Business

Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India-Telangana Today

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“Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication.

Published Date – 21 February 2024, 01:24 PM


Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India


New Delhi: E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India.

According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch.

“Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication.

The items sold via Bazaar will be priced under Rs 600, the report noted.

In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee.

Meanwhile, net sales for Amazon increased 14 per cent to $170 billion in the holiday quarter that ended December 31, 2023, compared with $149.2 billion in the fourth quarter of 2022.

Amazon CEO Andy Jassy said the past holiday season was “record-breaking.”

Net income increased to $10.6 billion in the fourth quarter of 2023, compared with $0.3 billion in the fourth quarter of 2022. Amazon Web Services (AWS) segment sales increased 13 per cent year-over-year to $24.2 billion.

Business

Sensex, Nifty edge up in early trading-Telangana Today

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Sensex Gains 0.08%, Nifty Up 0.1% in Early Trade

Published Date – 21 February 2024, 12:33 PM


Sensex, Nifty edge up in early trading


Mumbai: Equity benchmark indices Sensex and Nifty eked out marginal gains in early trade on Wednesday amid Asian markets witnessing mixed trends and investors awaiting cues from the US Federal Reserve on interest rate trajectory.

The 30-share Sensex rose 60.05 points or 0.08 per cent to 73,117.45 points while the broader Nifty inched up 21.65 points or 0.1 per cent to 22,218.60 points.

In the Sensex pack, 17 stocks were in the green, and among the Nifty constituents, 29 were trading with gains.

While JSW Steel climbed more than 2 per cent, Mahindra & Mahindra, Tata Steel, and Bharti Airtel rose over 1 per cent in early deals.

Asian markets witnessed mixed trends, with Hong Kong’s Hang Seng and China’s SSE Composite Index recording gains while Japan’s Nikkei 225 was trading almost flat.

Deepak Jasani, Head of Retail Research at HDFC Securities, said US stocks ended lower on Tuesday as investors await earnings results from AI darling Nvidia on Wednesday as well as new clues from the Federal Reserve officials on interest rates after last week’s inflation data.

“US Fed officials will be speaking publicly, coupled with Wednesday afternoon’s release of minutes from the central bank’s January 30-31 meeting,” he said in a pre-market open note.

On Tuesday, European markets closed on a mixed note. Remaining in the positive territory for the sixth straight session on Tuesday, Sensex jumped 349.24 points to close at 73,057.40 points while Nifty went up 74.70 points to end the day at 22,196.95 points.

“The big emerging market worry of rising bond yields in the US is not impacting India since FIIs have been forced to reduce their selling since they are being completely neutralised by sustained DII (Domestic Institutional Investor) buying assisted by retail exuberance. This resilient domestic buying is providing the main support to the ongoing rally in the market,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Foreign Institutional Investors (FIIs) were net sellers on Tuesday as they offloaded securities worth Rs 1,335.51 crore, according to exchange data.

Business

Rupee climbs 6 paise to 82.91 against US dollar in early trade-Telangana Today

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Analysts: Foreign Investors’ Selling Pressure and High Oil Prices Hinder Rupee’s Sharp Gain

Published Date – 21 February 2024, 12:11 PM


Rupee climbs 6 paise to 82.91 against US dollar in early trade


Mumbai: The rupee sustained its upward momentum for the third straight session and gained 6 paise to 82.91 against the US dollar in early trade on Wednesday, tracking a weak American currency and positive equity market sentiment.

However, selling pressure from foreign equity investors amid elevated level of crude oil prices resisted a sharp gain in the domestic currency, analysts said.

At the interbank foreign exchange, the domestic currency opened at 82.90 and slipped to 82.91 against the greenback in initial deals, registering a gain of 6 paise from its previous close.

The rupee settled 4 paise higher at 82.97 against the US dollar on Tuesday, a day after gaining 4 paise in the preceding trading session on Friday. The currency market was closed on Monday on account of Chatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.07 per cent lower at 103.90.

Brent crude futures, the global oil benchmark, advanced 0.41 per cent to USD 82.68 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 43.64 points or 0.06 per cent higher at 73,101.04 points. The broader NSE Nifty climbed 15.30 points or 0.07 per cent to 22,212.25 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,335 crore, according to exchange data.

Business

India’s IPO tally hit a six-year high in 2023-Telangana Today

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IPO activity in India is set to remain strong this year after the number of listings rose more than 65% in 2023.

Published Date – 20 February 2024, 01:06 PM


India’s IPO tally hit a six-year high in 2023


New Delhi:  In total, 243 companies were listed on Indian bourses in the year ended December 31, 2023, the highest annual tally in at least six years, according to S&P Global Market Intelligence data.

The aggregate transaction value of the IPOs in 2023, however, fell more than 9% to $7.10 billion, dragged down by the absence of big-ticket listings such as Life Insurance Corp. of India, through which the Indian government raised more than 205 billion Indian rupees in 2022 alone, the data said.

IPO activity in India is set to remain strong this year after the number of listings rose more than 65% in 2023.

The expected boom comes as companies look to take advantage of the country’s robust economic growth, young population and the government’s increased focus on digitisation.

