Economy & Business

New Delhi: Steel Authority of India Ltd (SAIL) produced 18.733 million tonnes of hot metal and 17.366 million tonnes of crude steel during 2021-22, its best ever production performance.
During the Maharatna company's annual general meeting on Wednesday, it was informed that for the first time, it entered the elite club of Indian companies having a turnover of over Rs 1 lakh crore.
The company's turnover of Rs 1.03 lakh crore during 2021-22 saw a substantial growth of more than 50 per cent over the previous best turnover of Rs 68,452 crore, achieved during 2020-21.
The increase in turnover coupled with improved operational performance, helped the company achieve its highest-ever numbers in terms of profitability, Chairperson Soma Mondal informed shareholders during the meeting, which was held virtually.&nbsp;
—IANS

Steel Authority of India Ltd (SAIL) produced 18.733 million tonnes of hot metal and 17.366 million tonnes of crude steel during 2021-22, its best ever production performance.

 SAIL records turnover of over Rs 1 lakh crore

Business

Lucknow: The high production cost of sugar in Uttar Pradesh may adversely impact its export from the state, creating a glut-like-situation in the upcoming cane crushing season.
As against a projected sugar production of over 100 MT in the upcoming crushing season (2022-23), the state's own consumption is likely to remain at 40 MT, leaving a vast chunk of sugar to remain stored in the mills if the state fails to push its stock in the national market, sources said.
The sugar mills are expected to start operation from next month.
The sugar production cost is primarily governed by the State Advisory Price (SAP), which is the highest in Uttar Pradesh.
The Yogi Adityanath government raised the SAP from Rs 315 to Rs 340 per quintal in September last year, ahead of the Assembly elections.
Official sources said that this raised the cost of sugar production from around Rs 31 to Rs 35 per kilogram.
The sugar industry has now demanded diversion of cane for the manufacture of ethanol.
A senior office-bearer in the Indian Sugar Mills Association (ISMA) said that the situation was relatively suitable last year when exports were comfortable.
This year the industry remains apprehensive even as the Centre is yet to announce its export policy.
The UP Sugar Mills Association (UPSMA) has already submitted its representation to cane minister Laxmi Narain Chaudhary and cane commissioner Sanjay Bhoosreddy, demanding their intervention in earnest.
Industry sources said that the timely announcement of sugar export policy resulted in export of 10 million tonnes of sugar from India.
"We are waiting for it. It is a decision which the Centre must take," said an official in the cane development department.&nbsp;
—IANS

The high production cost of sugar in Uttar Pradesh may adversely impact its export from the state, creating a glut-like-situation in the upcoming cane crushing season.

 Sugar glut feared in UP as consumption comes down

Chennai: The Tamil Nadu Generation and Distribution Company (Tangedco), the power utility of the state government will not be pushing to withdraw the power subsidy for consumers. While the Tamil Nadu Electricity Regulatory Commission has given its green signal to withdraw the tariff subsidy, the Tangedco top brass has decided to continue with the subsidy.
Sources in Tangedco told IANS that this was due to the fact that the power utility had drawn flak from across the state after the recent power tariff hike. The opposition and general public had come out against the hike.
The government had mooted a proposal for the public to voluntarily give up the subsidy on power charges. At present for the first 100 units power is free in the state and for the next 101 to 200 units, there is a 50 per cent subsidy. This would mean that a consumer who prefers giving up a subsidy will have to pay Rs 675 extra.
Sources with the state power department told IANS that if Tangedco tries to implement the scheme there would be widespread criticism and, hence, the state is planning not to go overboard on the same. However, the state power department is planning a massive campaign blitz on how the Tangedco and the state will benefit if the people voluntarily give up the subsidies.
The campaign will be conducted with movie and television stars being roped in and the Tangedco and the state power department believes that if the campaign is extensively done, more people would voluntarily give up the subsidy thus leading to the Tangedco becoming stronger, financially.
C.M. Swamidas, Consumer Protection Chair of Madurai while speaking to IANS said, "Tangedco have to first make this a household discussion subject and then maybe people would be more inclined to give up the subsidies. Otherwise, this is loot."&nbsp;
—IANS

The Tamil Nadu Generation and Distribution Company (Tangedco), the power utility of the state government will not be pushing to withdraw the power subsidy for consumers. While the Tamil Nadu Electricity Regulatory Commission has given its green signal to withdraw the tariff subsidy, the Tangedco top brass has decided to continue with the subsidy.

