by Editor | Sep 5, 2024 | Business, Economy, News
Mumbai: The rupee breached the crucial 84-mark second time within a month and settled 3 paise lower at 84.01 on Wednesday amid a sharp decline in the domestic equity markets as investors stayed away from riskier assets.
However, a weak dollar against major currencies overseas and a drop in crude oil prices capped losses in the local unit, forex traders said.
At the interbank foreign exchange market, the rupee opened at 83.96 and traded in the range of 83.95-84.02 during the day. The unit moved in a tight range of 83.95-83.97 for most part of the session, but finally settled at 84.01, registering a loss of 3 paise from its previous close of 83.98.
The Indian unit had touched its lowest closing level of 84.09 on August 5.
“…Weak domestic markets and risk aversion in the global markets pressurised the rupee. However, a decline in crude oil prices and FII inflows cushioned the downside. India’s services PMI expanded to 60.9 in August vs forecast of 60.4 and a reading of 60.3 in July,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.17 per cent to 101.65.
by Editor | Sep 5, 2024 | Business, Economy, News
New Delhi: India’s financial sector is growing at a rapid pace as fintech startups have grown by about five times in the past three years, according to a report. The growth has been from 2,100 in 2021 to 10,500 in 2024.
JM Financial said in a report: “At present time, India has 26 fintech unicorns with an estimated combined market value of $90 billion.”
India has one decacorn fintech (valuation of over $10 billion) and 25 unicorns, whose valuation ranges between $1 billion to $10 billion and 37 minicorns, with valuations ranging from $100 million to $1 billion.
There are 87 soonircorn fintech startups in the country, with valuations ranging between $60 million to $100 million.
The report said that the estimated combined value of all fintech companies in India is around $125 billion. The estimated income of all these companies in FY23 was around $20 billion. This was 5 per cent of the total revenue of all banks, financial services and insurance (BFSI) companies in the country.
In India’s fintech industry, payment and lending companies are getting a large chunk of funding. 85 per cent of the total funding raised by the fintech industry has been raised by these companies. Between 2014 and 2023, Indian fintech startups have raised about $28 billion in 1,486 deals.
by Editor | Sep 5, 2024 | Business, Economy, News
New Delhi: Zomato’s rival Swiggy, set for its initial public offering (IPO) posted Rs 2,350 crore in net loss in the last fiscal year (FY24).
The online food delivery platform, however, reduced the net loss by 44 per cent, from Rs 4,179 crore in FY23.
The company saw its revenue grow 36 per cent to Rs 11,247 crore in FY24, from Rs 8,265 crore in the previous year.
Swiggy’s gross order value (GOV) stood at $4.2 billion, up 26 per cent year-on-year (YoY) as monthly transacting users were around 14.3 million.
According to the company’s FY24 financial report, profitability has sharply improved year-on-year, “as the peak of investments in Instamart is behind us and the business continues to grow rapidly”.
In comparison, Zomato posted over 126 per cent growth in net profit to reach Rs 253 crore in the April-June quarter (Q1 FY25), from Rs 2 crore in net profit in the same quarter last year. The Deepinder Goyal-run company reported 74 per cent growth (year-on-year) in revenue at Rs 4,206 crore in Q1 FY25.
The figures came as Swiggy is set for its public debut later this year. It is reportedly eyeing a valuation of $15 billion valuation for its $1-$1.2 billion IPO.
Meanwhile, the food services market in India is poised to grow at 10-12 per cent annually over the next seven years, reaching Rs 9-10 lakh crore by 2030. The food services market in India, which encompasses dining out and ordering in, is currently valued at Rs 5.5 lakh crore.
According to a recent report by Bain & Company and Swiggy, online food delivery is expected to grow faster at 18 per cent CAGR, contributing 20 per cent to the overall food services market by 2030.
by Editor | Sep 4, 2024 | News, Politics
NEW DELHI – A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking a direction to the Centre to cancel the existing licences and cease issuing new ones to Indian firms exporting arms and other military equipment to Israel, which is engaged in genocide in Gaza.
The PIL, filed by 11 individuals including Ashok Kumar Sharma, a resident of Noida, through lawyer Prashant Bhushan, has made the union Ministry of Defence a party, and said, “India is bound by various international laws and treaties that obligate India not to supply military weapons to States guilty of war crimes, as any export could be used in serious violations of international humanitarian law,” a Press Trust of India (PTI) report said on Wednesday.
The plea argues that India’s continued arms trade with Israel violates various international laws, including those related to international humanitarian law, and India’s own constitutional obligations under Articles 14 and 21.
“Issue a writ of mandamus or any other appropriate writ or direction to the respondents, Union of India, through its various organs, to cancel any existing licences and halt the grant of new licences/permissions, to various companies in India, for export of arms and other military equipment to Israel…,” the PIL says.
It contends that continuing to export arms to Israel violates India’s obligations under international law, particularly in light of recent rulings by the International Court of Justice (ICJ) and statements from United Nations experts.
In January, the ICJ ordered provisional measures against Israel for violations in the Gaza Strip of obligations under the Convention on the Prevention and Punishment of the Crime of Genocide.
“The provisional measures include an immediate military halt to all killings and destruction that is being perpetrated by Israel on the Palestinian people. In the light of this judgment United Nations experts released a statement warning against the transfer of weapons and military ammunition to Israel which may constitute a serious violation of human rights and international humanitarian laws and risk state complicity in international crimes, possibly including genocide,” the PIL says.
“India is bound by various international laws and treaties that obligate India not to supply military weapons to States guilty of war crimes, as any export could be used in serious violations of international humanitarian law,” PTI cited the PIL as saying.
Israel’s war on Gaza has led to killings of thousands of Palestinians.
by Editor | Sep 4, 2024 | News, Politics
Jammu: Congress leader Rahul Gandhi on Wednesday kick-started his party’s election campaign in Jammu and Kashmir, assuring people that his party along with the help of INDI A bloc partners will ensure restoration of statehood to the Union territory.
“We wished for restoration of statehood to Jammu and Kashmir before the holding of assembly elections but the BJP was not willing and wanted the polls to be held first,” he said.
“We will ensure return of statehood to the region, whether BJP wants it or not. We will pressurise the government under the banner of INDIA alliance to ensure restoration of statehood,” the Leader of Opposition in the Lok Sabha said.
Gandhi was addressing an election rally at Sangaldan, a part of Banihal Assembly constituency in Ramban district which is going to polls along with 25 other segments in the first phase of the three-phased assembly elections on September 18.
Former Pradesh Congress Committee president Vikar Rasool Wani is contesting from the constituency and is facing major challenge from National Conference candidate Sajad Shaheen and BJP’s Saleem Bhat. Wani, a former minister, is eying a hatrick from the seat.
