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RBI keeps policy rate unchanged for tenth time-Telangana Today

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The RBI opted for a status quo despite the US Federal Reserve’s decision to lower benchmark rates by 50 basis points last month. Additionally, several central banks in developed nations have also reduced their interest rates.





Published Date – 9 October 2024, 11:40 AM


RBI keeps policy rate unchanged for tenth time


Mumbai: The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to ‘neutral’ that may lead to a cut in the forthcoming policies.

RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month. The central banks of some developed nations have also reduced their interest rates.

Announcing the fourth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.

The RBI has maintained status quo on benchmark interest rate since February 2023.
Das said RBI will remain watchful of elevated food inflation even when India GDP growth remains strong.

This was the first meeting of the reconstituted MPC. The three newly appointed external members are Ram Singh, Saugata Bhattacharya and Nagesh Kumar.

The MPC was reconstituted by the government last month.

Business

Rupee rises 1 paisa to 83.95 against USD on strong equities, weak dollar-Telangana Today

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Forex experts noted that rising global oil prices and significant foreign fund outflows limited further recovery of the domestic currency. At the interbank foreign exchange, the rupee opened at 83.95, up by just 1 paisa against the US dollar, and remained mostly flat in early trading.





Updated On – 10 October 2024, 11:54 AM


Rupee rises 1 paisa to 83.95 against USD on strong equities, weak dollar


Mumbai: The rupee rose 1 paisa to 83.95 against the US dollar in early trade on Thursday amid a firm trend in domestic equity markets and a weaker greenback against major overseas rivals.

However, an increase in global oil prices and heavy foreign fund outflows capped further recovery in the domestic currency, according to forex experts.

At the interbank foreign exchange, the rupee opened at 83.95, marginally up by 1 paisa against the US dollar, and traded almost flat in early deals.

The local unit had settled at 83.96 against the greenback on Wednesday.

The Reserve Bank of India’s (RBI) decision to keep policy rates unchanged also played a part in the rupee’s range-bound movement.

The RBI on Wednesday kept the policy rate unchanged for the tenth time in a row but shifted its stance from “withdrawal of accommodation” to “neutral” that may lead to a cut in the forthcoming policies.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.06 per cent to 102.86 points.

Brent crude, the international benchmark, gained 0.80 per cent to USD 77.19 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex rose 203.10 points to 81,670.20 in early trade, while Nifty was up 71.55 points to 25,053.50.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 4,562.71 crore, according to exchange data.

Business

Benchmark indices rise in early trade on global cues, banking stock boost-Telangana Today

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Traders noted that market participants are keenly awaiting the Q2 earnings season, starting with Tata Consultancy Services, which is scheduled to release its results later today. In early trade, the 30-share BSE Sensex rose by 309.85 points or 0.38% to 81,776.95, while the NSE Nifty gained 90.70 points or 0.36% to reach 25,072.65.

Updated On – 10 October 2024, 11:54 AM


Benchmark indices rise in early trade on global cues, banking stock boost


Mumbai: Benchmark equity indices climbed in early trade on Thursday amid a firm trend in global equities and buying in banking stocks.

Market participants will closely watch Q2 earnings season, starting with Tata Consultancy Services which is set to report its results later in the day, traders said.

The 30-share BSE Sensex jumped 309.85 points or 0.38 per cent to 81,776.95 in early trade. The NSE Nifty went up 90.70 points or 0.36 per cent to 25,072.65.

From the 30 Sensex companies, PowerGrid, NTPC, Kotak Mahindra Bank, Axis Bank, Mahindra and Mahindra and Larsen & Toubro were among the gainers.

Infosys, Sun Pharmaceuticals, Bharti Airtel, Asian Paints, Tech Mahindra and ICICI Bank were among the laggards.

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

Wall Street ended with gains in overnight deals on Wednesday.

“The record highs in the US market, positive trends in Asian markets, and the Reserve Bank of India’s dovish commentary have uplifted market sentiment,” Vikas Jain, Head of Research at Reliance Securities, said.

Global oil benchmark Brent Crude climbed 0.77 per cent to USD 77.18 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,562.71 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 3,508.61 crore, according to exchange data.

The Reserve Bank of India (RBI) kept its key interest rate unchanged on Wednesday but took the first step towards a rate cut as it eased its relatively hawkish policy stance to ‘neutral’.

The monetary policy committee, which included three RBI officials and an equal number of new external members, voted five-to-one to keep the benchmark repurchase or repo rate – which governs the interest rate of home, auto, corporate and other loans – at 6.5 per cent for a 10th straight policy meeting.

On Wednesday, the 30-share BSE Sensex fell 167.71 points or 0.21 per cent to close at 81,467.1 and NSE Nifty dropped 31.20 points or 0.12 per cent to end at 24,981.95.