After tariff hike flak, TN power utility not to withdraw subsidy

Energy

Chennai: Electric two wheeler maker Hero Electric on Monday said it will set up a Rs 1,200 crore two million units per annum mega electric vehicle (EV) manufacturing hub in Rajasthan.
The company said it has signed a Memorandum of Understanding (MoU) with the state government at the Invest Rajasthan summit.&nbsp;
According to the company, the proposed unit will be located at Salarpur industrial region over 170 acres and start production by the end of of 2023.&nbsp;
“This mega manufacturing facility is part of our capacity enhancement to boost EV adoption across India. It will allow the state to spearhead clean mobility solution shift and promote ecological tourism practices,” Naveen Munjal, Managing Director, Hero Electric, said.
CEO Sohinder Gill said: “Green field facility of this mega size and large budget gives us the opportunity to introduce very energy efficient green manufacturing processes with a healthy blend of automation using robotic arms and the nimble-fingered skills of the local artisan workforce, using the clean solar energy that state provides.”
The proposed facility will manufacture all the current and upcoming Hero Electric two-wheelers, Hero Electric said.&nbsp;
—IANS

Electric two wheeler maker Hero Electric on Monday said it will set up a Rs 1,200 crore two million units per annum mega electric vehicle (EV) manufacturing hub in Rajasthan.

 Hero Electric to set up Rs 1,200 cr EV plant in Rajasthan

Mumbai: <span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">The Indian Rupee <span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">fell to a new record low of 81.55 against the US dollar on Monday after a sharp uptick in dollar index, dealers said.&nbsp;
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">At the interbank foreign exchange market, rupee was trading at 81.55 against 80.99 close on the previous trading session against the US dollar.
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">“Rupee falls to fresh all-time lows as the dollar <span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">strengthens across the board. Hawkish Fed outlook, political instability in China and sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment. This week, RBI will release its policy statement and this is likely to influence the rupee <span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">that is currently falling sharply against the US dollar,” said Gaurang Somaiya, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services.&nbsp;
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">The two-year US Treasury yield was at 4.2 per cent, its highest level since October 12, 2007.&nbsp;
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced to 114.58, before easing to 113.513.
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">The Brent crude oil prices were trading at $85.08 per barrel.&nbsp;
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">The Reserve Bank of India (RBI), as per reports, is selling dollar after the rupee hit an all time low for the third straight sessions.
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">Due to the RBI’s market intervention to protect the weakening rupee and for the country’s trade settlement, India’s foreign exchange reserves have been steadily declining for the past few months.
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">Another potential explanation for the rupee’s decline is this depletion.&nbsp;
<span style="color: rgb(44,47,52);background-color: rgb(255,255,255);font-size: 20px;font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", "Open Sans", Arial, sans-serif;">Later in the week, the RBI is set to raise rates too.&nbsp;
—IANS

The Indian Rupee fell to a new record low of 81.55 against the US dollar on Monday after a sharp uptick in dollar index, dealers said. 

 Rupee hits new record low of 81.55 against USD

Banking

Chennai: Moody's Analytics on Monday predicted the global economy to grow at 2.7 per cent in 2022 and slow to 2.3 per cent in 2023. In its latest report, Moody's Analytics said the global environment is more fragile as record high inflation in the US and Europe continues to gain momentum while growth decelerates. Stagflation risks have risen worldwide, but a stagflationary environment would take months to be realised. Business sentiment remains muted and is consistent with a global economy that is just avoiding recession, Moody's Analytics said. According to the report, the global economy is at a crossroads, as the nascent post-pandemic recovery has quickly morphed into a darker and more fragile environment. Record-high inflation in the US and Europe from supply shortages and surging commodity prices following Russia's invasion of Ukraine are weighing on the global expansion and are compounded by an aggressive monetary policy response. At the same time, China's economy is facing challenges on multiple fronts, including a cooling property market and a buildup of risks in the financial sector. "As a result, global growth fell in the second quarter on an annualised basis for the first time since the depths of the virus outbreak in early 2020, driven by contractions in the US, the UK and China," Moody's Analytics said. According to the report, the performance remains uneven among the world's major economies -- the US, China, Japan, India, and the five largest economies in Western Europe. Outcomes will continue to diverge through 2023 due to differing trade and investment linkages to Russia and Ukraine, particularly in relation to energy products. "Global real GDP (gross domestic product) is forecast at 2.7 per cent in 2022 in the Moody's Analytics September baseline, down from 4.2 per cent in our January forecast. GDP for 2023 has also been revised lower to 2.3 per cent from 3.6 per cent," Moody's Analytics said. "While we project that the global economy will grow in 2022, any policy missteps or additional risks would increase the threat of a global recession in the next 12 months above our current assessment of just over even odds. Downward revisions to 2022 growth projections have been broad-based across countries," Moody's Analytics warned. While the higher food and energy prices benefit net commodity exporters in Latin America, gains will be more than offset by higher inflation and the consequent erosion of consumers' purchasing power. As global recession risks rise, both developing and developed market economies have also seen their currencies depreciate against the US dollar in a flight to quality, which has meant higher import inflation, Moody's Analytics said.&nbsp;
—IANS

Moody's Analytics on Monday predicted the global economy to grow at 2.7 per cent in 2022 and slow to 2.3 per cent in 2023.

