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charge sheet in Kochhar case-Telangana Today

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The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here

Published Date – 11:15 PM, Sat – 5 August 23


Credit facilities extended to Videocon caused loss of over Rs 1,000 crore to ICICI Bank: charge sheet in Kochhar case

The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here

Mumbai: The credit facilities sanctioned by the ICICI Bank to the Videocon group turned into non-performing assets (NPAs) of more than Rs 1,000 crore, the CBI has claimed in the charge sheet filed against the bank’s former CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon founder Venugopal Dhoot.

The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here.

The Kochhars and Dhoot are now out on bail.

After Chanda Kochhar became MD & CEO of ICICI Bank, from May 1, 2009, six `Rupee Term Loans’ (RTLs) were sanctioned to Videocon Group. Between June 2009 to October 2011, RTLs of a total of Rs 1,875 crore were sanctioned to the group by the bank, the charge sheet said.

Chanda Kochhar was chairperson of the two-member Committee of Directors which sanctioned RTL of Rs 300 crore in August 2009 to Videocon International Electronics Limited (VIEL).

Further, she was a member of the committee of senior managers (recommending committee) as well as credit committee (sanctioning committee) for sanctioning RTL of Rs 750 crore to Videocon Industries Limited (VIL) in October 2011, the CBI charge sheet said.

She was a member of the committees which sanctioned various loan limits to Videocon Group even after 2012, it added.
“The credit facilities sanctioned by ICICI Bank to Videocon Group turned into NPAs in June 2017, with an outstanding amount of Rs 1,033 crore. Thereby, ICICI Bank had to suffer loss of Rs 1,033 crore plus interest thereupon,” the charge sheet said.

Dhoot, the Kochhars and others “engineered a plan and design in December 2008, after the announcement of appointment of Ms Chanda Kochhar as MD and CEO of ICICI Bank, to get sanctioned loans to the Videocon Group,” it alleged.

Chanda Kochhar lived in a flat owned by Videocon Group in Mumbai. Later, the flat was transferred to her family trust (Deepak Kochhar being its managing trustee) for just Rs 11 lakh in October 2016. The actual value of the flat was Rs 5.25 crore, the CBI said.

She accepted “illegal gratification” of Rs 64 crore and also thereby misappropriated the bank’s funds for her own use, the charge sheet said.

Deepak Kochhar conspired with others to get sanctioned credit facilities by ICICI Bank in favour of Videocon Group through his wife, to obtain illegal gratification of Rs 64 crore in the garb of investments (in companies controlled by him) through a web of transactions, it said.

The other accused named by the CBI are Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited.

The First Information Report in the case was registered in 2019 under Indian Penal Code sections related to criminal conspiracy and sections of the Prevention of Corruption Act.

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RIL’s contribution to national exchequer crosses Rs 5 trillion in last three years-Telangana Today

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Reliance’s contribution to national exchequer stood at Rs 1,77,173 crore in FY23, marginally down from Rs 188,012 crore of FY22

Published Date – 05:05 PM, Sun – 6 August 23


RIL’s contribution to national exchequer crosses Rs 5 trillion in last three years



New Delhi: Reliance Industries is one of India’s largest contributors to the national exchequer with its consolidated contribution crossing over Rs 5 lakh crore in the three years from FY21 to FY23.

Reliance’s contribution to national exchequer stood at Rs 1,77,173 crore in FY23, marginally down from Rs 188,012 crore of FY22. The company continues to be the largest taxpayer in India, contributing Rs 1,77,173 crore to the national exchequer by way of various direct and indirect taxes, mentioned the annual report. This was over 5 per cent of Indian government’s budgeted expenditure for last three years.

Reliance Industries Limited issued its Annual Report for FY23 on Saturday. The company will be holding its Annual General Meeting on Monday, August 28.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

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Profit of PSU banks more than doubles to Rs 34,774 cr in Q1-Telangana Today

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PSBs have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023

Published Date – 05:55 PM, Sun – 6 August 23


Profit of PSU banks more than doubles to Rs 34,774 cr in Q1

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New Delhi: Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023.

During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore, according to quarterly numbers published by public sector lenders.

The high-interest regime helped banks to earn a good net interest margin (NIM) during the quarter. Most banks had recorded NIM of over 3 per cent.

