Business

Gold prices likely to move towards new high of Rs 70,000-Telangana Today

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Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields.

Published Date – 08:35 PM, Thu – 4 January 24


Gold prices likely to move towards new high of Rs 70,000


New Delhi: Gold prices are likely to move towards a new high of Rs 70,000, as per a report by ICICI Direct, while silver, remaining supported amid rising industrial demand, may edge higher towards Rs 85,000.

Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields.

Dollar and yields have nosedived on anticipation that US Fed will start cutting rates as soon as March 2024. Concerns over slower global economic growth and escalating geopolitical tensions in Middle East may continue to make gold valuable as hedge against uncertainties, the report said.

Additionally, central banks are likely to continue with their buying spree, diversifying their reserves. Crude oil to face hurdle near $90 on weaker demand, the report said.

Crude oil prices are likely to remain in a range of $60-$90 as market may remain in balance as it is less likely that OPEC may extend the voluntary output cuts combined with rising production in non-OPEC countries. Additionally, global oil demand growth is likely to slow given uncertainty over economic growth.

Escalating tension in Middle East may prevent oil prices from dipping below $60. MCX Crude oil prices may dip further towards Rs 5,000 levels in coming month, the report said.

Business

Bajaj Auto unveils next-gen Chetak electric scooters-Telangana Today

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The Chetak Premium 2024 boasts a vivid TFT display, incorporating Turn-By-Turn (TBT) navigation support, music control, call management, and other advanced functionalities.

Published Date – 07:15 PM, Thu – 4 January 24


Bajaj Auto unveils next-gen Chetak electric scooters

Chetak Premium 3 Op

Pune/Hyderabad: In a move to meet the escalating demand for electric scooters in India, Bajaj Auto has on Thursday introduced the Chetak Premium 2024 and Chetak Urbane 2024, the latest variants in its electric scooter lineup.

With an already impressive base of over 1 lakh Chetak users across 140+ cities, the company aims to further dominate the electric two-wheeler market with these feature-packed additions.

The Chetak Premium 2024 boasts a vivid TFT display, incorporating Turn-By-Turn (TBT) navigation support, music control, call management, and other advanced functionalities. It also comes with an upgraded 3.2 kWh battery, offering an ARAI-certified range of 127 km and a top speed of 73 km. The model introduces an optional TecPac with features such as hill hold mode Bluetooth, app connectivity, and notification alerts.

With an onboard 800W charger, the scooter can provide a 15.6 km range in just 30 minutes of charging.

Priced at Rs. 1,35,463 (ex-showroom Delhi), the Chetak Premium 2024 is available in Hazelnut, Indigo Metallic Blue, and Brooklyn Black colors. The Chetak Urbane 2024, priced at Rs. 1,15,001 (ex-showroom Delhi), offers a more affordable option and comes in Coarse Grey, Cyber White, Brooklyn Black, and Indigo Metallic Blue colors.

The Chetak Premium 2024 also focuses on sustainability with the introduction of a “Green Score” feature. This allows users to monitor their carbon footprint reduction, fuel consumption reduction, and monetary savings, aligning with the brand’s commitment to environmental responsibility.

Mr. Eric Vas, President of Urbanite, expressed pride in presenting the upgraded Chetak Premium 2024, emphasizing its blend of style, functionality, and increased range. He highlighted the company’s commitment to providing a superior riding experience as customers transition to cleaner forms of commute.

The extensive Chetak dealership ecosystem, comprising over 150 exclusive workshops and 300+ professionals, ensures reliable assistance and easy access to servicing for Chetak users. Test rides can be scheduled at the nearest dealership, and online bookings are available on www.chetak.com.

Business

Hyderabad sets new record with historic residential sales surge in 2023-Telangana Today

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This upswing was attributed to the discernible shift among homebuyers who increasingly prioritize lifestyle upgrades, emphasizing amenity-rich communities in their quest for the ideal living space.

