Rupee strengthens 6 paise to 83.26 vs U.S. dollar in early trade on Sept 20, due to easing global crude oil prices and rising appetite for riskier assets. However, sell-off in domestic equity markets and strong U.S. dollar against major rivals overseas limited the rupee's rise.
ED attaches ₹71.48 crore immovable properties of Hindustan Infracon (India) Private Limited for alleged fraud of ₹199 crore. Attached assets include non-agricultural land parcels and residential properties located in Mysore, Bengaluru South and Anantapur. ED initiated investigation on basis of FIRs registered by Karnataka police against Hindustan Infracon and its directors. Accused persons allegedly failed to return ₹199 crore to investors. Funds diverted and utilised for purchase of immovable properties, cash withdrawal and personal gains.
Oil prices rose 1.2-1.6% to 10-month highs on Tues. Weak U.S. shale output, extended OPEC+ cuts & fuel shortages in Russia drove prices up. Market is realising tight supply of crude, diesel & gasoline. U.S. output lowest since May 2023. Aramco CEO lowered long-term demand outlook. Central bank decisions this week may cause volatility.
Chola MS, a joint venture between Murugappa Group and Mitsui Insurance Co. Ltd. of Japan, has set a near-term revenue target of more than ₹10,500 crore for FY26. Q1 FY24 saw a growth rate of 30.1%, double that of the industry. The company aims to grow 1.3-1.5 times the industry rate, and is targeting ₹9,800 crore by FY26. Recently entering the crop insurance market, Chola MS is also looking to increase its e-two wheeler segment market share.