Jet Airways’ deputy CEO and CFO Amit Agarwal resigns
Mumbai: Grounded carrier Jet Airways’ deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday. Agarwal’s resignation is effective from May 13, it said.
“We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13,” Jet Airways said in a regulatory filing. The airline seized operations temporarily around mid- April due to acute liquidity crisis. Most of the airline’s board members have also quit in the last one month.
Cyclone Fani: GoAir waives cancellations/change fee
Budget carrier GoAir Thursday said it will not charge any fee for a rescheduling or cancellations for its flights to and from Bhubaneswar, Kolkata and Ranchi between May 2 and May 5, due to the cyclone Fani, which is likely to hit Odisha coast Friday. The operations of various domestic airlines have already been affected due to the oncoming cyclone.
"GoAir is waiving cancellation and change fees for Bhubaneswar, Kolkata and Ranchi flights for travel between May 2 and May 5," the airline said in a statement. It also said the passengers can re-book their flights within seven days of scheduled departure of the flight.
The extremely severe cyclonic storm is expected to hit the Odisha coast on Friday. Other states on the eastern coast, such as West Bengal, Andhra Pradesh and Tamil Nadu are also expected to be affected by the cyclone. Two other carriers-full service Vistara and budget carrier IndiGo-have already issued travel advisories to their respective customers on Twitter.
US dollar rises amid declining euro
New York: The US dollar increased amid a weaker euro, as latest data showed the euro zone suffered sharp contraction in manufacturing sector, raising concerns over a slowdown in the region’s economy. In late New York trading on Tuesday, the euro decreased to $1.1198 from $1.1211 in the previous session, and the British pound was down to $1.3114 from $1.3125 in the previous session, Xinhua news agency reported.
The Australian dollar decreased to $0.7063 from $0.7112.The US dollar bought 111.38 Japanese yen, higher than 111.36 Japanese yen of the previous session. The US dollar fell to 0.9984 Swiss franc from 0.9989 Swiss franc, and it was up to 1.3346 Canadian dollars from 1.3310 Canadian dollars.
The IHS Markit Eurozone Manufacturing Purchasing Managers’ Index (PMI) posted a level of 47.5 in March, down from 49.3 in February, marking its lowest level since April 2013, according to the PMI data released Monday by IHS Markit, a London-based global information provider.
The grim data indicated that manufacturing operating conditions in the euro zone deteriorated last month to the greatest degree for nearly six years. The dollar index, which measures the greenback against six major peers, increased 0.12 per cent at 97.3597 in late trading.
Sensex rises over 150 points, Nifty above 11,750
Mumbai: The BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets. The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.95 points, or 0.45 per cent, at 39,233.60. The 30-share BSE index Tuesday settled at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing.
Similarly, the NSE benchmark Nifty was trading 39.05 points, or 0.33 per cent, higher at 11,752.25 in early session. Top gainers on Sensex include Tata Motors, IndusInd Bank, HDFC twins, PowerGrid, Kotak Bank, Tata Steel, Bharti Airtel, Yes Bank, M&M, Maruti, Bajaj Finance, SBI and RIL, rising up to 2.05 per cent.
On the other hand, Infosys, HUL, Coal India, L&T and Sun Pharma were the top losers, falling up to 0.68 per cent. According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed.
The Monetary Policy Committee (MPC) is holding a two-day meeting between April 2 and April 4 for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday.
Meanwhile, the rupee appreciated by 9 paise to trade at 68.65 to the US dollar in early trade on Wednesday. Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at USD 69.73 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.
Marquee British Automaker MG Motor unveils India’s first Internet Car
New Delhi: Marquee British Automaker MG Motor (Morris Garages) showcased new car technology in India with the launch of the iSMART Next Gen. This car has been developed in partnership with global technology players and will be available by June this year. iSMART Next Gen will be the first internet car in India that will redefine connected mobility. Along with its strong consortium of global tech partners that includes Microsoft, Adobe, Unlimit, SAP, Cisco, Gaana, TomTom and Nuance, the carmaker unveiled several industry-first features of Internet-enabled cars that will be available in the MG Hector.
The brain of the iSMART Next Gen will be housed in a 10.4” Head Unit. The screen is designed with a vertical interface that allows the driver to control the entire car system with just a touch or voice command. The Head Unit is built to withstand extreme climatic conditions of India. It comes pre-loaded with entertainment content. MG Hector iSMART Next Gen comes with embedded M2M sim.
The customized solution has been developed by Unlimit in partnership with Cisco and Airtel who have collaborated with their Jasper platform and telecommunication network respectively. The connected mobility solution on the MG Hector is Internet Protocol Version 6 (IPV6) ready for 5G. This seamless connectivity enables the users to receive real-time software, entertainment content and application updates. Customers will be able to download the software updates immediately or schedule them for later, as in smartphones.
Ola expands UK operation to three new cities
London: Taxi-hailing app Ola Friday said it has expanded its service footprint to three more cities Liverpool, Reading, and Birmingham in the United Kingdom.
“We are delighted to launch our services in Birmingham, Liverpool and Reading, thus solidifying Ola’s presence across 7 large metropolitans in the UK,” Ben Legg, Managing Director of Ola UK, said in a statement. In Birmingham and Reading, the platform is set to go live on April 1, and driver onboarding is already underway, the company said.
