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WiseLife secures 1.2 cr deal on ‘Shark Tank India 3’-Telangana Today

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From Gurugram, Prateek Kedia and Shreya Bansal present their creation ‘WiseLife’ on ‘Shark Tank India 3’

Updated On – 1 March 2024, 11:48 AM


WiseLife secures 1.2 cr deal on ‘Shark Tank India 3’


New Delhi: ‘WiseLife’, the yoga and wellness brand has bagged a deal of Rs 1.2 crore with four sharks in the new episode of the entrepreneurial reality show ‘Shark Tank India’ season 3.

Hailing from Gurugram, Prateek Kedia and Shreya Bansal bring their brainchild ‘WiseLife’ to ‘Shark Tank India 3’. Their yoga mats are made from natural rubber, suede, cork thermoplastic elastomer (TPE), and have features like — one time rolling, superior grip and extra cushioning.

Talking about the idea behind the business, Prateek said: “Sharks, like lakhs of youngsters, I, too, had made work my life. I would work over 50 hours a week and be under constant stress. I finally realised that life could not go on like this. After all, health is wealth. So, I finally started doing yoga. I ordered a few yoga mats online then I faced problems like the mats not unfolding properly, slipping while doing asanas due to no proper grip, and my elbows and knees were pained because of no proper cushioning.”

“To solve these problems, we present to you Wiselife,” he shared.

Shreya continued saying, “Our mats not only come in attractive designs, but have good quality, affordable and are eco-friendly.”

“We have also launched yoga props like belts, blocks, wheels and others,” she said.

Prateek said that they have one lakh plus customers, and want to take this yoga experience to every Indian household and inspire people to focus on their health and wellness.

Hence, they asked for Rs 60 lakh for 2 per cent equity.

Ritesh Agarwal (Founder and CEO of OYO Rooms), complemented the pitchers and said: “I’m glad to see you barefoot. You’ve incorporated yoga into every aspect of your life.”

Aman Gupta (Co-Founder and CMO of boAt) candidly asked Ritesh: “Do you do yoga?” To which the latter replied: “A little bit. You see, my wife is a yoga trainer.”

Namita Thapar (Executive Director of Emcure Pharmaceuticals Ltd) said: “I do it regularly and it has changed my life. How did you get into yoga at such a young age?”

Replying to Namita, Prateek said: “We both used to work for PWC. We were doing our CA Articleship there. The Articleship period is extremely hectic. Our health and wellness took a hit at the time. We decided to join a yoga class together. Doing yoga made us feel really better.”

Anupam Mittal (Founder and CEO of Shaadi.com) said: “There’s a Canadian brand…Lululemon. They made activewear and yoga wear super cool. This was the go-to brand, right? Is your brand somewhat positioned along those lines, because I’m getting that feeling?”

Prateek replied: “We are inspired by Lululemon for sure…But this brand is completely Indian. We need to address the Indian market. We have 40 plus yoga mat designs, and they are all 100 per cent sustainable, and natural rubber on the bottom.”

Shreya continued: “We have the entire yoga range. No matter what product you need for yoga, it is available with us.”

Ritesh said: “I believe your product experience truly is world-class. Your yoga-driven designs are a unique competency.”

Anupam went on to say: “Are you just looking for a platform like Shark Tank to get the WiseLife brand out or do you really want to raise funds and take this to the next level?”

Prateek replied saying, “First of all, any amount of marketing is not enough. Our product will go wherever we get marketing. We’re completely self-taught. We don’t have a mentor who could guide us. So, we expect you and your team to share your mantra or secret sauce with us.”

“We had internally set a benchmark for ourselves. Until we didn’t cross a revenue of Rs 1 crore a month, we would not involve external parties. Unless we’re not sure about our business, why should we raise capital and complicate matters? Last month, our gross revenue was Rs 1 crore. This is the first time we’re having a formal discussion with an investor to raise funds,” he added.

Finally they sealed a deal of Rs 1.2 crore for four percent equity with Aman, Anupam, Namita and Ritesh.