Business

Ratan Tata envisioned a “New India” led by young entrepreneurs, praised T-Hub nine years ago-Telangana Today

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Speaking at T-Hub, India’s largest incubation center, Tata reflected on his upbringing in an environment where ideas were often dismissed. He noted that bosses and managers would typically respond politely, insisting that individuals needed to gain experience on the shop floor before sharing their ideas.

Updated On – 10 October 2024, 12:30 PM


Ratan Tata envisioned a “New India” led by young entrepreneurs, praised T-Hub nine years ago


Hyderabad: Despite coming from a traditional business family, Ratan Tata had always been forward-thinking, a quality evident from his speech at the inauguration of T-Hub nine years ago in which he emphasised the importance of encouraging young minds with brilliant ideas, stating that they represent the new face of India.

Addressing the gathering at the T-Hub, India’s largest incubation centre, Tata had said he grew up in an environment where if one had an idea, the boss or the manager would not be willing to listen to that and politely would say that one has to gain experience on a floor shop before coming up with ideas.

“I grew up in an environment where if you had an idea, your boss or your manager politely told you, sometimes not so politely, that you need to gain some experience before you open your mouth.

You need to roll up your sleeves and spend five years on the shop floor. Then you can talk. That’s not what enterprises are today. Enterprises today are an ability of someone who may be in his 20s who has a good idea and he needs to find a way to implement it,” he had said.

According to him, the country had an environment of venture capitalists who would listen to the person and facilities like T-Hub which would enable that person to try out his ideas to turn it into reality.

He further said his enthusiasm in the “new India of tomorrow” continues to be there and continues to feel the need to support enterprising, young Indian engineers, and scientists and wanted wanted everyone to recoginse the need to support it for He described the T-hub as the nucleus of what could be a new big thing in the country.

BRS leader and former minister KT Rama Rao recalling Tata’s presence during the inauguration of T-Hub said the departed business tycoon lives in everyone’s heart and that he will be a source of inspiration for everyone who wishes to make this world a better place.

“Every time we look at THub, we will remember you sir,” Rama Rao said in a post on X.

Business

Infosys co-founder Narayana Murthy calls loss of “dear friend” Ratan Tata “very painful”-Telangana Today

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“He was truly a moral compass for me during times of ambiguity and confusion regarding ethical issues,” the 78-year-old remarked. After honoring Tata in 2020, the software icon bent down to touch his feet and sought his blessings.

Published Date – 10 October 2024, 12:50 PM


Infosys co-founder Narayana Murthy calls loss of “dear friend” Ratan Tata “very painful”


Bengaluru: Losing “dear friend” Tata Sons Chairman Emeritus Ratan Tata is “very painful”, IT industry veteran and Infosys co founder N R Narayana Murthy on Thursday said as he acknowledged that he was a role model for him in value-based leadership.

“He (Tata) was indeed a moral compass for me whenever I had some ambiguity and confusion in ethical issues,” the 78-year-old said.

After conferring an honour on Tata in 2020, the software icon had bent down to touch his feet and sought his blessings.

“Losing a dear friend like Ratan is very painful. Ratan was a role model for me in value-based leadership,” Murthy said in his condolence message.

Tata (86) passed away late Wednesday evening in Mumbai due to age-related medical conditions.

Business

India’s 100 richest surpass $1 trillion, Gautam Adani ranks 2nd: Forbes-Telangana Today

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India’s wealthiest are now valued at $1.1 trillion, more than double their worth in 2019, according to Forbes’ list of the top 100 billionaires. The report highlights infrastructure magnate Gautam Adani as the biggest dollar gainer, citing his strong recovery from last year’s short-selling attack and the recent appointment of his sons and nephews to key positions.





Published Date – 10 October 2024, 01:00 PM


India’s 100 richest surpass $1 trillion, Gautam Adani ranks 2nd: Forbes


New Delhi: The collective wealth of India’s 100 richest tycoons surpassed the trillion dollar milestone for the first time as more than 80 per cent of the country’s richest tycoons are now wealthier than they were a year ago, a Forbes report showed on Thursday.

In a record-breaking year, India’s wealthiest are now worth $1.1 trillion, more than twice as rich as they were in 2019, according to the Forbes list of India’s top 100 billionaires.

“The biggest dollar gainer is infrastructure magnate Gautam Adani, who posted a strong recovery from last year’s short-selling attack and recently placed his sons and nephews in key positions,” the report noted.

“With his brother Vinod (Adani), he added $48 billion to take the family’s net worth to $116 billion, enough to retain the No. 2 position,” it added.

According to the report, India’s wealthiest added $316 billion or nearly 40 per cent in just the past 12 months, as investor enthusiasm about the country’s growth story remains robust under Prime Minister Narendra Modi‘s third term.