 Global economy to grow at 2.7% in 2022, 2.3% in 2023: Moody's Analytics

Moody's Analytics on Monday predicted the global economy to grow at 2.7 per cent in 2022 and slow to 2.3 per cent in 2023.


Market

New Delhi: Days after imposing a ban on rice exports and levying duty on certain grades, the government on Friday said that the domestic price of the commodity is in a "comfortable position" and will remain well under control.&nbsp;
"Due to the surplus stock of rice, the domestic price will be under control as compared to the international market and neighbouring countries where the price is comparatively high. The percentage increase in the minimum support price (MSP) of paddy in last year was 5.15 per cent (Rs 2,040 per/quintal in 2022-23 and Rs 1,940 per quintal in 2021-22). The actual increase in price of rice is around 3 per cent, due to increase in MSP and other input costs," the Department of Consumer Affairs said in a statement.
Official sources said that parboiled rice and Basmati rice constitute around 55 per cent of total rice export from India, so the farmers will continue to get good remunerative prices and dependent and vulnerable countries will have adequate availability of parboiled rice as India has a significant share in the global rice export.
Notably, 217.31 LMT rice is in Government buffer stock which is higher than the buffer stock norm, the statement said. In the upcoming Kharif season, 510 LMT and in Rabi season, 100 LMT of rice will be procured, it added.
"The buffer stock maintained by the country is more than enough to meet the demand for the public distribution system. The Government intervention by prohibiting export of broken rice and imposing 20 per cent duty on the export of basmati and non-parboiled rice will further help in containing the situation," official sources said.&nbsp;
—IANS

Days after imposing a ban on rice exports and levying duty on certain grades, the government on Friday said that the domestic price of the commodity is in a "comfortable position" and will remain well under control. 

 Prices of rice in comfortable position, says government

New York: US stocks fell sharply on Friday as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession, the media reported.
The Dow was down 289 points, or 1 per cent, at the market open. The S&amp;P 500 fell 1.1 per cent and The Nasdaq composite was 1.1 per cent lower, CNN reported.
The Dow opened below 30,000 points, a level it briefly breached Thursday. If the Dow ends the day below 30,000, it would be the first time it closed below that barrier since June 17. And a somewhat more sizable plunge could land the index at on a two-year low on Friday.
Investors do not have many places to make money at the moment: In addition to sinking stocks, the bond market is also selling off, sending US Treasury yields soaring to 11-year highs in recent days.
The 10-year yield fell back a bit on Friday but remains near 3.7 per cent, and the 2-year yield is above 4.1 per cent.
That's a much better return than you can get with stocks these days, so high bond yields are adding pressure on the stock market, CNN reported.
Wall Street also remains concerned that the Fed's rate hiking plan could continue to increase borrowing costs, hurting the corporate profits that support their stock prices.
And if the Fed is serious about slowing the economy down to gain control of runaway inflation, a recession could cause some real pain for consumers who buy the products that publicly traded companies make.
There's much to worry about on Wall Street. CNN Business' Fear and Greed Index has fallen solidly into "Fear" mode in recent days and is nearing "Extreme Fear". Investors don't see much to smile about on the horizon.&nbsp;
—IANS

US stocks fell sharply on Friday as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession, the media reported.