Published Date – 05:04 PM, Wed – 3 January 24


Hyderabad sets new record with historic residential sales surge in 2023


Hyderabad: Hyderabad’s real estate market witnessed an unprecedented surge in residential sales, hitting a historic pinnacle in 2023, according to the latest report released by Knight Frank India.

The “India Real Estate – Residential and Office Market Report” revealed that a 6 per cent year-on-year (YoY) increase propelled the annual residential sales to an all-time high of 32,880 units in 2023. This upswing was attributed to the discernible shift among homebuyers who increasingly prioritize lifestyle upgrades, emphasizing amenity-rich communities in their quest for the ideal living space.

According to the report, an integral factor contributing to this record-breaking surge was the substantial rise in residential launches, soaring by 7 per cent YoY to 46,985 units in 2023. Of these, 43 per cent were high-value homes, priced above Rs 10 million, reflecting the evolving preferences for opulence and luxury in residential choices. This demand also resulted in 11 per cent growth in the average residential price of the city, reaching Rs 5,550 per sft.

The report highlighted that several key micro markets in the city experienced a substantial double-digit rental appreciation, especially in the West and South regions, signifying a growing interest in these areas.

Also, the city outskirts witnessed increased attention and growth in property values, with Kokapet registering a staggering 39 per cent increase in the price range of Rs 10,045 to 12,500 per sft over 12 months, followed by Manikonda with a 28 per cent surge and Rajendra Nagar with a 20 per cent surge.

The report outlined a significant shift in the preferences of homebuyers regarding ticket categories. The proportion of affordable residential sales, homes below Rs 5 million, dwindled from 26 per cent in 2018 to 11 per cent in 2023. Similarly, the mid-value segment, encompassing homes priced between Rs 5 million to 10 million, witnessed a decline from 52 per cent in 2018 to 40 per cent in 2023.

Business

Hyderabad’s office return inches up, lagging behind Bengaluru, Mumbai’s full-scale revival-Telangana Today

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While Hyderabad is not yet hitting the 100 per cent mark like its counterparts Bengaluru and Mumbai, recent reports suggest a resurgence, signaling a steady return to office work.

Published Date – 04:19 PM, Wed – 3 January 24


Hyderabad’s office return inches up, lagging behind Bengaluru, Mumbai’s full-scale revival


Hyderabad: Hyderabad is treading steadily towards a balanced transition from remote work culture to the revival of physical office spaces. While the city is not yet hitting the 100 per cent mark like its counterparts Bengaluru and Mumbai, recent reports suggest a resurgence, signaling a steady return to office work.

Vivek Rathi, the National Director of Research at Knight Frank India, said the return to office spaces in Hyderabad is gradually inching closer to pre-pandemic levels. In 2023, he said, approximately 55 to 60 per cent of employees had already resumed working from physical offices, marking a substantial improvement from the preceding year.

In Knight Frank India’s comprehensive report detailing the office market trends from January to December 2023, the Hyderabad office leasing sector witnessed 32 per cent year-on-year growth, boasting an impressive 8.8 million sft of transactions. This surge in demand was largely attributed to the presence of Global Capability Centers (GCCs) firms, indicating a robust push for employees to return to their workplaces.

“The city is anticipated to move closer to the pre-pandemic in-office presence, potentially reaching it by the first or later part of 2024,” remarked Vivek Rathi, highlighting the trajectory towards achieving higher in-office presence, which stood around 75 per cent even before the pandemic.

The report highlighted the dominance of offshore units of multinational corporations as key players in leasing office spaces. These GCCs accounted for a substantial 46 per cent of leased office spaces in 2023, compared to 40 per cent in the previous year.

Joseph Thilak, National Director of Occupier Strategy and Solutions, Knight Frank India, commended Hyderabad’s allure, citing its stellar quality of life, robust infrastructure, and consistent influx of top-tier talent and corporate entities.

The office rental scenario in Hyderabad maintained stability, witnessing 1 per cent year-on-year increase during the latter half of 2023. Interestingly, prime office leasing areas like Hitec City and the Financial District experienced stagnant rental growth during this period.

