During the festive season, 5G smartphone sales in Hyderabad increase by 60%

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During the festive season, 5G smartphone sales in Hyderabad increase by 60%

Hyderabad has seen a notable double-digit increase in smartphone demand during the holiday season, with sales of phones costing between Rs. 10K and Rs. 20K significantly rising as a result of the 5G upgrade.

Telangana is one of the top-performing regions for 5G smartphone sales, with a rise of more than 60% during the holiday season. The segment selling smartphones for Rs. 30K and above also saw a 65% growth in October 2023, according to a report by Amazon.in.

The notable increase in sales can be ascribed to Amazon’s Great Indian Sale, free interest payments, and exchange promotions.

Top bestseller smartphones in Hyderabad, per the Amazon report.The iPhone 13, Samsung Galaxy M14 5G, Redmi 12 5G, OnePlus Nord CE 3 lite 5G, and OnePlus 11R 5G are among them.

According to the report, Telangana has experienced a twofold increase in television sales during the same period. Telangana is the state with the fastest rate of growth on Amazon India in 2023. Hyderabad is one of the top three cities in India for TV sales, according to Amazon.in, which also revealed Telangana as the top-ranked state in Q3 2023.

In the Telangana region, the most favored brands for televisions are Sony, Samsung, and LG.

At the Indian Institute of Technology, Hyderabad, on Thursday, customers were able to catch a preview of the Amazon Great Indian Festival 2023 through the “Amazon Xperience Arena” (AXA). At this showcase, consumers, influencers, and the media had the opportunity to interact with and experience their favorite products and brands.

Rapido to began Cab Services in Hyderabad

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Rapido to began Cab Services in Hyderabad

Rapido, an eight-year-old domestic bike taxi startup, is entering the taxi industry to compete with Uber and Ola, according to a Friday media report.

The startup has started offering its taxi service as a pilot project in Hyderabad and intends to take it to other cities, such as Bengaluru, Chandigarh, and Delhi-NCR.

As early as next week, the company intends to introduce Rapido taxis in Delhi-NCR, according to TechCrunch, which cited sources.

“At Rapido, we’re excited to report that our Rapido Cabs test run in Hyderabad is going really well. The dynamic market of the city has welcomed us with open arms, and the encouraging feedback is very encouraging. A Rapido representative was cited as saying, “As we move forward, we are dedicated to keeping you fully informed about our progress and eagerly anticipate bringing our innovative services to other cities.”

Customers could hail rides on motorcycles or three-wheeled auto rickshaws until recently.

Additionally, the report stated that Rapido wants to work with Zingbus, a company based in Gurugram, to integrate intercity bus ticketing into its app.

Founded in 2015, Rapido has over 25 million app downloads and operates in more than 100 cities. On its website, the company claims to have served over 10 million customers and completed over 100 million rides.

Based on information found on Tracxn, Rapido has raised $324 million in total funds. Swiggy, an online meal delivery service, spearheaded the company’s $180 million fundraising effort in April of last year.

Markets recover in early trade after six days of fall

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Markets recover in early trade after six days of fall

Benchmark equity indices saw a significant downturn recently amid the recovery in Asian markets, but they recovered in early trade on Friday.

In early trading, the 30-share BSE Sensex increased 411.17 points to 63,559.32.At 18,973.15, the Nifty increased by 115.9 points.

The top gainers among the Sensex companies were Infosys, Maruti, NTPC, Mahindra & Mahindra, State Bank of India, and Infosys.

Out of the group, Asian Paints was the only one to lag behind.

Seoul, Tokyo, Shanghai, and Hong Kong were trading in positive territory in the Asian markets.

On Thursday, the US markets finished lower.

For the first time in more than a year, the European Central Bank kept interest rates unchanged on Thursday.

“The market looks to be oversold after six straight days of losses caused by the elevated bond yields in the US and tensions in West Asia,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.

The US economy’s surprising resilience, he continued, is noteworthy.

