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Rupee gains 4 paise, hits 83.01 against US Dollar in early trade-Telangana Today

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Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit

Published Date – 16 February 2024, 11:11 AM


Rupee gains 4 paise, hits 83.01 against US Dollar in early trade


Mumbai: The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from domestic equity markets.

Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit.

At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close.

On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.12 per cent up at 104.32.

Brent crude futures, the global oil benchmark, were trading 0.07 per cent lower at USD 82.80 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 302.55 points or 0.42 per cent higher at 72,352.93 points. The broader NSE Nifty advanced 95.90 points or 0.44 per cent to 22,006.65 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth Rs 3,064.15 crore, according to exchange data.

Government data released on Thursday showed the country’s exports increased 3.12 per cent on-year to USD 36.92 billion in January. Imports rose by about 3 per cent to USD 54.41 billion and the trade deficit stood at USD 17.49 billion.

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Rupee rises 3 paise to 82.99 against US dollar in early trade-Telangana Today

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Forex traders said rupee is trading in a narrow range as strong American currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit.

Published Date – 15 February 2024, 01:10 PM


Rupee rises 3 paise to 82.99 against US dollar in early trade


Mumbai: The rupee appreciated 3 paise to 82.99 against the US dollar in early trade on Thursday, amid a positive trend in domestic equities.

Forex traders said rupee is trading in a narrow range as strong American currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit.

At the interbank foreign exchange, the domestic currency opened at 83.00, then touched 82.99 against the greenback in initial deals, registering a rise of 3 paise from its previous close.

On Wednesday, the rupee appreciated 6 paise to close at 83.02 against the US dollar.

“In the ongoing tug-of-war between positive and negative factors influencing the market, there is a tilt towards the positive aspects favouring the rupee,” CR Forex Advisors MD- Amit Pabari said.

Momentum suggests the pair will likely consolidate within the narrow range of 82.80 to 83.10, with any upward movement above 83 seen as a selling opportunity, Pabari said.

“Overall, market sentiment was buoyed by the rupee’s stronger fundamentals, supported by expectations of higher growth rates and controlled inflation,” Pabari added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent lower at 104.69.

Brent crude futures, the global oil benchmark, declined 0.49 per cent to USD 81.20 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 86.23 points or 0.12 per cent higher at 71,909.06 points. The broader NSE Nifty advanced 57.90 points or 0.27 per cent to 21,897.95 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth Rs 3,929.60 crore, according to exchange data.

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Sensex, Nifty rise in early trade-Telangana Today

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The 30-share benchmark Sensex gained 115.89 points or 0.16 per cent to 71,938.72 points while the broader Nifty climbed 36.90 points or 0.17 per cent to 21,876.95 points.

Published Date – 15 February 2024, 12:50 PM


Sensex, Nifty rise in early trade


Mumbai: Markets opened on a positive note on Thursday with Sensex and Nifty rising in early trade as investors tracked positive Asian and global cues.

The 30-share benchmark Sensex gained 115.89 points or 0.16 per cent to 71,938.72 points while the broader Nifty climbed 36.90 points or 0.17 per cent to 21,876.95 points.

In the Sensex pack, Mahindra and Mahindra, NTPC, Tata Steel, Wipro and Infosys were among the gainers while Reliance Industries and Maruti Suzuki were trading marginally lower.

Deepak Jasani, Head of Retail Research at HDFC Securities, said equities in Asia opened higher Thursday after Wall Street resumed a rally as robust earnings helped overcome worries about persistent inflation.

“All three major stock indexes in the US finished higher on Wednesday, shaking off weakness seen earlier in the day, as investors considered whether there may have been an overreaction to US inflation data in the previous session,” he said.

On Wednesday, domestic equity market reversed its early losses and closed in the positive territory. While Sensex jumped 267.64 points or 0.37 per cent to close at 71,822.83 points, Nifty went up 96.80 points or 0.45 per cent to end the day at 21,840.05 points.

Foreign Institutional Investors (FIIs) were net sellers on Wednesday as they offloaded shares worth Rs 3,929.60 crore, according to exchange data.

