Monday, October 12
After appreciating towards 83.94/$1 levels in April, the combined impact of tariff uncertainties, border tensions and expectations of further monetary easing by the central bank made the rupee the worst performing currency in Asia in May. The rupee weakened 1.27% in May, from 84.48/$1 at the beginning of the month to 85.57/$1 as of May 30, and retreated the most in Asia. 121528642“There have been unwinding of long rupee positions amid tariff uncertainties while importers are taking advantage of lower forward premiums,” said Kunal Sodhani, head of treasury at Shinhan Bank India. One year dollar-rupee forward premiums fell to 1.94%, from 2.34% in early April. Some positive cues like lower inflation, growth prospects and a softer dollar index have helped the rupee to trade around the 85
New Delhi: The domestic natural gas price has dropped to a two-year low of $6.41 per million British thermal units (mmbtu) for June, delivering a major boost to city gas companies and other users of price-regulated fuel.Cooking and transportation costs could ease if city gas distributors choose to pass on some of the benefit to end consumers.The price of domestic gas—also known as the Administered Price Mechanism (APM) price—is set monthly by the government based on the average crude oil price in the preceding month. A recent decline in crude prices has brought the June gas price down to $6.41 per mmbtu from $6.93 in May, according to a government notification. The effective price in May was $6.50, the ceiling for domestic gas.For the first time since the current pricing formula was in
New Delhi|Mumbai: About half a dozen travel and hospitality companies are preparing to go public buoyed by favourable demand-supply dynamics, rising domestic tourism, and bullish macroeconomic fundamentals. Those in the queue include Oyo, Pride Hotels Group, and boutique brand LaRiSa Hotels & Resorts.Lemon Tree Hotels plans to list unit Fleur Hotels in the next two years, Patanjali Keswani, chairman and MD, told ET. Last year, Keswani had said that the chain will be debt-free when the listing happens.ET reported on Thursday that hospitality chain Oyo approached five investment banks for a meeting with key shareholder SoftBank in London next month that could determine the company's way forward for an initial public offering (IPO). Also, Pride Hotels Group, which has a presence in Delhi'
The board of directors of Vodafone Idea on Friday approved raising up to `20,000 crore more even as its net loss for the March quarter widened sequentially to Rs 7,166 crore from Rs 6,609 crore and it continued to lose subscribers.Raising fresh funds will be critical to the telco’s 4G and 5G expansion as it tries to stop user losses and turn around its business. The company said it would evaluate raising money by way of equity or debt or any other convertible instruments in one or more tranches.The JV of UK’s Vodafone Group Plc and India’s Aditya Birla Group was unable to arrest subscriber churn even as it commenced pan-India 5G rollouts this quarter covering major markets like Mumbai and Delhi. In December, subscriber base had fallen below the 200 million mark for the first time sin
