Sports

‘Kohli has shown again why he is called great’

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During an Asia Cup Super Four clash against arch-rival Pakistan Kohli broke a long-standing Sachin Tendulkar record during another brilliant ODI knock against Pakistan

Published Date – 11:32 PM, Mon – 11 September 23


‘Kohli has shown again why he is called great’



New Delhi: Once again, India’s batting talisman Virat Kohli, demonstrated his mettle in the cricket world by becoming the fastest batter to score 13,000 runs in ODI format.

During an Asia Cup Super Four clash against arch-rival Pakistan Kohli broke a long-standing Sachin Tendulkar record during another brilliant ODI knock against Pakistan. Rajkumar Sharma, the childhood coach of Kohli, said that the former India captain’s knock against Pakistan has shown the world why he is called great.

“The kind of start by Rohit Sharma and Shubman Gill and the way Virat Kohli and KL Rahul capitalized, great performance by India. Virat Kohli has shown again why he is called great. This is a great moment, today he completed 13000 runs (ODI)…he showed that he is still the fittest player in the Indian cricket team,” Rajkumar Sharma told ANI.

During his outstanding knock against Pakistan in the Super 4 stage of the Asia Cup, Kohli completed 13,000 ODI runs, becoming the fifth player to reach the landmark in men’s ODIs.

“This is a very big moment, today he completed 13000 runs, so I would like to congratulate him. The way he scored runs for his team and accelerated his innings was amazing. Especially against Pakistan, Virat plays really well and with this knock, he has shown he is a champion player,” said Kohli’s childhood coach.

Sharma hopes that India will register a victory against Pakistan with a good margin and that their confidence will be boosted for the upcoming match. “I have full hope that today India will win the match by a good margin. So today India’s confidence will be very high and its effect will be seen in the coming matches. India is a strong contender in the World Cup and I believe this is a great and balanced team,” he added.

The No.3 batter resumed from his score of seven overnight and survived an early review for caught behind off Naseem Shah’s over. He looked in pristine touch thereafter, combining with a proactive KL Rahul to really press home India’s good start.

Kohli took 55 balls to get to his half-century but took only 29 more balls to get to his 47th ODI hundred. Rahul too, meanwhile, completed his ton to give India a strong total in Colombo.

Kohli’s vintage performance and KL Rahul’s unbridled century powered India to 356/2 against arch-rivals Pakistan in their Asia Cup Super Four clash at R. Premadasa Stadium on Monday. Captain Rohit Sharma and Shubman Gill’s half-centuries laid the foundation for India, while the unbeaten 233-run partnership between Kohli and Rahul added the icing on the cake as the former skipper finished the innings in style with a maximum.

Kohli finished his innings with an unbeaten 122, which came from 94 deliveries, while Rahul smashed a fiery 111 of 106 balls.

Business

Stock markets rally for 6th day running-Telangana Today

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The BSE Sensex climbed 174.96 points to 66,440.52 in early trade. The Nifty advanced 49.55 points to 19,776.60.

Published Date – 11:02 AM, Fri – 8 September 23


Stock markets rally for 6th day running



Mumbai: Equity benchmark indices continued their winning momentum in early trade on Friday, shrugging off weak global market trends, helped by buying in Larsen & Toubro and Bajaj Finserv.

The BSE Sensex climbed 174.96 points to 66,440.52 in early trade. The Nifty advanced 49.55 points to 19,776.60.

From the Sensex pack, Bajaj Finserv, NTPC, Larsen & Toubro, Bharti Airtel, Bajaj Finance, Maruti, Tata Steel and State Bank of India were the major gainers.

Wipro, Tata Consultancy Services, ICICI Bank and JSW Steel were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory.

The US markets ended on a mixed note on Thursday.

Global oil benchmark Brent crude declined 0.53 per cent to USD 89.44 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 758.55 crore on Thursday, according to exchange data.

“Sustained DII (Domestic Institutional Investors) investment supported by strong retail buying is driving the market higher in spite of FII selling.

“In spite of this net institutional selling, Nifty is up by 434 points for the month so far. This, and the hyper activity in the mid and smallcap segments, point to the active participation of retail investors in the rally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark ended with a gain of 385.04 points or 0.58 per cent at 66,265.56 on Thursday. The Nifty advanced 116 points or 0.59 per cent to settle at 19,727.05.

