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Rupee rises 9 paise to 82.93 against US dollar-Telangana Today

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The rupee continued its upward trend for the second straight session and appreciated by 9 paise to 82.93 against the US dollar in early trade on Monday

Published Date – 10:50 AM, Mon – 11 September 23


Rupee rises 9 paise to 82.93 against US dollar



Mumbai: The rupee continued its upward trend for the second straight session and appreciated by 9 paise to 82.93 against the US dollar in early trade on Monday, tracking positive cues from domestic equity markets and a weak American currency against major overseas rivals.

However, firm crude oil prices hovering above USD 90 per barrel and outflow of foreign funds weighed on the Indian currency, forex traders said.
At the interbank foreign exchange, the domestic unit opened 9 paise higher at 82.93 and traded in a narrow range of 82.90 to 82.96 against the greenback.
On Friday, the rupee closed at 83.02 against the US dollar.

Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, said this week the domestic inflation number will be important to watch and could trigger volatility for the currency.

“Today, volatility for major crosses including the rupee could remain low as no major economic data is expected to release. We expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 82.80 and 83.40,” Somaiya added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.35 per cent to 104.72. Brent crude futures, the global oil benchmark, was trading 0.24 per cent lower at USD 90.43 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 201.56 points or 0.30 per cent higher at 66,800.47. The broader NSE Nifty advanced 69.45 points or 0.35 per cent to 19,889.40.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 224.22 crore, according to exchange data.

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Markets continue to rally for 7th day running-Telangana Today

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Equity benchmark indices extended their rally for the seventh day running on Monday as investors continued to remain optimistic about the domestic markets

Published Date – 11:00 AM, Mon – 11 September 23


Markets continue to rally for 7th day running



Mumbai: Equity benchmark indices extended their rally for the seventh day running on Monday as investors continued to remain optimistic about the domestic markets.

Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities. The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.

Among the Sensex firms, HCL Technologies, Maruti, State Bank of India, Tata Consultancy Services, Tata Motors, Wipro, Nestle, Reliance Industries, Larsen & Toubro and UltraTech Cement were the major gainers. IndusInd Bank and Bharti Airtel were the laggards.

In Asian markets, Shanghai quoted with gains while Seoul, Tokyo and Hong Kong traded lower. The US markets ended in the positive territory on Friday.
Global oil benchmark Brent crude declined 0.18 per cent to USD 90.49 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50 per cent to finish at 66,598.91 on Friday. The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95.

“The G20 Delhi declaration and India’s diplomatic triumph can trigger continuation of the positive market mood and momentum,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the present favourable market mood, Nifty is likely to make another attempt at a record high trying to conquer the psychological mark of 20,000, Vijayakumar said adding that however, investors have to be cautious since fundamentals do not support a sustained rise above 20,000.

“The market is ignoring worries arising out of crude at USD 90 a barrel,” he added.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 224.22 crore on Friday, according to exchange data.

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Nifty likely to make another attempt to cross 20K mark-Telangana Today

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Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20,000

Published Date – 11:30 AM, Mon – 11 September 23


Nifty likely to make another attempt to cross 20K mark



New Delhi: In the present favourable market mood, Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20,000, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

But investors have to be cautious since fundamentals do not support a sustained rise above 20,000. Large FII selling may re-emerge at higher levels, he added.

The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps, he said.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher said Nifty extended the gains further ahead with sentiment getting better and ended above the 19,800 zone to register the highest weekly closing, turning up the weekly trend after five weeks and strengthening the overall trend further.

The index is expected to march towards the 20,000 zone in the coming sessions with 19,600 maintained as the near-term support level. The support for the day is seen at 19,700 levels while the resistance is seen at 20,000 levels, Parekh said.

BSE Sensex is inching towards the 67,000 mark. BSE Sensex is up 346 points at 66,944 points. Maruti and HCL Tech are the top gainers, up 1.4 per cent.

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Indian pharma industry to log in 8-10 pc revenue growth this fiscal: Crisil-Telangana Today

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Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets

Updated On – 01:37 PM, Mon – 11 September 23


Indian pharma industry to log in 8-10 pc revenue growth this fiscal: Crisil

Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets

New Delhi: The Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets, even as semi-regulated markets face headwinds, according to a report.

A study of 186 drug makers, which accounted for about half of the Rs 3.7 lakh crore annual revenue of the sector last fiscal, indicates as much, Crisil said on Monday.

“Similar to last fiscal, domestic growth in fiscal 2024, will be led by 5-6 per cent increase in realisations, supported partly by high price hikes allowed by the National Pharmaceutical Pricing Authority (NPPA) for drugs under price regulation,” Crisil Research Director Aniket Dani said.

In addition, sale of existing drugs and new launches will drive 3-4 per cent volume growth, he added.

Operating profitability is also seen improving 50-100 basis points (bps) to 21 per cent this fiscal, supported by moderation in input and logistics costs, and abating pricing pressure in the US generics market, it said.

This follows two consecutive years of margin contraction due to high pricing pressure in the US and a sharp rise in input costs caused by supply chain disruption during the Covid pandemic, and thereafter, Crisil noted. Credit profiles will remain stable owing to low-leverage balance sheets and moderate capex plans, it stated.