Pune-based Bank of Maharashtra posted the highest NIM of 3.86 per cent, followed by Central Bank at 3.62 per cent and Indian Bank at 3.61 per cent during the quarter.

During the first quarter, four lenders logged a profit of over 100 per cent. The highest percentage growth was recorded by Punjab National Bank, which earned a profit of Rs 1,255 crore against Rs 308 crore in the same quarter of the previous year, a growth of 307 per cent.

It was followed by the State Bank of India (SBI), which recorded a 178 per cent bottom line growth at Rs 16,884 crore and the Bank of India with a 176 per cent surge, earned Rs 1,551 crore profit.

SBI’s highest-ever quarterly profit of Rs 16,884 crore is about 50 per cent of the total profit earned by PSBs. During FY23 too, SBI’s contribution was about 50 per cent, when the cumulative profit of these banks was Rs 1.05 lakh crore.

Another five PSBs posted growth between 50 and 100 per cent. This pack was led by Bank of Maharashtra, which clocked a 95 per cent rise in net profit at Rs 882 crore. It was followed by Bank of Baroda recording a growth of 88 per cent to Rs 4,070 crore and UCO Bank by 81 per cent to Rs 581 crore.

The only bank out of 12 booked decline in net profit is Delhi-based Punjab & Sind Bank with a 25 per cent drop at Rs 153 crore at the end of June 2023.

Several measures taken by the government have helped in the revival of PSBs. As a result of 4R’s strategy of recognition, resolution, recapitalisation and reforms, non-performing assets of banks have come down to a 10-year low at 3.9 per cent of total advances. At the same time, banks recovered bad loans worth over Rs 8.6 lakh crore in the last eight financial years.

As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last five financial years — from 2016-17 to 2020-21. The recapitalisation programme provided much-needed support to the PSBs and prevented the possibility of any default on their part.

The reforms undertaken by the government over the last eight years addressed credit discipline, ensured responsible lending and improved governance. Besides, there was technology adoption, amalgamation of banks and the general confidence of bankers.

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HDFC Bank’s Jagdishan highest paid bank CEO in FY23 with Rs 10.55 cr pay-Telangana Today

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HDFC Bank’s Sashidhar Jagdishan has emerged as the highest-paid bank chief executive in FY23, grossing over Rs 10.55 crore in overall pay

Published Date – 06:10 PM, Sun – 6 August 23


HDFC Bank’s Jagdishan highest paid bank CEO in FY23 with Rs 10.55 cr pay



Mumbai: HDFC Bank’s Sashidhar Jagdishan has emerged as the highest-paid bank chief executive in FY23, grossing over Rs 10.55 crore in overall pay.

Jagdishan’s colleague Kaizad Bharucha, the deputy managing director of the largest private sector lender, drew Rs 10 crore for the fiscal year and may be the second-highest grossing banker in the country, according to disclosures made in annual reports.

Among the bank CEOs, Axis Bank’s Amitabh Chaudhry’s Rs 9.75 crore payout was the second biggest and he was closely followed by Sandeep Bakhshi of bigger rival ICICI Bank, who drew Rs 9.60 crore for the fiscal year.

Uday Kotak, who holds over 26 per cent of Kotak Mahindra Bank, continued with his decision to take a token Re 1 as remuneration started in the pandemic, even in FY23.

At a time when the banking sector is grappling with the attrition problem, Kotak Mahindra Bank stood out on the compensation front, reporting a 16.97 per cent increase in the average remuneration to its staffers excluding the managerial talent.

Staffers at ICICI Bank were given an 11 per cent hike, while those at Axis Bank enjoyed an inflation-beating 7.6 per cent average increase. HDFC Bank reported an average pay hike of 2.51 per cent. Interestingly, south-based Federal Bank, which has among the lowest attrition rates in the industry, reported an average pay hike of only 2.67 per cent.

When it comes to the top management remuneration’s comparison with the median remuneration, Jagdishan topped the list, drawing 150 times the average HDFC Bank employee, and was followed by Bakhshi at 119 times and Chaudhry at 101 times the median salary of staffers at Axis Bank.

Jagdishan’s package included a basic salary of Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore, provident fund of Rs 33.92 lakh and a performance bonus of Rs 3.63 crore, its annual report said.

When looked at from a percentage hike perspective, the reported remuneration for Jagdishan grew by 62 per cent over the Rs 6.51 crore in remuneration he had drawn in FY22.