‘Shark Tank India 3’ streams on SonyLIV.

Business

Paytm enhances measures for independent operations of Paytm Payments Bank-Telangana Today

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As part of the effort to reduce dependencies, Paytm and PPBL have mutually decided to end several inter-company agreements with Paytm and its group entities.

Updated On – 1 March 2024, 11:49 AM


Paytm enhances measures for independent operations of Paytm Payments Bank


New Delhi: In an official filing to the BSE and the NSE, One 97 Communications Ltd (Paytm) has informed that the Company and its associate entity, Paytm Payments Bank Limited (PPBL), have introduced additional measures to strengthen their approach towards independent operations of PPBL.

As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities. Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders.

The Board of One 97 Communications Ltd approved the termination of agreements and amendment of SHA on March 1. Paytm had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services for its customers and merchants.

In its intimation to stock exchanges on February 1, the company had indicated the possible financial impact.

The filing also clarified that, One 97 Communications Limited and its services that include the Paytm app, Paytm QR, Paytm soundbox and Paytm Card machines will continue to work uninterrupted.

The filing added that Paytm is committed to uphold the highest standards of market leading innovation and technology enabled solutions for its customers.

Earlier on February 26, One 97 Communications Ltd (OCL) had said that its associate bank Paytm Payments Bank Limited, has reconstituted its Board of Directors. It appointed Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal.

In the same exchange filing, it said the Company has been separately informed that founder Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition.

Business

Rupee gains 4 paise to 82.85 against US dollar-Telangana Today

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Forex traders noted that while a positive sentiment in the equity markets boosted the local currency, the higher level of the dollar index introduced a negative bias.

Updated On – 1 March 2024, 11:49 AM


Rupee gains 4 paise to 82.85 against US dollar


Mumbai: The rupee appreciated 4 paise to 82.85 against the US dollar in early trade on Friday on the back of robust GDP data and massive inflow of foreign funds in the domestic capital markets.

A positive sentiment in the equity markets also supported the local currency, though the higher level of the dollar index came as a negative bias, forex traders said.

At the interbank foreign exchange, the local currency opened at 82.86 and gained slightly to 82.85 against the greenback, registering an increase of 4 paise from its previous close.

On Thursday, the rupee settled 2 paise higher at 82.89 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.08 per cent to 104.01.

Brent crude futures, the global oil benchmark, advanced 0.34 per cent to USD 82.19 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 414.5 points or 0.57 per cent higher at 72,914.80 points. The broader NSE Nifty soared 135.65 points or 0.62 per cent to 22,118.45 points.

The government data released on Thursday showed India’s economic growth accelerated to 8.4 per cent in the October-December quarter of this fiscal, mainly due to double-digit growth in manufacturing and a good showing by mining & quarrying and construction sectors.

Another data showed the growth of eight key infrastructure sectors slowed to a 15-month low of 3.6 per cent in January on account of poor performance of sectors like refinery products, fertiliser, steel, and electricity.

The government’s fiscal deficit at Rs 11 lakh crore at January end touched 63.6 per cent of the revised annual target. In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of the Revised Estimates (RE) of the Union Budget 2022-23.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday as they bought shares worth Rs 3,568.11 crore on a net basis, according to exchange data.

Business

Sensex, Nifty surge on strong GDP data, foreign investments-Telangana Today

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Mumbai: Equity benchmark indices Sensex and Nifty jumped in early trade on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 417.77 points to 72,918.07 in early trade. The Nifty climbed 142.85 points […]

Updated On – 1 March 2024, 11:50 AM


Sensex, Nifty surge on strong GDP data, foreign investments


Mumbai: Equity benchmark indices Sensex and Nifty jumped in early trade on Friday helped by impressive GDP data and fresh foreign fund inflows.

Also, a rally in global markets added to the positive momentum in the equity markets.

The 30-share BSE Sensex jumped 417.77 points to 72,918.07 in early trade. The Nifty climbed 142.85 points to 22,125.65.

