Business

Zomato, Swiggy slapped with Rs 500 crore GST each: Report-Telangana Today

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Both online food delivery platforms charge some money from customers in the name of delivery fees.

Published Date – 02:42 PM, Wed – 22 November 23


Zomato, Swiggy slapped with Rs 500 crore GST each: Report


New Delhi: Online food delivery platforms Zomato and Swiggy have received GST notices worth Rs 500 crore each on delivery charges, media reports said on Wednesday.

Both online food delivery platforms charge some money from customers in the name of delivery fees.

There is often a dispute between tax officers and food delivery apps regarding the delivery fee, which involves nearly Rs 1000 crore, according to the reports.

When reached for a comment, Zomato refused. Swiggy did not comment either.

As per Zomato and Swiggy, ‘delivery charge’ is nothing but the cost borne by the delivery partners who go to deliver food from door to door.

Companies simply collect that cost from customers and pass it on to delivery partners. But, tax officials do not agree with this, as per the reports.

Last month, Swiggy increased the platform fee from Rs 2 to Rs 3 for food orders.

A Swiggy spokesperson told IANS, that “there has been no significant change on platform fee, which is applied by most service players and is a common practice across industries”.

In April, the company introduced a platform fee of Rs 2 per order, irrespective of the cart value.

In August, Zomato also increased its platform fee to Rs 3 per order from an initial Rs 2.

Zomato started charging the platform fee from Zomato Gold users, who were previously exempted.

Business

Markets climb in early trade on buying in Reliance-Telangana Today

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The 30-share BSE Sensex climbed 74.43 points to 66,005.20 in early trade. The Nifty went up by 26.15 points to 19,809.55.

Published Date – 11:45 AM, Wed – 22 November 23


Markets climb in early trade on buying in Reliance


Mumbai: Equity benchmark indices climbed in early trade on Wednesday, helped by buying in index major Reliance Industries.

Gains were however restricted amid unabated foreign fund outflows from the equity markets and mixed trends in global markets.

The 30-share BSE Sensex climbed 74.43 points to 66,005.20 in early trade. The Nifty went up by 26.15 points to 19,809.55.

Among the Sensex firms, Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle and ITC were the biggest gainers.

Kotak Mahindra Bank, ICICI Bank, IndusInd Bank and JSW Steel were the major laggards.

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

The US markets ended in the negative territory on Tuesday.

Global oil benchmark Brent crude declined 0.16 per cent to USD 82.32 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 455.59 crore on Tuesday, according to exchange data.

“The uptrend in the market is intact with global support coming from the easing US bond yields. The US 10-year bond yield at 4 per cent is a strong pillar of support for equity markets. Resilience in large-caps like RIL, Bharti and HDFC Bank can continue to support the uptrend,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark climbed 275.62 points or 0.42 per cent to settle at 65,930.77 on Tuesday. The Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.

Business

Rupee trades in narrow range against US dollar-Telangana Today

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Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.

Published Date – 11:30 AM, Wed – 22 November 23


Rupee trades in narrow range against US dollar


Mumbai: The rupee was trading in a narrow range against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities.

Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.31 against the dollar and then touched a high of 83.30, and a low of 83.32 against the greenback.

On Tuesday, the rupee recovered from its all-time low to settle 10 paise higher at 83.28 against the US dollar.

The dollar index fell after the release of FED minutes overnight while the US 10-year bond was constant at 4.41 per cent.

“Participants in FED meeting minutes noted there was limited progress in bringing down core inflation. All agreed to move carefully on rates and said more tightening may be needed,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

The rupee is expected to remain in the current range with the US dollar bids dominating the inflows, Bhansali added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading unchanged at 103.55.

Brent crude futures, the global oil benchmark, fell 0.13 per cent to USD 82.34 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 51.91 points or 0.08 per cent higher at 65,982.68. The broader NSE Nifty advanced 24.55 points or 0.12 per cent to 19,807.95.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 455.59 crore, according to exchange data.

Business

RBI clears resolution plan for debt-ridden Reliance Capital-Telangana Today

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The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company.

Published Date – 10:55 PM, Fri – 17 November 23


RBI clears resolution plan for debt-ridden Reliance Capital


New Delhi: The Reserve Bank on Friday approved the resolution plan for debt-ridden Reliance Capital.

The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company.

This is to inform you that the Administrator of Reliance Capital Limited is in receipt of “No objection” vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing.

IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April.

The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.

The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm.

Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

The central bank subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal.

In February last year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital.

 

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Amazon expands reach, enters online car sales with Hyundai partnership-Telangana Today

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Amazon and Hyundai revealed plans to commence vehicle sales on the e-commerce platform’s website by the latter half of 2024.

Updated On – 11:33 AM, Fri – 17 November 23


Amazon expands reach, enters online car sales with Hyundai partnership


San Francisco: Amazon, which started with selling books to finally conquer the vast e-commerce space, will now sell cars online, partnering with South Korean automaker Hyundai to begin with.