Business

RBI approves appointment of Dipak Gupta as interim MD of Kotak Mahindra Bank-Telangana Today

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Reserve Bank has given its nod for appointment of Dipak Gupta as interim Managing Director and CEO of Kotak Mahindra Bank following the resignation of Uday Kotak

Published Date – 11:50 AM, Fri – 8 September 23


RBI approves appointment of Dipak Gupta as interim MD of Kotak Mahindra Bank



New Delhi: The Reserve Bank has given its nod for appointment of Dipak Gupta as interim Managing Director and CEO of Kotak Mahindra Bank following the resignation of Uday Kotak.

RBI through its letter dated September 7, 2023, approved Gupta’s appointment for a period of two months with effect from September 2, 2023, Kotak Mahindra Bank said in a BSE filing.

It is expected that RBI would decide the full time MD of the bank during the period.

Uday Kotak stepped down as MD & CEO of the bank effective September 1, nearly four months ahead of his term. As an interim arrangement, its Joint Managing Director Gupta will carry out the duties of MD&CEO for two months as specified by RBI.

As per the regulatory mandate restricting an MD’s term to 15 years, the bank’s board had earlier this year decided to appoint Uday Kotak as a non-executive director.

Kotak, whose holding in the bank is 26 per cent, has become a non-executive director after his resignation as MD&CEO. Founder and promoter of the bank, Kotak had been the MD since the bank’s inception in 2004.

Business

Sensex and Nifty extend bullish trend, close in green-Telangana Today

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In a positive outlook for the Indian stock markets, Morgan Stanley recently stated its expectation of key indices rising by 10 per cent by the time of the next general elections in the summer of 2024, further fueling optimism among investors.

Published Date – 04:58 PM, Fri – 8 September 23


Sensex and Nifty extend bullish trend, close in green



Mumbai: The stock markets maintained their upward trajectory on Friday, closing the week on a high note. Both the Sensex and Nifty indices showed gains, reflecting the sustained bullish sentiment in the market.

At the closing bell, the Sensex recorded a robust surge of 333.34 points, closing at 66,598.91, while the Nifty followed suit with an uptick of 92.90 points, concluding at 19,819.95.

Most of the Nifty sectoral indices also remained firmly in the green, underlining the broad-based nature of the market’s positivity.

Among the Nifty-listed companies, 32 witnessed advances, while 18 saw declines. Notable gainers included NTPC, Coal India, BPCL, Tata Motors, and Larsen & Toubro, while UPL, Eicher Motors, Apollo Hospitals, Ultratech Cement, and SBI Life were among the top losers at the day’s close.

Varun Aggarwal, Founder and Managing Diector, Profit Idea said, “Nifty strong upside momentum continues. Broader market showing very good strength. We have been focusing on IT, Banks, Media, Oil & Gas sector stocks. Today they showed excellent momentum.”

”Heavy weight counters like Reliance, HDFC BANK showed strength. Expect this rally to continue and break 20k on Nifty. It can easily target 20160 on upside”, said Aggarwal.

This bullish momentum comes after Indian stock markets broke a five-week losing streak, posting nearly a one per cent gain the previous week.

Factors contributing to the improved investor sentiment include India’s robust GDP growth rate of 7.8 per cent in the first quarter of 2023-24 and continued interest from foreign portfolio investors (FPIs), who have been net buyers in Indian stock markets for the sixth consecutive month until August. FPIs have cumulatively invested Rs 1.31 lakh crore in equities in 2023.

In a positive outlook for the Indian stock markets, Morgan Stanley recently stated its expectation of key indices rising by 10 per cent by the time of the next general elections in the summer of 2024, further fueling optimism among investors.

The Indian stock market’s ongoing bull run, supported by robust economic fundamentals and positive sentiment, appears to be showing no signs of slowing down, providing ample opportunities for investors in various sectors.

Business

RBI takes decision to withdraw incremental CRR in phased manner-Telangana Today

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As much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks.

Published Date – 05:12 PM, Fri – 8 September 23


RBI takes decision to withdraw incremental CRR in phased manner



Mumbai: The Reserve Bank on Friday decided to discontinue the Incremental Cash Reserve Ratio (I-CRR), which was put in place to absorb surplus liquidity following the withdrawal of Rs 2,000 currency notes, in a phased manner beginning Saturday.

On August 10, the RBI mandated banks to maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023 and July 28, 2023.

The measure was intended to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banking system.

“On a review, it has been decided to discontinue the I-CRR in a phased manner,” the central bank said in a statement.

Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner, it added.

The RBI said 25 per cent of the amount of I-CRR maintained by banks will be released on Saturday and another 25 per cent on September 23. The rest will be released on October 7.

While announcing the I-CRR, RBI Governor Shaktikanta Das had indicated that the provision was a temporary measure for managing the liquidity overhang.