ICICI Bank CEO Bakhshi’s overall remuneration was higher by over 35 per cent, while the same for Chaudhry was nearly 28 per cent higher.

It can be noted that there have been cases where RBI has approved the wage revisions for top management for FY22 after the completion of the year, and the remunerations reported in FY23 may include the arrears of the fiscal year gone. The disclosed hikes in remuneration by banks for its key management personnel may be lower.

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Reliance seeks shareholder nod to appoint Ambani as head for another 5 years at nil salary-Telangana Today

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In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company till April 2029

Published Date – 06:30 PM, Sun – 6 August 23


Reliance seeks shareholder nod to appoint Ambani as head for another 5 years at nil salary

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New Delhi: Reliance Industries Ltd, India’s most valuable company, has sought shareholder’s approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 — a period during which he has opted to draw nil salary.

Ambani, 66, will cross the company law-mandated 70 years age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar.

In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company till April 2029.

Ambani has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002.

In the special resolution posted to shareholders, Reliance said its Board of Directors on July 21, 2023 approved “re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term, i.e. with effect from April 19, 2024.” Ambani, it said, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to FY20; and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.

Accordingly, he has not been paid any salary and profit-based commission for three years in a row beginning FY21.
At the request of Ambani, “the Board has recommended that no salary or profit-based commission be paid to him for the proposed term from April 19, 2024 till April 18, 2029,” the resolution said.

“He shall, however, be entitled to reimbursement of expenses incurred for travelling, boarding and lodging including for spouse and attendant(s) during business trips and provision of car(s) for use on company’s business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites,” the special resolution said.

“The company shall arrange to provide security to Ambani and his family members and the expenses borne by the company for the same shall not be considered as perquisites.” Reliance said Ambani will attain the age of 70 years on April 19, 2027.

“The company has grown multifold under his leadership and it would be in the interest of the company that he continues to lead the company even after he attains the age of 70 years. Accordingly, approval of the members (shareholders) is sought for passing the resolution proposed (to give him another 5-year term) as a Special Resolution.” Ambani, it said, satisfies all the conditions set out in company law and has not disqualified from being appointed as director.

“In terms of Article 86(1) of the Articles of Association of the company, Shri Mukesh D. Ambani is not liable to retire by rotation. Regulation 17(1D) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides that in such cases, the continuation of the director shall be subject to the approval by the shareholders in a general meeting once in every five years,” it said, adding he is being sought to be reappointed till April 18, 2029.

Ambani has for a third year in a row drawn no salary from his flagship firm in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy.

In its latest annual report, Reliance said Ambani’s remuneration for the financial year 2022-23 was “nil”.

In June 2020, he voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.

He continued to forgo his salary in 2021-22 as well and now in 2022-23.

In these three years, Ambani did not avail of any allowances, perquisites, retiral benefits, commission or stock options from Reliance for his role as the Chairman and Managing Director.

Prior to that, the Chairman and Managing Director had his salary capped at Rs 15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.

The Rs 15-crore salary in 2019-20 was the same as in the previous 11 years.

Ambani has kept salary, perquisites, allowances and commission together at Rs 15 crore since 2008-09, forgoing over Rs 24 crore per annum.

The remuneration of his cousins Nikhil and Hital Meswani rose to Rs 25 crore each, including Rs 17.28 crore commission (unchanged from previous fiscal year).

Executive Directors P M S Prasad and Pawan Kumar Kapil saw their remuneration rise.

While Prasad drew Rs 13.50 crore in 2022-23 including performance linked incentives for 2021-22 which was paid in 2022-23. In 2021-22, he drew Rs 11.89 crore.

Kapil got Rs 4.40 crore, up from Rs 4.22 crore in 2021-22. He completed his 5-year term on May 15, 2023 and has since ceased to be a director of the company.

Ambani’s wife Nita, a non-executive director on the company’s board, earned Rs 6 lakh as a sitting fee (up from Rs 5 lakh in 2021-22) and another Rs 2 crore commission for 2022-23 (unchanged from previous fiscal). She had in 2020-21 got Rs 8 lakh sitting fee and another Rs 1.65 crore commission.

Besides Nita Ambani, other non-executive directors include Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, former SBI chairperson Arundhati Bhattacharya, former CVC K V Chowdary and Saudi sovereign wealth fund nominee Yasir Othman H Al Rumayyan.
While all independent directors got a Rs 2 crore commission and sitting fee.

