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Markets trim early gains, trade lower amid weak global trend-Telangana Today

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Market analysts are anticipating insights from US Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium. The 30-share BSE Sensex opened 37.32 points, or 0.05%, higher at 81,090.51, while the NSE Nifty rose by 18.25 points to 24,829.75.





Published Date – 23 August 2024, 11:20 AM


Markets trim early gains, trade lower amid weak global trend


Mumbai: Equity benchmark indices Sensex and Nifty began the trade on a positive note on Friday but later pared gains to quote lower amid a muted trend in global markets and selling in IT stocks.

Market analysts said investors are awaiting cues from the US Federal Reserve Chair Jerome Powell’s comments at Jackson Hole Symposium.

The 30-share BSE Sensex opened 37.32 points or 0.05 per cent higher at 81,090.51 points. The NSE Nifty gained 18.25 points to 24,829.75.

Later, both the benchmark indices pared their early gains and were trading in the negative territory. The BSE benchmark quoted 117.82 points or 0.15 per cent lower at 80,935.37 and the Nifty traded at 24,776.95, down by 34.55 points.

From the Sensex pack, Infosys, Titan, Tata Steel, UltraTech Cement, ITC, Tata Consultancy Services, Tech Mahindra and Asian Paints were the laggards.

On the contrary, Tata Motors, Reliance Industries, Sun Pharmaceuticals, Mahindra & Mahindra, Bajaj Finserv and ICICI Bank were among the gainers.

“Globally the market’s focus on Friday will be on US Federal Reserve Chair Jerome Powell’s comments at Jackson Hole on the economy and the possible rate cut trend. Powell is likely to sound dovish indicating a rate cut in September,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
In Asian markets, Tokyo, Shanghai were trading higher, while Hong Kong and Seoul were quoting in the red territory on Friday.
The US markets were closed lower on Thursday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,371.79 crore on Thursday, according to exchange data.

Meanwhile, Domestic Institutional Investors (DIIs) again bought equities worth Rs 2,971.80 crore on Thursday.

Global oil benchmark Brent crude rose 0.06 per cent to USD 77.27 a barrel.
On Thursday, the 30-share BSE index rose 147.89 points to close at 81,053.19, registering gains for the third day in a row.
Extending gains to a sixth session in a row, the NSE Nifty went up by 41.30 points to end at a two-week high of 24,811.50.

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Sebi bans Anil Ambani from securities market, slaps Rs 25 cr penalty-Telangana Today

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Also bars 24 other entities, including former key officials of Reliance Home Finance for five years for diversion of funds from company

Published Date – 23 August 2024, 11:29 AM


Sebi bans Anil Ambani from securities market, slaps Rs 25 cr penalty

Industrialist Anil Ambani

New Delhi: Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.

Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL’s key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him.

Although the Board of Directors of RHFL issued strong directives to stop such lending practices and reviewed corporate loans regularly, the company’s management ignored these orders. This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani. Given these circumstances, the company RHFL itself should not be held equally responsible as the individuals involved in the fraud.

Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL, the regulator noted.

Sebi said its findings have established the “existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as ‘loans’ to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be ‘promoter linked entities’ i.e. entities associated/ linked with Noticee 2 (Anil Ambani)”.

Ambani used his position as ‘chairperson of the ADA group’ and his significant indirect shareholding in the holding company of RHFL to orchestrate the fraud. Sebi, in its order on Thursday, noted the cavalier approach of the company’s management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue.

This suggests a sinister objective behind the ‘loans’. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations.

This led to the company’s resolution under the RBI Framework, leaving its public shareholders in a difficult position. For example, in March 2018, RHFL’s share price was around Rs 59.60. By March 2020, as the extent of the fraud became clear and the company was drained of its resources, the share price had plummeted to just Rs 0.75.

Even now, over 9 lakh shareholders remain invested in RHFL, facing significant losses. The 24 restrained entities include former key officials of Reliance Home Finance Ltd (RHFL) — Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah — and Sebi has imposed fine on them for their role in the case.

Also, the regulator levied a fine of Rs 25 crore on Ambani, Rs 27 crore on Bapna, Rs 26 crore on Sudhalkar and Rs 21 crore on Shah. Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd have been imposed a penalty of Rs 25 crore each.

These fines have been levied on them for either receiving the illegally obtained loans or acted as intermediaries to facilitate the illegal diversion of funds from RHFL. In February 2022, markets watchdog Sebi had passed an interim order and restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for allegedly siphoning off funds from the company.