In the ongoing fiscal, domestic sales are expected to witness 8-10 per cent growth with the chronic segment expected to be the key contributor to revenues, because of the steady increase in lifestyle-related diseases and continued emphasis on health awareness, post the pandemic, Crisil said.

Formulation exports are seen up 7-9 per cent in rupee terms this fiscal, more driven by volumes, from new product launches, and abating price pressure in the US generics markets, it said.

On the other hand, increase in claw-back taxes in select European markets could lead to lower growth in exports to Europe this fiscal, it added.

“Growth in exports to Asia will improve this fiscal, after clocking a modest growth last fiscal, while exports to Africa will continue to remain sluggish on account of low forex reserves (impacting the purchasing power) and high currency volatility,” Crisil said.

Lower input prices and normalisation of supply chains should cull inventories to pre-pandemic levels, resulting in smaller incremental working capital debt this fiscal, it added.

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Looking at further easing FDI norms in space sector: DPIIT secretary-Telangana Today

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The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday

Published Date – 02:20 PM, Mon – 11 September 23


Looking at further easing FDI norms in space sector: DPIIT secretary

The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday

New Delhi: The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that huge scope is there for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and agrti-tech.

“There is tremendous scope for collaboration… such as in artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our foreign direct investment norms to bring in private sector and foreign investment in our space sector,” Singh said at the India-Saudi Arabia investment forum meet here.

Presently FDI in space sector is allowed up to 100 per cent in the area of satellites establishment and operations through government route only. He added that several Saudi Arabian companies have invested in Indian wind and solar energy sectors.

“We look forward for collaboratively working with you,” he said, adding there is also tremendous scope for collaboration between Saudi Arabian military industry and make in India campaign, which can enable “us to work” on joint collaboration on defence projects of mutual interest.

The secretary sought investments in areas such as bulk drug parks and food processing sector. As India is the home of several agro-tech startups, huge potential is there to increase collaboration, he added.

On trade front, he said that the bilateral trade between the two countries has reached USD 52.8 billion in 2022-23. India’s exports stood at USD 10.7 billion in the last fiscal as against USD 8.8 billion in 2021-22. The bilateral trade was USD 43 billion in 2021-22.

“We have reached a stage where we can move beyond oil trade to new areas of engagement like food processing, tourism, renewable energy, health, entertainment etc… we can work in energy sector,” Singh said.

Further, he added that India has already proven its might in outsourced services and can be the destination for Saudi companies looking for such opportunities. India is recognised as the pharmaceutical capital of the world.

Joint Secretary in the DPIIT Sanjiv said: “Huge opportunities are there between India and Saudi Arabia to boost trade and investments.” Speaking at the event, Badr AlBadr, Deputy Minister of Investors Outreach, Ministry of Investment, Saudi Arabia, said that the ministry and Invest India has signed a bilateral agreement to strengthen investment ties between the two countries.

It would give a comfort zone to investors and traders to do more and more business. He also said that opportunities for business are growing between the countries.

Despite challenges like Covid pandemic, food security challenges and geopolitical uncertainties, trade is growing between the two nations, he said, adding, “investment opportunities are exceptional in Saudi Arabia”.

“We have signed….47 MoUs and agreements B2B and B2G today,” he said.

Business

New 5G smartphone with 11GB RAM in India-Telangana Today

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The Nokia G42 5G will hit the market in two shades – Purple and Grey, with an 11GB+128GB setup (comprising 6GB physical RAM and 5GB Virtual RAM) at an introductory price of Rs 12,599. It will be up for grabs on various online platforms, beginning September 15th.

Published Date – 02:52 PM, Mon – 11 September 23


Nokia introduces ‘G42’: New 5G smartphone with 11GB RAM in India



New Delhi: HMD Global, the home of Nokia phones, on Monday unveiled a new 5G smartphone “G42” with 11GB RAM in India.

Nokia G42 5G will be available in two colours — Purple and Grey, in an 11GB+128GB configuration (6GB physical RAM + 5GB Virtual RAM) at a launch price of Rs 12,599 to purchase from online stores, starting September 15.

“Our team has worked tirelessly to ensure that this phone doesn’t just meet, but exceeds the needs of our users. We have tested it rigorously, optimised its use of storage and ensured that it receives updates for years to come – creating an experience that is truly geared up for longevity,” Ravi Kunwar, Vice President- India & APAC, HMD Global, said in a statement.

The phone features a 6.56-inch HD+ display with 90 Hz Corning Gorilla Glass 3 with a brightness of 450 nits. It also includes a 50MP main camera, plus an additional 2MP macro and 2MP depth cameras, all with LED flash. For selfies, the phone comes with an 8MP camera.

The phone supports a 5000mAh battery capacity and includes 20W fast charging support.

It also comes equipped with a Snapdragon 480 Plus 5G chipset, enabling super-fast 5G accessibility for users.

Moreover, the company said that the smartphone comes with various sensors, including an Ambient light sensor, Proximity sensor, Accelerometer + G-sensor, and Side FPS, making the device adapt efficiently to a variety of user environments and demands.