“Savitri Jindal, matriarch of steel-to-power conglomerate OP Jindal Group, whose son Sajjan Jindal recently made an ambitious foray into electric vehicles with MG Motor, moved up to No. 3 for the first time. She’s one of nine women on the list, up from eight a year ago,” the report revealed.

Mahima Datla, who controls privately-held vaccine producer Biological E. is one of four newcomers to the Forbes list.

Others on the coveted list are B. Partha Saradhi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients; Harish Ahuja of apparel maker Shahi Exports and Surender Saluja, founder and chairman of Premier Energies, which makes solar panels and modules.

Dilip Shanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to fifth position with $32.4 billion and siblings Sudhir and Samir Mehta of Torrent Group more than doubled their wealth to $16.3 billion.

From the Godrej family, brothers Adi and Nadir Godrej, who control listed companies under the Godrej Industries Group, and their cousins Jamshyd Godrej and Smita Crishna Godrej, who control privately-held flagship Godrej & Boyce under the Godrej Enterprises Group, are on the list.

Nikhil Kamath, 38, who co-founded and runs online brokerage Zerodha with his brother Nithin, 45, is among the six nonagenarians on the list.

Business

Ratan Tata avenged Ford’s humiliation by acquiring Jaguar, Land Rover-Telangana Today

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In 1998, the legendary industrialist launched his dream project, the Tata Indica, which was India’s first hatchback with a diesel engine. However, sales were slow initially, prompting Tata Motors to consider selling its nascent car business within a year of its debut. The US auto giant Ford was viewed as an ideal candidate for the acquisition.





Updated On – 10 October 2024, 01:38 PM


Ratan Tata avenged Ford’s humiliation by acquiring Jaguar, Land Rover


Mumbai: The story of two iconic brands Jaguar and Land Rover entering the Tata stable began with an insult Ratan Tata couldn’t bear.

Back in 1998, the legendary industrialist launched his dream project, Tata Indica — India’s first hatchback with a diesel engine. But sales initially were slow and Tata Motors decided to sell off its fledgling car business within a year of its debut.

US auto giant Ford was seen as an ideal candidate.

The company acceded to a meeting requirement from Ford Motors. Officials of the US firm came to Bombay House for talks sometime in 1999.

During the meeting at the Tata headquarters, the American company evinced interest in buying out the business.

To take the deal forward, Ratan Tata and his team flew to Detroit to meet Bill Ford, then the chairman of Ford.

The meeting lasted about three hours but did not go well.

The American businessman was condescending and “humiliated” the Indian businessman, according to a person who attended the meeting.

“You do not know anything, why did you start the passenger car division at all,” the Ford officials told their guests, and spoke about doing a favour to the Indian company by buying out the latter’s business.

The deal fell.

The team decided to return to India immediately after the meeting, which was described as “humiliating” by the person present. On the 90-minute flight taking them back to New York, a sombre Ratan Tata spoke very few words.

The mortifying experience only made Ratan Tata more focused on his goals. He decided not to sell the unit and what followed was a classic example of a failure-turned success story.

Nine years later, Ford was on the verge of bankruptcy following the Great Recession of 2008. Tata offered to buy two iconic brands in the Ford portfolio — Jaguar and Land Rover.

The USD 2.3 billion all-cash deal was completed in June 2008 and Ford chairman Bill Ford thanked Tata, saying, “You are doing us a big favour by buying JLR’,” Pravin Kadle, who was part of the team that travelled with Ratan Tata to the US in 1999, had recounted during a public event in 2015.

Post-acquisition, the Tata Group has scripted one of the most fabulous turnarounds in the auto industry and has been able to position the marquee British brands as formidable entities in the fiercely competitive global car market.

Even as Tata Motors has come a long way and gained market share in India, it continues to earn a significant part of revenues from the JLR.

Today, JLR is the backbone of Tata Motors.

Business

Tata Group shares surge up to 10%, led by gains in Tata Chemicals, Tata Teleservices-Telangana Today

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New Delhi: Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. “Investors can pay […]

Published Date – 10 October 2024, 03:00 PM


Tata Group shares surge up to 10%, led by gains in Tata Chemicals, Tata Teleservices


New Delhi: Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86.

“Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.

“Ratan Tata, while pursuing the group’s growth, contributed substantially to India’s growth and millions of ordinary investors gained from the great man’s vision,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The stock of Tata Investment Corporation soared 10.47 per cent to trade at Rs 7,235.80 apiece, Tata Chemicals climbed 6.26 per cent to Rs 1,174.85, Tata Teleservices Maharashtra jumped 5.84 per cent to Rs 83.77, Tata Elxsi rose 3.37 per cent to Rs 7,867.80, Tata Power went up 2.56 per cent to Rs 472.70 on the BSE.