Ola started Liverpool operation by offering free rides on green tuk-tuks last week for a limited time period, as a part of the promotional campaign. “We received requests from users across the UK to introduce the Ola platform in their cities,” Legg said.
The company started service in the UK from Cardiff in August 2018. It then started operations in Bristol in October 2018, followed by Bath and Exeter in November 2018. Ola is planning to expand operation across northern England and the Midlands in the coming months. Ola claimed to be the only app in the UK that offers black cabs and Private Hire
Rupee rises 15 paise to 69.15 against US dollar in early trade
Mumbai: The rupee appreciated by 15 paise to 69.15 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and higher opening in the domestic equity market.
At the Interbank Foreign Exchange (forex), the domestic unit opened strong at 69.20 then gained further momentum and was trading at 69.15, higher by 15 paise over its previous close. On Thursday, the rupee slumped 42 paise to end at 69.30 against the US dollar. Forex traders said, the weakening of the US dollar against some currencies overseas supported the local unit, however rising crude oil prices capped the gains.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was marginally up by 0.01 per cent at 97.21. Brent crude futures, the global oil benchmark, was trading 0.55 per cent up at USD 68.19 per barrel.
Foreign portfolio investors (FPIs) bought equities worth a net Rs 3,594.51 crore Thursday, provisional data showed. Meanwhile, the benchmark BSE Sensex was trading with gains of 72.81 points, or 0.19 per cent, at 38,618.53 in early trade Friday.
Sensex drops over 150 pts ahead of RBI board meet
Mumbai: The BSE benchmark Sensex today fell over 150 points, led by weakness in auto, IT and financial stocks amid heavy selling by foreign institutional investors, as investors turned cautious ahead of RBI’s board meet.
The 30-share index, after rising over 100 points, fell 158.94 points, or 0.44 per cent, to 35,650.01. Similarly, the 50-share NSE Nifty fell 44.45 points, or 0.41 per cent, to 10,679.95.
According to traders, investors were cautious ahead of RBI’s board meeting. Finance Minister Arun Jaitley is scheduled to address the customary post-budget meeting of the central board of the Reserve Bank later in the day, and highlight the key points of the interim Budget, including the fiscal consolidation roadmap.
The meeting, according to sources, will take a call on the interim dividend to be paid to the government during the current fiscal.
Yes Bank fell up to 5 per cent after the private bank, in a regulatory filing Friday, said it had received a letter from the Reserve Bank of India (RBI) which noted that the risk assessment report (RAR) was marked ‘confidential’.
It was expected that no part of the report be divulged except for the information in the form and manner of disclosure prescribed by regulations, the RBI letter said, adding that the issuance of a press release has, therefore, been viewed seriously by the RBI and could entail further regulatory action/s.
Other losers on the Sensex pack include HCL Tech, HUL, Bajaj Auto, TCS, Reliance, Bajaj Finance, Asian Paints, M&M and Bharti Airtel, falling up to 1.68 per cent.
While, NTPC, Vedanta, Tata Steel, ONGC, SBI, L&T, PowerGrid, ITC and Sun Pharma were the top gainers, rising up to 2.24 per cent.
Meanwhile, on a net basis, foreign institutional investors sold shares worth a net of Rs 966.43 crore on Friday, while domestic institutional investors were net buyers to the tune of Rs 853.25 crore, provisional data available with BSE showed.
Elsewhere in Asia, Hong Kong’s Hang Seng rallied 1.67 per cent, Shanghai Composite Index was up 1.79 per cent higher, Kospi gained 0.73 per cent, and Japan’s Nikkei soared 1.78 per cent in early trade.
On Wall Street, Dow Jones Industrial Average ended 1.33 per cent higher on Friday. The rupee, meanwhile, was trading depreciated 13 paise against US dollar to 71.36. The benchmark Brent crude futures slipped 0.09 per cent to USD 66.19 per barrel.
Rupee slides 15 paise vs USD in early trade
Mumbai: The rupee weakened by 15 paise to trade at 71.38 against the US dollar in early trade today amid heavy foreign fund outflows and subdued domestic equity markets.
At the forex market, the domestic unit opened weak at 71.35 and slipped further to 71.46. However, it pared some losses to trade at 71.38. The rupee had closed 7 paise lower against the greenback on Friday at 71.23. On a weekly basis, it had registered a loss of 8 paise.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore on Friday, provisional data showed. Brent crude futures, the global oil benchmark, was trading 0.11 per cent lower at USD 66.19 per barrel.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, dipped 0.17 per cent to 96.74. Meanwhile, the benchmark BSE Sensex fell 111.30 points, or 0.31 per cent, to 35,690.58 in early trade.
Rupee gains 20 paise to 69.75 against dollar in opening trade
Mumbai: The rupee appreciated 20 paise to 69.75 against the US currency in opening trade Monday amid weakening of the American unit and positive opening in the domestic equity market. Forex traders said weakening of the US dollar against some currencies overseas aided the local unit.
Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading higher by 0.04 per cent at 96.44. At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing.
On Friday, the rupee finished at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback’s weakness overseas. Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.
Foreign funds sold shares worth Rs 119.60 crore from the capital markets on a net basis Friday, while domestic institutional investors bought shares worth Rs 1,199.40 crore, provisional data showed. The global benchmark Brent crude was trading higher by 1.13 per cent at 53.81 per barrel.
Meanwhile, continuing its winning streak for a fourth straight session Monday, the BSE benchmark Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses.