Rupee slips 7 paise to 70.63 vs USD in early trade

Agencies
September 30, 2019

Mumbai, Sept 30: The Indian rupee opened on a cautious note and fell 7 paise to 70.63 against the US dollar in early trade on Monday tracking weak opening in domestic equities and foreign fund outflows.

Forex traders said increasing demand for the US dollar vis-a-vis other currencies overseas and rising crude oil prices weighed on the domestic unit.

At the interbank foreign exchange, the rupee opened on a strong note at 70.37 then lost momentum and fell to 70.63 against the US dollar, showing a decline of 7 paise over its previous closing.

The Indian rupee on Friday had closed at 70.56 against the US dollar.

Domestic bourses opened on a negative note on Monday with benchmark indices Sensex trading 255.85 points down at 38,566.72 and Nifty lower by 83.20 points at 11,429.20.

Foreign institutional investors (FIIs) offloaded shares worth Rs 213.60 crore on Friday, according to provisional exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 99.13.

Forex traders said rising crude oil prices weighed on the rupee. Crude oil benchmark, Brent Futures, rose 0.05 per cent to USD 61.94 per barrel.

Meanwhile, the 10-year government bond yield was at 6.70 per cent in morning trade.

Meanwhile, on the global front, China will send its top trade negotiator to US for trade talks. China's top trade negotiator will lead an upcoming trade talks with the United States, a senior Chinese official said Sunday.

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News Network
June 30,2020

Bengaluru, Jun 30: Karnataka Chief Minister BS Yediyurappa on Monday launched 'Skill Connect Forum' and said that the government is committed to provide impetuous to creating jobs by reviving economic and industrial activities.

The 'Skill Connect Forum' portal connects both private entrepreneurs and job seekers on the same platform.

After launching the forum, the Chief Minister said that the portal provides information on jobs available and who needs a job. "Under this forum, an unemployed will be imparted skills and then enabled to get a job," Yediyurappa said.
Besides providing jobs via registration, the portal also provides a skilled pool of people for those looking to hire, he added.

Deputy Chief Minister Dr CN Ashwath Narayan, who is also the Skill Development Minister said that portal will be a boon to the youth seeking jobs and it will avoid unemployment issue to a great extent.

"All these years, there was no information and communication between job seekers and recruiters. The portal will solve that problem," he said.

Narayan said that there was no proper information on skilled workers and job market. Moreover, skill development was not in sync with the market. All these issues have been addressed by the portal, he added.

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Agencies
March 25,2020

In an unprecedented crisis despite Prime Minister Narendra Modi assuring the continuation of essential services like food and groceries, online marketplaces like Flipkart and Amazon along with delivery platforms like Bigbasket, Grofers and FreshToHomes hit a major blockade on Wednesday as local authorities shut warehouses and sent delivery boys back, even harassed them.

Millions of people across cities were left helpless at homes as essential items like fruits and vegetables, dairy and milk, meat and fish etc did not reach their doors despite placing orders well in advance. Later, the orders went dry.

While Grofers' warehouse in Faridabad was closed by the local law enforcement agencies, Bigbasket complained that the police stopped its delivery partners and "some of them were even beaten up by for no fault of theirs".

"We are not operational due to restrictions imposed by local authorities on movement of goods in spite of clear guidelines provided by central authorities to enable essential services. We are working with the authorities to be back soon,' Bigbasket tweeted.

In a statement to IANS, Bigbasket said that it will help to have better coordination between the Centre and state, and between the state and local police to "ensure that our delivery vans and bikes don't get stopped by the police. Bigbasket and bb daily are not taking new orders".

Furious people stormed the social media platforms, writing their plight to NITI Aayog CEO Amitabh Kant on Twitter.

"Sir, all e-commerce are down. Believe me I tried everything (Grofers, Bigbasket, Flipkart, Amazon, Big Bazaar), no delivery till 31st March or Server Down or No Service. Need to think how we can enable them through digital India," tweeted one user.

Kant tweeted back to Bigbasket: "They should give me specifics - State & location. I will act on it by getting in touch with concerned authorities & sorting it out. Govt guidelines exempt them. We will ensure that citizens are not impacted".

