Rupee slumps 29 paise to 73.76 against U.S. dollar in early trade
The Hindu
Entities may be given about a year to tune their systems to comply with norms of Digital Personal Data Protection Act, 2023, Minister of State for Electronics and IT Rajeev Chandrasekhar said.
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.
Rates are fixed on April 1 and October 1 each year
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.
Building ethical AI (artificial intelligence) requires collaboration between governments, industry and ecosystem players, said IBM India and South Asia’s Managing Director Sandip Patel.
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.
Torrent in talks with Apollo to secure $1B loan for Cipla bid; Blackstone, CVC, Bain also interested.
Tata Motors announces 3% price increase for commercial vehicles from Oct 1, 2023, to offset past input costs. Prices were previously increased by 5% from April 1, 2021.
Jindal SAW, Hunting Energy JV set to produce premium connections for OCTG market, to replace imports
Jindal SAW Ltd and Hunting Energy Services Pte Ltd have invested ₹200 crore to set up India's first facility for producing and supplying pipes, tubes, and premium connections to the Oil Country Tubular Goods (OCTG) market. This facility will replace imports worth $200 million annually, support Indian Oil & Gas industry and have export potential, earning valuable foreign exchange.
Commercial port operator JSW Infrastructure Ltd, a part of the JSW Group has announced its IPO to raise up to ₹2,800 crore. The price band has been fixed at ₹113 to ₹119 per equity share.