K V Kamath who was appointed on Reliance board in January 2023 was paid a sitting fee of Rs 3 lakh and a commission of Rs 39 lakh.

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After retail and telecom, Ambani casts eye on financial services, new energy business-Telangana Today

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The recently demerged Jio Financial Services Ltd will leverage the prowess of digital and retail businesses, Ambani said in the latest annual report of Reliance

Published Date – 07:30 PM, Sun – 6 August 23


After retail and telecom, Ambani casts eye on financial services, new energy business

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New Delhi: After creating India’s largest retailers and telecom operator in the shortest span of time, billionaire Mukesh Ambani has now set his sight on propelling newly-carved financial services business unit into country’s largest non-banking lender while transitioning the conglomerate to net carbon zero by 2035.

The recently demerged Jio Financial Services Ltd will leverage the prowess of digital and retail businesses, Ambani said in the latest annual report of Reliance Industries Ltd.

The unit, which “will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offering for Indian citizens”, is expected to be listed soon, he said.

“The demerger of the financial services business into JFS and planned listing on the stock exchanges promises to unlock value.” JFS’s digital-first approach will help deliver distinctively simple, affordable, innovative and intuitive financial services products to all Indians, the annual report said without saying when the recently demerged firm would be listed.

A guidance may be provided in the annual shareholders’ meeting of Reliance on August 28.

The new firm, which has little revenue as of now but owns 6.1 per cent stake in Reliance, last month announced partnership with BlackRock to set up a mutual funds business.

“Jio Financial Services aims to provide simple, affordable and innovative digital first solutions,” Ambani said. “Jio Financial Services Limited is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.” Ambani has a track record of transforming businesses. He pivoted the oil-dependent conglomerate into consumer facing business of retail stores and e-commerce as well as its re-entry into telecom business.

Reliance Retail is now the country’s biggest retailer while Reliance Jio is the largest telecom company with about 430 million subscribers. Prior to that, he created the world’s largest oil refining complex at Jamnagar in Gujarat and turned the firm founded by his father Dhirubhai Ambani into India’s largest petrochemical producer.

Reliance is building world-scale assets to produce new-age material, green energy, green chemicals, transforming its oil-to-chemical (O2C) business into a more sustainable model targeting circularity and net carbon zero.

“We, at Reliance, have a deep-rooted belief that sustainability is an integral part of enterprise growth,” Ambani said. “Our goal is to become net carbon zero by 2035.” Reliance is investing Rs 75,000 crore spanning renewables, storage and hydrogen, including what it claims will be the world’s largest green energy equipment ‘giga-complex’ and a 100-gigawatt capacity goal.

“The development of giga factories at the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar is progressing rapidly,” Ambani said. “The transition from traditional fossil fuels to renewable energy sources is going to be a crucial milestone in our history.” Reliance, he said, has a proven record of creating value through transformational changes, be it the digital revolution through Jio, transforming consumer experience and the retail landscape in India or the integration of refining and petrochemicals businesses into the oil to chemicals value chain.

The company said its first ever green hydrogen production was achieved with firing of torrefied biomass in gasifiers during the year ended March. It expects to start transitioning from grey to green hydrogen in 2025.

“Reliance, as a company, has grown multifold by delivering value to the citizens, the country and global community. Our products are ingrained in the lives of the citizens and are an integral part of their daily routines. Our various businesses have always identified the needs of the society and worked towards devising and making available timely and affordable solutions,” Ambani said.

“The current needs of the society are sustainable solutions which can tackle climate change through affordable green energy and inclusive growth. Our initiatives in new energy businesses and our consumer businesses are aimed at meeting societal needs and aspirations,” he added.

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Jio gets USD 2.2 bn fund support from Swedish Export Credit agency to finance 5G roll-out-Telangana Today

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The company has largely procured telecom gears from Swedish firm Ericsson and Finnish company Nokia to deploy its 5G network

Published Date – 08:22 PM, Sun – 6 August 23


Jio gets USD 2.2 bn fund support from Swedish Export Credit agency to finance 5G roll-out



New Delhi: Telecom major Reliance Jio on Sunday said it has received USD 2.2 billion fund support from Swedish Export Credit agency to finance equipment for 5G roll-out.