Hyderabad’s Suburban Business District (SBD), encompassing Kondapur, Manikonda, Kukatpally, and Raidurg, remained a hotspot with the highest average transacted rental range recorded between Rs 68-75 per sq ft per month.

Business

Zomato hikes platform fee to Rs 4 across key cities after bumper NY Eve-Telangana Today

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The new rates were effective from January 1.

Published Date – 10:37 AM, Tue – 2 January 24


Zomato hikes platform fee to Rs 4 across key cities after bumper NY Eve


New Delhi: Buoyed by record food orders on New Year’s Eve, food delivery platform Zomato increased its mandatory platform fee to Rs 4 from Rs 3 per order across key markets.

The new rates were effective from January 1.

New Year’s Eve saw Zomato temporarily increasing its platform fee as high as Rs 9 per order in certain markets.

The company’s shares opened high (were hovering around Rs 126 in morning) on Tuesday after international brokerage firm CLSA remained bullish on its stock.

In August last year, Zomato introduced a Rs 2 platform fee to improve its margins and become profitable.

The company later increased the platform fee to Rs 3 before raising it again on January 1 to Rs 4. The new platform fee is levied on all customers, including Zomato Gold.

Zomato and its quick commerce platform Blinkit saw highest-ever orders and bookings on the New Year’s Eve, compared to previous years.

“We have delivered almost as many orders on NYE 23 as we did on NYE 15, 16, 17, 18, 19, 20 combined. Excited about the future!” Zomato Founder and CEO Deepinder Goyal posted on X.

Albinder Dhindsa, CEO, Blinkit said they crossed the total number of orders they did on NYE 2022 in the evening only.

“We’ve already hit highest-ever orders in a day, OPM (orders per minute), soft drinks and tonic water sold in a day, chips sold in a day, tips given to riders in a day (thank you India),” Dhindsa informed.

Meanwhile, Zomato received notices from the tax authorities in Delhi and Karnataka over alleged short payment of goods and services tax (GST) amounting to Rs 4.2 crore.

Zomato said it will appeal against the tax demand notices.

This came after Zomato received Rs 400 crore show-cause notice from the goods and services tax authorities over unpaid dues collected as “delivery charges”.

Business

Gold prices expected to go much higher in 2024-Telangana Today

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The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite high global inflation, the report said

Published Date – 05:56 PM, Fri – 29 December 23


Gold prices expected to go much higher in 2024


New Delhi: The price of gold is expected to test levels from $2,060 to $2,090 per ounce, and on any correction if $2,035 holds, the prices may target $2,115 level in the current up-move, as per a report by Emkay Wealth Management.

The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite high global inflation, the report said. The yellow metal has boomed from the lows seen in the last six months to levels above $2,000 per ounce, and currently it is perched at $2,050 level.

The boom was possible with the depreciation of the US dollar against other currencies, and the fall in the dollar Index, both of which were possible due to the market’s perception that the US interest rates and more specifically the US official rate policy could turn soft very soon. Below $2,035, technically, there is good support at $2,010 and then at $1,980 levels.

The upward price movement is expected to continue until the first resistance level which is at $2,080-2,090 levels, the report said.

Business

Rupee rebounds 14 paise to 83.20 against US dollar-Telangana Today

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The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said

Published Date – 11:31 PM, Thu – 28 December 23


Rupee rebounds 14 paise to 83.20 against US dollar


Mumbai: The rupee rebounded after two straight days of fall to settle 14 paise higher at 83.20 against the US dollar on Thursday, amid a weak American currency overseas and a rally in domestic equity markets.

The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.33 and traded in a range of 83.16-83.34 against the greenback. The local unit finally settled at 83.20, registering a gain of 14 paise over its previous close.

The rupee had lost 18 paise in the previous two sessions.

On Wednesday, the domestic currency settled 15 paise lower at 83.34 against the dollar, a day after closing at a loss of 3 paise.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee appreciated on the weak US dollar and a surge in domestic markets.

