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Rupee turns flat at 84.07 against US dollar in early trade-Telangana Today

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Forex traders say indication of some recovery in domestic equity markets prevented the fall in local unit

Updated On – 25 October 2024, 10:44 AM


Rupee turns flat at 84.07 against US dollar in early trade

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Mumbai: The rupee stayed in a straightjacket for yet another week, trading at its near all-time low of 84.07 against the US dollar on Friday amid firm American currency and unprecedented foreign fund outflow.

Forex traders said, the indication of some recovery in domestic equity markets prevented the fall in the local unit.

At the interbank foreign exchange, the local currency opened at 84.07 against the greenback, trading flat at previous day’s closing level in initial deals.

On Thursday, the rupee had settled flat at 84.07 against the US dollar.

The local currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against the dollar.

Analysts said the selling rush by foreign investors in pursuit of better gains from the Chinese market has been preventing the rupee’s recovery, while higher US treasury yields have triggered the fear of slower interest rate cut by the Federal Reserve.

Also, uncertain geopolitical scenario ahead of the US presidential election steered investors towards safe-haven bets, they added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was higher by 0.03 per cent at 103.95.

Brent crude, the international benchmark, climbed 0.24 per cent to $74.56 per barrel in futures trade.

On the domestic equity market front, Sensex rose 44.38 points, or 0.06 per cent, to 80,109.54 points. The Nifty inched up 27.35 points, or 0.11 per cent, to 24,426.75 points. Both the indices closed lower on Thursday, extending their slide for the fourth straight session.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 5,062.45 crore, according to exchange data.

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Cryptocurrencies huge risks to financial stability: RBI Governor-Telangana Today

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Shantikanta Das says it may create a situation where the central bank may lose control of money supply in the economy

Published Date – 26 October 2024, 08:41 AM


Cryptocurrencies huge risks to financial stability: RBI Governor

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Washington: Cryptocurrencies are huge risks to financial stability and monetary stability, Reserve Bank of India (RBI) Governor Shantikanta Das said on Friday, asserting that it may create a situation where the central bank may lose control of money supply in the economy.

“I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks, it has huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of money supply in the economy,” RBI Governor Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank.

“If the central bank loses control of money supply in the economy, how does it check liquidity available in the system? How does a central bank control inflation by squeezing money supply or by losing money supply in times of crisis? So, we see crypto as a big risk, and there has to be an international understanding because the transactions are cross-country,” he said in response to a question.

“There has to be (an) international understanding on this issue, being fully mindful of the huge risks associated with cryptocurrencies. It is not something which I feel it’s not something which should be encouraged. This view is not a very popular view, but I think as custodians of financial stability, it is a major concern for central banks world over. Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies,” Das said.

India, he said, was the first country to raise questions about cryptocurrencies. In the G20 under the Indian presidency, there was an agreement to develop an international understanding with regard to how to deal with this whole crypto ecosystem. Some progress has been made in this regard, he added.

“I think more work still needs to be done. From India, from the Reserve Bank’s perspective, I think we are one of the first central banks which very clearly voiced its serious concerns about the so-called cryptocurrencies. We see them as big risks, huge risks to financial stability. There are good reasons why we are saying that,” he said.

“First, we have to understand the origin of cryptocurrencies. The origin was to bypass the system. Cryptocurrencies have all the qualities of money. The fundamental question is, are we as authorities, are governments comfortable with privately issued cryptocurrencies which have all the features of currency issuance. Currency issuance is a function, a sovereign function. So the bigger question, larger question is whether we are comfortable with crypto, which has characteristics of being a currency, or whether we are comfortable with having a private currency system in parallel to the fiat currency,” he added.

“Obviously, if a certain part of your economy is getting carved out and it is dominated by the crypto assets or the private crypto assets, then the central bank loses control over the entire monetary system. So therefore, it will lead to a huge amount of instability in the monetary system. It can also promote a huge amount of instability in the financial sector. So there are very big risks,” he said.

“So therefore, in India, we have been articulating that we have to deal with this very carefully. In fact, we have articulated that countries of course, it will depend on individual countries taking their own decisions. But we feel that it has to be very strong, it is something which I think should be very cautiously and very carefully dealt with,” Das said.

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Silver likely to outperform gold, may reach Rs 1.25L/kg on MCX, $40 on COMEX-Telangana Today

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Silver has recently delivered strong performance, rising over 40% year-to-date and surpassing ₹100,000 domestically, driven by safe-haven buying and solid industrial demand, according to a report by Motilal Oswal Financial Services Ltd (MOFSL).