Business

SpaceX shifts incorporation to Texas, Musk confirms-Telangana Today

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Musk Advises Companies to Shift Incorporation Away from Delaware as SpaceX Moves to Texas

Published Date – 15 February 2024, 11:30 AM


SpaceX shifts incorporation to Texas, Musk confirms


San Francisco: Elon Musk on Thursday said that his aerospace company SpaceX has moved its state of incorporation from Delaware to Texas.

“SpaceX has moved its state of incorporation from Delaware to Texas! If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible,” Musk posted on X.

Earlier this month, the billionaire announced that Tesla will move immediately to hold a shareholder vote to change its legal home from the US state of Delaware to Texas.

This came after a judge in Delaware ruled that Musk’s $56 billion pay package is unfair and the Tesla board will need to come up with a new pay proposal.

After the ruling, the tech billionaire posted on social media: “Never incorporate your company in the state of Delaware.”

He later launched a poll on X, asking if Tesla should change its state of incorporation to Texas.

The poll received over 1.1 million votes, with more than 87 per cent supporting the reform.

“The public vote is unequivocally in favour of Texas! Tesla will move immediately to hold a shareholder vote to transfer the state of incorporation to Texas,” Musk posted.

Musk’s brain-chip implant company Neuralink has also changed its incorporation from Delaware to Nevada.

Meanwhile, SpaceX will send some 100 Starlink satellites to an early retirement after a flaw was identified.

The Starlink team identified a common issue in this subset of first-generation communication satellites that could “increase the probability of failure.”

The satellites will follow a safe, circular, and controlled lowering operation that should take approximately six months for most of the vehicles.

SpaceX has, to date, initiated controlled deorbits on 406 satellites out

of the nearly 6,000 Starlink satellites launched.

Business

RBI asks Visa, Mastercard to stop card-based commercial payments-Telangana Today

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Visa further said that BPSPs are regulated and licensed by the RBI under the PA-PG (payment aggregators – payment gateways) guidelines.

Published Date – 14 February 2024, 11:07 PM


RBI asks Visa, Mastercard to stop card-based commercial payments


Mumbai: The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance.

While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response from Mastercard was awaited.

The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank. According to industry sources, RBI directions to Visa and Mastercard have been issued due to concerns over non-compliance with KYC norms.

Transactions done at other business outlets which may not be authorised to accept commercial card payments have been asked to be temporarily halted.

In a statement , a Visa India spokesperson told PTI that “they have received a communication from the RBI on February 8 in what appears to be an industry-wide request for information on the role of business payment solution providers (BPSPs) in commercial and business payments. That communication included direction that we hold all BPSP transactions in abeyance.”

Visa further said that BPSPs are regulated and licensed by the RBI under the PA-PG (payment aggregators – payment gateways) guidelines.

“We are proactively engaged and continue to be in discussions with the RBI and our ecosystem partners to ensure compliance,” it said.

The US company also said more clarity could be offered by BPSPs and not them. According to the industry sources, some fintechs have also received the RBI direction to pause business payments made by commercial cards until further notice.

They also fear that following suspension of this facility even rental and tuition payments may be hit. Currently fintechs like Cred, Paytm and Nobroker allow rent and tuition fee payments through commercial, credit and debit cards.

It can be noted that companies mostly make their business payments through net banking/NEFT or RTGS for large transfers which are now 24×7.

Fintech players like Enkash and Paymate allow process payments made through commercial cards for business needs like paying vendors and suppliers.

Business

In filing with exchanges Paytm denies report of FEMA case against company-Telangana Today

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The company had termed the reports to be entirely ‘misleading, baseless and malicious’.

Published Date – 14 February 2024, 09:56 PM


In filing with exchanges Paytm denies report of FEMA case against company


New Delhi: One 97 Communications Limited, the company that operates the fintech company Paytm today issued a clarification to the BSE and the NSE on certain news reports that had suggested that there was a FEMA (Foreign Exchange Management Act) violation case registered by the Directorate of Enforcement (ED) against Paytm.