The company has largely procured telecom gears from Swedish firm Ericsson and Finnish company Nokia to deploy its 5G network.

“RJIL tied up its first ever Swedish Export Credit Agency (EKN) supported facilities of USD 2.2 billion equivalent making it the largest cover ever provided by EKN for a deal to a private corporate globally. The proceeds of the facilities shall be utilised to finance the equipment and services in relation to RJIL’s pan-India 5G roll-out,” Reliance Industries Limited said in its annual report.

While there has been a decline in telecom gear shipment across major geographies, 5G roll-out in India led by Reliance Jio has been able to offset dip in business of Ericsson and Nokia.

Jio claims to have around 80 per cent share in total 5G base stations rolled out across the country by March 2023 and providing 5G service with an average download speed of 300 megabit per second.

Jio said that it is now providing wireless broadband services in about 6.2 lakh rural villages.

The digital service provider firm added over 70,000 employees during financial year 2022-23, as per the report.

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Singapore embraces green initiatives amid oil industry decline-Telangana Today

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Singapore is one of the most important oil trading and refining centres in the world. In fact, it is one of the top three oil trading and refining centres in the world.

Published Date – 09:28 AM, Mon – 7 August 23


Singapore embraces green initiatives amid oil industry decline

Singapore is one of the most important oil trading and refining centres in the world. In fact, it is one of the top three oil trading and refining centres in the world.

Singapore: Singapore is well-known for being a financial hub and high-tech manufacturing hotbed as well as an attractive destination for visitors. It is also an appealing business centre where many global companies have based their Asian headquarters.

What is not very well-known is that Singapore is one of the most important oil trading and refining centres in the world. In fact, it is one of the top three oil trading and refining centres in the world.

With a total crude refining capacity of 1.5 million barrels per day, it is the world’s fourth-largest exporter of refined petroleum, fuels and chemicals. Key players in the sector, and related industries like builders of offshore rigs and floaters, also site their regional headquarters on the island.

In 2020, output from the oil and gas and petrochemical industries here was valued at about USD 60 billion but this figure fluctuates a fair bit due to the volatile price of oil. The petrochemical industry in Singapore accounts for 23 per cent of the nation’s total merchandise trade, five per cent of GDP and employs almost 30,000 people. As a comparison, manufacturing is about 30 per cent of GDP employs close to half a million people and financial services which makes up around 15 per cent of the economy hires over 200,000 people.

When British energy giant Shell announced in June that it would assess the viability of its refining and manufacturing facilities on Bukom and Jurong islands, it was met with a little bit ofconsternation in the country.

The talk in the industry is of divestiture, “repurposing,” or even closure if a suitable buyer or buyers cannot be found. That Shell is doing so should not be a surprise as it’s a reflection of a trend and challenges faced by the petroleum industry across the world due to a move towards renewable sources of energy.

Already in March, Shell made a decision not to go ahead with two projects it said it was studying to produce biofuels and base oils in Singapore. The project had it proceeded, would be sited on Bukom Island and have the capacity to produce 550,00 tonnes per year of sustainable aviation fuel (SAF) to supply major Asian aviation hubs such as Hong Kong International Airport and Singapore’s Changi.

The plant would also have the flexibility to produce renewable diesel and bio naphtha feedstock for petrochemicals. If Shell, which has been in Singapore for over 130 years, does withdraw from Singapore, it is by no means the first major European oil company to do so. BP (formerly British Petroleum) closed its refining business in Singapore in 2004 and sold its stake in Singapore Refining Company in 2004 to PetroChina and Chevron.

Like other petrochemical and plastics suppliers, Shell is reducing its dependence on these two energy-intensive products as a way to shrink its carbon footprint and become a net zero emitter by 2050. Shell’s Energy Transition initiative will see it become more of a natural gas giant than an oil major.

Singapore as a nation has committed to achieving net zero emissions by 2050. In its Long-Term Low-Emissions Development Strategy (LEDS), it said that it plans to reduce emissions Intensity by 36 per cent from 2005 levels by 2030 and stabilise greenhouse gas emissions with the aim of peaking around 2030.

However, industry and government officials believe that demand for fuels, lubricants and petrochemicals will continue to be robust for many years to come especially in the emerging markets which surround Singapore. The city-state which has a natural deep-water harbour occupies a strategic spot where the Straits of Malacca intersects the South China Sea and is within close shipping distance to these rapidly growing markets where need for these products will remain strong for decades.