Among the Sensex firms, Tata Steel, Tata Motors, JSW Steel, Mahindra & Mahindra, Larsen & Toubro, Power Grid, IndusInd Bank, Maruti, NTPC and ICICI Bank were the major gainers.

HCL Technologies, Infosys, Hindustan Unilever and Asian Paints were among the laggards.

India’s economy grew by better-than-expected 8.4 per cent in the final three months of 2023 — the fastest pace in one-and-half years.

The growth rate in October-December was higher than 7.6 per cent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 per cent, according to the data released by the National Statistical Office (NSO) on Thursday.

The main factor influencing the market today will be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The impressive GDP numbers provide the fundamental support to the bull market,” he added.

Global oil benchmark Brent crude declined 0.07 per cent to USD 83.62 a barrel.

In Asian markets, Tokyo, Shanghai and Hong Kong were quoting with gains.

The US markets ended in the green on Thursday.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 3,568.11 crore, according to exchange data.

The BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30 on Thursday. The Nifty gained 31.65 points or 0.14 per cent to 21,982.80.

Business

Higher-than-expected GDP may lead to tight monetary policy from RBI for a longer period-Telangana Today

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The second advance estimates of GDP for FY24 released by the National Statistics Office (NSO) has indeed sprung a major surprise in the markets.

Published Date – 29 February 2024, 08:50 PM


Higher-than-expected GDP may lead to tight monetary policy from RBI for a longer period


New Delhi: The higher-than-expected momentum in the economy may lead to a tight monetary policy from the RBI for a longer period, and any reversal in the current stance is unlikely over the next six months, said Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings.

The second advance estimates of GDP for FY24 released by the National Statistics Office (NSO) has indeed sprung a major surprise in the markets. The GDP growth for Q3FY24 is pegged sharply higher at 8.4 per cent, as compared to the consensus estimate of 6.6 per cent, Chowdhury said.

“Further, the GDP estimates for the current year has been further revised to 7.6 per cent, which is again significantly higher than our forecasts of 6.8 per cent. One of the key reasons for the material shift in the GDP print is the revisions in the GDP data for some quarters of the previous fiscal,” Chowdhury said.

“What is noteworthy is the significant differential between GVA (6.5 per cent) and GDP (8.4 per cent) growth in the third quarter,” Chowdhury said.

The manufacturing sector has grown by 11.6 per cent YoY in Q3FY24, which may be partly due to higher operating margins driven by lower raw material costs.

Expectedly, the services sector has seen a significant uptick, but the agricultural sector has seen a modest contraction of 0.8 per cent during the quarter. Importantly, private consumption growth has been sluggish at 3.6 per cent and in the context of high GDP growth, it remains an area of concern, Chowdhury added. –

Business

Growth in bank credit to industry decelerates to 7.8 pc in Jan: RBI-Telangana Today

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The RBI’s data on ‘Sectoral Deployment of Bank Credit – January 2024’ also showed that credit growth to agriculture and allied activities improved to 20.1 per cent in January 2024 from 14.4 per cent a year ago.

Published Date – 29 February 2024, 07:58 PM


Growth in bank credit to industry decelerates to 7.8 pc in Jan: RBI


Mumbai: Growth in bank credit to industry decelerated to 7.8 per cent year-on-year in January compared to 8.7 per cent in the same month last year, according to Reserve Bank data released on Thursday.

The RBI’s data on ‘Sectoral Deployment of Bank Credit – January 2024’ also showed that credit growth to agriculture and allied activities improved to 20.1 per cent (year-on-year) in January 2024 from 14.4 per cent a year ago.

Among major industries, growth in credit to ‘food processing’ and ‘textiles’ accelerated in January 2024 against the corresponding month of the previous year, while that of ‘basic metal & metal products’ and ‘chemicals and chemical products’ decelerated.

Further, bank advances to the services sector grew by 20.7 per cent in January 2024 against 21.4 per cent a year ago. Among major contributors, growth in credit to ‘trade’ improved, while that to ‘non-banking financial companies (NBFCs)’ decelerated year-on-year in January 2024.