In a filing on Wednesday One 97 Communications Limited said “This is to further clarify that One 97 Communications Limited (‘Company”), its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and requisition for information, documents and explanations from the authorities, including Enforcement Directorate (ED), with respect to the customers that may have done business with the respective entities, and provided the required information, documents and explanations to the Authorities” the statement read.

“The Company and its associate have continued to provide such information, documents and explanations to the Authorities as is being required by them. We would also like to clarify that our associate Paytm Payments Bank Limited does not undertake Outward Foreign Remittances. We have always made and will continue to make disclosures with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015” the statement added.

Earlier on February 5, Paytm refuted reports that had claimed that there was an investigation by the Enforcement Directorate on the company, saying that the federal agency is neither investigating One97 Communications, owner of the Paytm brand, nor its founder and CEO, Vijay Shekhar Sharma.

The company had termed the reports to be entirely ‘misleading, baseless and malicious’.

On February 9, the Board of One 97 Communications Limited announced the formation of a Group Advisory Committee chaired by former SEBI Chairman M Damodaran, to work with the Board in further strengthening compliance, and regulatory matters.

In an official release, the company said that the Committee included veteran professionals like MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board of India nominated by RBI.

Business

Tata Nexon scores 5-stars in Global NCAP rating-Telangana Today

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The achievement underscores Tata Motors’ steadfast dedication to safety, as all of its new SUV models have now earned a 5-star rating from Global NCAP.

Published Date – 14 February 2024, 08:20 PM


Tata Nexon scores 5-stars in Global NCAP rating

Tara Nexon

Mumbai: Tata Motors announced on Wednesday that the all-new Nexon (ICE) has become the latest recipient of the 5-star rating (32.22/34 points) for adult occupant protection and 5-star rating (44.52/49 points) for child occupant protection from Global NCAP, the foremost global car assessment programme.

The achievement underscores Tata Motors’ steadfast dedication to safety, as all of its new SUV models have now earned a 5-star rating from Global NCAP.

Commenting on this milestone, Mohan Savarkar, Chief Product Officer at Tata Motors Passenger Vehicles, said, “Safety is ingrained in our DNA, and we are proud to earn the prestigious 5-star rating from Global NCAP for the new Nexon as per the enhanced 2022 protocol. It was the first car in India to receive 5 star rating from GNCAP in 2018 and it upholds this legacy, showcasing our unwavering commitment to innovation and excellence.”

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Hero MotoCorp announces prices of Maverick 440, opens bookings-Telangana Today

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The much-awaited motorcycle will be available in three variants – Base, Mid and Top at Hero MotoCorp dealerships across the country.

Updated On – 14 February 2024, 08:06 PM


Hero MotoCorp announces prices of Maverick 440, opens bookings

Maverick 440

Hyderabad: Hero MotoCorp has announced that booking for its flagship motorcycle – Maverick 440 will start on Wednesday across the country.

Customers can book their motorcycles at specified Hero MotoCorp customer outlets as well as digitally by visiting www.heromotocorp.com. Deliveries of the motorcycle to customers will commence from April onwards, the two-wheeler company said in a press release.

The much-awaited motorcycle will be available in three variants – Base, Mid and Top at Hero MotoCorp dealerships across the country at an attractive price point of Rs 1,99,000 (ex-showroom) for the base model, Rs 2,14,000 (ex-showroom) for the mid model and Rs 2,24,000 (ex-showroom) for the top model.

According to the press release, the company is also launching a ‘Welcome to Mavrick Club Offer’ which will be available to customers who book the Mavrick 440 before March 15. They will get a customised Mavrick Kit of accessories and merchandise worth Rs.10,000.

The Mavrick 440 represents Hero MotoCorp’s s path-breaking foray into the middle-weight motorcycle segment. It is fitted with an air cooled with oil cooler 2V single-cylinder 440cc ‘TorqX’ engine with electronic fuel injection.

This long-stroke engine delivers 27 bhp at 6000 rpm and a torque of 36 Nm at 4000 rpm. Specifically designed for high low-end torque, over 90% of the peak torque is accessible from just 2000 rpm, providing a smooth and stress-free ride for city commuting and highway journeys.