The e-commerce giant and Hyundai announced to start selling vehicles on its website in the second half of 2024.

Hyundai vehicles will be sold on Amazon’s US online store with other brands following later in the year, the companies announced during the ‘2023 LA Auto Show’ late on Thursday. Amazon already sells car accessories and operates an “Amazon Vehicle Showrooms’ site that allows manufacturers to advertise, but not cars, trucks or SUVs.

Amazon said that the shopping experience “will create another way for dealers to build awareness of their selection and offer convenience to their customers,” reports TechCrunch.

Mike Sullivan, the president and owner of several LA-area dealerships, said, “We’re now partnering with one of the world’s leading digital retailers”.

“Amazon also brings massive reach and marketing power to connect to more customers. We can’t wait to get started,” he was quoted as saying in the report.

Hyundai also said that it will use Amazon Web Services (AWS) as its preferred cloud provider and will integrate Alexa voice assistant in its future vehicles, according to the report.

Business

Markets bounce back after early decline-Telangana Today

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The 30-share BSE Sensex fell 168.91 points to 65,507.02 in early deals. The Nifty dipped 48.45 points to 19,627.

Published Date – 12:30 PM, Thu – 16 November 23


Markets bounce back after early decline


Mumbai: Benchmark equity indices declined in early trade on Thursday amid weak trends in Asian markets, but soon bounced back to quote in the positive territory.

The 30-share BSE Sensex fell 168.91 points to 65,507.02 in early deals. The Nifty dipped 48.45 points to 19,627.

But, later both the benchmark equity indices bounced back to quote in the green amid optimism due to fresh foreign fund inflows.

The Sensex traded 101.16 points up at 65,777.64 while the Nifty quoted with a gain of 23 points at 19,698.45.

Among the Sensex firms, Bajaj Finance, Power Grid, Bajaj Finserv, JSW Steel, Titan and Tata Steel were the major laggards.

NTPC, Tata Consultancy Services, Tata Motors and HCL Technologies were among the gainers.

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

The US markets ended with gains on Wednesday.

Global oil benchmark Brent crude declined 0.75 per cent to USD 80.57 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 550.19 crore after unabated offloading of shares, according to exchange data.

The Sensex jumped 742.06 points or 1.14 per cent to settle at 65,675.93 on Wednesday. The Nifty climbed 231.90 points or 1.19 per cent to 19,675.45.

Business

Rupee falls by 9 paise to 83.18 against US dollar-Telangana Today

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Forex dealers noted that despite FII inflows and ongoing losses in crude oil prices, they helped prevent a further decline in the rupee.

Updated On – 12:04 PM, Thu – 16 November 23


Rupee falls by 9 paise to 83.18 against US dollar


Mumbai: The rupee declined by 9 paise to 83.18 against the US dollar in early trade on Thursday due to a firm greenback in the overseas markets.

FII inflows and crude oil prices extending losses, however, helped the rupee restrict the fall, forex dealers said.

At the interbank foreign exchange market, the rupee opened lower at 83.18 against the US currency. It moved in a tight range in morning deals.

The rupee appreciated 24 paise to close at 83.09 against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.14 per cent at 104.54 on Thursday.

Brent crude futures, the global oil benchmark, fell 0.91 per cent to USD 80.44 per barrel.

Analysts said that oil prices declined further in Asian trade due to signs of easing demand in China and a bigger-than-expected weekly build in US crude stockpiles.

On the domestic equity market front, the BSE Sensex dropped by 127.70 points or 0.19 per cent to 65,548.23 points. The broader NSE Nifty fell by 24.30 points or 0.12 per cent to 19,651.15 points.

According to exchange data, foreign institutional investors (FIIs) emerged as net buyers in the capital market on Wednesday as they bought shares worth Rs 550.19 crore.

Business

Hyderabad to host 2nd National Spice Conference on November 18, 19-Telangana Today

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This year’s National Spice Conference, scheduled to be held in Hyderabad will revolve around the theme, “Food Safe Spices: The Way Forward to a Stable & Sustainable Income.”

Published Date – 07:59 PM, Wed – 15 November 23


Hyderabad to host 2nd National Spice Conference on November 18, 19


Hyderabad: World Spice Organization is all set to host the 2nd National Spice Conference (NSC) in Hyderabad on November 18 and 19.

As the technical partner of the All-India Spices Exporters Forum (AISEF), WSO aims to provide a crucial platform for discussions within the Indian spice industry, fostering collaboration between farmer producers, FPOs, and Spice Manufacturers and Traders.

WSO is organizing the National Spice Conference in collaboration with GIZ and IDH- the Sustainable Trade Initiative and Rainforest Alliance is the sustainability partner for this event. The conference will be attended by heads of Indian Regulatory Authorities- FSSAI, IISR.