Also, personal loan growth moderated to 18.4 per cent in January 2024 against 20.7 per cent a year ago due to decelerated growth in vehicle and other personal loans, the RBI said.

Data on sectoral deployment of bank credit for January 2024 has been collected from 41 select commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all banks.

Business

Reliance Industries shares climb nearly 1 pc-Telangana Today

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The stock of the country’s most valued firm in terms of market valuation ended at Rs 2,924.75, up 0.54 per cent on the BSE.

Published Date – 29 February 2024, 05:29 PM


Reliance Industries shares climb nearly 1 pc


New Delhi: Shares of Reliance Industries on Thursday ended nearly 1 per cent higher after Walt Disney Co and the firm announced the signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth.

The stock of the country’s most valued firm in terms of market valuation ended at Rs 2,924.75, up 0.54 per cent on the BSE.

During the day, it climbed 1.68 per cent to Rs 2,958. Shares of the company ended with a gain of 0.66 per cent at Rs 2,930.75 on the NSE.

During the day, it went up by 1.60 per cent to Rs 2,957.95. The company’s market valuation stood at Rs 19,78,794.25 crore.

In the broader equity market, the 30-share BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30, and the Nifty went up by 31.65 points or 0.14 per cent to 21,982.80.

Under the deal, coming just over a month after the failed USD 10 billion merger of rivals Zee and Sony, Reliance and its affiliates will hold 63.16 per cent in the combined entity that will house two streaming services and 120 television channels.

Disney will hold the remaining 36.84 per cent, the companies said in a statement on Wednesday. Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it the muscle to fight rivals such as Japan’s Sony and Netflix.

Media ventures of Reliance are housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the ‘Colors’ brand) and sports channels.

NW18 also has stakes in moneycontrol.com, bookmyshow and publishes magazines. Its subsidiary NW18 owns news channels CNBC/CNNNews. Reliance separately owns a movie production arm – JioStudios, and majority stakes in two listed cable distribution companies, Den and Hathway.

Business

Ex-Intel India chief Avtar Saini dies after speeding cab hits his cycle-Telangana Today

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The police said that Saini, 68, living in Chembur, was cycling along the Palm Beach Road of Nerul along with a group of cycling enthusiasts, when a cab speeding on the road rammed into him from behind with full force, knocking him and injuring him, before trying to escape.

Updated On – 29 February 2024, 01:00 PM


Mumbai: Ex-Intel India chief Avtar Saini dies after speeding cab hits his cycle

Avtar Saini

Mumbai: The former head of software giant Intel, Avtar Saini died after he was knocked down by a speeding cab when he was out cycling in Navi Mumbai, officials said.

The incident happened around dawn on Wednesday. The police said that Saini, 68, living in Chembur, was cycling along the Palm Beach Road of Nerul along with a group of cycling enthusiasts, when a cab speeding on the road rammed into him from behind with full force, knocking him and injuring him, before trying to escape.

The tragedy took place around 5.50 a.m. near the Nerul Junction and the Seawoods Estate signal, and he was rushed to the nearby D.Y. Patil Hospital but pronounced dead on admission.

His co-cyclists told the police that after the cab hit him, Avtar Saini was flung away on the road and sustained severe injuries that proved fatal.

Soon after the accident, the cab driver Hrishikesh Khade attempted to flee the spot and drove the cab for nearly a km, but failed to go further as Saini’s cycle had got stuck under the car’s front wheels.

He was caught by other motorists nearby and handed over to the NRI Coastal Police Station, which lodged an FIR and slapped with various charges, including rash driving, stringent culpable homicide not amounting to murder.

According to his friends and former colleagues, Avtar Saini was an acclaimed chip designer and credited with the development of Intel 386 and 486 microprocessors and led to the design of the Pentium processor.