Performance-wise, the Mavrick 440 features a 6-speed transmission with a slip-and-assist clutch, The specially crafted 0° steel radial pattern tyres ensure support during extreme lean angles.

The motorcycle will be available in five colour options that will be spread across three variants. The base version is available in Arctic White. The mid variant is available in two colours – Celestial Blue and Fearless Red. The top variant is available in Phantom Black and Enigma Black colour options.

Business

Jio’s Valentine’s invitation to Airtel users: Playful or serious?-Telangana Today

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Jio’s tweet cleverly suggests that ‘home is where the heart is’ with a romantic twist, subtly promoting JioAirFiber.

Published Date – 14 February 2024, 02:00 PM


Jio’s Valentine’s invitation to Airtel users: Playful or serious?


New Delhi: Jio continues the tradition of Valentine’s day banter with competition.

In a bold and cheeky move this Valentine’s Day, Jio has extended an unexpected invitation to Airtel ‘Ex’stream’ users, playfully asking them to “switch to love” implying moving on to JioAirFiber.

Under the guise of a romantic proposition, Jio’s tweet cleverly uses the love language to propose that heart is where the home is and home is where JioAirFiber is.

“Dear @airtelindia users,This Valentine’s, don’t ignore the ‘RED’ flags in your relationship. It’s time to move on from your ‘Ex’-stream. Here’s my number 60008-60008. Call me maybe. #HappyValentinesDay #WithLoveFromJio”, the company posted.

Needless to say the ‘RED’ flag in the tweet implies the red colour of Airtel nudging its users to make Airtel its ‘Ex’ and choose JioAirFiber over Xstream.

The tweet has sparked a flurry of reactions across social media platforms, blurring the lines between a marketing stunt and a genuine challenge to its rival.

This creative approach by Jio not only capitalises on the spirit of Valentine’s Day but also nudges a competitive edge over Airtel, suggesting that never ignore the Red flags in love and network choices. The inclusion of a direct contact number, alongside playful hashtags, adds a personal touch to the challenge, inviting users to reconsider their current network provider in favoir of Jio’s services.

Last year, with 5G being the talk of the town, Jio’s cheeky tweet on Valentine’s Day was about choosing ‘True’ love and not settling with a ‘Plus’ one.

The industry observers watch closely the evolving dynamics of telecom rivalry and customer engagement strategies. Is it merely a playful jest, or does it signify a deeper strategic challenge? Either way, Jio’s Valentine’s Day tweet has undoubtedly added an intriguing twist like always in the past to the tale of telecom giants, blending romance with rivalry in the spirit of competition and choice.

In addition, RIL posted Valentine’s Day invitation inviting social media users to show love by liking, following and subscribing to RIL on YouTube, X, Instagram, LinkedIn, and Facebook.

Business

Jeff Bezos sells $4 billion worth of Amazon shares-Telangana Today

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12 Million Shares Sold on February 9, Followed by Another 12 Million on Tuesday, BBC Reports

Published Date – 14 February 2024, 01:30 PM


Jeff Bezos sells $4 billion worth of Amazon shares


San Francisco: Amazon founder Jeff Bezos has sold 24 million shares of the company in recent days worth more than $4 billion.

The first sale of 12 million shares was announced in a regulatory filing on February 9, followed by another 12 million share sale on Tuesday, reports BBC.

Bezos has also handed away Amazon shares as part of his philanthropic efforts, most recently in 2022. He last sold Amazon shares in 2021.

His sales of Amazon shares come after they have increased by almost 70 per cent in the past year, according to the report.

Earlier this month, the company said that Bezos is planning to sell at least 50 million Amazon shares over the next year.

According to a filing with the US Securities and Exchange Commission (SEC), Amazon, where Bezos currently serves as executive chair, said its billionaire founder had a trading plan for selling a maximum of 50 million shares.

The sales will occur “over a period” ending January 25 of next year “subject to certain conditions,” the filing read, reports Fox Business.

Bezos, who recently turned 60, owns nearly one billion shares of Amazon stock. Seven other top Amazon insiders took up trading plans for offloading Amazon shares, according to the SEC filing.