Choudhary said the rupee is likely to trade with a slight positive bias on fresh foreign inflows and an extended decline in the US dollar. Also, “traders may take cues from weekly unemployment claims data from the US. USD-INR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50”.

The US dollar declined on rising expectations of rate cuts by the US Federal Reserve.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.28 per cent at 100.37 on Thursday.

Meanwhile, global oil price benchmark Brent crude declined 0.64 per cent to USD 79.14 per barrel.

In the domestic equity market, the 30-share BSE Sensex jumped 371.95 points or 0.52 per cent to settle at an all-time high of 72,410.38 points. The broader NSE Nifty soared 123.95 points or 0.57 per cent to 21,778.70 points.

FIIs bought equities worth Rs 4,358.99 crore on Thursday, according to exchange data.

“The stability in the rupee is attributed to RBI maintaining the fall of the rupee along with FII’s buying in financial markets. The rupee’s broad range can be seen between 83.15-83.45,” according to Jateen Trivedi, VP Research Analyst at LKP Securities.

Business

Chanda Kochhar, 10 others booked for ‘cheating’ tomato paste company-Telangana Today

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According to the FIR, lodged by Shammi Ahluwalia, Director of P & R Overseas Pvt Limited (Tomato Magic), the accused allegedly conspired to present a ‘Letter of Credit’ (LoC) from a Foreign Bank as a genuine document.

Updated On – 08:59 AM, Thu – 28 December 23


Chanda Kochhar, 10 others booked for ‘cheating’ tomato paste company


New Delhi: Former ICICI Bank Managing Director and CEO Chanda Kochhar is yet again at the centre of a legal storm with a new case being registered against her in the national capital, accusing Kochhar and ten others of cheating a tomato paste company, leading to a staggering loss of Rs 27 crores.

The case, dating back to 2009, recently came to the limelight after the Patiala House Court on December 9 ordered the Delhi Police to initiate an investigation. Subsequently, the Economic Offence Wing of the Delhi Police registered an FIR on December 20, citing allegations of cheating and criminal conspiracy. Those named in the FIR include Chanda Kochhar, Sandeep Bakshi (CEO & MD ICICI Bank), Vijay Zagade (ex-manager ICICI Bank), unnamed officials of ICICI Bank’s Global Trade Services unit in Mumbai, Atul Kumar Goel (MD & CEO Punjab National Bank), K.K. Bordia (ex-GM Oriental Bank of Commerce), Akhila Sinha (AGM PNB & the then Branch Head of OBC), Manoj Saxena (AGM PNB & the then Branch Head of OBC), and K.K. Bhatia (ex-Chief Manager at OBC).

According to the FIR, lodged by Shammi Ahluwalia, Director of P & R Overseas Pvt Limited (Tomato Magic), the accused allegedly conspired to present a ‘Letter of Credit’ (LoC) from a Foreign Bank as a genuine document. The LoC, crucial for an export order of tomato paste, was purportedly issued by the Royal Bank of Scotland (RBS) but was later revealed to be from a local Russian bank named RBS Alliance, known for its dubious reputation.

 

Business

Life insurers’ premium income rises nearly 13 pc to Rs 7.83 lakh crore in FY23-Telangana Today

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The public sector reported 800 per cent profit profit, while private insurers together registered an increase by 72.36 per cent in 2022-23.

Published Date – 11:10 PM, Wed – 27 December 23


Life insurers’ premium income rises nearly 13 pc to Rs 7.83 lakh crore in FY23


New Delhi: Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh crore in fiscal 2023 while that of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore, as per the Irdai‘s annual report released on Wednesday.

Private sector life insurers have clocked a growth of 16.34 per cent in premiums, while the public sector life insurer recorded a 10.90 per cent rise in premiums, the Insurance Regulatory and Development Authority of India (Irdai) said in its Annual Report 2022-23.