Kant also responded to Grofers: "Cold storages & Warehouses as well as delivery of all essentials goods including food, pharma thru E-Commerce are exempted under MHA order. I have spoken to CS & DGP, Haryana . They have taken immediate action to ensure that supply chains efficiently function for the citizens".

The subscription-based hyperlocal delivery startup FreshToHome sent messages to its customers, saying that despite the government declaring food delivery as essential, "we are facing hardships in continuing our operations".

"Please bear with us as we are working hard to unblock local authority hurdles," said the FreshToHome team.

Reports later surfaced that the Department for Promotion of Industry and Internal Trade (DPIIT) has initiated talks with the state Chief Secretaries asking them not to restrict movement of people engaged in home delivery of essential items, mentioned in the list of exempted items circulated by the Home Ministry.

Meanwhile, Flipkart said it has temporarily suspended its operations and services - including grocery items. The marketplace has decided to halt all orders from March 25 for all three supply chains -- groceries, non-large goods and large items.

"Flipkart has temporarily suspended orders as we assess the possibilities of operating in the lockdown. We are prioritising the safety of our delivery executives and seeking the support of the local governments and police authorities to meet the needs of our customers as they stay home during this lockdown," Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart, said in a statement.

E-commerce giant Amazon said the company has to "temporarily stop taking orders and disable shipments for lower-priority products.

"For all pending customer orders on lower-priority products, we are reaching out to customers and giving them a choice to cancel their orders, and receive a refund for prepaid items," said the company.

Witnessing a surge in demand, supermarket chain Biz Bazaar entered the fray, with launching doorstep delivery services in major cities like Delhi, Mumbai, Bengaluru and Gurugram.

However, within no time, Big Bazaar was flooded with calls, forcing the company to issue a statement, saying that "In light of the recent announcement, we are receiving an unprecedented number of requests for doorstep delivery. There could be a delay due to the restrictions on movements".

Already battling massive surge in demand, the online delivery platforms faced other issues too, including zero access to several high-rises across the country which have gone under complete lockdown with all entry and exit gates locked.

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News Network
January 17,2020

Bengaluru, Jan 17: India’s latest communication satellite GSAT-30 was successfully launched from the Spaceport in French Guiana during the early hours on Friday.

In a press release, ISRO, has stated that the launch vehicle 'Ariane-5 VA-251' was blasted off from Kourou Launch Base, French Ginana at 0230 hours, carrying India’s GSA-30 and EUTELSAT KONNECT for Eutelasat, as per schedule.

The Ariane 5 upper stage in an elliptical Geosynchronous Transfer Orbit.

With a lift-off mass of 3,357 kg, GSAT-30 will provide continuity to operational services on some of the in-orbit satellites.

GSAT-30 derives its heritage from ISRO’s earlier INSAT/GSAT satellite series and will replace INSAT-4A in orbit.

“GSAT-30 has a unique configuration of providing flexible frequency segments and flexible coverage. The satellite will provide communication services to Indian mainland and islands through Ku-band and wide coverage covering Gulf countries, a large number of Asian countries and Australia through C-band," ISRO Chairman Dr K Sivan said.

Dr Sivan also said that “GSAT-30 will provide DTH Television Services, connectivity to VSATs for ATM, Stock-exchange, Television uplinking and teleport Services, Digital Satellite News Gathering (DSNG) and e-governance applications. The satellite will also be used for bulk data transfer for a host of emerging telecommunication applications.”

ISRO’s Master Control Facility (MCF) at Hassan in Karnataka took over the command and control of GSAT-30 immediately after its separation from the launch vehicle. Preliminary health checks of the satellite revealed its normal health.

In the days ahead, orbit-raising maneuvers will be performed to place the satellite in Geostationary Orbit (36,000 km above the equator) by using its onboard propulsion system.

During the final stages of its orbit raising operations, the two solar arrays and the antenna reflectors of GSAT-30 will be deployed. Following this, the satellite will be put in its final orbital configuration.

The satellite will be operational after the successful completion of all in-orbit tests.

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