“The Fed will remain hawkish given the Q3 GDP growth of 4.9%, and the likely “higher for longer” interest rate regime is negative for the stock market,” Vijayakumar continued.

Positively, he said that valuations in India, which were once high, are now fair and attractive in industries like banking.

Benchmark Brent crude for global oil prices surged 1.25 percent to USD 89.03 per barrel.

According to exchange data, foreign institutional investors (FIIs) offloaded stocks on Thursday worth Rs 7,702.53 crore.

The BSE benchmark fell 900.91 points, or 1.41 percent, to close at 63,148.15 on Thursday, below the 64,000 barrier. To 18,857.25, the Nifty fell 264.90 points, or 1.39 percent.

Maruti Suzuki reports its largest-ever Q2 net profit of Rs 3,716 crore

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Maruti Suzuki reports its largest-ever Q2 net profit of Rs 3,716 crore

The largest car maker in India, Maruti Suzuki, announced on Friday that its standalone net profit for the quarter ended September 30 increased by 80.3% year over year to Rs 3,716.5 crore. The company attributed this increase to increased net sales, a decline in commodity prices, cost-cutting measures, and higher non-operating income.

The profit after tax (PAT) for the same period in the previous year was Rs 2,061.5 crore for the manufacturer of well-known automobile models like Baleno and Invicto.

In a statement, Maruti Suzuki said that this quarter’s sales volume, net sales, and net profit were all at record highs.

Operations’ revenue climbed 23.8% to Rs 37,062 crore from Rs 29,930.8 crore in the same period last year.

Maruti’s operating profit, or earnings before interest, taxes, depreciation, and amortization, or EBITDA, increased by 72.8% to Rs 4,784 crore in Q2 over Rs 2,769 crore in the same period in the previous fiscal year.

The company sold 552,055 units during the quarter, of which 482,731 were sold in the domestic market and 69,324 were exported.

The total sales were up by 6.7 per cent from 517,395 units sold in Q2 FY2022-23. There are 63,195 units in international markets and 454,200 units in the home market.

Auto analysts claim that the second quarter’s large increase in volume was mostly caused by the introduction of new SUVs and sales of entry-level vehicle models at reduced prices.

The increase in Maruti Suzuki’s margin was also attributed to inventorization, or high inventory levels, according to Himanshu Singh, research analyst at Prabhudas Lilladher. However, this trend should be corrected in the next few quarters.

“Structurally, MSIL was successful in shifting from mainly being in the small cars space to developing into a leader in the SUV segment as well, and we see this trend persisting,” he said.

Markets continued to fall for 6th day in a row

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Markets continued to fall for 6th day in a row

Early trade on Thursday saw a decline in equity benchmark indices, maintaining their sluggish momentum amid a downward trend in global markets and new outflows of foreign funds.

The 30-share BSE Sensex dropped 502.5 points to 63,546.56. The Nifty fell 159.55 points to 18,962.60.

One of the Sensex companies, Tech Mahindra, witnessed a nearly 3% decline in trading following the announcement of a 61% decline in consolidated net profit to Rs 505.3 crore for the July–September period, mainly as a result of reduced client spending.

Titan, JSW Steel, Tata Motors, Nestle, Mahindra & Mahindra, Bajaj Finserv, and Bajaj Finance were among the other notable laggards. Axis Bank emerged victorious, reporting a 10% rise in net profit to Rs 5,864 crore for the September 2023 quarter, primarily attributable to higher interest income.

The benchmark BSE dropped by 522.82 points, or 0.81 percent, on Wednesday to close at 64,049.06. The Nifty fell 159.60 points, or 0.83 percent, to 19,122.15.

Rupee falls 6 paise to 83.23 against US dollar

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Rupee falls 6 paise to 83.23 against US dollar

For the third straight day, the rupee fell against the US dollar, losing 6 paise to 83.23 in early trade on Thursday. This decline was attributed to both a strong US dollar and unfavorable sentiment in the equity market.