India stood out as one of the few bright spots for IPOs in 2023 as activity slowed in other major markets across the globe. The number of IPOs globally fell 15.8% to 1,429 in 2023, and the aggregate transaction value was down a sharp 33.6%, the report said.

India took the third spot among global markets in terms of IPO proceeds in 2023, reflecting a shift in the sources of capital and maturing local markets, according to a PwC report released in January. The professional services firm said India’s National Stock Exchange (NSE) surpassed Hong Kong in terms of market capitalisation in November 2023, reaching nearly $4 trillion.

S&P Global Ratings anticipates solid consumer and investment dynamics will propel India’s real GDP growth to 6.4% in fiscal 2024, 6.4% in fiscal 2025 and 6.9% in fiscal 2026. The NIFTY 50, which represents the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange, rose 19.4% from January 2, 2023, through December 29, 2023.

Business

Sensex, Nifty rise marginally in early trade-Telangana Today

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The 30-share Sensex rose 23.96 points or 0.03 per cent to 72,450.60 points, with 16 constituents trading in the green. Bharti Airtel and Bajaj Finance climbed over 1 per cent.

Published Date – 19 February 2024, 12:19 PM


Sensex, Nifty rise marginally in early trade

Sensex, Nifty Rise Marginally In Early Trade

Mumbai: Sensex and Nifty gained marginally in early trade on Monday as investors seemed to be looking for firm cues amid mixed trends in the Asian markets.

The 30-share Sensex rose 23.96 points or 0.03 per cent to 72,450.60 points, with 16 constituents trading in the green. Bharti Airtel and Bajaj Finance climbed over 1 per cent.

The broader Nifty inched up 32.35 points or 0.15 per cent to 22,073.05 points and 26 scrips in the index were in the positive territory.

Deepak Jasani, Head of Retail Research at HDFC Securities, said Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step.

US market will be closed on Monday on account of President’s Holiday. On Friday, US stocks closed in the red, with all three major indices logging weekly losses, as investors assessed inflation readings and company earnings.

The key domestic equity indices have made gains in the last four trading sessions, with Sensex rising 376.26 points to close at 72,426.64 points on Friday while Nifty climbed 129.95 points to end the day at 22,040.70 points.

On Friday, Foreign Portfolio Investors (FPIs) were net buyers as they purchased securities worth Rs 253.28 crore, according to exchange data.

Jasani also said that the US stock market appears resilient in the face of hotter-than-anticipated inflation readings.

“Fourth-quarter earnings have come in a lot better than expected. Although US inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, the trend is lower,” he added.

Business

Oil prices not rising despite Middle East tensions as demand wanes-Telangana Today

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Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea.

Published Date – 17 February 2024, 12:30 PM


Oil prices not rising despite Middle East tensions as demand wanes


New York: When Russia invaded Ukraine in 2022, the price of oil jumped to over $100 a barrel. But despite the threat of an escalation of tensions in the Middle East and attacks on Red Sea shipping, oil markets have yet to see such moves this time around, media reported.

Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. Crude prices have been volatile as Wall Street assesses the path for interest rates, the US dollar and geopolitical strife, CNN reported.

Still, they remain well off their 2022 highs. West Texas Intermediate crude futures, the US benchmark for oil, settled at $77.59 a barrel on Thursday, while international benchmark Brent crude futures settled at $82.86 a barrel.

One factor that could be keeping the cap on oil prices is waning demand. A new monthly report from the International Energy Agency released on Thursday forecasts that growth in global demand will slow to 1.2 million barrels per day in 2024 from 2.3 million bpd in 2023. That comes after demand growth fell to 1.8 million bpd during the fourth quarter of 2023 from 2.8 millions bpd the prior quarter, CNN reported.

“Global oil demand growth is losing momentum,” said the agency in its February report. “The expansive post-pandemic growth phase in global oil demand has largely run its course”, CNN reported.

For some economies, however, that period of growth was lackluster. China’s economy was supposed to have a blockbuster recovery in 2023 after shuttering during the Covid pandemic. Instead, a property crisis, weak spending and high youth unemployment have caused it to stall out, and some economists believe the country could face decades of stagnation.

Business

‘Orbo’ AI seals deal of Rs 1 cr with Vineeta Singh-Telangana Today

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Orbo offers a myriad of innovative solutions that redefine customer experience and engagement.

Published Date – 17 February 2024, 09:53 AM


Shark Tank India 3: ‘Orbo’ AI seals deal of Rs 1 cr with Vineeta Singh


Mumbai: Leveraging artificial intelligence (AI) and augmented reality (AR), ‘Orbo’ which strives to transform the cosmetics industry, has sealed a deal of Rupees one crore with Vineeta Singh in the new episode of ‘Shark Tank India’ season 3.

In an era where technology is seamlessly integrated into every aspect of our lives, beauty brands, products, and services have become conveniently accessible to all. With Beauty AI, powered by AI and AR, consumers can now indulge in real-time virtual try-ons without ever stepping foot outside their homes.

Orbo offers a myriad of innovative solutions that redefine customer experience and engagement.

