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Rupee rises 26 paise to 74.48 against US dollar in early trade



Rupee rises 26 paise to 74.48 against US dollar in

Mumbai: The Indian rupee on Monday gained 26 paise to 74.48 against the US dollar in early trade, tracking a firm trend in the domestic stock market.

At the interbank foreign exchange, the domestic unit opened higher at 74.51 against the dollar, then moved up to 74.48, registering a gain of 26 paise over its previous close.

On Friday, the rupee had closed at 74.74 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.12 per cent higher at 92.33.

On the domestic equity market front, the BSE Sensex was trading 270.62 points or 0.52 per cent higher at 52,755.29, while the broader NSE Nifty rose 84.75 points or 0.54 per cent to 15,806.95.

Forex traders said foreign fund outflows and firming in crude oil prices could weigh on investor sentiment and lead to appreciation of the local unit.

Foreign institutional investors were net sellers in the capital markets on Friday as they offloaded shares worth Rs 982.80 crore, according to exchange data.

Global oil benchmark Brent crude futures fell 0.05 per cent to $76.13 a barrel.

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Sensex climbs 134 points; Nifty tops 15,850




Sensex climbs 134 points

Mumbai: Equity benchmark Sensex jumped 134 points on Wednesday, tracking gains mainly in IT stocks, despite weak global cues.

The 30-share BSE index ended 134.32 points or 0.25 percent higher at 52,904.05, while the broader NSE Nifty ended 41.60 points or 0.26 percent higher at 15,853.95.

Tech Mahindra was the top gainer in the Sensex pack, rising over 2 per cent, followed by HCL Tech, Infosys, L&T, Tata Steel, and ITC.

On the other hand, Maruti, HUL, Nestle India, and Dr. Reddy were among the laggards.

Hariharan, Head – S Hariharan said, “The decline in institutional participation rates has contributed to a 20 per cent decline in daily market volume – however, market breadth and retail participation in the futures segment remains strong and the ongoing broadening The market rally remains strong.” Sales Trading, Emkay Global Financial Services.

Further, he added that strong investor interest in new issuances such as Zomato, Tattva Chintan and Swachh Vigyan has also contributed to some extent in reducing inflows into the second segment, and a clogged pipeline of issues in the coming few months. expected to play the role of a similar role.

“July has been the seasonally least volatile month for the headline index in the past 15 years, and we expect similar weak index moves this year. The current results season can be expected to see strong numbers from IT, chemicals, and real estate businesses, while numbers for auto and financial names will be relatively weak,” he said.

Elsewhere in Asia, shares ended with losses in Shanghai, Seoul, Hong Kong and Tokyo.

European stock exchanges were also trading in the red in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.82 per cent to $75.86 per barrel.

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India’s media, entertainment industry to reach Rs 4 lakh crore by 2025, says report




ndia's media, entertainment industry to reach Rs 4 lakh crore by 2025

Mumbai: The country’s media and entertainment (ME) sector will be the fastest growing globally in terms of both consumer and advertising spend. Consultancy firm PwC on Monday said the media and entertainment sector will become a Rs 4 lakh crore-plus industry by 2025. The sector is expected to witness a Compound Annual Growth Rate (CAGR) of 10.75 per cent over the next four years. PwC said in a report that it is to become a Rs 4,12,656 crore industry by 2025.

“Despite the pandemic, the Indian entertainment and media sector has shown remarkable resilience,” said Rajeev Basu, Partner, Consultancy. He said that India will be the fastest growing entertainment and media market globally in terms of consumer and advertising revenue.

Technological advances and the deepening of internet penetration will continue to influence the way Indians consume content. There will be a greater appetite for local content and new business models will also develop, the report said.

TV advertisements increased to Rs 35,015 crore in 2020 despite the pandemic. It will expand at the rate of 7.6 per cent to contribute over Rs 50,000 crore in total. Advertising on the Internet is expected to grow at a rapid rate of 18.8 per cent per annum during 2020-2025 to exceed Rs 30,000 crore by the end of the cycle, the report said.

It also said that the revenue from mobile internet advertising in India in 2020 was Rs 7,331 crore. This will increase to Rs 22,350 crore by 2025, showing a growth of 25.4 per cent.

However, the newspaper and consumer magazine industry is projected to grow at a very low clip of 1.82 per cent to Rs 26.299 crore by 2025. Print advertising revenue declined by 12 percent and print circulation revenue declined by 4 percent in 2020. pandemic in 2020, the report further stated.

It added that the box-office revenue is expected to grow at a CAGR of 39.3 per cent to Rs 13,857 crore by the end of 2025. PwC said that the cinema industry, which was hit by the pandemic, will return to pre-pandemic levels by mid-2023.

India’s total music, radio and podcast market revenue declined to Rs 4,626 crore in 2020 as the pandemic took away around Rs 522 crore from the country’s live music sector. However, overall the music, radio and podcast industry will grow by 19.1 per cent per annum to reach Rs 11.026 crore in 2025.

Video game and e-sports revenue reached Rs 11,250 crore in 2020 and is set to reach Rs 24,213 crore in 2025 at an annual growth rate of 16.5 percent.

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States will borrow close to Rs 2 lakh crore to raise funds for Covid relief




States will borrow close to Rs 2 lakh crore to raise funds

Mumbai: Considering the need to spend more towards COVID relief measures coupled with the pandemic, states have planned to borrow heavily for the second quarter of the current financial year.

Overall, the states and union territories are expected to borrow Rs 1,92,091 crore from the markets during the July-September quarter. The Reserve Bank of India in consultation with the State Governments/Union Territories (UTs) has prepared the lending calendar for the quarter where bonds will be issued to raise funds on a weekly basis.

As per the states’ lending calendar, Uttar Pradesh and Maharashtra, the country’s two largest states with high population, will have maximum borrowings of Rs 25,000 crore and Rs 22,500 crore respectively during the quarter. Bihar will also borrow over Rs 12,000 crore during the quarter while West Bengal will borrow around Rs 18,000 crore

The lending program, which started on July 6, will continue till September 28.

The actual amount of borrowing and the details of the participating States/UTs will be communicated through a press release two/three days before the actual auction day and will depend on the requirement of the State Governments/UTs. Under Article 293(3) of the Constitution of India and market conditions, RBI said in a statement.

The RBI will endeavor to conduct the auction in a non-disruptive manner and distribute the borrowings equitably throughout the quarter, taking into account the market conditions and other relevant factors. RBI reserves the right to revise the dates and auction amount in consultation with the State Governments/Union Territories, the statement said.

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