Updated On – 26 October 2024, 11:35 PM


Silver likely to outperform gold, may reach Rs 1.25L/kg on MCX, $40 on COMEX

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Mumbai: Silver could either match or outperform gold in the medium to long term, and is likely to reach Rs 1,25,000 per kg on MCX and $40 on COMEX in the next 12 to 15 months, a report showed on Saturday.

Recently, silver has shown impressive performance, gaining more than 40 per cent (year-to-date) and breaching Rs 100,000 on the domestic front, fuelled by safe-haven buying and robust industrial demand, according to the report by Motilal Oswal Financial Services Ltd (MOFSL).

MOFSL has also set targets for gold of Rs 81,000 in the medium term and Rs 86,000 in the long term. It expects gold to reach $2,830 on COMEX in the medium term and $3,000 in the long term.

“2024 has experienced a significant price rally fuelled by market uncertainties, expectations of rate cuts, rising demand, and a depreciating rupee. The months following the US presidential election will be critical in shaping gold’s near-term trajectory,” said Manav Modi, analyst, commodity research, Motilal Oswal Financial Services.

Two key factors underpinning this year’s rally in precious metals are expectations of rate cuts from the Federal Reserve and rising geopolitical tensions, particularly in the Middle East.

“Overall, the sentiment for this Diwali is projected to be positive, raising optimism for bullion,” Modi said.

Regardless of shifting narratives or market volatility, one constant remains — gold has historically served as a reliable store of value during uncertain times. According to the report, if one had invested in gold during Diwali 2019, they would be enjoying 103 per cent returns on their domestic gold investments by this Diwali. Since 2011, there have only been two instances (2015 and 2016) where the 30 days leading up to Diwali recorded negative returns.

Aside from 2022, pre-Diwali gains have consistently outpaced post-Diwali gains. “We continue to believe that gold has further upside potential wherein any dips could present buying opportunities. According to our recent quarterly report, a correction of 5-7 per cent is plausible and could serve as an accumulation zone,” said Modi.

Two key factors underpinning this year’s rally in precious metals are rate cut expectations from the Federal Reserve and rising geopolitical tensions, particularly in the Middle East.

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Triumph announces new Tiger 1200 range in India-Telangana Today

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Triumph says that the 1160cc triple engine now delivers an even more refined riding experience, with superior low speed control, whilst retaining the exciting and unmistakable triple character from its T plane crank

Updated On – 28 October 2024, 06:03 PM


Triumph announces new Tiger 1200 range in India


Hyderabad: Triumph Motorcycles has on Monday revealed new features and enhancements for its Tiger 1200 family, making the range advanced and refined. The updates include further refinements to the engine, enhanced comfort and ergonomics, improved cornering ground clearance, reduced seat height with Active Preload Reduction and distinctive new colours.

In a press release, Triumph has said that the 1160cc triple engine now delivers an even more refined riding experience, with superior low speed control, whilst retaining the exciting and unmistakable triple character from its T plane crank.

According to the press release, Triumph has also enhanced the all-day comfort of the Tiger 1200 for customers looking for long-distance touring capability. The engine itself is now even smoother and more refined, thanks to a revised engine balancing strategy, which improves comfort through all the key rider touchpoints.

Chief Product Officer Steve Sargent said: “The updates to the Tiger 1200 range will deliver an even more refined ride, broadening its global appeal. While the current generation model has already made a big impact on this segment, more than doubling annual sales of the Tiger 1200 around the globe, our world-class engineering team is always looking for new ways to refine and enhance every model.

“By listening to customer feedback and integrating some of the new enhancements already revealed in the new Tiger 900, this range of updates come together to deliver a significant improvement to the riding experience.”

The Tiger 1200 is now available in four variants, with new colours. The Tiger 1200 GT Pro and GT Explorer, made for road-focused adventure ride, are now available in Carnival Red, as well as the previous options of Snowdonia White and Sapphire Black. The Tiger 1200 Rally Pro and Rally Explorer, for an all-terrain adventure, are available in new Matt Sandstorm, and Jet Black options, as well as Matt Khaki.

The Tiger 1200 range is competitively priced, starting at ₹19,38,990 (ex-showroom Delhi, NCT).

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Lack of solar equipment manufacturing units makes solar installation costly-Telangana Today

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Due to lack of availability of solar equipment on time, there is inordinate delay in implementation of Central schemes related to rooftop solar plants and other projects in the State as well.

Published Date – 28 October 2024, 08:19 PM


Telangana: Lack of solar equipment manufacturing units makes solar installation costly

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Hyderabad: With very few solar power equipment manufacturing units present in the State, solar modules and other equipment have become costly leading to a simultaneous increase in the cost of installation of solar panels in the State.

