Business

Rupee falls 7 paise to settle at 82.70 against US dollar-Telangana Today

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According to Jateen Trivedi, VP Research Analyst at LKP Securities, the capital market experienced profit booking, particularly in the financial sector, which had an impact on the rupee’s performance.

Updated On – 09:55 PM, Thu – 31 August 23


Rupee falls 7 paise to settle at 82.70 against US dollar



Mumbai: The rupee depreciated by 7 paise to settle at 82.70 against the US dollar on Thursday, tracking a firm American currency and rising crude oil prices.

Forex traders said that negative sentiment in the equity market and outflow of foreign funds also weighed on the domestic unit. Investors were also awaiting the domestic GDP data which was announced later in the day.

At the interbank foreign exchange, the domestic unit opened at 82.65 and moved between the peak of 82.58 and the lowest level of 82.79 during intra-day trade.

The Indian currency finally settled at 82.70 against the dollar, registering a fall of 7 paise compared to the previous close. On Wednesday, the rupee closed at 82.63 against the dollar.

The latest US data indicated that the pace of growth was less than expected, raising hopes for the easing of interest rates by the Federal Reserve.

“We expect the rupee to trade with a slight negative bias on expectations that the US dollar may bounce back amid disappointing European data. Rising crude oil prices and FII outflows may also weigh on the rupee.

“Month-end dollar demand from importers may also put downside pressure on the domestic unit. However, improved global risk appetite amid expectations of a Chinese stimulus may support riskier assets.

“Traders may remain cautious ahead of India’s fiscal deficit and GDP data today and manufacturing PMI data tomorrow. Investors may remain cautious ahead of the US core PCE deflator, weekly unemployment claims and personal income data today and non-farm payrolls report tomorrow,” Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.37 per cent to 103.54.

Brent crude futures, the global oil benchmark, was trading 0.52 per cent higher at USD 86.31 per barrel.

According to Jateen Trivedi, VP Research Analyst at LKP Securities, the capital market experienced profit booking, particularly in the financial sector, which had an impact on the rupee’s performance.

The rupee’s upward trajectory was curtailed, and it edged towards 82.75 against the dollar.

“Market participants are now focusing on key data releases, including jobless data later in the evening and the Non-farm Payrolls (NFP) and unemployment data scheduled for tomorrow.

“These data points will play a crucial role in the Federal Reserve’s decision-making process regarding interest rates,” Trivedi said and anticipated the rupee’s trading range between 82.50 and 82.90.

On the domestic equity market front, the BSE Sensex closed 255.84 points or 0.39 per cent lower at 64,831.41 points while the broader Nifty declined by 93.65 points or 0.48 per cent to end at 19,253.80 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,973.10 crore, according to exchange data.

Business

Monthly UPI-based transactions exceed 10 billion for 1st time-Telangana Today

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New Delhi: The Unified Payments Interface (UPI)-based payments crossed 10 billion monthly transactions in August for the first time, according to the National Payments Corporation of India (NPCI). 

Monthly transaction count on UPI crossed 10.24 billion with a net transaction value of Rs 15.18 trillion, the NPCI confirmed late on Thursday.

Transactions on UPI have grown by over 50 per cent (year-on-year) and August saw 6.58 billion monthly transactions.

In July, the digital payments network had registered 9.96 billion transactions.

UPI crossed 1 billion monthly transactions for the first time in October 2019.

The UPI transactions rose manifolds between 2018 and 2022 in terms of value as well as volume, by 1,320 per cent and 1,876 per cent, respectively.

In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022.

In terms of value, the UPI transactions were Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022.

RBI had in February this year allowed access to foreign nationals and NRIs visiting India by enabling them to make payments using UPI while they are in India.

This facility has been extended to travellers from G20 countries at select international airports (Bengaluru, Mumbai and New Delhi) for their merchant payments.

The National Payments Corporation of India (NPCI) has said that the facility is allowed for 10 countries namely Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, the UAE and the UK.

The UPI acceptance in foreign countries started in 2022.