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Anil Ambani-led group stocks plummet after Sebi ban-Telangana Today

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Stock of Reliance Home Finance Ltd falls 5.12% to Rs 4.45 on NSE and 4.90% to Rs 4.46 on BSE

Published Date – 23 August 2024, 01:48 PM


Anil Ambani-led group stocks plummet after Sebi ban

Anil Ambani. Photo: PTI/File

New Delhi: Shares of companies led by Anil Ambani on Friday fell sharply after Sebi barred him and 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company.

The stock of Reliance Home Finance Ltd (RHFL) fell 5.12 per cent to Rs 4.45 on the NSE, and 4.90 per cent to Rs 4.46 on the BSE.

Reliance Infrastructure shares tumbled 10.83 per cent to trade at Rs 209.90 apiece on the BSE. On the NSE, it plunged 8.89 per cent to Rs 214.76.

Further, Reliance Power stock declined 5 per cent each to Rs 34.45 and Rs 34.48 on BSE and NSE, also its lower price band.

In the mid-session trade, the 30-share BSE Sensex rose 57.32 points or 0.07 per cent to trade at 81,110.51, while NSE Nifty climbed 29.35 points or 0.12 per cent to 24,840.85.

On Thursday, Sebi barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL from the securities market for five years for diversion of funds from the company.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market, including as a director or key managerial personnel in any listed company, or any intermediary registered with the market regulator, for a period of five years.

Also, the regulator barred RHFL from the securities market for six months and slapped a fine of Rs 6 lakh on it.

Passing the final order in the RHFL matter, Sebi found that Ambani, with the help of RHFL’s key managerial personnel, had orchestrated a fraudulent scheme to siphon off funds from RHFL by disguising them as loans to entities linked to him.

In February 2022, markets watchdog Sebi had passed an interim order and restrained RHFL, Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders, for allegedly siphoning off funds from the company.

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Amazon India cuts selling fees by up to 12% for festive season-Telangana Today

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The fee reductions, effective from September 9, will allow sellers to expand their product range on the platform and encourage growth, Amazon India stated. “With these changes, sellers on Amazon India will see a decrease in selling fees ranging from 3% to 12% across different product categories,” the company said.

Updated On – 24 August 2024, 10:35 AM


Amazon India cuts selling fees by up to 12% for festive season


Mumbai: Amazon India on Saturday announced an up to 12 per cent reduction in selling fees across multiple product categories on the marketplace ahead of the festive season.

The reductions in fees, which is effective from September 9, will enable sellers to expand their product portfolio on the platform besides providing a boost to growth, Amazon India said.

“With the changes, sellers on Amazon India will benefit from a drop in selling fees, ranging from 3-12 per cent, across various product categories”, the company said.

The new rate card will particularly benefit sellers offering products priced below Rs 500, it said.

“At Amazon, we are invested in supporting businesses of all sizes, from small and medium businesses to emerging entrepreneurs to established brands. The fee reduction is directly in response to feedback from our sellers, especially small businesses,” Amit

Nanda, Director Selling Partner Services at Amazon India, said.

While the timing of the fee cuts aligns with the festive season, these changes are not temporary measures, the company said.

The reduction in fee will give sellers an opportunity to optimise their operations in time for the Diwali shopping rush as well as beyond the festivities.

“Sellers, particularly those selling affordable products, will experience a significant decrease in fees on Amazon. This will provide them with an opportunity to reinvest in their business for accelerated growth,” Nanda added.

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Cognizant sues Infosys for stealing trade secrets related to healthcare insurance software-Telangana Today

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Infosys denies all allegations, says it will defend its position in court

Published Date – 24 August 2024, 11:45 AM


Cognizant sues Infosys for stealing trade secrets related to healthcare insurance software


New Delhi: IT major Cognizant‘s subsidiary TriZetto has slapped a lawsuit on Infosys in a US federal court, accusing the Bengaluru-headquartered company of stealing trade secrets and information related to healthcare insurance software.

Infosys, in a statement, denied all allegations. The company asserted it is aware of the lawsuit and will defend its position in the court.

Cognizant, in a lawsuit filed in Texas federal court, has accused Infosys of illegally accessing data from TriZetto’s software — Facets and QNXT — and using the same to develop and market a competing product.

Cognizant offerings include TriZetto’s Facets and QNXT, which healthcare insurance firms use to automate tasks.

Teaneck, New Jersey-based Cognizant has the bulk of its employees in India.

Cognizant has reportedly alleged that Infosys misused TriZetto’s software to create ‘Test Cases for Facets’, which repackaged its data into an Infosys product.

Further, it has reportedly alleged that Infosys created software to extract data from QNXT, that contained confidential TriZetto information.

