwinds from both global and local factors. As the Federal Reserve’s decision to adopt a cautious approach toward rate cuts in 2025 triggered a more than 1 per cent correction in Indian equities.

“While on the domestic front, the Reserve Bank of India (RBI) appears constrained in its ability to intervene as effectively as earlier this year, partly due to tightening banking system liquidity,” CR Forex Advisors MD Amit Pabari said. As a result, the USDINR pair has breached the 85.00 mark. In the near-term, the pair is likely to consolidate within a range of 84.70 to 85.20, he said.

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From January, Honda Cars to hike prices across its model range-Telangana Today

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The automaker will increase the prices of its models by up to 2 per cent from the beginning of January 2025, says Honda Cars India Vice President – Marketing and Sales Kunal Behl

Published Date – 20 December 2024, 11:19 AM


From January, Honda Cars to hike prices across its model range

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New Delhi: Honda Cars India on Friday said it will hike prices across its model range by up to 2 per cent from January next year, in order to partially offset the impact of rising input costs. The company sells models such as Amaze, City and Elevate in the domestic market.

The automaker will increase the prices of its models by up to 2 per cent from the beginning of January 2025, Honda Cars India Vice President – Marketing and Sales Kunal Behl said.

The company has been making strong efforts to absorb price increases during this year, ensuring minimal impact on customers, he added. “However, due to the continued rise in input costs and logistics, a small portion of this impact will be passed on to customers through a price revision from the new year,” Behl said.

Additionally, the all-new third generation Amaze which was launched at a very competitive introductory price, will also see a price revision by mid of next month, he added. Already various carmakers including Maruti Suzuki, Hyundai and Tata Motors have announced price hikes from January.

Business

Here’s this list of electric cars launched in India in 2024!-Telangana Today

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Marking a great year for the EVs in India, let’s take a quick look at a list of electric cars that were launched in the country in 2024 and see how they are priced

Updated On – 20 December 2024, 09:32 PM


Here’s this list of electric cars launched in India in 2024!


With several factors contributing to its growth, the market for Electric Vehicles (EVs) has seen a rapid growth in India in the last couple of years. While the Central government’s push for EVs with subsidised prices is a major reason for Indian vehicle-buyers opting for EVs, high costs of fuel across the country also contribute to buyers going the electric way

Riding the wave of popularity, several carmakers have launched brand new models of electric cars in the Indian market. The year 2024, which will soon come to an end, has seen launches of electric cars across different segments; from budget friendly cars to luxury ones, we have seen it all this year!

Marking a great year for the EVs in India, let’s take a quick look at a list of electric cars that were launched in the country in 2024 and see how they are priced:

Punchev
Tata Punch EV
Price: Rs 10,00,000 to 14,29,000 (Ex-Showroom)

Xuv400

Mahindra XUV400
Price: Rs. 15,49,000 to Rs. 17,40,000 (Ex-Showroom)

Mg Windsor
MG Windsor EV
Price: Rs. 10,00,000 to Rs. 15,50,000

Curvv
Tata Curvv EV
Price: Rs . 17,50,000 to 22,00,00 (Ex-Showroom)

Xev 9
Mahindra XEV 9e
Price: From Rs. 21,00,000 (Ex-Showroom)

Be 6e
Mahindra BE 6
Price from Rs. 18,90,000 (Ex-Showroom)

 

Byd

BYD eMAX 7
Price: Rs. 26,90,000 to Rs. 29,90,000 (Ex-Showroom)

Countryman Ev
Mini Countryman EV
Price: Rs. 54,00,000 (Ex-Showroom)

Kia 9
Kia EV9
Price: Rs. 1,30,00,000 (Ex-Showroom)

Eqs

Mercedes-Benz EQS SUV
Price: Rs. 1,41,00,000 (Ex-Showroom)

Maybach Eqs 680
Maybach EQS 680
Price: Rs. 2,25,00,000 (Ex-Showroom)

Business

Vanguard announces new technology office in Hyderabad-Telangana Today

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Investment management company’s new office expected to open in late 2025, will be led by Venkatesh Natarajan

Published Date – 22 December 2024, 07:53 PM


Vanguard announces new technology office in Hyderabad


Hyderabad: Vanguard on Sunday announced plans to establish a new office in Hyderabad, stating that the new location would serve as an enduring site for technology development.

Nitin Tandon, global chief information officer at Vanguard, said, “Vanguard is a digital-first company and technology is a critical enabler in delivering investment products and advice to more than 50 million clients.”