 

Business

Commercial LPG prices reduced by Rs 158-Telangana Today

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“New Rates in Effect: Delhi’s 19kg Commercial LPG Cylinder Priced at Rs 1,522”

Published Date – 09:10 AM, Fri – 1 September 23


Commercial LPG prices reduced by Rs 158



New Delhi: In a major relief to LPG consumers, Public sector Oil Marketing Companies (OMCs) have slashed the price of 19 KG commercial LPG gas cylinders by Rs 158, according to the sources.

The new prices will be effective from today and Delhi’s retail sales price of 19kg commercial LPG cylinder will be Rs 1,522.

Earlier, on the eve of Raksha Bandhan, the price of Domestic LPG was reduced by Rs 200 by the central government as a gift to women of the country.

Monthly revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders occur on the first day of each month, with the new rates becoming effective from September 1.

Earlier in August, the prices of commercial LPG cylinders were slashed by Rs 99.75 by the OMCs.

In July, the prices of commercial LPG gas cylinders were increased by Rs 7 each.

Before this hike, there had been two consecutive price cuts for commercial LPG cylinders which were in May and June this year. While in May OMCs reduced the price of a commercial LPG cylinder by Rs 172, in June it was reduced by Rs 83.

In April, too, their prices were reduced by Rs 91.50 per unit.

Petroleum and oil marketing companies had on March 1 this year hiked the prices of commercial LPG cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit.

Business

Hyundai sales up 15 pc in August at 71,435 units-Telangana Today

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Domestic sales rose 9 per cent to 53,830 units last month, from 49, 510 units in the year-ago period, the South Korean automaker said in a statement.

Published Date – 12:45 PM, Fri – 1 September 23


Hyundai sales up 15 pc in August at 71,435 units



New Delhi: Hyundai Motor India on Friday said its wholesales increased by 15 per cent year-on-year to 71,435 units in August.
The automaker had dispatched 62,210 units to its dealers in August last year.

Domestic sales rose 9 per cent to 53,830 units last month, from 49, 510 units in the year-ago period, the South Korean automaker said in a statement.
Exports increased 39 per cent to 17,605 units last month from 12, 700 units in August 2022, it added.

“The company’s sales number of 71,435 units is a key indicator of an ever-growing acceptance of our products in both domestic and export markets,” Hyundai Motor India COO Tarun Garg noted.

The festival season in India has kicked off on a positive note with strong Onam sales in Kerala market and this is an indication of the festive fervour in other parts of the country in the coming months, he added.

Demand for SUVs in the company’s portfolio remains robust, contributing more than 60 per cent to domestic wholesales in August, Garg said.

Business

Amazon ‘excited’ about India; sees huge headroom for e-comm market growth-Telangana Today

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E-commerce giant Amazon is “excited” about India market, charged by digitisation, economic growth and younger demographics.

Published Date – 05:30 PM, Fri – 1 September 23


Amazon ‘excited’ about India; sees huge headroom for e-comm market growth



New Delhi: E-commerce giant Amazon is “excited” about India market, charged by digitisation, economic growth and younger demographics, its country head Manish Tiwary has said asserting that the runway on e-commerce opportunity in the country “is huge” going forward.

In an interview with PTI, Tiwary, who is the Country Manager Consumer Business at Amazon India, spoke about “a very clear calendar” for making business here profitable, and assured that the company is on track with its 2025 targets.

Amazon, which recently marked its 10-year journey in India and has a 100 million-plus customer base, still considers it ‘day zero’ here, given a massive runaway for growth in this largely under-penetrated market.

The company is committed to tapping the market potential and bringing new innovations to the fore, he said.

Tiwary described India’s e-commerce market as “exciting and attractive” and went on to say that “headroom is not a challenge for this industry, at least for the next few decades” so long as the focus is on getting the ‘customer and seller basics’ right.

“Worldwide for us…India continues to be a very exciting market…So worldwide Amazon is very focused and continues to be super excited with India,” he pointed out.

Amazon’s optimism about India e-commerce prospects is backed by the pace of economic growth, digitisation, mobile and internet penetration, and most recently the 5G adoption.

“I can’t think of too many markets of this size which can have this kind of potential,” he said.

Asked about the path to profitability and steps taken towards that goal, Tiwary said just as with any business, the company has a certain timeframe in which it expects to turn profitable on various markers.