 Dow tumbles as recession fears mount

Pittsburgh: Twenty-three national governments, including India and the UK, and the EU, collaborating through Mission Innovation (MI), on Friday announced that they will coordinate to deliver 221 demonstration projects globally in this decade to accelerate clean energy technologies in the hardest to abate sectors.
The announcement, made at the Seventh MI ministerial meeting in Pittsburgh, will drive public-private investment in technologies which need to be commercialised by 2030, including at least 50 large-scale demonstration projects to decarbonise energy-intensive industries like steel, cement and chemicals; five projects on five continents to demonstrate the integration of up to 80 per cent renewable energy into energy grids; and the identification of 100 'hydrogen valleys' worldwide.
The goal is to achieve tipping points in cost by 2030 to accelerate the delivery of technologies to decarbonise sectors responsible for more than 52 per cent of global greenhouse gas emissions.
These demonstration projects are a direct response to analysis by the International Energy Agency that at least $90 billion of public funding is required by 2026 to demonstrate technologies necessary to decarbonise global energy systems, such as renewables, battery storage, and hydrogen-based fuels.
This is contingent on international coordination to prove solutions quickly at scale in multiple configurations and in various regional contexts. These technologies must be commercially viable by 2030 to be deployed at scale to achieve net zero by 2050 (a target that has now been adopted by 104 countries).
Mission Innovation is the leading global initiative to catalyse public-private coordination of research, development and the demonstration of clean energy technologies.
Its seven 'Missions' facilitate high ambition alliances between countries, corporations, investors and research institutes to reach ambitious climate goals by 2030 and make sure more innovation happens and more rapidly.
Together they provide the mechanism to drive international collaboration and coordination, allowing governments to work together and with the private sector to target investment and action.
The plans announced include: Net-Zero Industries Mission: at least 50 large-scale demonstration projects to decarbonise energy-intensive industries such as steel, cement and chemicals by 2030 to facilitate the full decarbonisation of industry in multiple regions of the world by 2050.
Green Powered Future Mission: five continental demonstrators integrating up to 80 per cent Variable Renewable Energy into existing electricity grids by 2024. After 2024, the programme will target the integration of up to 100 per cent renewable energy.
Clean Hydrogen Mission: 100 Clean Hydrogen Valleys identified by 2024, to demonstrate innovative hydrogen value chains and build scale for different end-use sectors, driving down the cost of clean hydrogen. This could stimulate $90 billion of public-private investment and significant clean hydrogen capacity.
And, Carbon Dioxide Removal Mission: six countries commit to funding at least one project that removes 1,000 plus metric tons of CO2 per year by 2025. Participating countries will contribute to a collective goal of $100 million for CDR demonstrations by 2025.
Ursula von der Leyen, President of the European Commission, said: "Research and innovation will propel the clean energy transition that is more needed than ever. Together with our EU Member States, we expect "Team Europe" to make a leading contribution to our shared ambition of investing more, faster and bolder in breakthrough energy innovation demonstration projects."
John Kerry, US Special Presidential Envoy for Climate, said: "The need for energy that is clean, secure, reliable, and affordable has never been greater. To deploy clean energy technologies at the scale and pace required to avoid the worst consequences of the climate crisis, we need swift and coordinated action from world leaders. Mission Innovation has a critical role to play in achieving our collective climate and clean energy goals by facilitating the international collaboration required to maximise these investments and accelerate clean energy research, development, and demonstration."&nbsp;
—IANS

Twenty-three national governments, including India and the UK, and the EU, collaborating through Mission Innovation (MI), on Friday announced that they will coordinate to deliver 221 demonstration projects globally in this decade to accelerate clean energy technologies in the hardest to abate sectors.

 India among 23 nations to deliver 221 clean energy projects

New Delhi:&nbsp;Coal India Ltd (CIL) will be inking three major pacts on September 27 with BHEL, Indian Oil Corporation and GAIL India for setting up four surface coal gasification projects in the country.These pacts will help in facilitating setting up of coal-to-chemical projects through surface coal gasification route, official sources said.&nbsp;Through the surface coal gasification route, coal is converted into syngas that can be subsequently processed for downstream production of value added chemicals. These are otherwise produced through imported natural gas or crude oil. End products which would be produced through this process are di-methyl ether, synthetic natural gas, and ammonium nitrate.The major advantages of the proposed projects are reduced forex outgo and direct and indirect employment generation to the tune of 23,000, the sources said.With the twin objectives of self-reliance and energy independence, Coal Ministry has set a target of achieving 100 million tonnes coal gasification by 2030, they added.&nbsp;—IANS

Coal India Ltd (CIL) will be inking three major pacts on September 27 with BHEL, Indian Oil Corporation and GAIL India for setting up four surface coal gasification projects in the country.

 Coal India to ink pacts with Indian Oil, BHEL, GAIL to set up 4 gasification projects