Team Orbo, Manoj Shinde, Danish Jamil, and Abhit Sinha, stepped onto the stage of Shark Tank India 3, seeking Sharks’ expertise to bring about a ground-breaking change in the shopping experience for brands and consumers alike.

They asked sharks for Rs one crore for 0.75 per cent equity.

Founded in 2019, Orbo emerged as the answer to personalised experiences and seamless integration in the cosmetics industry.

With a diverse range of offerings, including makeup try-ons, deep skin analysis, embedded hairstyle, hair colour augmentation, and foundation shade finder, the brand is synonymous with all things innovation.

Its flagship technologies, Beauty GPT and Smart Beauty Mirror, further solidify Orbo’s commitment to providing immersive beauty consultations, boasting an array of features tailored to meet the evolving needs of today’s consumers.

Interestingly, Shark Vineeta Singh, co-founder and CEO of Sugar Cosmetics, had previously met Manoj to evaluate Orbo’s technology for integration into her website and application.

Orbo AI sealed the deal with Vineeta at Rs one crore in exchange of one per cent equity.

Talking about their experience, Manoj Shinde, CEO and founder of Orbo said: “Shark Tank India 3 wasn’t just an episode for us at Orbo AI, it was a launchpad. More than securing investment, it ignited a global conversation about how AI can empower individuals to unveil their own unique beauty.”

“We’re humbled by the outpouring of love and support that poured in from contacts across the globe, a testament to the show’s incredible reach and ability to connect with audiences,” he added.

‘Shark Tank India 3’ streams on Sony LIV.

Business

RBI extends deadline for Paytm Payments Bank to stop transactions-Telangana Today

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As per a January 31 order of the RBI, Paytm Payments Bank was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29

Published Date – 16 February 2024, 06:05 PM


RBI extends deadline for Paytm Payments Bank to stop transactions


Mumbai: The RBI on Friday gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants.

As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29.

The RBI said this is being done keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest.

“Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the Reserve Bank of India said.

The central bank has taken action against PPBL for persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.

On Friday, the RBI also released a list of Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public at large.

Business

Nike to slash over 1,600 jobs to cut costs-Telangana Today

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In an internal memo to employees seen by The Wall Street Journal, Nike Chief Executive John Donahoe said that the company is using its resources to boost investment in categories like running, women’s apparel and the Jordan brand.

Published Date – 16 February 2024, 12:48 PM


Nike to slash over 1,600 jobs to cut costs


San Francisco: Sportswear giant Nike has said that it will lay off about two per cent of its workforce or more than 1,600 employees in order to cut costs.

In an internal memo to employees seen by The Wall Street Journal, Nike Chief Executive John Donahoe said that the company is using its resources to boost investment in categories like running, women’s apparel and the Jordan brand.

“This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable,” Donahoe added in the memo.

According to the report, layoffs are not expected to affect workers in stores and distribution facilities, nor those on the company’s innovation team. The company had about 83,700 workers globally as of May 31, 2023.

In addition, the report noted that the cuts would begin on Friday, with a second phase completed by the end of the current quarter.

The announcement of job cuts comes after Nike announced in December last year that it would save up to $2 billion in costs over the next three years. The company mentioned that it would streamline its organisation to achieve savings.

According to the company, sales grew just one per cent through November 30 compared to the previous year, with footwear sales falling five per cent in North America, Nike’s biggest market.

Business

Sensex surges over 300 points in early trade-Telangana Today

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The 30-share Sensex climbed 306.34 points or 0.43 per cent to 72,356.72 points and the broader 50-share Nifty rose 81.05 or 0.37 per cent to 21,991.80 points.

Published Date – 16 February 2024, 11:31 AM


Sensex surges over 300 points in early trade


Mumbai: Continuing with the positive momentum, Sensex surged more than 300 points in early trade on Friday while Nifty gained over 80 points as encouraging global cues boosted investor sentiments.

The 30-share Sensex climbed 306.34 points or 0.43 per cent to 72,356.72 points and the broader 50-share Nifty rose 81.05 or 0.37 per cent to 21,991.80 points.

As many as 22 Sensex constituents were trading in the green, with Mahindra & Mahindra and Tata Motors jumping more than 2 per cent.

In the Nifty pack, 40 scrips gained in early trade.

Deepak Jasani, Head of Retail Research at HDFC Securities, said, share indices in the Asia-Pacific region were trading in positive, boosted by overnight gains on Wall Street as US retail sales data declined more than expected in January, giving some relief to investors after hotter-than-expected inflation print.

On Thursday, Sensex and Nifty closed in the positive territory, making it the third straight session of gains.

While Sensex climbed 227.55 points to close at 72,050.38 points, Nifty rose 70.70 points to end the day at 21,910.75 points.

Foreign Institutional Investors (FIIs) were net sellers on Thursday, offloading shares worth Rs 3,064.15 crore.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said FIIs sold equities worth Rs 6,993 crore in the cash market while DIIs (Domestic Institutional Investors) bought equities worth Rs 5,173 crore.

“The trend of FII selling is likely to continue since the 10-year US bond yield is high at 4.24 per cent. The trend of DII buying too is likely to continue since the flows into the DIIs continue to be robust,” he said.