“The good news is, India business is meeting all those relevant markers on profitability as we go along,” he said, explaining that the company undertakes continuous review of its portfolio.

Based on such portfolio assessment, it doubles down on ideas that work well and slowly withdraws from those that don’t.

“As far as the core profitability is concerned, we are very happy with how we are meeting the markers on that journey…let me assure you there’s a very clear calendar on how we plan to make this business profitable,” he said.

A surge in online users and smartphone penetration alongside rising household incomes has fuelled a meteoric growth of India’s e-commerce sector. As per FIS’ 2023 Global Payments Report released earlier this year, India’s e-commerce market is projected to grow to USD 150 billion in 2026 from USD 83 billion in 2022.

According to a Redseer report, Indian e-commerce is expected to grow at a compound annual growth rate (CAGR) of 27 per cent to reach USD 163 billion by 2026, nearly three times the growth of the overall retail market.

“The headroom is not a challenge for this industry, at least for the next few decades,” Tiwary said.
On competition in the market from Flipkart, JioMart and others, Tiwary believes that given the low e-commerce penetration, market competition will not be a point of concern.

“We do not worry about competition, more players will bring (more) innovation and we are very respectful…You worry about these things when your penetration is 90 per cent, so as a company we have always focused on customers,” according to the Amazon senior executive.

That said, India is not a market where one strategy fits all nor can a global playbook be applied to India, which means companies have to address local nuances such as language, selection and other facets.

“We feel confident that the first 10 years have taught us ways on how to meet customer expectations. The market is so nascent…more the innovation, more the players…I think, in the long run, it is much better for our sellers and customers,” he said.

Business

Royal Enfield sales rise 11 pc to 77,583 units in August-Telangana Today

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Mid-sized motorcycle maker Royal Enfield on Friday reported an 11 per cent rise in total sales at 77,583 units in August 2023.

Published Date – 05:35 PM, Fri – 1 September 23


Royal Enfield sales rise 11 pc to 77,583 units in August



New Delhi: Mid-sized motorcycle maker Royal Enfield on Friday reported an 11 per cent rise in total sales at 77,583 units in August 2023.

The company had sold 70,112 units in the same month last year, Royal Enfield said in a statement.

Domestic sales were at 69,393 units as against 62,892 units in the year-ago month, a growth of 10 per cent, it added.

Exports also grew 13 per cent to 8,190 units as compared to 7,220 units in August last year, the company said.

Business

Coal India output grows 13 pc to 52.3 MT in Aug; supply up 15 pc at 59 MT-Telangana Today

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Coal inventory at CIL’s pitheads stood at a comfortable 45.3 MT as of 31 August, higher by 46 per cent compared to 31 MT on the same date last year. 

Published Date – 06:22 PM, Fri – 1 September 23


Coal India output grows 13 pc to 52.3 MT in Aug; supply up 15 pc at 59 MT



New Delhi: Coal India Ltd (CIL) on Friday posted a 13.2 per cent growth in its output at 52.3 million tonnes (MT) in August 2023 compared to 46.2 MT in the year-ago month.

The supplies rose to 59 MT in August 2023 from 51.2 MT in the same month last fiscal, registering a rise of 15.3 per cent, the company said in a statement. In FY2023-24 so far, the state-owned coal miner produced 281.5 MT, posting an 11.1 year-on-year growth. During April-August 2023, total coal off-take rose by 8 per cent to 305.5 MT compared to 283.1 MT in the same period of the last year. In August, the supplies to the power sector at nearly 47 MT increased by nearly 8 compared to 43.6 MT of the same month last year.

Against the commitment of 1.44 MT per day, the company supplied 1.515 MT per day to the power sector.

During April-August 2023, the coal-fired plants received 248.7 MT of coal from CIL, around 2 per cent higher from 243.5 MT a year ago.

Coal inventory at CIL’s pitheads stood at a comfortable 45.3 MT as of 31 August, higher by 46 per cent compared to 31 MT on the same date last year.

Business

GST collections for August at Rs 1,59,069 crore, 3.6 per cent lower than July-Telangana Today

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The gross GST revenue collected in August stood at Rs 1,59,069 crore, which was 3.6 per cent less than Rs 1,65,105 crore collected in July

Published Date – 06:45 PM, Fri – 1 September 23


GST collections for August at Rs 1,59,069 crore, 3.6 per cent lower than July



New Delhi: The gross GST revenue collected in August stood at Rs 1,59,069 crore, which was 3.6 per cent less than Rs 1,65,105 crore collected in July.