New Delhi:  As the smart television market in India goes through massive churning with affordable top-end TVs now flooding the market, Anand Dubey, CEO of homegrown Indkal Technologies, said on Friday they will focus on launching more premium models in the coming months with great specifications and exceptional features.
Indkal Technologies, the official licensee of Acer Home Entertainment business in India, focused on expanding the TV range in 2022 to ensure that there is an Acer television for all segments and types of customers.
"The smart television market in India has witnessed immense growth, especially with the rapid adoption of smart home devices. Therefore smart televisions as a segment made a lot of sense in the Acer brand which is among the leaders in computing and smart devices," Dubey told IANS.
"We are also going to add some innovative large-sized televisions to the market which will be design-led and built with high-end display and interactive features," he added.
This has led to the company seeing remarkable growth and adoption of the products and has created a benchmark for customer satisfaction in this space.
Acer televisions has launched a new line of televisions based on Android TV 11 -- the H and S-Series -- in India that are now available on Amazon.
The H-Series Android 11 Smart LED TV is available in three size options - 43-inch, 50-inch, and 55-inch.
During the festive week, the 43-inch TV which is priced at Rs 29,999 will be available for Rs 25,999. The 50-inch variant is available for Rs 28,999 and the 55-inch for Rs 33,999 with discounts, according to the company.
The S Series is available in two options -- 32-inch HD and 65-inch UHD -- at a starting price of Rs 12,999 during the sale period.
According to Dubey, Acer televisions are now available across 3,500 stores in over 50 cities, along with major e-commerce stores and platforms.
"To support this rapid growth, we have put in place a very strong and large after-sales service infrastructure that services more than 18,000 pin codes," he informed.
&nbsp;The company is seeing a strong festive season building up and expects a very large sell-out.
"We have seen on many occasions this year that the demand during these peak selling periods has been so large that we have been stocked in many models. We expect that trend to continue in the festive season as well seeing the rate of sales and the customer response," Dubey noted.&nbsp;
—IANS

As the smart television market in India goes through massive churning with affordable top-end TVs now flooding the market, Anand Dubey, CEO of homegrown Indkal Technologies, said on Friday they will focus on launching more premium models in the coming months with great specifications and exceptional features.

 Indkal Technologies set to launch more premium TVs in India: CEO

Mumbai: The Indian rupee fell below 81-mark against the US dollar during the early morning trade for the first time against the US dollar.
This was because of uncertainty created after the uptick in dollar index, increase in policy rate by the US Fed and Bank of England, and escalation in geopolitical tensions between Russia and Ukraine.
Moreover, the negative trends in domestic equities also weighed on sentiments.
At the interbank foreign exchange market, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.
On Thursday, rupee depreciated 88 paise to close at all-time low of 80.86 against the US dollar.
The Bank of England hiked its base rate by 50 basis points to 2.25 per cent.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.28 per cent to 111.412.
A report from ICICI Securities said the Dollar Index may continue with its positive bias as the US Fed decided to raise interest rate by 75 bps, for a third consecutive month and signalled that it would continue to lift rates this year at a most rapid pace to combat inflation, which is running hot.
Additionally, the US Federal Reserve announced it would continue with its plan to shrink its $9 trillion asset portfolio, which plays an important role in firming stance of monetary policy. Additionally, in this year two policy meets are pending, we may see a 75 bps rate hike in November meet and 50 bps in December meeting. Additionally, other major central banks across the globe are likely to lag behind in tightening monetary policy, high inflation and dwindling economic growth.
As long as the Dollar Index sustains above 107.50 level it may continue to rally till 113/114 levels.&nbsp;
—IANS

The Indian rupee fell below 81-mark against the US dollar during the early morning trade for the first time against the US dollar.

Rupee slips first time below 81-mark against US dollar

New Delhi: Insurtech platform Zopper on Tuesday said it has raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners. The startup aims to utilise fresh funds in cutting-edge technology, business development initiatives, inorganic growth through merger and acquisition (M&amp;A) and global expansion. Zooper said it aims to achieve an annualised Gross Written Premium (GWP) of $500 million by March 2024. "Zopper is bringing the partners and insurers together and spearheading a profound transformation in the realm of insurance distribution. We have exponentially grown in the last four years, and will continue to grow at a significant pace in the years to come," said Surjendu Kuila, Co-Founder and CEO. Existing investor, Blume Ventures also participated in the round. Tiger Global, currently invested in the company, will continue to extend its support for future growth, said the platform. The fresh capital will allow Zopper to further bolster its software-as-a-service (SaaS) platform and data analytics capabilities, build a next generation data engineering team and fuel business development initiatives. Established in 2011, Zopper has more than 150 ecosystem partners, like Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, Chaitanya, and more, and has presence in over 1,200 cities. "We believe in Zopper's vision of transforming and automating the insurance distribution model in India," said Prakash Parthasarathy, Managing Partner, Creaegis. Gagandeep S Chhina, Director-Private Equity, ICICI Venture, added that Zopper is well positioned to capture the long-term growth opportunity.
—IANS &nbsp;

Insurtech platform Zopper on Tuesday said it has raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners.

 Insurtech platform Zopper raises $75 mn, plans global expansion

Insurtech platform Zopper on Tuesday said it has raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners.