This year’s NSC will revolve around the theme, “Food Safe Spices: The Way Forward to a Stable & Sustainable Income.” The conference will comprehensively address all nodes and aspects of the spice supply chain, offering a 360° perspective on food safety and its positive impacts on income and profit. Distinguished speakers from regulatory authorities, spice, and allied industries will contribute their insights to the sessions.

The business-focused segment of the conference will feature sessions on increasing income through sustainable & eco-friendly practices and tech-driven farming, food safety and compliance, funding opportunities for farmers/FPOs, better input management and improving productivity, and innovative processes and market trends.

Business

India set to host 2nd Voice of Global South Summit virtually-Telangana Today

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Throughout its G20 Presidency, India has made an effort to guarantee that the issues facing the Global South are given the attention they deserve and that their objectives are taken into account when developing answers to the world’s most urgent problems, according to MEA release.

Published Date – 02:36 PM, Wed – 15 November 23


India set to host 2nd Voice of Global South Summit virtually

Throughout its G20 Presidency, India has made an effort to guarantee that the issues facing the Global South are given the attention they deserve and that their objectives are taken into account when developing answers to the world’s most urgent problems, according to MEA release.

New Delhi: India will hold the second Voice of the Global South Summit on Friday in a virtual format, the Ministry of External Affairs said.

Throughout its G20 Presidency, India has made an effort to guarantee that the issues facing the Global South are given the attention they deserve and that their objectives are taken into account when developing answers to the world’s most urgent problems, according to MEA release.

The 2nd VOGSS would focus on sharing with countries of the Global South the key outcomes achieved in various G20 meetings over the course of India’s Presidency.

The challenges posed by global developments are also likely to be discussed. Further, the Summit will serve as a platform to discuss ways to sustain the momentum generated towards our common aspiration of a more inclusive, representative and progressive world order.

The second VOGSS will be structured into 10 sessions. The inaugural and concluding sessions would be at the Head-of State / Government level, and hosted by Prime Minister Narendra Modi.

The theme of the inaugural leaders’ session is “Together, for Everyone’s Growth, with Everyone’s Trust” and that of the concluding leaders’ session is “Global South: Together for One Future”, the MEA said.

The summit, in addition, will also have eight ministerial sessions with the following themes: * Foreign Ministers’ Session on “India & the Global South: Emerging Together for a Better Future” * Education Ministers’ Session on “Making Human Resources Future-Ready” * Finance Ministers’ Session on “Financing People-Centric Development” * Environment Ministers’ Session on “Sustainable Solutions for Climate Resilience and Climate Finance” * Foreign Ministers’ Session on “Global South and One Development” * Energy Ministers’ Session on “Affordable & Inclusive Energy Transition for Sustainable Development” * Health Ministers’ Session on “Solutions from the Global South for One Health” * Commerce / Trade Ministers’ Session on “Global South & Resilient Supply Chains” In January of this year, India held the first-ever virtual Voice of the Global South Summit (VOGSS).

The summit took place for over two days, and 125 nations from the Global South came together for this special endeavour to discuss their goals and points of view on one platform.

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Rupee rises 32 paise to 83.01 against US dollar in early trade-Telangana Today

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Rupee started strong against the US dollar as American currency weakened due to easing US inflation, noted forex traders.



Updated On – 01:12 PM, Wed – 15 November 23


Rupee rises 32 paise to 83.01 against US dollar in early trade


Mumbai: The rupee appreciated 32 paise to 83.01 against the US dollar in morning trade on Wednesday as the American currency retreated from its elevated levels after US inflation came lower than expected.

Forex traders said the rupee opened on a bullish note as the American currency weakened after US Inflation eased to its lowest level since September 2021.

Moreover, a positive trend in domestic equities boosted investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.03, then touched 83.01 against the American currency, higher by 32 paise over its previous close.

On Monday, the rupee declined by 5 paise to settle at its all-time low of 83.33 against the American currency.

The forex and equity markets were closed on Tuesday on account of Diwali-Balipratipada.

From an all-time low it marked last week amid the system outrage, the rupee is trading at nearly a two-month high around 83.00 levels, CR Forex Advisors MD Amit Pabari said.

A breakdown below 82.95 will push the pair towards 82.80 and 82.50 levels in the sessions to come, Pabari added.

Meanwhile, the dollar index was trading marginally up by 0.02 per cent to 104.07. On Monday, the dollar index was at 105.77.

Brent crude futures, the global oil benchmark, was trading 0.35 per cent higher at USD 82.76 per barrel.

In the domestic equity market, the BSE Sensex advanced 598.53 points or 0.92 per cent to 65,532.40 points. The NSE Nifty was up 184.85 points or 0.95 per cent to 19,628.40 points.

According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,244.44 crore.