Business

Odysse to supply 10,000 e-scooters to 2-wheeler MaaS player Bud-e-Telangana Today

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Premium electric vehicle maker Odysse on Thursday announced a strategic collaboration with electric two-wheeler MaaS provider Bud-e.

Published Date – 07:51 PM, Thu – 3 August 23


Odysse to supply 10,000 e-scooters to 2-wheeler MaaS player Bud-e

Premium electric vehicle maker Odysse on Thursday announced a strategic collaboration with electric two-wheeler MaaS provider Bud-e.

Mumbai: Premium electric vehicle maker Odysse on Thursday announced a strategic collaboration with electric two-wheeler MaaS provider Bud-e for supplying 10,000 units of its e- scooter to the latter.

The delivery will be completed in a phased manner over the next two years, Odysse Electric Vehicles said in a statement.

The strategic partnership with Bud-e marks a significant milestone for the company as it continues to strengthen its presence in the electric scooter market, Odysse said, adding that this partnership would bring remarkable benefits to Bud-e, including scalability, and cost savings, while also helping them achieve a competitive advantage in the market.

“We have partnered with Bud-e for our electric scooters. This collaboration highlights the growing demand for sustainable transportation solutions,” said Nemin Vora, CEO of Odysse Electric Vehicles Pvt. Ltd.

Bud-e smart electric bikes incorporate app-enabled IoT integration, ensuring rider convenience with an impressive range and swappable batteries, the company said.

The e-two-wheeler Mobility-as-a-Service provider offers tailored SaaS solutions for fleet management and rental subscriptions, catering to diverse businesses.

Through its fleet management and rental subscription portals, bud-e is reshaping mobility by monitoring drivers, prioritising safety, and optimising battery and inventory management systems, according to the statement.

“The groundbreaking collaboration marks a significant step towards a cleaner, greener and sustainable future… Our idea is to reduce the dependence on personal automobiles. Together Bud-e and Odysse aim to put 10,000 EV’s across the country,” said Adithya Tekumalla, Co-Founder and CEO, Bud-e, The long-term collaboration with Odysse will give an added advantage in terms of continuous supply of vehicles, availability of spare parts, leveraging dealer networks for expansion in different cities while keeping the uptime and utilisation of vehicles to the fullest and keep the churn low, he said.

“Over the next two years, we plan to acquire more vehicles from Odysse and create a swappable charging ecosystem for faster adoption of EV’s,” Tekumalla added.

Business

Qualcomm stock slips amid likely job cuts in slowing smartphone market-Telangana Today

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The company delivered revenues of $8.4 billion, a 23 per cent year-over-year drop and 52 per cent decrease in net income to $1.8 billion, mainly due to an ongoing slump in the smartphone industry.

Published Date – 09:11 PM, Thu – 3 August 23


Qualcomm stock slips amid likely job cuts in slowing smartphone market



San Francisco: Chip major Qualcomm’s shares fell about 7 per cent after it provided a gloomy outlook for its fiscal Q4, warning of an ongoing slump in smartphone sales and likely job cuts.

In a US securities filing as it announced results for its fiscal third quarter ended June 25, the company said “while we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charge”.

In the earnings call, President and CEO Cristiano Amon said that they are taking a conservative view of the market and “will be proactively taking additional cost actions to ensure Qualcomm is well positioned to deliver maximum value for stockholders in an uncertain environment”.

The company delivered revenues of $8.4 billion, a 23 per cent year-over-year drop and 52 per cent decrease in net income to $1.8 billion, mainly due to an ongoing slump in the smartphone industry.

In India, the smartphone market shipped 64 million units in the first half this year with a decline of 10 per cent, according to the International Data Corporation (IDC).

“We are pleased with our technology leadership, product roadmap and design-win execution, which position us well for growth and diversification in the long term,” Amon said in a statement.

“As AI use cases proliferate to the edge, on-device AI has the potential to drive an inflection point across all our products. Qualcomm remains best positioned to lead this transition given the unmatched accelerated computing performance with the power efficiency of our platforms,” Amon added.