Forex dealers claimed that despite the fact that crude oil prices were nearing USD 90 per barrel due to geopolitical unrest in the Middle East, the Indian rupee was also under pressure from the large-scale selling of stocks by foreign investors.

The local currency fell 6 paise from its previous close to open weakly at 83.19 on the interbank foreign exchange market, and it later reached its lowest level of 83.23 against the US dollar.

The rupee has fallen for three days now. On Monday, it fell 4 paisa, and on Wednesday, it fell 1 paisa. Due to Dussehra, forex markets were closed on Tuesday. The rupee’s closing value against the US dollar on Wednesday was 83.17.

Analysts linked the record increase in US Treasury yields to the dollar’s strengthening following encouraging US home sales data on Wednesday.

In the meantime, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.20 percent at 106.75 on Thursday.

Benchmark Brent crude fell 0.31% to USD 89.85 per barrel in the global oil price market.

Regarding the domestic equity market, the Nifty fell 152.15 points, or 0.80%, to 18,970, while the Sensex fell 478.55 points, or 0.75 percent, to 63,570.51.

According to exchange data, foreign institutional investors sold stocks on Wednesday for a total of Rs 4,236.60 crore.

Rupee rises 5 paise to 83.11 against US dollar

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Rupee rises 5 paise to 83.11 against US dollar

Early on Wednesday, the rupee gained 5 paise to 83.11 against the US dollar, tracking a decline in the US dollar and a drop in the price of crude oil on the international market.

Forex traders reported that despite pressure from a muted sentiment in the domestic equity markets, some buying by foreign equity investors supported the Indian currency(Rupee).

The Rupee gained 5 paise from its previous close to open stronger by 8 paise at 83.08 on the interbank foreign exchange market. It then touched its lowest level of 83.11 against the US dollar.

The rupee ended the day 4 paise weaker against the US dollar, at 83.16. Due to Dussehra, forex markets were closed on Tuesday.

US yields pulled back from a record high, according to Gaurang Somaiya, a Forex and bullion analyst at Motilal Oswal Financial Services. As a result, the dollar declined against its major crosses.

According to him, it is anticipated that the USD-INR (Spot) will “trade sideways with a negative bias and quote in the range of 82.80 and 83.20.”

The US GDP report, which is anticipated tomorrow, will now be closely watched by market players as it has the potential to cause further erratic fluctuations in bond yields and currency markets. After initial manufacturing data came in below expectations, the euro and pound dropped during yesterday’s trading session, Somaiya continued.

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.09 percent at 106.18 in the meantime.

Benchmark Brent crude for global oil prices increased by 0.05 percent to USD 88.11 per barrel.

Regarding the domestic equity market, the Nifty was down 11.20 points, or 0.06 percent, at 19,270.55 points, while the Sensex fell 48.16 points, or 0.06 percent, to 64,530.02 points.

Exchange data shows that foreign institutional investors purchased stocks on Monday for a total of Rs 252.25 crore.

Early trading saw a market rebound on solid global trends

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Early trading saw a market rebound on solid global trends

Following a severe beating in the previous trade, benchmark equity indices rose in early trade on Wednesday due to favorable trends in international markets and inflows of foreign capital.

The recovery of the markets was also aided by declining crude oil prices.

In early trading, the 30-share BSE Sensex increased 193.64 points to 64,765.52. The Nifty reached 19,336.30, up 54.55 points.

The top gainers among the Sensex companies were JSW Steel, Tata Steel, HCL Technologies, Kotak Mahindra Bank, State Bank of India, and Axis Bank.

NTPC, Titan, Infosys, and Hindustan Unilever were a few of the underachievers.

Seoul quoted lower in the Asian markets, while Tokyo, Shanghai, and Hong Kong traded in the positive territory.

Tuesday’s US market close was positive.

The benchmark for world oil, Brent crude, increased by 0.07 percent to USD 88.13 per barrel.

Exchange data indicates that on Monday, equities worth Rs 252.25 crore were purchased by Foreign Institutional Investors (FIIs).