Since a majority of the manufacturing units related to solar power equipment are located in other States, the consumers not only get equipment at a higher price, but also there is a delay in executing solar projects in the State. Due to lack of availability of solar equipment on time, there is inordinate delay in implementation of Central schemes related to rooftop solar plants and other projects in the State as well.

According to the Approved List of Models and Manufacturers (ALMM) list of the Ministry of New and Renewable Energy (MNRE), Gujarat is the leading solar module manufacturing State with 32 solar enlisted module manufacturers, whereas Telangana has just six manufacturing units. As there are very few manufacturing units in the State, the suppliers and power plant executing companies have to heavily depend on companies having manufacturing units in other States. Due to this the cost of solar equipment has gone up in Telangana, leading to an increase in the cost of installation of solar panels.

The demand for solar power had been growing rapidly in the State and to meet the demand, a large number of solar photovoltaic (PV) module manufacturing plants were needed in the State, hence the government should take initiative to set up solar equipment manufacturing units in the State,Telangana State Solar Energy Association president B Ashok Kumar Goud said.

“If solar energy equipment manufacturing units are set up in the State, the demand of our State could be easily met. Consumers will get the equipment at affordable prices. The State government will also get a good income in the form of GST and local youth will get jobs either directly or indirectly,” he said.

Meanwhile, Telangana State Renewable Energy Development Corporation (TSREDCO) officials informed that the State was taking steps to invite big companies to set up their manufacturing units in the State. “Efforts are being made to attract companies involved in solar equipment manufacturing. CM and Deputy CM have been encouraging industries to set up units in Telangana,”the officials said.

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Cyient acquires stake in Azimuth AI to build cutting-edge ASIC Chips, strengthen semiconductor capabilities-Telangana Today

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This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry

Published Date – 29 October 2024, 03:21 PM


Cyient acquires stake in Azimuth AI to build cutting-edge ASIC Chips, strengthen semiconductor capabilities


Hyderabad: Cyient, a global Intelligent Engineering services company, announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in intelligent energy and power solutions. This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry, a press release said.

Krishna Bodanapu, Executive Vice-Chairman & Managing Director of Cyient, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems.”

Praveen Yasarapu, Founder and CEO of Azimuth AI, said, “together, we aim to deliver groundbreaking solutions that will push the boundaries of semiconductor technology for the global as well as Indian market.”

This strategic investment marks another significant step in Cyient’s ongoing efforts to expand its capabilities and drive innovation across the semiconductor industry.

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Apple continues to drive India’s mobile manufacturing growth story-Telangana Today

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The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24).

Published Date – 29 October 2024, 03:48 PM


Apple continues to drive India’s mobile manufacturing growth story

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New Delhi: As India continues to break all previous records on local mobile manufacturing, tech giant Apple is on course to surpass the FY24 figures of exports from India, reaching over Rs 50,000 crore (more than $6 billion) in the first six months this fiscal (FY25), according to latest industry data.

The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24).

Apple assembled $14 billion of iPhones in India in last fiscal, exported more than $10 billion worth of devices.

This growth is set to explode in coming years as India’s semiconductor market is set to cross $100 billion in revenues by 2030, driven by government initiatives like production-linked incentive (PLI) scheme amid robust demand to build digital infrastructure across industries.

Mobile handset, IT and telecom segments are leading the semiconductor industry, contributing more than 75 per cent of its revenues, according to a latest report by the India Electronics and Semiconductor Association (IESA) and Counterpoint Research. This growth is driven by the increased use of social media, OTT platforms, affordable prices, accessible data, and the expansion of the 5G network.

According to industry experts, to achieve the goal of $500 billion local electronics manufacturing by FY30, the industry must prioritise export growth to emerge as one of the top three global exporters in this domain by 2030, led by mobile manufacturing.

After Apple, Google is set to manufacture Pixel smartphones in India, with plans to export the devices to Europe and the US. The tech giant will soon begin commercial production through partnerships with Foxconn and Dixon Technologies’ subsidiary Padget Electronics. The company has already started trial production in Tamil Nadu with Foxconn, a major maker of Apple devices.

As per the India Cellular and Electronics Association (ICEA) data, mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, registering an increase of a massive 2,000 per cent, driven by the PLI scheme.

