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    BUSINESS

    • May- 2022 -
      28 May

      RBI to adopt graded approach to introduce digital currency

      New Delhi: The Reserve Bank of India (RBI) on Friday said that it is proposing to adopt a graded approach to the introduction of Central Bank Digital Currency (CBDC) in conformity with the objectives of monetary policy, financial stability and efficient operations of currency and payment systems. “The Reserve Bank proposes to adopt a graded approach to the introduction of CBDC, going step by step through stages of Proof of Concept 12, pilots and the launch,” the RBI said in its annual report for 2021-22. The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are…

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    • 28 May

      Hungarian automaker Keeway launches two premium scooters in Hyderabad

      Hyderabad: Hungarian two-wheeler brand Keeway marked its entry into Indian market by launching three of its vehicles here on Friday. Partnering with Adishwar Auto Ride India, Keeway India has launched two scooters – Sixties 300i and Vieste 300 at an introductory starting price of Rs. 2,99,000 (ex-showroom) and a motorcycle K-Light 250V (price of which will be announced on June 2). Both the scooters sport the same 278.2 CC engine while the cruiser-style motorcycle K- Light 250 will sport a 250CC engine which will be accompanied with a belt drive.Apart from the 3 launches, the company also plans to introduce 5 more products in different segments by the end of the year. Bookings for the two-wheelers are open and deliveries will…

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    • 27 May

      Indices surge in opening deals on global cues, Sensex up over 300 pts

      New Delhi: Domestic equity benchmark indices extended their gains from the previous session and traded in the green during trade on Friday amid firm global cues. Indian markets opened higher in line with Asian markets and sharply positive overnight US markets. At 9.58 a.m., Sensex was at 54,615.81 points, up 363.28 or 0.67 per cent, whereas Nifty at 16,293.55 points, up 123.40 or 0.76 per cent. Bajaj Finance, Bajaj Finserv, HDFC Life, HCL Technologies and Indusind Bank shares were the top five gainers among the Nifty 50 companies. “Market data indicate that the weakness in the US market is coming to an end. The Fed minutes suggest pausing by year end after front-loading rate hikes,” said V.K. Vijayakumar, Chief Investment Strategist…

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    • 27 May

      Rupee gains 2 paise to 77.59 against US dollar in early trade

      Mumbai: The rupee appreciated 2 paise to 77.59 against the US dollar in the opening trade on Friday, supported by heavy buying in domestic equities and a weak greenback in the overseas markets. However, rising global crude prices and persistent foreign fund outflows capped the rupee’s gain, forex traders said. At the interbank foreign exchange, the rupee opened at 77.60 against the American dollar and then inched up to quote at 77.59, registering a rise of just 2 paise over the previous close. It was moving in a close range of 77.59 to 77.61 in early deals. In the previous session, the rupee settled at 77.61 against the American currency. The dollar index has slipped further towards the crucial level of…

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    • 27 May

      GMM Pfaudler to expand in Hyderabad

      Hyderabad: GMM Pfaudler, which manufactures glass lined reactors, tanks and columns for pharmaceutical and chemical companies, announced expansion of its facility in Hyderabad. The company will invest an additional $3.7 million (about Rs 28 crore) to increase the capacity. GMM Pfaudler had earlier invested $6.3 million (about Rs 48.5 crore) in acquisition of the glass lining equipment manufacturing facility in 2020. Within two years, the company is now making additional investment to nearly double its capacity with total employment of more than 300 people. “I’m delighted to note the phenomenal growth of GMM Pfaudler in Hyderabad and its expansion plans. I’m sure that the Hyderabad operations will continue to play a pivotal role in the global aspirations of GMM Pfaudler,” said…

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    • 26 May

      Nothing Phone (1) likely to come with transparent design on July 21

      London: Consumer tech brand Nothing is likely planning to launch its first smartphone, Nothing Phone (1), with a transparent design on July 21. The brand is targeting a price range of around 500 euros ($534), GizmoChina reported on Wednesday citing a German publication. The pricing suggests that the upcoming smartphone may not be a flagship device. It could be an attractively priced mid-range phone with a transparent design, the report said. A tweet by Nothing CEO and Co-founder Carl Pei suggests that the device may arrive with support for wireless charging. The report did not mention whether the company will be holding a launch event or carrying out its first sale on the said date. In March, Pei had confirmed plans…

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    • 26 May

      Rupee gains 3 paise to 77.52 against US dollar in early trade

      Mumbai: The rupee appreciated 3 paise to 77.52 against the US dollar in the opening trade on Thursday as a positive trend in domestic equities and weak American currency overseas supported the local unit. However, rising crude oil prices in the international markets and continued foreign fund outflows kept the pressure on the domestic currency, forex traders said. At the interbank foreign exchange, the rupee opened slightly weak at 77.54 against the American dollar and then inched up to quote 77.52, registering a rise of 3 paise over the previous close. It was moving in a tight range of 77.52 to 77.55 in early deals. In the previous session, the rupee settled at 77.55 against the American currency. The dollar index,…

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    • 25 May

      Benchmark indices recover after two-day fall; Sensex climbs 327 points in early trade

      Mumbai: Equity benchmark indices bounced back on Wednesday after declining for two days, with the Sensex climbing 327 points in early trade, helped by buying in index major Reliance Industries and positive trends in the Asian markets. The 30-share BSE Sensex jumped 326.98 points to 54,379.59 points in early deals. The broader NSE Nifty gained 98.2 points to 16,223.35 points. From the Sensex pack, IndusInd Bank, Nestle, Kotak Mahindra Bank, Reliance Industries Limited, NTPC and HDFC were the prominent gainers in early trade. In contrast, Asian Paints, Tech Mahindra, TCS, HCL Technologies, Wipro and Tata Steel were among the laggards. The BSE benchmark declined 236 points or 0.43 per cent to settle at 54,052.61 points on Tuesday. The Nifty dropped 89.55…

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    • 24 May

      New addition in Hyderabad’s BFSI ecosystem – SwissRe

      Hyderabad: Industries Minister KT Rama Rao has announced that Swiss Re will be establishing its unit in Hyderabad in August. This will be a new addition to the Banking, Financial Services and Insurance sector in the city, the Minister said on Monday, the first day of his visit to Davos to participate in the World Economic Forum. Sharing these details on Twitter, the Minister said:“Happy to announce a big addition to Hyderabad BFSI ecosystem. A big welcome to Swiss Re, who will be setting up their office in Hyderabad this August. Swiss Re is a 160 year old insurance organisation, headquartered in Zurich, Switzerland and operates in 80 locations globally.” “Swiss Re’s Hyderabad center will start with an initial headcount of…

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    • 23 May

      May go for rate hike in June: RBI Governor

      Chennai: India’s central bank is mulling further rate hikes, said its Governor Shaktikanta Das. He also said the Reserve Bank of India (RBI) will not allow the rupee to depreciate and prevent volatility in the currency market. In an interview to the CNBC TV18 channel, Das also said the RBI will release the new forecast for inflation next month. He said the repo rate will be increased, but declined to say by what percentage. Early this month, the Monetary Policy Committee (MPC) hiked the benchmark rates by 40bps to 4.4 per cent owing to the inflation at six per cent upper range for four months and Das said it was done to avoid a steep hike in June. He said the…

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