Contrary to Shell, ExxonMobil, the number one energy company in the world by revenue, said it has been growing its business in Singapore to meet the increasing demand for its products across the region.
Geraldine Chin, chairman and managing director of ExxonMobil Asia Pacific, told Singapore’s Straits Times, “When we invest, it is for the long term, through the ups and downs of businesscycles.”

She expects that demand for cleaner fuels and lubricants will grow across Asia and these can be developed from bottom-of-the-barrel products which her company is deploying proprietary technology to produce.

Feeling the pressure from the global greening trend on the industry here, the Singapore government plans to transform Jurong Island into a sustainable energy and chemicals park. The island which opened in 2000, was created as a petrochemicals hub by amalgamating seven islands, is emerging as a major exporter of sustainable fuels, recycled chemicals and renewable feedstocks for making industrial chemicals and plastics.

Singapore also plans to be a leading regional centre for carbon trading, green finance, consulting and risk management, and other services.

Damian Chan, executive vice-president at the Economic Development Board, said, “We havecontinued to see a healthy flow of investments from energy and chemicals companies which arekeen to expand their global presence, grow new capabilities to capture green growth opportunities in the region, and transform their business to be environmentally sustainable.”

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Rupee rises 10 paise to 82.71 against US dollar-Telangana Today

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However, sustained foreign fund outflows and strength of the American currency in the overseas market dented investor sentiments, forex traders said.

Updated On – 01:52 PM, Mon – 7 August 23


Rupee rises 10 paise to 82.71 against US dollar



Mumbai: The rupee gained 10 paise to 82.71 against the US dollar in early trade on Monday tracking positive domestic equities.

However, sustained foreign fund outflows and strength of the American currency in the overseas market dented investor sentiments, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.73, then touched a high of 82.71 against the American currency, registering a rise of 10 paise over its last close.

On Friday, the rupee had settled at 82.81 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14 per cent to 102.16.

Brent crude futures, the global oil benchmark, fell 0.07 per cent to USD 86.18 per barrel.

The RBI monetary policy announcement on Thursday is the key event this week, IFA Global Research Academy said in a note adding that the rupee is likely to trade in the 82.50-82.80 range with sideways price action.

The RBI Governor-headed six-member Monetary Policy Committee’s (MPC) meeting is scheduled for August 8-10. The policy decision will be announced on August 10 by Governor Shaktikanta Das.

In the domestic equity market, the 30-share BSE Sensex was trading 133.11 points or 0.20 per cent higher at 65,854.36. The broader NSE Nifty advanced 41.60 points or 0.21 per cent to 19,558.60.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 556.32 crore, according to exchange data.

Meanwhile, India’s forex reserves dropped by USD 3.165 billion to USD 603.87 billion in the week ended July 28, the RBI said on Friday.

This is the second consecutive weekly drop in the reserves after the USD 1.987 billion decline to USD 607.035 billion in the previous week.

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Equity markets climb in early trade-Telangana Today

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The 30-share BSE Sensex climbed 210.43 points to 65,931.68 in early trade. The NSE Nifty advanced 66.1 points to 19,583.10.

Updated On – 01:52 PM, Mon – 7 August 23


Equity markets climb in early trade



Mumbai: Benchmark equity indices climbed in early trade on Monday, extending their previous day’s rally, amid buying in index majors ICICI Bank and Reliance Industries along with a mixed trend in Asian markets.

The 30-share BSE Sensex climbed 210.43 points to 65,931.68 in early trade. The NSE Nifty advanced 66.1 points to 19,583.10.

From the Sensex pack, Mahindra & Mahindra, Sun Pharma, Larsen & Toubro, NTPC, ICICI Bank, UltraTech Cement, Wipro, Tata Consultancy Services, HCL Technologies and Reliance Industries were the major gainers.

Nestle, Tata Steel, ITC, IndusInd Bank, Power Grid and Bajaj Finance were among the laggards.

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

The US markets ended lower on Friday.

Global oil benchmark Brent crude dipped 0.06 per cet to USD 86.19 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 556.32 crore on Friday, according to exchange data.

After three days of decline, the Sensex on Friday climbed 480.57 points or 0.74 per cent to settle at 65,721.25. The Nifty advanced 135.35 points or 0.70 per cent to end at 19,517.