It is interesting to note that just this week, Cognizant named former Infosys executive Rajesh Varrier as global head of operations and India Chairman and Managing Director, following the resignation of Rajesh Nambiar, who is set to take over as Nasscom president.

Moreover, Cognizant’s Chief Executive Officer Ravi Kumar S is also an Infosys veteran, whose 20-year career at the Bengaluru-based firm saw him holding various leadership roles, including as president from January 2016 through October 2022.

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Telegram reacts to its CEO’s arrest, says Pavel Durov has nothing to hide-Telangana Today

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Says Telegram abides by EU laws, including the Digital Services Act — its moderation is within industry standards and constantly improving

Published Date – 26 August 2024, 10:17 AM


Telegram reacts to its CEO’s arrest, says Pavel Durov has nothing to hide

Pavel Durov

New Delhi: Encrypted messaging app Telegram on Monday said that its CEO Pavel Durov — who was arrested in France — has nothing to hide and “it is absurd to claim that a platform or its owner are responsible for abuse of that platform.”

In its first reaction after Russian-born Durov was arrested at the Le Bourget airport outside Paris after landing via a private jet for allegedly failing to prevent criminal activities on Telegram, the company said it abides by the EU laws, including the ‘Digital Services Act’.

“Telegram CEO Pavel Durov has nothing to hide and travels frequently in Europe. Almost a billion users globally use Telegram as a means of communication and as a source of vital information. We’re awaiting a prompt resolution of this situation,” said the platform which has more than 900 million active users.

“Telegram abides by EU laws, including the Digital Services Act — its moderation is within industry standards and constantly improving,” the company added.

The platform has been a critical source of information for the ongoing war between Ukraine and Russia. In a rare interview with US political commentator Tucker Carlson in April, Durov said Telegram’s goal is to be a ‘neutral’ platform and resist requests from governments to moderate.

If convicted, Durov faces up to 20 years in prison. According to multiple reports, he was arrested on several charges which involved alleged spread of criminal activity on Telegram which has about 900 million active users. The billionaire lives in Dubai, where Telegram is based, and holds dual citizenship of France and the United Arab Emirates (UAE).

An entrepreneur with at least $15.5 billion in his kitty, he left Russia in 2014 after refusing to comply with government demands to ban opposition communities on his VKontakte social media platform. Russia’s embassy in France is taking “immediate steps” to clarify the situation. Telegram offers end-to-end encrypted messaging and users can also set up “channels” to disseminate information quickly to followers.

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Hyderabad sees significant surge in residential property price over 5 years; Kokapet tops list with 89 pc increase-Telangana Today

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In 2019, the average price in Kokapet was Rs 4,750 per sq. ft., which surged to Rs 9,000 per sq. ft. by the first half of 2024

Published Date – 26 August 2024, 08:47 PM


Hyderabad sees significant surge in residential property price over 5 years; Kokapet tops list with 89 pc increase

Representational Image

Hyderabad: Hyderabad’s real estate market has seen remarkable growth over the last five years, with several micro-markets recording substantial price appreciation, according to the recent ANAROCK research report.

Leading the charge is Kokapet, which experienced an impressive 89 per cent rise in residential property prices. In 2019, the average price in Kokapet was Rs 4,750 per sq. ft., which surged to Rs 9,000 per sq. ft. by the first half of 2024, the ANAROCK report said. This growth is largely driven by the area’s attraction as a premium residential hub, with 52 per cent of new launches falling in the ultra-luxury segment, priced above Rs 2.5 crore.

Following Kokapet, Bachupally saw a 57 per cent increase in average property prices, rising from Rs 3,690 per sq. ft. in 2019 to Rs 5,800 per sq. ft. in H1 2024. Meanwhile, Tellapur recorded a 53 per cent hike, with prices going from Rs 4,819 per sq. ft. to Rs 7,350 per sq. ft. during the same period.

Overall, Hyderabad has witnessed the highest city-level price appreciation among India’s top seven cities, with an average increase of 64 per cent between 2019 and H1 2024.

Meanwhile, the city has witnessed a substantial rise in new residential supply, particularly in key areas like Tellapur.

Between 2019 and H1 2024, Tellapur saw the launch of 18,960 new units and average prices at Rs 7,350 per sq. ft. as of H1 2024, up from Rs 4,819 per sq. ft. in 2019 – rising by 53 per cent. Of the total new supply, 66 per cent was in the mid and premium segments, followed by 34 per cent in more than Rs 1.5 Cr bracket.