Renewal premium continues to contribute the majority of total premiums underwritten by life insurers at 52.56 per cent in 2022-23. The rest 47.44 per cent is contributed by the new business premium.

However, the growth in new business premium was higher at 17.90 per cent compared to renewal business at 8.88 per cent, as per the report.

During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh policies (71.75 per cent) and private life insurers issued 80.42 lakh policies (28.25 per cent).

Profit after tax of the life insurance industry grew over five-fold to Rs 42,788 crore in 2022-23 against 7,751 crore in the preceding fiscal.

The public sector reported 800 per cent profit profit, while private insurers together registered an increase by 72.36 per cent in 2022-23.

The life insurance industry reported gross expenses of management of Rs 1.31 lakh crore during 2022-23, 16.88 per cent of the total gross premium.

As per the report, the non-life insurance industry has underwritten a total direct premium of Rs 2.57 lakh crore in India, registering a growth of 16.40 per cent from the previous year.

As many as 27 private sector insurers (including standalone health insurers) have underwritten Rs 1.58 lakh crore against Rs 1.30 lakh crore in 2021-22.

Public sector general insurers constitute 38.42 per cent of the market share, while the private sector general insurers have the remaining 61.58 per cent.

Commission expenses and operating expenses constitute a major part of the total expenses.

The gross commission expenses of public sector general insurers, private general insurers, standalone health insurers and specialised insurers stood at Rs 6,341 crore, Rs 10,192 crore, Rs 3,487 crore and Rs 125 crore, respectively for 2022-23.

The underwriting losses of non-life insurers increased to Rs 32,797 crore in 2022-23 (Rs 31,810 crore in the previous year). The losses increased by 3.11 per cent over the previous year.

As per Swiss Re Sigma Report, the life insurance penetration in India has been reduced from 3.2 per cent in 2021-22 to 3 per cent in 2022-23 and the same for the non-life insurance sector remained at 1 per cent in both these years, Irdai said.

As such, India’s overall insurance penetration reduced to 4 per cent in 2022-23 from the level of 4.2 per cent in 2021-22.

 

 

Business

India’s first wide-body A350 aircraft to arrive on Saturday, to join Air India fleet-Telangana Today

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Air India has solidified its order for 250 Airbus aircraft and 220 new Boeing flights, collectively valued at USD 70 billion at list prices.

Published Date – 01:55 PM, Sat – 23 December 23


India’s first wide-body A350 aircraft to arrive on Saturday, to join Air India fleet


New Delhi: The wait is over, as Air India’s first wide-body aircraft, A350, with new livery will make its touchdown on Saturday.

Air India CEO and MD Campbell Wilson said this in his weekly message to the employees yesterday.”After many months of planning, the first aircraft, and the first to sport our new livery and interior, will arrive in Delhi tomorrow.” There are a number of post-arrival regulatory processes that need to be completed, including customs clearance, various DGCA checks on equipment, as well as a series of ground tests and proving flights to demonstrate procedures in action before it is certified to carry passengers.

“Thereafter, we will be operating short sectors for a few months so that we can familiarise our pilots with the new aircraft under the tutelage of experienced instructors, and to build a pool sufficient to support long-haul A350 operations later in the year,” Wilson wrote in his message to the employees.

Wilson said the rest of its six initial A350s will join the fleet mid-2024.

The new livery signifies a fresh chapter for Air India and reflects the airline’s commitment to offering a modern and visually appealing experience for passengers.

The airline recently shared the first image of the A350 aircraft on social media platform X.

Recently, Tata-owned Air India has outlined ambitious expansion plans, with an order for 40 Airbus A350 aircraft set to be integrated gradually in the upcoming years.

Air India has solidified its order for 250 Airbus aircraft and 220 new Boeing flights, collectively valued at USD 70 billion at list prices.

This strategic move comes as the airline aims for a turnaround under its new ownership, Tata. Air India secured purchase agreements for these aircraft with Airbus and Boeing during the Paris Air Show in June of this year.