Also, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also rose on the bourse.

In addition, the scrip of Tata Steel rose 0.91 per cent, Tata Communications (0.84 per cent), Tata Consultancy Services (0.21 per cent), Tata Consumer Products (0.17 per cent), Voltas (0.24 per cent) and Automotive Stamplings & Assemblies (0.23 per cent) on the BSE.

However, Tata Group’s retail firm Trent slipped 0.90 per cent to trade at Rs 8,146.35 apiece, Titan fell 0.81 per cent to Rs 3,465.80 and Tata Motors was down 0.40 per cent to Rs 935.35 per scrip.

The 30-share BSE Sensex jumped 198.28 points, or 0.24 per cent, to 81,665.38 in the mid-session trade on Thursday.

Investors should learn from the growth of the Tata empire that a long-term investment horizon is required to really participate in the wealth creation that happens through the capital market. In a bull market like the present one, there will always be valuation concerns, Vijayakumar added.

Tata Consultancy Services (TCS) has cancelled a press conference scheduled on Thursday evening to announce its second quarter performance, company officials said.

The press conference was originally scheduled at 1730 hours on Thursday.

As originally scheduled, TCS will inform the exchanges about its July-September performance after the board meeting, the officials said.

A scheduled call with analysts at 7 pm will be held as per schedule, they said.

The last rites of Ratan Tata, who passed away late on Wednesday evening, are scheduled to take place after 4 pm at central Mumbai’s Worli on Thursday.

Tata breathed his last on Wednesday evening at a city hospital.

Business

Rupee rises 2 paise to 83.96 against US dollar in early trade-Telangana Today

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 Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback. However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders. A weak start to the day in the domestic equity markets also […]

Updated On – 11 October 2024, 12:04 PM


Rupee rises 2 paise to 83.96 against US dollar in early trade


 Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback.

However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders.

A weak start to the day in the domestic equity markets also prevented the local unit from rising further, they said.

At the interbank foreign exchange, the rupee opened at 83.97 against the US dollar, 1 paisa higher than previous day’s close, before rising to 83.96. The local unit had settled at 83.98 on Thursday.

The range for the rupee is expected to stay between 83.75 and 84.10, with the sideways trend likely to continue, forex experts said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.11 per cent to 102.87 points.

Brent crude, the international benchmark, rose 1.48 per cent to USD 77.71 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex was down 147.67 points to 81,463.74 in early trade, while Nifty fell 39.15 points to 24,959.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,926.61 crore, according to exchange data.

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Rupee rises 2 paise to 83.96 against US dollar as greenback weakens-Telangana Today

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The 30-share BSE Sensex opened in the red, dropping 62.90 points, or 0.08%, to 81,548.51 in early trading. Similarly, the broader Nifty declined by 64.1 points to 24,934.35.

Updated On – 11 October 2024, 12:04 PM


Rupee rises 2 paise to 83.96 against US dollar as greenback weakens


Mumbai: Benchmark indices Sensex and Nifty fell in early trade on Friday amid volatility and mixed trends in global markets.

The 30-share BSE Sensex opened on a negative note and slipped 62.90 points, or 0.08 per cent, to 81,548.51 in early trade.

Showing a similar trend, the broader Nifty fell 64.1 points to 24,934.35.

From the 30 Sensex pack, Bharti Airtel, Bajaj Finance, Bajaj Finserv, Asian Paints, Power Grid, Mahindra & Mahindra, Tata Consultancy Services, ICICI Bank, and Kotak Mahindra Bank were among the laggards.

Tata Steel, HCL Technologies, JSW Steel, Sun Pharmaceuticals, Tata Motors, Titan, Tech Mahindra, and State Bank of India were among the gainers.

“Market is likely to remain volatile in the near-term alternating between FII selling and DII buying. Attractive valuations in other markets, particularly in Chinese stocks, will facilitate further selling by FIIs in India since Indian valuations are elevated,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Concerns of earnings downgrades in H2 FY25 render Indian valuations difficult to sustain.

In Asian markets, Tokyo, Hong Kong, and Seoul were trading higher whereas Shanghai quoting in the negative territory.

US markets ended lower in overnight deals on Thursday.

Global oil benchmark Brent Crude decreased 0.33 per cent to USD 79.14 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,926.61 crore on Thursday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 3,878.33 crore, according to exchange data.

“Lot of stock-specific action can be expected in the coming days in response to the second quarter results. Banking and IT are likely to post reasonably good results,” Vijayakumar said.

On Thursday, the 30-share BSE Sensex rose 144.31 points to settle at 81,611.41, while the NSE Nifty climbed 16.50 points to close at 24,998.45.