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International mattress brand Sealy opens factory in Hyderabad-Telangana Today

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The world’s No 1 selling mattress brand opens state-of-the-art manufacturing facility in Hyderabad

Published Date – 30 October 2024, 06:12 PM


International mattress brand Sealy opens factory in Hyderabad

Seen Simon Dyer, Executive Chairman & CEO of Sealy International, George Dyer, MD of Sealy International, David Montgomery, EVP, Sealy and GSS Jagannath at Sealy India manufactring factory launching Ceremony in Hyderabad.

Hyderabad: Sealy, a key player in the global mattress industry with a legacy of over 143 years, has announced the official opening of its first production facility located in Gosaiguda Village, Medchal.

This state-of-the-art 40,000 sft factory represents a significant step in Sealy’s long-term commitment to the Indian market and aligns with the brand’s strategy to expand into high-growth international markets, a press release said.

The inauguration was attended by GSS Jagannath, General Manager of Sealy India, Simon Dyer, Executive Chairman & CEO of Sealy International, George Dyer, Managing Director of Sealy International, David Montgomery, EVP of Global Business at Tempur Sealy International, and Bhaskar Rao, EVP & CFO at Tempur Sealy International.

George Dyer said the global brand began in 1881 in a small town called Celina, Texas, USA. “Over the last 143 years, we have expanded our operations worldwide. Today, Sealy stands as a testament to quality, operating in markets including America, Canada, Australia, Hong Kong, Singapore, Taiwan, and many others,” he said.

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Apple to open 4 new retail stores in India: Tim Cook-Telangana Today

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Tech giant reported revenue of $94.9 billion in July-September period, up 6 per cent from a year ago

Published Date – 1 November 2024, 10:50 AM


Apple to open 4 new retail stores in India: Tim Cook

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New Delhi: Apple, which clocked an all-time revenue record in India in the September quarter, is set to open four more own-branded retail stores in India, the tech giant’s CEO Tim Cook has said.

Apple reported revenue of $94.9 billion in the July-September period, a September quarter record and up 6 per cent from a year ago.

iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and services set an all-time revenue record, up 12 per cent year over year.

“We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said Cook during the quarterly earnings call (Q4 fiscal year 2024) late on Thursday.

In addition to growth in developed markets, “we also saw strong performance in many emerging markets with double-digit growth in Mexico, Brazil, the Middle East, India and South Asia,” he informed.

Apple has two retail stories in India — New Delhi (Saket) and Mumbai (BKC). “We can’t wait to bring four new stores to customers in India. We’re passionate about education and believe technology has a vital role to play in both helping teachers to inspire their students and students to learn about the world around them,” said Cook.

According to Luca Maestri, SVP, Chief Financial Officer, the company set “an all-time revenue record during the September quarter”.

As India continues to break all previous records on local mobile manufacturing, Apple is on course to surpass the FY24 figures of exports from India, reaching over Rs 50,000 crore (more than $6 billion) in the first six months this fiscal (FY25), according to latest industry data.

The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23.

Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). Apple assembled $14 billion of iPhones in India in last fiscal, exported more than $10 billion worth of devices.

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Musk lays off more employees from his social media platform X-Telangana Today

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According to a report, the new wave of layoffs has hit X, primarily affecting its engineering department

Published Date – 2 November 2024, 10:33 AM


Musk lays off more employees from his social media platform X


San Francisco: Elon Musk, who is busy promoting Donald Trump for the keenly-watched US presidential election on November 5, has reportedly laid off more employees from his X social media platform.

According to a report in The Verge, a new wave of layoffs has hit X, primarily affecting its engineering department, citing sources inside X and posts on the workplace forum Blind.

“The exact scale of the job cuts remains unknown. These cuts come just two months after staffers were required to submit a one-page summary telling leadership their contributions to the company,” the report claimed.

Must or X were yet to comment on the report. Recently, the tech billionaire had reportedly sent an email to X staff about their much-anticipated stock grants — although with a catch. In an email to staff seen by The Verge, the social media platform planned to award stock options based on the anticipated impact of employees.

“That means staff have to submit a one-page summary telling leadership their contributions to the company in order to get their stock,” said the report. Keeping in mind how the company has continued to struggle under Musk’s ownership, employees have been bracing for more layoffs.

Musk bought X (then called Twitter) in 2022 and laid off more than 6,000 employees- roughly 80 per cent of the company’s staff. The workforce was forced to justify their roles and even judge whether their own colleagues should be retained. The job cuts affected departments like diversity and inclusion teams as well as product development and design.

Even, Twitter’s content moderation team was not spared. In January this year, X reportedly fired 1,000 employees from its ‘safety’ staff which was responsible for stopping abusive content online. Out of these 80 per cent were software engineers that were focused on ‘trust and safety issues’.