The Hyderabad office is expected to open in late 2025 and will be led by Venkatesh Natarajan, an officer in Vanguard’s Information Technology division. He currently leads technology development in the Personal Investor division and joined Vanguard in 2019 to oversee enterprise digital marketing and analytics technologies.

“Our crew members are central to Vanguard’s ability to adopt new and innovative technology. I’m excited to lead an office that combines Vanguard’s mission-oriented culture with India’s top tier technology talent,” said Venkatesh.

Founded in 1975, Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice and retirement services to tens of millions of individual investors around the globe — directly, through workplace plans and financial intermediaries.

The company operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: to take a stand for all investors, treat them fairly and give them the best chance for investment success.

Business

Adar Poonawalla-led Serene Productions to pick 50% stake in KJo’s Dharma-Telangana Today

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Enters into binding agreement to invest Rs 1,000 crore in Dharma Productions and Dharmatic Entertainment

Published Date – 21 October 2024, 11:47 AM


Adar Poonawalla-led Serene Productions to pick 50% stake in KJo’s Dharma

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New Delhi: Vaccine maker Serum Institute of India CEO Adar Poonawalla-led Serene Productions on Monday said it will pick 50 per cent stake in Karan Johar‘s Dharma Productions and Dharmatic Entertainment for Rs 1,000 crore.

Serene Productions has entered into a binding agreement to invest Rs 1,000 crore in production house Dharma Productions and Dharmatic Entertainment (Dharma), the company said in a statement.

Subsequently, Serene Productions will hold a 50 per cent stake in Dharma, with Johar retaining the remaining 50 per cent ownership, it added.

“Poonawalla’s investment values Dharma at Rs 2,000 crore,” the statement said. “We hope to build and grow Dharma and scale even greater heights in the years to come,” Poonawalla said on the investment.

On the investment by Serene Productions, Johar said, “This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. It’s about honouring our roots while embracing the future of global entertainment.”

Under the new structure, Johar as the executive chairman will spearhead the company’s creative vision, while Apoorva Mehta, in his role as the chief executive officer, will work with Johar in steering the strategic direction and overseeing the operations, the statement said.

The collaboration aims to further transform content creation, distribution and audience engagement by integrating advanced technologies and pioneering production methods, it added.

The development comes at a time when India’s entertainment industry has experienced significant expansion, driven by surging digital penetration and a diverse audience seeking high-quality content across multiple platforms, with growing global relevance, the company said.

Business

Hyundai India’s record IPO to debut on stock market this week-Telangana Today

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This will be Hyundai Motor’s first listing outside South Korea and the largest IPO in Indian stock market history, surpassing the previous record of $2.5 billion set by Life Insurance Corporation of India (LIC) in 2022.





Published Date – 21 October 2024, 03:00 PM


Hyundai India’s record IPO to debut on stock market this week


New Delhi/Seoul: The Indian subsidiary of South Korean automotive giant Hyundai Motor is set to make its stock market debut this week following a record initial public offering (IPO), according to industry officials on Monday.

Shares of Hyundai Motor India are set to start trading on the Indian stock market on Tuesday, following last week’s $3.3 billion IPO subscription process.

It marks Hyundai Motor’s first listing outside South Korea and the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corporation of India (LIC) in 2022, which then raised $2.5 billion.

The IPO price band has been fixed at Rs 1,865-Rs 1,960 per share. The IPO is a pure offer for sale (OFS) and the entire proceeds will go to the promoter.

India serves as a key global production base for the Korean automotive giant. Last year, Hyundai produced 765,000 vehicles in India, reports Yonhap news agency.

Hyundai Motor India is the second-biggest carmaker in India, following Japan’s Maruti Suzuki. Industry observers are keen on whether the company can enhance its local competitiveness through the listing on the Indian stock market.

The South Korean automotive giant has made aggressive investments in India in recent years.

Last year, Hyundai acquired General Motors’ manufacturing plant in India’s western city of Pune. The company is currently upgrading the facility with a smart manufacturing system, aiming to achieve a production capacity of over 200,000 units annually.

Once the Pune plant becomes operational in the second half of next year, Hyundai Motor India will have a combined annual production capacity of 1 million units when leveraging both the Chennai and Pune plants.

Additionally, Hyundai Motor plans to expand the number of electric vehicle (EV) charging stations in India to 485 by 2030.

Together with affiliate Kia Corp., Hyundai Motor has entered into a strategic partnership with Indian battery giant Exide Energy this year.