A member of the Chembur Amateur Cycling Group for a decade, Avtar Saini’s wife passed away three years ago and he is survived by a son and a daughter, who live in the US.

His former colleagues and Intel India President Gokul V. Subramaniam paid a warm tribute to Avtar Saini on social media recalling his services as the former Country Manager and Director, Intel South Asia, who played a key role in setting up the Intel R&D Center in India, and in an illustrious career wit Intel from 1982-2004, he was instrumental in designing several processors.

Avtar Saini joins the growing list of prominent persons or billionaires who perished in tragic accidents in recent times.

Wagh Bakri chief Parag Desai was reportedly attacked by strays in Ahmedabad, a tech firm CEO Rajalakshmi Vijay was killed while cycling at Worli in Mumbai, Vistex CEO Sanjay Shah killed in Hyderabad, while tycoon Cyrus Mistry was killed in a road crash in Palghar, Maharashtra.

Business

Markets experience volatility in early trading-Telangana Today

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In early trading, the 30-share BSE Sensex rose by 93.51 points to reach 72,398.39, while the Nifty increased by 12.55 points to 21,963.70. However, both indices experienced volatility later on.

Published Date – 29 February 2024, 12:31 PM


Markets experience volatility in early trading


Mumbai: Equity benchmark indices climbed in early trade on Thursday but later faced volatile trends amid sluggish global market cues and the scheduled monthly derivatives expiry.

The 30-share BSE Sensex climbed 93.51 points to 72,398.39 in early trade. The Nifty went up by 12.55 points to 21,963.70. Both the benchmark indices were encountering volatility later.

Among the Sensex firms, Reliance Industries, Maruti, Titan, Mahindra & Mahindra, IndusInd Bank and State Bank of India were the major gainers.

Hindustan Unilever, Power Grid, Axis Bank and Kotak Mahindra Bank were among the laggards.

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

The US markets ended marginally lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,879.23 crore on Wednesday, according to exchange data.

The BSE benchmark fell by 790.34 points or 1.08 per cent to settle at 72,304.88 on Wednesday. The Nifty slumped 247.20 points or 1.11 per cent to settle at 21,951.15.

“The market has suddenly turned unpredictable amidst high volatility. The volatility will continue today, too, being the last day of the monthly expiry,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.17 per cent to USD 83.54 a barrel.

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Rupee strengthens to 82.89 against US dollar-Telangana Today

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Forex traders noted that the domestic unit was dragged down by a volatile equity market and continued outflow of foreign funds.

Published Date – 29 February 2024, 12:10 PM


Rupee strengthens to 82.89 against US dollar


Mumbai: The rupee appreciated 2 paise to 82.89 against the US dollar in early trade on Thursday, tracking a weak American currency and a downward trend in the crude oil prices.

The domestic unit, however, weighed down by a volatile equity market and unabated outflow of foreign funds, forex traders said.

Market participants were also awaiting the domestic GDP data to be released later in the day, they said.

At the interbank foreign exchange, the local currency opened at 82.88 and dipped to 82.89 against the greenback, registering a gain of 2 paise from its previous close.

On Wednesday, the rupee settled 2 paise lower at 82.91 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.11 per cent lower at 103.86 on Thursday.

Analysts said the dip in the American currency was an instant reaction to the US macroeconomic data which projected a slightly lower growth rate for the world’s largest economy.

According to Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, market participants remained cautious ahead of the GDP number that will be released on the domestic front.

“Today, market participants will focus on India’s GDP which is expected at 6.6 per cent, and any disappointment could weigh on the rupee. Also focus will be on German CPI, and the Fed’s preferred inflation gauge- the Core PCE price index. We expect USD-INR (Spot) to trade sideways and quote in the range of 82.80-83.20,” he added.

Brent crude futures, the global oil benchmark, declined 0.18 per cent to USD 83.53 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 68.22 points or 0.09 per cent higher at 72,373.10 points.

The broader NSE Nifty rose 2.80 points or 0.01 per cent to 21,953.95 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,879.23 crore on a net basis, according to exchange data.