Business

Dunzo seller app joins ONDC; aims to onboard 20,000 merchants in 45 days-Telangana Today

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Dunzo app, which joined the ONDC less than two weeks ago, is already witnessing high volumes, according to a senior executive

Published Date – 09:14 PM, Thu – 3 August 23


Dunzo seller app joins ONDC; aims to onboard 20,000 merchants in 45 days



New Delhi: Quick commerce and logistics app Dunzo’s seller arm has joined the Open Network for Digital Commerce (ONDC) and is looking to onboard over 20,000 merchants across verticals in the next 45 days, the company said on Thursday.

The seller app, which joined the ONDC less than two weeks ago, is already witnessing high volumes, according to a senior executive.

In addition to being a logistics partner on the network, the seller app will onboard 1,500 local merchants in the next one week.

It is targeting to have 20,000 local merchants across food, grocery, pharma among other sectors in the next 45 days.

Dunzo Co-Founder Dalvir Suri said since the onboarding on the ONDC, there has been a three-time increase in the number of daily orders for merchants.

“It’s been less than two weeks since we’ve been live on the network, and have already hit peak order volumes of more than 3,000 a day for groceries and other essential items through our local merchants,” he said.

Dunzo had joined the ONDC about a year ago and has expanded business as a logistics aggregator.

 

Business

Zomato shares jump over 14 pc; hit 52-week high after posting first-ever quarterly profit-Telangana Today

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The company had posted a net loss of Rs 186 crore in the same quarter last fiscal, Zomato said in a regulatory filing on Thursday.

Published Date – 10:37 AM, Fri – 4 August 23


Zomato shares jump over 14 pc; hit 52-week high after posting first-ever quarterly profit

Online-food-platform-Zomato

New Delhi: Shares of online food delivery firm Zomato Ltd zoomed over 14 per cent in morning trade on Friday, after the company reported its first-ever consolidated profit after tax of Rs 2 crore in the April-June quarter of 2023-24.

The stock jumped 14.11 per cent to reach its 52-week high of Rs 98.39 on the BSE.

At the NSE, it rallied 13.69 per cent to its 52-week peak of Rs 98.40.

In traded volume terms, 70.26 lakh shares of the company were traded at the BSE and over 19.30 crore shares at the NSE in morning deals.

The company had posted a net loss of Rs 186 crore in the same quarter last fiscal, Zomato said in a regulatory filing on Thursday.

Consolidated revenue from operations in the first quarter of the current fiscal was at Rs 2,416 crore, as against Rs 1,414 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,612 crore, as compared to Rs 1,768 crore in the same quarter a year ago.

In a letter to shareholders, Zomato Managing Director & Chief Executive Officer (CEO) Deepinder Goyal said the company has been working hard to make its business less complex, and putting the right people at the right spots within its businesses.

He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.

Business

FPIs have been sellers in 6 trading sessions at Rs 7,990 cr-Telangana Today

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IT stocks are leading the gains with Wipro up more than 2 per cent, Tech Mahindra, HCL Tech, TCS are all up more than 1 per cent.

Published Date – 11:31 AM, Fri – 4 August 23


FPIs have been sellers in 6 trading sessions at Rs 7,990 cr

Source: IANS.

New Delhi: FPIs have been continuous sellers in the last six trading sessions with a cumulative sell figure of Rs 7,990 crore, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the two-day correction in the market, Nifty has lost 350 points. More importantly, higher corrections have happened in the large-caps with the broader market holding on, he said.

With the 10-year US bond yield spiking to 4.16 per cent, the FPIs may continue to sell or at least refrain from buying aggressively. The positive factor is that the DIIs are buying aggressively more than compensating for FPI selling, he said.

During the last six sessions, DIIs have bought stocks for around Rs 9,000 crore. Investors may take cues from Warren Buffet’s response to the Fitch downgrade that, “There are some things that people should not be worried. This is one”. This is the time to nibble at high quality large-caps, particularly in banking, capital goods, construction and autos, he added.

