by Editor | Jul 24, 2024 | Business, News, Politics
Mumbai: India’s frontline indices opened in the red on Wednesday as heavyweights like HUL and Bajaj Finance emerged as top losers.
At 9:52 a.m., Sensex was down 280 points or 0.35 per cent, at 80,174 and Nifty was down 72 points or 0.30 per cent.
Buying is seen in the broader market. On the National Stock Exchange (NSE), 1712 shares are in the green and 477 shares are in the red.
Midcap and smallcap stocks are performing better compared to largecaps. Nifty midcap 100 index is up 384 points or 0.68 per cent, at 56,669 and Nifty smallcap 100 index is up 248 points or 1.35 per cent, at 18,649.
Among the sectoral indices, IT, PSU Bank, Fin service, pharma, metal and media are major gainers. Auto and realty are major laggards.
ITC, Titan, Tata Motors, NTPC, Tech Mahindra, Wipro, Kotak Mahindra, Tata Steel, SBI, Asian Paints and ICICI Bank are the top gainers in the Sensex pack. HUL, Bajaj Finance, Nestle, UltraTech Cement, HCL Tech and M&M are the top losers.
by Editor | Jul 24, 2024 | Business, Economy, News
Mumbai: The rupee declined 3 paise to 83.69 against the US dollar on Tuesday after the government raised tax rates on capital gains in the FY25 Budget.
Besides, a weak tone in the US dollar and weakness in crude oil prices also put pressure on the domestic unit, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.64 and touched an intraday high of 83.61 and touched an all-time intraday low of 83.72 against the dollar during the trading session.
It finally settled at 83.69 against the American currency, registering a fall of 3 paise from its previous close.
On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency.
“Dollar buying continued to be the theme after the increase in LTCG and STCG and then the removal of indexation benefits. The rupee looks vulnerable to 84 soon as the RBI absorbs the US dollar supply,” Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, said.
The rupee touched a record low of 83.72 after Finance Minister Nirmala Sitharaman raised tax rates on capital gains, which led to a decline in the domestic equity markets. The rupee opened higher earlier today on a weak tone in the US Dollar and weakness in crude oil prices, Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
by Editor | Jul 24, 2024 | Business, Economy, News
New Delhi: iPhone maker Apple is believed to be the biggest beneficiary of a 5 per cent reduction in import duty on mobile phones and the move could lead to savings of as much as USD 35 to 50 million for the tech titan, market experts said on Tuesday.
Industry watchers also believe that the latest proposals could result in Rs 2,000-4,000 reduction in prices of some of the premium handsets, including iPhone Pro and Google Pixel, if the companies indeed decide to pass on the benefit of cut in levy to customers.
An e-mail sent to Apple seeking comments did not elicit any response.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget for fiscal year 2024-25 on Tuesday, proposed slashing import duty on mobile phones, chargers and some components that are used for manufacturing of handsets.
She said with a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.
by Editor | Jul 24, 2024 | Business, News, Technology
New Delhi: Tech giant Meta on Wednesday announced that its artificial intelligence assistant Meta AI is now available in seven new languages including Hindi, and has become more creative and smarter.
Besides Hindi and Hindi-romanised script, Meta AI is now available in other languages such as French, German, Italian, Portuguese, and Spanish.
Users can interact with Meta AI across WhatsApp, Instagram, Messenger, and Facebook in these new languages. The company said it will soon add more languages.
In addition, for the first time, it has been added to seven new countries in Latin America.
“We’re expanding access to Meta AI — the assistant in our apps and devices — and introducing new features to help you with answers, ideas, and inspiration. Meta AI is now available in 22 countries, with the newest today in Argentina, Chile, Colombia, Ecuador, Mexico, Peru, and Cameroon,” the company said in a statement.
The tech giant Meta also unveiled the Llama 3.1 AI model with 405B parameters. It is the largest and most capable open-source AI model.
“Llama 405B’s improved reasoning capabilities make it possible for Meta AI to understand and answer your more complex questions, especially on the topics of maths and coding,” the company said.
The AI model “can get help on your maths homework, write code faster with debugging support and optimisation suggestions, and master complex technical and scientific concepts with expert instruction”, it added.
by Editor | Jul 24, 2024 | Business, Economy, News
New Delhi: The Indian startup ecosystem on Tuesday hailed the Union Budget 2024 for abolishing angel tax — the tax imposed on funds raised by startups from angel investors — for all classes of financiers.
Union Finance Minister Nirmala Sitharaman, in her budget speech, said that the move was aimed at bolstering the Indian startup ecosystem, boosting the entrepreneurial spirit, and supporting innovation.
“The removal of angel tax is great news for early-stage startups and shows the government’s support for startup funding. The focus on creating jobs, developing skills, supporting MSMEs, and boosting manufacturing is setting the stage for a better India,” added Varun Gupta, Co-Founder, of BOULT.
“The removal of angel tax is a strategic step towards positioning India as a global hub for innovation, increasing domestic capital formation, and enhancing the ease of doing business. This initiative creates a favorable environment for innovation and entrepreneurship, showcasing the government’s commitment to fostering a vibrant startup ecosystem,” Singh said.
Fintech Association for Consumer Empowerment (FACE) said the step will “benefit the startup ecosystem and encourage innovation.”
“The enhanced support for MSMEs, including the introduction of the credit guarantee scheme and increased Mudra loan limits, will invigorate the manufacturing and services sectors, driving growth and global competitiveness,” it added.
Introduced in the 2012 Union Budget by then Finance Minister Pranab Mukherjee, the primary objective of angel tax was to check money laundering practices through investments in startups.
by Editor | Jul 24, 2024 | Business, Economy, News
Ahmedabad: Adani Green Energy Limited (AGEL) on Wednesday said it has operationalised the first 250 MW wind capacity at the world’s largest 30,000 MW (30 GW) renewable energy plant at Khavda, Gujarat.
With this milestone, 2,250 MW of cumulative capacity has been made operational at the Khavda plant, strengthening AGEL’s leadership in India with the largest operational portfolio of 11,184 MW.
“Khavda has one of the best wind resources in India, with speeds of 8 meters per second making it an ideal location to harness wind energy. The Khavda Renewable Energy plant is equipped with one of the world’s largest and most powerful onshore wind turbine generators (WTG) of 5.2 MW capacity each,” according to India’s largest renewable energy (RE) company.
The 5.2 MW WTGs installed at Khavda are built with superior German technology and manufactured at Adani New Industries Limited’s (ANIL) integrated manufacturing ecosystem strategically located near the Mundra port.
AGEL has transformed the Khavda barren wasteland into a hub of clean and affordable energy. The energy from the Khavda RE plant can power 16.1 million homes each year.