Hyundai plans to introduce the Creta EV, which is the electric version of the company’s first India-specific Creta SUV, in 2025. The model will be the first EV produced locally at the Chennai plant.

The company plans to introduce five EV models in the Indian market by 2030 to meet the growing demand for EVs in the country.

Business

Toyota Kirloskar Motor introduces festive edition of Rumion in Hyderabad-Telangana Today

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The festive edition of the Rumion, available across all grades, comes with a dealer-fitted TGA package worth Rs. 20,608, ensuring that customers enjoy a premium experience.

Published Date – 22 October 2024, 08:48 PM


Toyota Kirloskar Motor introduces festive edition of Rumion in Hyderabad


Hyderabad: Toyota Kirloskar Motor (TKM) on Tuesday introduced the festive edition of the Toyota Rumion, the limited-edition featuring exclusive Toyota Genuine Accessory (TGA) packages aimed at enhancing the Rumion’s aesthetics and comfort.

The festive edition of the Rumion, available across all grades, comes with a dealer-fitted TGA package worth Rs. 20,608, ensuring that customers enjoy a premium experience.

The Festival Limited Edition TGA package features Back Door Garnish, Mud Flaps, Rear Bumper Garnish, Deluxe Carpet Mat (RHD), Head Lamp Garnish, Number Plate Garnish, Door Visor – Chrome, Roof Edge Spoiler and Body Side Molding Garnish Finish.

Sabari Manohar, vice-president, Sales-Service-Used Car Business, Toyota Kirloskar Motor, said, “We are thrilled to introduce the limited-edition Toyota Rumion, which not only enhances aesthetics and comfort but also ensures a superior driving experience.”

The Toyota Rumion has already garnered a strong following as a versatile and family-friendly MPV, which is available in six variants of S MT/AT, G MT, and V MT/AT and S MT CNG.

For bookings: www.toyotabharat.com/online-booking.

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Air India, Singapore Airlines expand codeshare, adds 51 new destinations-Telangana Today

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Starting October 27, Air India and Singapore Airlines will codeshare on flights between Singapore and Bengaluru, as well as Chennai, boosting their total weekly codeshare services between the two countries from 14 to 56.





Updated On – 23 October 2024, 06:09 PM


Air India, Singapore Airlines expand codeshare, adds 51 new destinations


New Delhi: Air India and Singapore Airlines (SIA) on Wednesday announced to expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

From October 27, Air India and SIA will codeshare on each other’s flights between Singapore and Bengaluru and Chennai, increasing their total weekly scheduled codeshare services between the countries to 56 from 14.

SIA will codeshare on Air India’s domestic flights between Delhi and Amritsar, Bengaluru, Coimbatore, Lucknow, and Varanasi, between Mumbai and Ahmedabad, Amritsar, Bengaluru, Coimbatore, Goa, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram, as well as between Kolkata and Guwahati, they said in a statement.

“We are excited to offer our guests greater connectivity to destinations across South East Asia, the Far East, and Australasia. We also look forward to welcoming Singapore Airlines customers on board our flights within India as well as westward to multiple points across Europe, Africa, and the Middle East via our hubs in India,” said Nipun Aggarwal, Chief Commercial Officer, Air India.

Air India customers will be able to access 29 destinations across SIA’s network. These are Adelaide, Brisbane, Cairns, Darwin, Melbourne, Perth, and Sydney (Australia), Bandar Seri Begawan (Brunei), Phnom Penh and Siem Reap (Cambodia), Denpasar, Jakarta, Medan, and Surabaya (Indonesia), Fukuoka, Nagoya, Osaka, Tokyo-Haneda, and Tokyo-Narita (Japan), Busan and Seoul (South Korea), Kuala Lumpur and Penang (Malaysia), Auckland (New Zealand), Cebu and Manila (the Philippines), as well as Danang, Hanoi, and Ho Chi Minh City (Vietnam).

This includes existing codeshare arrangements to Kuala Lumpur. SIA customers will also be able to connect to Air India’s international services from Bengaluru, Delhi, and Mumbai to 12 destinations across Europe, the Middle East, and Africa.

These are Copenhagen (Denmark), Paris (France), Frankfurt (Germany), Milan (Italy), Nairobi (Kenya), Amsterdam (the Netherlands), Jeddah and Riyadh (Saudi Arabia), Colombo (Sri Lanka), as well as Birmingham, London-Gatwick, and London-Heathrow (the United Kingdom).