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India surgical sutures market to grow to $380 mn in 2030-Telangana Today

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Minimal access surgeries (MAS) have gained significant importance in recent times owing to reduced post-operative pain, shorter hospital stays, and quicker recovery of patients.

Published Date – 03:38 PM, Mon – 11 September 23


India surgical sutures market to grow to $380 mn in 2030



New Delhi: The domestic surgical sutures market will continue to grow at a compound annual growth rate of over 13 per cent to reach $380 million in 2030, according to a report on Monday.

Minimal access surgeries (MAS) have gained significant importance in recent times owing to reduced post-operative pain, shorter hospital stays, and quicker recovery of patients.

In India where a large population seeks affordable healthcare, the success of MAS heavily relies on efficient suturing techniques that are vital to minimise complications and infections.

The report by GlobalData, a leading data and analytics company, reveals that India will account for about 18 per cent of the Asia-Pacific (APAC) surgical sutures market, by revenue, in 2023.

“Traditional suturing techniques in India often involve using metal clips, plasters, and bandages. However, such techniques are known to pose risks due to poor sterilisation and cause unwanted reactions in patients,” said Ayshi Ganguly, Medical Devices Analyst at GlobalData, in a statement.

“Furthermore, the limited number of skilled practitioners and poor access to healthcare in rural areas have been additional drawbacks. This drives the requirement of alternative suturing techniques that can reduce the complications associated with traditional sutures,” she added.

Surgical sutures have efficiently sealed wounds and incisions by securely holding the tissue together, reducing the risk of infection and minimising scarring, making them an effective tool in MAS.

Ganguly pointed at India’s ‘Make-in-India’ policy that aims to boost domestic manufacturing of such medical equipment and devices, thereby reducing dependence on imports in the upcoming years.

“The development of such devices will expand the scope of exports and create a favourable business environment for the healthcare sector. With this, the Indian surgical sutures market is all set to flourish, offering promising domestic and export opportunities for Indian manufacturers,” Ganguly said.

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Nifty breaches 20K for first time-Telangana Today

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Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky.

Updated On – 04:35 PM, Mon – 11 September 23


Nifty breaches 20K for first time



New Delhi: Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post July 2023, said Dhiraj Relli, MD & CEO, HDFC Securities.

Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky.

Small-cap and Mid-cap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised, he added.

Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time, says Rupak De, Senior Technical analyst at LKP Securities. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.

On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark, he said.

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Nifty scales 20,000 mount, Sensex regains 67,000 level as stocks extend rally to 7th day-Telangana Today

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The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities

Published Date – 04:26 PM, Mon – 11 September 23


Nifty scales 20,000 mount, Sensex regains 67,000 level as stocks extend rally to 7th day



Mumbai: Benchmark Sensex jumped by 528 points to regain the 67,000 level while Nifty scaled the record 20,000 mark for the first time as robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.

The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities.

The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.

The Nifty hit its all-time high of 20,008.15, a gain of 188.2 points or 0.94 per cent, in day trading. The 50-issue barometer closed just below the 20,000 mark at 19,996.35, reflecting gains of 176.40 points or 0.89 per cent.

“Nifty has finally managed to touch the much-anticipated 20,000 mark in the second attempt post-July 2023. Robust flows from local investors amidst mixed/negative flows from foreigners have helped Nifty achieve this landmark.

“Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky,” said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.

Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers.

Bajaj Finance and Larsen & Toubro were the laggards.

“The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest.

“Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fueled optimistic sentiment, leading to a market rally,” said Vinod Nair, Head of Research at Geojit Financial Services.

India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending “global trust deficit”.

Modi also announced that African Union was admitted as G20’s permanent member.

In Asian markets, Seoul and Shanghai ended with gains while Tokyo and Hong Kong settled lower.

European markets were trading in the green. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude declined 0.23 per cent to USD 90.35 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50 per cent to finish at 66,598.91 on Friday. The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 224.22 crore on Friday, according to exchange data.

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Rishabh Instruments stock ends on muted note in debut trade-Telangana Today

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Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

Published Date – 05:45 PM, Mon – 11 September 23


Rishabh Instruments stock ends on muted note in debut trade

Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

New Delhi: Shares of energy efficiency solution company Rishabh Instruments Ltd ended on a lacklustre note on Monday, the first day of trade.

The stock began the trade at Rs 460, up 4.30 per cent from the issue price of Rs 441 on the BSE. During the day, it jumped 6.49 per cent to Rs 469.65. Shares of the company later ended at Rs 442.75 apiece, up 0.39 per cent.

On the NSE, it was listed at Rs 460.05, registering a gain of 4.31 per cent. The stock ended at Rs 441.50 each, up 0.11 per cent.

The company commanded a market valuation of Rs 1,680.74 crore.

In volume terms, 5.80 lakh shares of the company were traded on the BSE and over 80.38 lakh shares on the NSE during the day.

The Initial Public Offering (IPO) of Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers.

The company had fixed the price band for the IPO at Rs 418-441 per share.

The IPO had a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power and automotive sectors.