BSE Sensex is up 252 points in Friday trade at 65493 points. IT stocks are leading the gains with Wipro up more than 2 per cent, Tech Mahindra, HCL Tech, TCS are all up more than 1 per cent.

Business

Rupee trades in narrow range against US dollar-Telangana Today

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Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.

Published Date – 12:30 PM, Fri – 4 August 23


Rupee trades in narrow range against US dollar



Mumbai: The rupee witnessed a range-bound trading against the US dollar in early trade on Friday, as the support from positive domestic equities was negated by firm crude oil prices.

Forex traders said the rupee opened on a flat note as losses in dollar index, and positive Asian currencies supported sentiments, while rise in crude oil prices dented investors.

At the interbank foreign exchange, the rupee was trading in a narrow range. It opened at 82.73 against the dollar, and touched a low of 82.77 and a high of 82.72.

On Thursday, the rupee closed at 82.74 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 102.40.

Brent crude futures, the global oil benchmark, was trading 0.16 per cent higher at USD 85.28 per barrel.

Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali said the rupee opened flat “due to losses in dollar index and small gains in Asian currencies while a rise in oil prices. RBI was seen at 82.80 and could be seen again selling USD to keep rupee in a range given the amount of reserves it has accumulated.” In the domestic equity market, the 30-share BSE Sensex advanced 207.71 points or 0.32 per cent to 65,448.39. The broader NSE Nifty was up 70.20 points or 0.36 per cent to 19,451.85.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth Rs 317.46 crore, according to exchange data.

Business

Sensex climbs 300.1 points to 65,540.78 in early trade-Telangana Today

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Bouncing back from a three-day decline, the 30-share BSE Sensex climbed 300.1 points to 65,540.78 in early trade. The NSE Nifty advanced 105.9 points to 19,487.55.

Published Date – 12:45 PM, Fri – 4 August 23


Sensex climbs 300.1 points to 65,540.78 in early trade



Mumbai: Equity benchmark indices rebounded in early trade on Friday after three days of fall amid buying in IT counters and mixed global market trends.

Bouncing back from a three-day decline, the 30-share BSE Sensex climbed 300.1 points to 65,540.78 in early trade. The NSE Nifty advanced 105.9 points to 19,487.55.

From the Sensex pack, Tech Mahindra, Wipro, HCL Technologies, Tata Consultancy Services, Infosys, JSW Steel, Titan and ITC were among the biggest gainers.

Power Grid, Hindustan Unilever, Tata Motors and ICICI Bank were among the laggards.

In Asian markets, Shanghai and Hong Kong were trading in the positive territory while Seoul and Tokyo quoted lower.

The US markets ended marginally lower on Thursday.

India’s services sector growth touched a 13-year high in July as a substantial improvement in demand conditions and pick-up in international sales induced the strongest increase in new business and output, a monthly survey said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 317.46 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.12 per cent to USD 85.24 a barrel.

The BSE benchmark fell by 542.10 points or 0.82 per cent to settle at 65,240.68 on Thursday. The Nifty declined 144.90 points or 0.74 per cent to end at 19,381.65.

Business

Ransomware cyberattacks in India have more than doubled in the first half of 2023-Telangana Today

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While India saw a lesser rise in crypto attacks, there has been a huge growth in ransomware and IoT attacks overall.

Published Date – 12:51 PM, Fri – 4 August 23


Ransomware cyberattacks in India have more than doubled in the first half of 2023



New Delhi: India saw a huge surge in ransomware and IoT cyber attacks in the first half of 2023, as criminals shifted to stealthier means of malicious activities, according to a report by SonicWall.

While major economies like the US and the UK witnessed a decline in ransomware attacks, India (up 133 per cent) and Germany (52 per cent) are among the countries that saw a huge surge in such attacks, the 2023 SonicWall Mid-Year Cyber Threat Report for the January-June period stated.