“It demonstrates our commitment to meeting the high demand for air travel between India and Singapore and beyond, and contributing to the growth of both aviation markets. Adding Air India’s domestic network to our codeshare arrangements will also offer our customers enhanced connectivity and convenience in India, which is a key market for the SIA Group,” said Lee Lik Hsin, Chief Commercial Officer, Singapore Airlines.

Both airlines plan to progressively include other destinations in their network to the codeshare arrangements. This marks the first extensive expansion of codeshare arrangements between the airlines since 2010, offering customers enhanced travel options between Singapore and India, as well as beyond.

Business

LinkedIn fined $335 million for privacy violations in ad tracking-Telangana Today

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The Irish Data Protection Commission (IDPC) conducted an inquiry under the European Union’s General Data Protection Regulation (GDPR) to examine LinkedIn’s processing of personal data. The focus was on how LinkedIn uses this data for behavioral analysis and targeted advertising aimed at users with LinkedIn profiles.





Updated On – 24 October 2024, 08:42 PM


LinkedIn fined $335 million for privacy violations in ad tracking


London: Microsoft-owned professional networking platform LinkedIn was on Thursday fined 310 million euros (around $335 million) for privacy violations related to its tracking ads business.

The Irish Data Protection Commission (IDPC) issued the under the European Union’s General Data Protection Regulation (GDPR). The inquiry examined LinkedIn’s processing of personal data for the purposes of behavioural analysis and targeted advertising of users who have created LinkedIn profiles.

The decision, made by the Commissioners for Data Protection, Dr Des Hogan and Dale Sunderland, concerns the lawfulness, fairness and transparency of this processing.

The decision includes a reprimand, an order for LinkedIn to bring its processing into compliance, and administrative fines totalling 310 million euros, the Irish regulator said in a statement.

DPC Deputy Commissioner Graham Doyle commented that the lawfulness of processing is a fundamental aspect of data protection law and the processing of personal data without an appropriate legal basis is a clear and serious violation of a data subjects’ fundamental right to data protection.

The networking platform had sought to claim (variously) “consent”, “legitimate interests” and “contractual necessity” based legal bases for processing people’s information — when obtained directly and/or from third parties — to track and profile its users for behavioural advertising.

However, the DPC found none were valid. LinkedIn also failed to comply with the GDPR principles of transparency and fairness.

In a statement, LinkedIn said that the IDPC reached a final decision on claims from 2018 about “some of our digital advertising efforts in the EU”.

“While we believe we have been in compliance with the General Data Protection Regulation (GDPR), we are working to ensure our ad practices meet this decision by the IDPC’s deadline,” the company said.

Business

Markets skid after early trade rally-Telangana Today

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IndusInd Bank plunges, foreign fund outflow goes unabated

Published Date – 25 October 2024, 10:31 AM


Markets skid after early trade rally


Mumbai: Stock markets gave up early gains and were trading lower on Friday amid sharp fall in IndusInd Bank shares and relentless foreign fund outflows.

The BSE Sensex climbed 130.56 points to 80,195.72 in early trade. The NSE Nifty went up by 36.9 points to 24,436.30.

However, the selling pressure soon dragged both the indices down. The BSE benchmark traded 197.47 points lower at 79,875.03 and the Nifty quoted with a cut of 89.20 points at 24,310.20.

From the 30 Sensex pack, IndusInd Bank plunged 15 per cent after the firm reported a 40 per cent decline in September quarter net profit at Rs 1,331 crore, pulled down majorly by concerns on asset quality.

NTPC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel, and JSW Steel were also among the laggards.

From the blue-chip pack, ITC jumped over 3 per cent after the diversified entity reported an 1.8 per cent increase in its consolidated net profit to Rs 5,054.43 crore in the second quarter ended September 2024. ITC’s revenue from operations jumped 15.62 per cent to Rs 22,281.89 crore during the July-September period.

Axis Bank, Asian Paints, HCL Technologies, ICICI Bank and Kotak Mahindra Bank were the other big gainers.

In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.

The US markets ended mostly higher on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,062.45 crore on Thursday, according to exchange data, while Domestic Institutional Investors (DIIs) bought Rs 3,620.47 crore shares.

Global oil benchmark Brent crude climbed 0.24 per cent to $74.56 a barrel.

In an uninspiring trade, the BSE benchmark dipped 16.82 points or 0.02 per cent to settle at 80,065.16 on Thursday. The Nifty skidded 36.10 points or 0.15 per cent to 24,399.40 in a volatile trade.