The RBI had announced that the I-CRR would be reviewed on September 8, 2023, or earlier with a view to returning the impounded funds to the banking system ahead of the festival season.

Following the withdrawal of the Rs 2,000 notes, the liquidity with the banks had surged significantly, the I-CRR was aimed to absorb the excess cash.

As much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks.

The total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023.

Business

Exide Industries invests over Rs 100 crore in subsidiary making advanced chemistry batteries-Telangana Today

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Automotive battery major Exide Industries Ltd said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary EESL.

Published Date – 06:46 PM, Fri – 8 September 23


Exide Industries invests over Rs 100 crore in subsidiary making advanced chemistry batteries

Automotive battery major Exide Industries Ltd said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary EESL.

Chennai: Automotive battery major Exide Industries Ltd on Friday said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary Exide Energy Solutions Ltd (EESL).

In a regulatory filing Exide Industries said it has invested just over Rs.100 crore (Rs 100,00,00, 015 – Rupees One hundred crore and fifteen only) by way subscribing to the rights issue of EESL.

The Rs 374.40 crore equity based EESL is into manufacturing battery cells of advanced chemistry as well as manufacturing, assembling, selling battery modules, battery packs and other related activities thereto.

EESL’s net worth as on 31.03.2023 was Rs 655.20 crore had logged a loss of Rs 59.81 crore for the year ended 31.3.2023.

Business

Volvo electric car C40 Recharge showcased in Hyderabad-Telangana Today

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Volvo Car India has showcased its Electric Car–C40 Recharge in Hyderabad with their business partner, Krishna Exclusive.

Published Date – 07:46 PM, Fri – 8 September 23


Volvo electric car C40 Recharge showcased in Hyderabad



Hyderabad: Volvo Car India has showcased its Electric Car–C40 Recharge in Hyderabad with their business partner, Krishna Exclusive. Volvo Car’s core offerings of safety and luxury form an integral part of C40 Recharge. The much- awaited C40 Recharge is available at an introductory ex-showroom price of 61,25,000.

Bookings for the C40 Recharge are exclusively online and can be done on the Volvo Car India Website. This is the second EV from Volvo in India and will be assembled at the company’s plant at Hosakote in Karnataka and it comes with an 11 kW charger.

“Hyderabad is among the fastest growing cities in the APEC region and the state of Telangana is the fastest growing state in the country. It is a very important market in India and is home to many aspiring and affluent families. The residents here have an eye for the best in the class products which C40 Recharge offers. The car offers 530km range as per international test conditions (WLTP) in single charge.

This along with a host of new features will find good favour with our customers in the city. The introduction of our second EV offering showcases the company’s commitment of being an all-electric company by 2030” said Jyoti Malhotra – Managing Director of Volvo Car India.

“It gives us great pleasure to present the C40 Recharge in Hyderabad. Our customers have been looking forward to seeing the C40 Recharge in Hyderabad and we look forward to making the deliveries. Along with advanced technology, the car incorporates safety that Volvo is known for globally.” said Sumit Passi, Dealer Principal of Volvo Hyderabad – Krishna Exclusive.

The features of C40 Recharge Born Electric include:

– Power: 408 hp

– Torque: 660 Nm

– Battery : 78 kWh

– Battery Type: Li-Ion

– Battery weight: 500kgs

– Acceleration: 0-100 kms – 4.7 s

– Battery warranty: 8 years/160,000 km

– Top speed: 180 km/h

– Power distribution ratio : 40/60

– Power (Front/Rear) – 163 hp/ 245 hp

– WLTP Range: 530 kms

– ICAT Range : 683 kms

– Front storage (Frunk): 31 ltrs

– Rear storage (boot space): 413 ltrs

– Ground Clearance (kerb weight 1 person): 171mm

– One Pedal Drive option

– Leather-free interiors

– Unique battery safety cage

– A new silhouette aero-dynamically designed slimmed roof line

– Neatly packaged sensors for the Advanced Driver Assist Systems sensor platform

– 84-pixel LED (each side) that automatically adjusts to light conditions

– Large Panoramic Sunroof that minimizes glare and provides effective UV protection.

– Digital Services with 5 years subscription

– Google Built-in (Google Assistant, Google Play, Google Maps)

– Volvo Cars App

– Harmon Kardon Premium Sound System (600W, 13 speakers)

– Volvo On Call

– Advanced Air Purifier System with PM 2.5 sensor

– 360-degree camera

– Blind Spot Information System with Cross traffic alert

– Adaptive Cruise Control

– Pilot Assist

– Lane Keeping Aid

– Collision Mitigation Support (front & rear)

– Parking Assistance Sensors (front, side & rear)

– 7 airbags

– Wireless Charging for smartphone

Business

Sovereign Gold Bond issue price fixed at Rs 5,923 per gram; subscription to open on Sep 11-Telangana Today

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“The nominal value of the bond based on the simple average of closing price (for gold of 999 purity)… works out to Rs 5,923 per gram of gold,” it said, while announcing the issue price of Sovereign Gold Bond Scheme 2023-24 Series II (second tranche).