At the global level, a variety of other attacks have trended up, including cryptojacking (399 per cent), IoT malware (37 per cent) and encrypted threats (22 per cent), the report said. At the global level, there was a decline of 41 per cent in ransomware attacks.

Cybercriminals are diversifying and expanding their skill sets to attack critical infrastructure, making the threat landscape even more complex and forcing organizations to reconsider their security needs, the report mentioned.

“While India saw a lesser rise in crypto attacks, there has been a huge growth in ransomware and IoT attacks overall. These rises in cyberattacks pose great risks to India’s economic ambitions, with industries from manufacturing to pharmaceuticals becoming more vulnerable as they continue to digitize operations,” Debasish Mukherjee, Vice President Regional Sales, APJ, SonicWall said.

The data suggests increased law enforcement activity, heavy sanctions and victims’ refusal to pay ransom demands have altered criminal conduct, and threat actors are targeting other means of revenue, the report said while explaining the reason for fall in ransomware attack at the global level.

“The seemingly endless digital assault on enterprises, governments and global citizens is intensifying, and the threat landscape continues to expand,” said SonicWall President and CEO Bob VanKirk. Data indicated that threat actors are more opportunistic than ever, targeting schools, state and local governments, and retail organizations at unprecedented rates, the report said.

Prominent attacks continued to plague enterprises, cities, airlines, and K-12 schools, causing widespread system downtime, economic loss and reputational damage, it said. Cryptojacking attacks on education surged by 320 times, on government by 89 times and on healthcare by 69 times, according to the report.

Global volume of IoT malware rose 37 per cent, totalling almost 78 million hits by the end of June As connected devices continue to rapidly multiply, bad actors are targeting weak points of entry as potential attack vectors into organizations.

“SonicWall intelligence suggests that bad actors are pivoting to lower-cost, less risky attack methods with potentially high returns, like cryptojacking,” said SonicWall Vice President of Product Security Bobby Cornwell.

“It also explains the reason we’re seeing higher levels of cybercrime in regions like Latin America and Asia. Hackers search for the weakest points of entry, with the lightest possible repercussions, limiting their risk and maximizing their potential profits.”

Business

SBI Q1 profit jumps over two-fold to Rs 16,884 cr-Telangana Today

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The country’s biggest bank SBI on Friday posted over two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year.

Published Date – 04:47 PM, Fri – 4 August 23


SBI Q1 profit jumps over two-fold to Rs 16,884 cr



New Delhi: The country’s biggest bank SBI on Friday posted over two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year, helped by decline in bad loans and improvement in interest income.

State Bank of India (SBI) had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.

The bank’s total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing.

During the quarter, the bank earned interest income of Rs 95,975 crore, as against Rs 72,676 crore in the same period a year ago.

The bank’s gross non-performing assets (NPA) of the total advances fell to 2.76 per cent at June-end from 3.91 per cent a year ago.

Similarly, net NPAs also eased to 0.71 per cent in June 2023, as against 1 per cent a year ago.

On a consolidated basis, SBI’s net profit also rose over two-fold to Rs 18,537 crore, as against Rs 7,325 crore in the same quarter a year ago.

The total income increased to Rs 1,32,333 crore in the quarter under review, as compared to Rs 94,524 crore in the first quarter of the previous fiscal.

During the quarter, the bank infused Rs 489.67 crore in its non-life insurance venture SBI General Insurance, it said, adding Rs 82.16 crore was infused in eight Regional Rural Banks (RRBs).

Business

Zinc futures down on muted demand-Telangana Today

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Zinc prices on Friday fell by 0.13 per cent to Rs 223.20 per kilogramme in the futures trade as speculators reduced their exposure taking negative cues from the spot market.

Published Date – 05:02 PM, Fri – 4 August 23


Zinc futures down on muted demand



New Delhi: Zinc prices on Friday fell by 0.13 per cent to Rs 223.20 per kilogramme in the futures trade as speculators reduced their exposure taking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for August delivery traded lower by 30 paise or 0.13 per cent at Rs 223.20 per kg in 3,677 lots.

Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.