New Delhi: Finance Minister Nirmala Sitharaman on Monday underlined India's expectations of getting enhanced lending from the International Finance Corporation (IFC) to the tune of $2-2.5 billion in the next one to two years and up to $3-3.5 billion in the next three to four years. She raised these expectations during her meeting with IFC's Managing Director Makhtar Diop, who called on her. Diop discussed IFC's lending footprint in India, especially in the areas of micro small and medium enterprises (MSMEs), infrastructure and climate management, the Finance Ministry said in a series of tweets. He shared IFC's sentiment of expansion in India and stated that the body would adopt a proactive approach to enhance investment in the country and extend financing to MSMEs to enable capacity building for supplementing India's efforts to become a manufacturing hub. Diop further emphasised the potential of looking into sub-national financing for sustainable growth and mobilise financing for women entrepreneurs. IFC is an international financial institution that offers investment, advisory and asset-management services to encourage private-sector development in less developed countries. It is a member of the World Bank Group and is headquartered in Washington D.C.&nbsp;
—IANS

Finance Minister Nirmala Sitharaman on Monday underlined India's expectations of getting enhanced lending from the International Finance Corporation (IFC) to the tune of $2-2.5 billion in the next one to two years and up to $3-3.5 billion in the next three to four years.

 Sitharaman seeks enhanced lending from International Finance Corporation

Frankfurt: German car making giant Volkswagen (VW) has said it is aiming for a valuation of up to 75 billion euro ($75 billion) for Porsche when the luxury brand is floated on the stock market, media reports said. Trading in the shares is due to start in Frankfurt on September 29, BBC reported. A prospectus will be published on Monday, after which investors can subscribe to Porsche shares. The share sale is set to be Germany's second-largest ever initial public offering (IPO), the report said. "We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," said VW's Chief Financial Officer, Arno Antlitz. VW said that it will price preferred shares in the flotation of Porsche at 76.50 to 82.50 euro per share, which would give the sportscar maker a stock market valuation of 70-75 billion euro. At the upper end of the range it would be Europe's third-largest IPO on record, BBC reported. However, the figures announced on Sunday fell short of an earlier valuation target - as much as 85 billion euro - amid investor concerns over rising interest rates and a potential global recession. VW said it will raise as much as 9.4 billion euro from the share sale, which will help pay for its shift to electric vehicles and spending on software development. If the IPO goes ahead, VW said it will hold a meeting for investors in December when it plans to propose distributing a special dividend - 49 per cent of the total gross proceeds - from the share sale to shareholders. The deal comes even as relatively few companies have listed shares in Europe this year as the region faces an energy crisis, high inflation and rate hikes, BBC reported. Under the IPO plan, the Porsche-Piech family - which lost control of the iconic brand to VW over a decade ago - will pay a premium to purchase shares that will hand back to it significant decision-making power.
—IANS &nbsp;

German car making giant Volkswagen (VW) has said it is aiming for a valuation of up to 75 billion euro ($75 billion) for Porsche when the luxury brand is floated on the stock market, media reports said.

 Porsche valued at up to $75bn in share sale

Guwahati: Assam's state-owned Numaligarh Refinery Ltd (NRL) posted a record earnings in fiscal 2021-22 with profit after tax of Rs 3,562 crore as compared to Rs 3,036 crore in the previous year, or an increase of Rs 525 Crore. After the 29th NRL's Annual General Meeting, Chairman-cum-Managing Director Ranjit Rath on Monday said that highest-ever profit before tax was also achieved by the company at Rs 4,848 crore, which is higher by 18.37 per cent over Rs 4,083 crore of the previous financial year, mainly due to increase in overall gross margin and higher inventory gains. During financial year 2021-22, the company also achieved the highest-ever sales turnover of Rs 23,546 crore, or 26.95 per cent higher over Rs 18,548 crore in the previous year, primarily on account of increase in product prices. The net worth of the company has increased to Rs 8,388 crore as on March 31 this year as compared to Rs 5,596 crore in the previous year. The NRL has contributed a total of Rs 5,809 crore to the government exchequer in the form of taxes, duties, and dividends. Rath said that in the next five years, the company has planned to invest more than Rs 35,000 crore and is determined in its pursuit of executing the major ongoing projects -- the Numaligarh refinery expansion project, the Paradip-Numaligarh crude oil pipeline, the crude oil import terminal at Paradip, the 2G Ethanol Project, and the India-Bangladesh friendship pipeline. During FY 2021-22, the refinery achieved a throughput of 2,624 TMT that included 23 TMT of imported crude oil, the CMD said. Product sales during the year were 2,799 TMT compared to 2,924 TMT in the previous year. Sales within northeast, at 1,090 TMT, marked significant improvement (39 per cent of total sales) against 817 TMT (28 per cent of total sales) in the previous year which contributed towards savings on account of CST and freight under-recoveries. Sales also comprised 56 TMT of gas oil exported to Bangladesh and 125 TMT naphtha to Brahmaputra Cracker and Polymer Ltd from external sources. The NRL, one of the four refineries in oil and gas-rich Assam, was set up at Numaligarh in Golaghat district in April 1993 in accordance with the provisions made in the Assam Accord signed on August 15, 1985. Conceived as a vehicle for speedy industrial and economic development of the region, the NRL was dedicated to the country by then Prime Minister Atal Bihari Vajpayee on July 9, 1999.&nbsp;
—IANS

Assam's state-owned Numaligarh Refinery Ltd (NRL) posted a record earnings in fiscal 2021-22 with profit after tax of Rs 3,562 crore as compared to Rs 3,036 crore in the previous year, or an increase of Rs 525 Crore.