The figure was, however, 11 per cent higher than the GST collections of August 2022, which were Rs 1,43,612 crore. Out of Rs 1,59,069 crore collected as GST revenue for August 2023, CGST was Rs 28,328 crore, SGST was Rs 35,794 crore, IGST was Rs 83,251 crore (including Rs 43,550 crore collected on import of goods), and cess was Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).

The government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the states in August 2023 after regular settlement was Rs 65,909 crore for CGST and Rs 67,202 crore for SGST. The revenues for August 2023 are 11 per cent higher than the GST revenues in the same month last year.

During the month, revenue from import of goods was 3 per cent higher and from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year.

Earlier on Friday, Revenue Secretary Sanjay Malhotra had told reporters, on the sidelines of an event in Gurugram, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion. “Roughly numbers are in the range of 11 per cent year on year growth as in earlier months,” he said.

The gross GST revenue for July, 2023 had shown a meagre rise by 2 per cent to Rs 1,65,105 crore as against Rs 1,61,497 crore collected in June 2023. “GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3,” Malhotra said.

He had added that GST collections have grown by more than nominal GDP and this is despite no increase in tax rates.

Business

Telangana to Host India’s First Gorilla Glass Manufacturing Facility by Corning Inc.-Telangana Today

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The proposed manufacturing facility will manufacture cover glass for market leaders in the smartphone industry.

Published Date – 08:06 PM, Fri – 1 September 23


Telangana to Host India’s First Gorilla Glass Manufacturing Facility by Corning Inc.



Hyderabad: Corning Inc. will be setting up its Gorilla Glass manufacturing facility in Telangana, which is a first-of-its-kind investment in the country. The proposed manufacturing facility will manufacture cover glass for market leaders in the smartphone industry.

The manufacturing facility is being set up with a proposed investment of Rs. 934 crore and would generate employment for over 800 people. This will play a pivotal role in driving the smart phone manufacturing ecosystem in Telangana and in the country.

Industries Minister KT Rama Rao met with John Bayne, Senior Vice President, Ravi Kumar, Global Operations Executive, and Sarah Cartmell, Director of Government Affairs from Corning Inc. in New York. Speaking on the occasion, the Minister said Telangana was fast emerging as a hub for electronics manufacturing as a result of the initiatives undertaken by the State in the last nine years.

“Several electronics manufacturing companies are increasingly choosing Hyderabad as their destination. Foxconn made a significant investment in the State earlier this year, and now Corning’s investment in Telangana will propel a new era of smartphone manufacturing in Telangana and in India.” Rama Rao said.

Headquartered in New York, Corning Inc. is a Fortune 500 materials science company with expertise in glass science, ceramics science, and optical physics. With over 172 years of history, Corning Inc. has been at the forefront of innovations and is the inventor of Gorilla Glass, a strengthened glass that is widely used in portable devices such as mobile phones, tablets, and laptops.

Business

BSNL, MTNL sign pact for synergy of operations-Telangana Today

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BSNL and MTNL have signed a memorandum of understanding that will pave the way for synergy of operations between them

Published Date – 08:40 PM, Fri – 1 September 23


BSNL, MTNL sign pact for synergy of operations



New Delhi: Loss-making state-run telecom firms BSNL and MTNL have signed a memorandum of understanding that will pave the way for synergy of operations between them, MTNL said in a regulatory filing.

BSNL has already taken over mobile service operations from MTNL.

“We would like to inform you that MTNL has inked a MoU with Bharat Sanchar Nigam Limited on Thursday, August 31, 2023,” MTNL said.

The government has in the last four years approved Rs 3,23,047 crore financial support for the revival of the public sector telecom firms and an additional Rs 1.39 lakh crore BharatNet project which is handled by Bharat Broadband Network Limited.

“The MoU with BSNL will pave the way for synergy of operations between MTNL and BSNL in order to provide pan India telecom services as a public sector enterprise under the government of India,” the filing said.