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Apple all set to launch iPhone 16 series on September 9-Telangana Today

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The tech giant will launch the new line-up along with other gadgets including new AirPods 4, Watch Series 10 and software services

Published Date – 27 August 2024, 09:18 AM


It’s Glowtime: Apple all set to launch iPhone 16 series on September 9


New Delhi: Tech giant Apple announced a special event on September 9 at which it will launch the new iPhone line-up along with other gadgets and software services. The company’s launch tagline this year is ‘It’s Glowtime’, and the event will broadcast from Apple Park in Cupertino, California, in the US.

According to reports, the iPhone 16 lineup will be Apple’s flagship rival to the new Pixel 9 series and Samsung Galaxy Z Fold devices. Apple Intelligence (AI) will be a huge leap for the Apple device ecosystem at the event hosted by its CEO Tim Cook.

Among the big changes coming to the iPhone 16 and 16 Plus is expected to be a switch to a vertically aligned camera system on the back. Meanwhile, iPhone 16 Pro and 16 Pro Max devices may get bigger screens along with a new bronze colour. This time, all four models are likely to have the ‘action button’, which was exclusive to the Pro line with the iPhone 15. The new iPhones may also have a new button dedicated to capturing photos and videos.

Artificial Intelligence (AI) and the Apple Intelligence features are likely to be a big part of Apple’s event. The users can also witness the new AirPods 4 and Watch Series 10 at the event. According to sources, the India-assembled Apple devices will be available within 1-2 months of the global launch in partnership with leading manufacturer Foxconn’s facility in Sriperumbudur, Tamil Nadu.

Meanwhile, iPhone 16 is set to be made available on the first day of global sales in India, just like last year when iPhone 15 arrived in the domestic market on the very first day of the global sale. It will be shortly followed by iPhone 16 Plus models, sources added.

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Apple appoints Indian-origin Kevan Parekh as its new Chief Financial Officer-Telangana Today

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His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO, says company CEO

Published Date – 27 August 2024, 10:11 AM


Apple appoints Indian-origin Kevan Parekh as its new Chief Financial Officer

Kevan Parekh

Cupertino: Apple has appointed Indian-origin Kevan Parekh as its new Chief Financial Officer (CFO) who will also join the the executive team at the tech giant.

Current CFO Luca Maestri will transition from his role on January 1, 2025, Apple said in a statement. “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” said Cook.

“His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” the Apple CEO added. Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience.

An electrical engineer with a Bachelor’s of Science from the University of Michigan and an MBA from the University of Chicago, Parekh has been at Apple for 11 years and currently leads Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research.

“Prior to this role, Parekh led Worldwide Sales, Retail, and Marketing Finance. He began his tenure leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams,” said the company.

Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. “Maestri has been an extraordinary partner in managing Apple for the long term.”

He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple, said Cook. During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.

“It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook,” said Maestri.

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Markets flat amid profit-taking and weak asian trends-Telangana Today

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The 30-share BSE Sensex rose 128.81 points to 81,840.57 in early trading, while the NSE Nifty gained 30.4 points to 25,048.15. However, both indices soon experienced profit-taking and moved lower, with the BSE benchmark down 42.46 points at 81,682.57 and the Nifty down 21.60 points at 24,996.15.





Updated On – 28 August 2024, 12:09 PM


Markets flat amid profit-taking and weak asian trends


Mumbai: Stock market benchmark indices turned flat after beginning the trade on a positive note on Wednesday amid profit-taking in line with weak trends in Asian peers.

The 30-share BSE Sensex climbed 128.81 points to 81,840.57 in early trade. The NSE Nifty went up by 30.4 points to 25,048.15.

However, soon both the benchmark indices faced profit-taking and were trading lower. The BSE benchmark traded 42.46 points lower at 81,682.57 while the Nifty quoted 21.60 points down at 24,996.15.

Among the 30 Sensex firms, Mahindra & Mahindra, Power Grid, Tata Motors, Titan, Sun Pharma, ITC and Reliance Industries were the biggest gainers.

Bajaj Finserv, JSW Steel, Tata Steel, Tata Consultancy Services, HCL Technologies and Maruti were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended with marginal gains on Tuesday.

“The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near-term. Falling bond yields in the US has restrained FII selling and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy.

“This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,503.76 crore on Tuesday, according to exchange data.

Domestic Institutional Investors (DIIs) offloaded equities worth Rs 604.08 crore.

Global oil benchmark Brent crude climbed 0.14 per cent to USD 79.66 a barrel.

After oscillating between highs and lows, the BSE benchmark eked out a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76 on Tuesday. The NSE Nifty ended almost flat, up 7.15 points or 0.03 per cent, at 25,017.75 — its ninth straight session of gains.