 Assam's Numaligarh Refinery posts Rs 3,562 cr profit after tax

Mumbai: India's benchmark indices ended up on Monday with Sensex rising more than 300 points and Nifty ending over 90 points. At close, Sensex ended 300.44 points, or 0.51 per cent, up at 59,141.23, and Nifty closed up 91.40 points, or 0.52 per cent, at 17,622.45. Mahindra &amp; Mahindra, Bajaj Finance, Hindustan Unilever, State Bank of India, and Nestle were major gainers on the Sensex. Nifty FMCG ended 1.07 per cent up, BSE Auto up 0.78 per cent and BSE IT O.30 per cent up, respectively. "Markets managed to gain over half a percent in a volatile trading session, taking a breather after the recent slide. The Nifty index witnessed a swift rebound in the first hour after the initial fall and remained range bound thereafter. Meanwhile, the sectoral trend was mixed wherein banking, FMCG and auto witnessed buying interest while realty, energy, and metal were on the back foot," said Ajit Mishra, VP - Research, Religare Broking Ltd. Asian stocks had a mixed day as traders remained cautious awaiting a slew of interest rate decisions in the days ahead and after global equities notched their worst week since hitting this year's low in June. Going forward, as per Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, markets are likely to remain range-bound ahead of US Fed interest rate decision to be announced September 21 (Wednesday). While it is widely expected that Fed will go for at least 75 basis points hike, however given the stubbornness of US inflation and robust numbers from US data points like retail sales and a strong labour market, there is a high chance that the aggressive stance towards rate hike is likely to continue for a prolonged time. Even the Bank of England is likely to announce a 50bps rate hike to combat inflation and could keep global markets under pressure. US 2-Year bond have spiked to 15-year high at 3.9 per cent while 10-year bond is hovering at 3.4 per cent, thus implying that the short term pain could continue in the global markets. "Back home, Indian markets is better placed compare to the other global markets due to its strong macro factors, strong government policy implementation and oil price falling to 7-month. This well reflected in today's Nifty outperformance to global market as well," said Khemka.&nbsp;
—IANS

India's benchmark indices ended up on Monday with Sensex rising more than 300 points and Nifty ending over 90 points.

 Indices ends higher, Sensex up more than 300 points

Mumbai: The Indian rupee ended almost flat against the US dollar on Monday, with just 3 paise fall, at 79.77. At the interbank foreign exchange market, rupee ended at 79.77, against 79.74 on the previous trading session against the US dollar. "A mostly lacklustre day, as demand from oil marketing companies and supply from exporters balanced the market. Over this week, the market moving event will be Fed meeting, where the central bank is expected to hike by 75 bps and sound quite hawkish," said Anindya Banerjee, VP, Currency Derivatives &amp; Interest Rate Derivatives at Kotak Securities Ltd. Dollar index, which gauges the the strength of greenback against the basket of six major currencies, was at 109.870. Brent crude oil prices were at $90.02 a barrel by the closing of Indian market hours. Dilip Parmar, Research Analyst, HDFC Securities, said that the rupee becomes an outlier among the Asian currencies amid the foreign fund inflows, lower crude oil prices and risk-on sentiments. "King Dollar has been on a rampage against the Chinese yuan and further weakening of the yuan will be a dangerous sign for risk markets and Asian currencies. Along with the weak regional currencies, the rupee depreciated against the US dollar for the fourth day in a row. However, the momentum remained lacklustre in the rupee as the economy is better placed among Asian countries," he said. On the overseas front, risk assets extend declines and the dollar rallies against major trading partners ahead of a busy week for global central banks. "In the near term, spot USDINR is expected to trade in the range of 79.05 to 79.90," Parmar added. Meanwhile, benchmark indices ended up on Monday with Sensex rising more than 300 points and Nifty by over 90. At close, Sensex ended 300.44 points, or 0.51 per cent, up at 59,141.23, and Nifty closed up 91.40 points, or 0.52 per cent, up at 17,622.45. Mahindra &amp; Mahindra, Bajaj Finance, Hindustan Unilever, State Bank of India, and Nestle were major gainers on the Sensex. —IANS

The Indian rupee ended almost flat against the US dollar on Monday, with just 3 paise fall, at 79.77.