Updated On – 07:54 PM, Fri – 8 September 23


Sovereign Gold Bond issue price fixed at Rs 5,923 per gram; subscription to open on Sep 11



New Delhi: The Reserve Bank of India (RBI) on Friday said the issue price for the next tranche of Sovereign Gold Bond has been fixed at Rs 5,923 per gram and will open for subscription from September 11.

“The nominal value of the bond based on the simple average of closing price (for gold of 999 purity)… works out to Rs 5,923 per gram of gold,” it said, while announcing the issue price of Sovereign Gold Bond Scheme 2023-24 Series II (second tranche).

The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to investors applying online and making the payment against the application through digital mode.

For such investors, the issue price of gold bond will be Rs 5,873 per gram, it said.

The issue will be open from September 11-15, according to the statement.

The bonds will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices, and recognised stock exchanges — the NSE and the BSE.

The scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of domestic savings — used for the purchase of gold — into financial savings.

The price of the bond is fixed in Indian rupees on the basis of simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers’ Association Ltd for the last 3 working days of the week preceding the subscription period.

The bonds are denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the bond will be 8 years, with an exit option after the fifth year to be exercised on the next interest payment dates.

The minimum permissible investment is 1 gram of gold. The maximum limit of subscription is 4 kg for individuals, and 20 kg for trusts and similar entities each fiscal.

Business

Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country-Telangana Today

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It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB said in a statement.

Published Date – 08:32 PM, Fri – 8 September 23


Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country



New Delhi: State-owned Bank of Baroda (BoB) on Friday announced that it has enabled the UPI ATM facility at over 6,000 ATMs across the country.

It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB said in a statement.

Customers as well as customers of all participating issuer banks using any UPI-enabled Mobile app can withdraw cash from Bank of Baroda UPI ATMs without using their debit card, it said.

Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs, the UPI ATM enables seamless QR-based cash withdrawals, doing away with the need to carry a Card to withdraw cash, it said.

One of the major benefits of the UPI ATM facility is that customers can withdraw cash from multiple accounts linked to UPI, it said.

UPI ATM transactions are also quicker, convenient, and secured as they generate a single-use dynamic QR code for every transaction and ensure a safe banking experience, it said.

Business

Panasonic to invest another Rs 300 cr in Andhra facility by 2026, aims higher exports from India-Telangana Today

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The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.

Published Date – 08:42 PM, Fri – 8 September 23


Panasonic to invest another Rs 300 cr in Andhra facility by 2026, aims higher exports from India



Varanasi: Panasonic Electric Works India (PEWIN) will invest another Rs 300 crore to increase capacity at its unit in Sri City, Andhra Pradesh, company officials said on Friday.

The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.

“We have invested Rs 300 crore as part of the first phase of the project, and will be investing another Rs 300 crore by 2026,” PEWIN Director for power business unit, Rajesh Nandwani, said.

At present, the overall production capacity of the company, which operates plants in Daman and Haridwar as well, is 62 crore pieces per year, which will grow to 70 crore by 2025 and 100 crore by 2030, Nandwani said.

The company produces various products such as switches and switchboards.

PEWIN Managing Director Yoshiyuki Kato said the company’s revenues stood at Rs 5,100 crore in FY23, and is aiming to increase it three times by 2030 because of the opportunities it sees here.

Nandwani said exports constitute 2 per cent of the overall revenue at present, and it is aiming to push it up to 10 per cent of the targeted revenue by 2030.

To boost exports, the company will launch products aimed at local market conditions and also increase its distribution strength, Nandwani said.

The company is also open to inorganic growth opportunities and will be looking at proposals that help it increase its market share and capabilities, Nandwani said.

About three-fourths of the revenues for PEWIN are contributed by the power unit, while the rest come from lighting and solar verticals.
PEWIN employs 8,900 people in India at present.

The company will look to become more solutions-centric rather than product-centric, Raja Mukherjee, its head for the lighting business unit, said.

Government business contributes a third of the topline for the lighting unit at present, he said.

Amit Barve, who heads the solar power solution unit, said the company is looking at solar lighting along highways as a big opportunity, given the mandate to have a fifth of the country’s roads to be lit up using solar power.