“The Israel-Hamas conflict’s uncertainties will continue to affect markets in the near future.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “positive news like a decline in US bond yields and weakening crude can help the market to revive but it may not sustain given the uncertainty surrounding the West Asian conflict.”

Tuesday’s stock markets were closed due to the Dussehra holiday.

On Monday, the BSE benchmark fell 825.74 points, or 1.26 percent, to close at 64,571.88. The Nifty dropped to 19,281.75, down 260.90 points, or 1.34 percent.

S&P: India’s economy is to rank 3rd by 2030

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S&P: India’s economy is to rank 3rd by 2030

September saw stagnation in global economic growth for the second month in a row, but India remained a shining example of economic resilience, growing at one of the fastest rates in almost 13 years. This occurs at the same time that developed market private sector output—including manufacturing and services—saw a slight decline, according to a report published by S&P Global Market Intelligence.

S&P Global Market Intelligence’s Asia Credit Outlook 2023 projects that by 2030, India’s economy will rank third in terms of size. In the medium to long term, the expanding Indian economy will present numerous opportunities.

If the predicted course is followed, India’s economy will surpass that of Germany and Japan to become the third largest in the world by 2030. India’s GDP is predicted by S&P Outlook to reach USD 7.3 trillion by 2030.

With a GDP of USD 3.7 trillion in 2023–24, India has the fifth-largest economy in the world right now. In 2022, it surpassed the UK to become the fifth-largest economy. According to a report by S&P Global Market Intelligence, India’s economy exhibited remarkable strength, maintaining its position as the top emerging economy with remarkable growth momentum.

Out of all these economies, India’s growth picked up speed starting in August, and its output grew at one of the fastest rates in less than 13 years. The report claims that throughout the year 2023, the Indian economy grew steadily. A significant rise in new business, fueled by favorable market dynamics and favorable demand conditions, contributed to India’s strong expansion.

The remarkable growth trajectory of India can be attributed to both its manufacturing and services sectors. China and Russia, on the other hand, saw slower growth starting in August and saw more moderate expansions. Due to softer service sector cost inflation, price pressures for emerging market companies somewhat decreased, but businesses were still able to pass on higher costs more quickly thanks to strong demand growth.

As a result, rising market selling price inflation hit its highest point in 14 months, raising hopes for company profits.

While selling price inflation decreased in September, developed market profit margins were under pressure from input cost increases that were occurring at a faster pace.

Nevertheless, despite the challenge of higher prices on clients’ demand in an environment of high interest rates and softening global economic conditions, developed market selling prices continued to rise at a rate well above the long-run average.

India’s continued growth underscores the opportunities and challenges brought about by the constantly changing global economic landscape, as the gap between emerging and developed markets widens.

In early trade, the rupee falls 3 paise to 83.15 against the dollar

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In early trade, the rupee falls 3 paise to 83.15 against the dollar

Due to foreign fund outflows and a stronger US dollar in overseas markets, the rupee fell 3 paise to 83.15 against the US dollar on Monday in limited trade.

According to foreign exchange dealers, the rupee’s losses were limited by a correction in crude oil prices and solid opening trade on domestic stock markets. Against the US dollar, the local currency started the interbank foreign exchange market 3 paise lower at 83.15.

In morning trade, the rupee fluctuated within a narrow range of 83.15 to 83.09 against the US dollar, ultimately closing at 83.15. On Friday, it had closed nearly flat at 83.12.

Due mostly to the Israel-Hamas conflict and a persistent increase in US bond yields, foreign portfolio investors, or FPIs, have pulled out of Indian equities totaling more than Rs 12,000 crore thus far this month.

In the meantime, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, increased by 0.12% to 106.30.

With the global oil benchmark Brent crude falling 0.79 percent to USD 91.43 per barrel on Monday, oil prices eased.

In terms of the domestic equity market, the Nifty was up 3.8 points, or 0.02 percent, at 19,546.45 points, while the Sensex increased 9.55 points, or 0.01 percent, to 65,407.17 points.

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