 Rupee ends almost flat, at 79.77, against the US dollar

New Delhi: As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand.
According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997.
This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units.
Local output of microcomputers fell 18.6 per cent to 317.5 billion units in August.
In August, domestic manufacturing activity contracted for the first time in three months, the report mentioned.
A record 3,470 chip-making companies "went out of business in the first eight months of the year", according to statistics from business database platform Qichacha.
The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing.
The Gujarat government has partnered Vedanta and Foxconn, aiming an investment of Rs 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing.
India's semiconductor component market is likel to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research.
The Indian government has announced an outlay of Rs 76,000 crore (around $10 billion), under its PLI scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem.
Meanwhile, US President Joe Biden has signed into law the Chips and Science Act, which provides nearly $52 billion in semiconductor production incentives.
Intel has kicked off work on the new $20 billion semiconductor plant in the Ohio state in the US.
Samsung has floated an idea of investing nearly $200 billion to build 11 more chip plants in the US over the next two decades.—IANS

As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand.

China's Chip Output Shrinks As India, Us Ramp Up Local Manufacturing

China's Chip Output Shrinks As India, US Ramp Up Local Manufacturing

Chennai: Is it going to be a sparkling bright or dark Diwali is the question that is being asked by the fireworks industry for the past couple of years.
With Diwali this year to be celebrated next month - and virtually without any curbs and the Covid pandemic wanes, the question gains more importance.
Production of fireworks in Sivakasi in Tamil Nadu's Virudhunagar district, is yet to pick up even as there is just a month to go for the festival of lights, industry officials said.
The Supreme Court had banned the use of barium in 2018 in making firecrackers and it was reconfirmed in 2021, putting the fireworks industry in Sivakasi - the firecrackers hub of the country with around three lakh workers directly employed in around 1,000 organised units there - in a tight spot, they said.
"The case is still pending in the Supreme Court. The court had earlier said the final hearing will be in June 2022. But that has not happened," Sivakasi Fireworks Manufacturers Association (SFMA) Vice President A. Murali told IANS.
"The ban of barium is baseless, imposed without any scientific study being conducted on the possible hazardous impact with regards to the pollution."
"We are being targeted because of the hue and cry of the environmentalists in the name of pollution, although other sectors as well are using barium in various production operations. I should say that we are the weaker opponent and are being made scapegoats," Murali contended. After the SC had reconfirmed the ban in 2021, many of the stakeholders have impleaded in the case seeking lifting of the ban.
Murali said, barium is one the main oxidisers for most of the fireworks and without it, the simple sparklers cannot be made.
"After the ban, my factories are running at 50 per cent capacity and reduced production by 50 to 60 per cent which obviously impacted the business. For instance, I have a group of companies which employs 450 to 500 workers and after the ban I could employ 200 people only," he said.
The production value of firecracker factories in Sivakasi is about Rs 2,500 crore and the retail sales value may be about Rs 6,000 crore.
For a long time, the fireworks industry has been a target in different forms.
First, the manufacturers were targeted for child labour and it was followed up with the noise pollution charge. With the noise pollution issue getting resolved with the laying down of the norms, the industry is being charged with polluting the air.
"The next charge may be that the brightness emitted by the firecrackers are injurious to the human eyes," claimed an industry player.
The industry players and common people are of the view that Diwali is being targeted by vested interests.
Manufacturers say that Sivakasi would have turned into a ghost city long back if firecrackers were the reason for air pollution in Delhi.
On an average, the industry players daily burst around Rs 1,00,000 worth of crackers for testing purposes, but people breathe good air and there are different kinds of birds in Sivakasi, industry officials had told IANS.
Sivakasi accounts for nearly 90 per cent of the country's firecracker production, and has 1,070 firecracker units located in and around the city.
About 300,000 workers are directly employed whereas another 500,000 workers are in the allied sectors.
"The automobile industry was given a long buffer time to shift over to the BS VI emission norms. But the fireworks industry was not given any norms or time to change over," a manufacturer had told IANS.
Industry officials have been questioning the efficacy of the formulation provided by the Council of Scientific and Industrial Research (CSIR) and the National Environmental Engineering Research Institute (NEERI) to make green crackers.
As per Murali and other industry officials, the NEERI claims that using its formulation in firecracker manufacturing, the emission levels will go down by 30 per cent but this "is not scientific".—IANS

Is it going to be a sparkling bright or dark Diwali is the question that is being asked by the fireworks industry for the past couple of years.