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The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Wednesday, boosted by sustained inflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword> and firm <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>. The local unit, however, faced resistance due to a stronger American currency and higher <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> overseas, <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">forex</keyword> traders said. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90. Analysts said the dollar index fell initially as the US data showed the growth in retail sales was lower than expected, though the currency recovered with May industrial output numbers topping the forecast. Officials of the US Federal Reserve indicated a hawkish stance to continue, dousing hopes of an interest rate cut until December. "The dollar eased against the euro on Tuesday after US retail sales data showed slower growth, suggesting potential Federal Reserve rate cuts later this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, rose 0.02 per cent to USD 85.35 per barrel. In the domestic equity markets, the 30-share BSE Sensex rose 199.63 points, or 0.26 per cent, to 77,500.77 points. The broader NSE Nifty climbed 25.55 points, or 0.11 per cent, to 23,583.45 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,569.40 crore, according to exchange data. Analysts attributed the strong FII buying to the firm domestic macroeconomic outlook and a sharp fall in the US treasury yield. The government data showed the net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal on higher advance tax payments by corporates, reflecting robust economic activity. Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment.

Rupee moves upward for second straight session, rises 6 paise to 83.37 against US dollar in early trade

A new 5 pound coin to commemorate the life and legacy of Mahatma Gandhi was unveiled by Chancellor Rishi Sunak to mark the Hindu festival of Diwali. Available in a range of standards, including gold and silver, the special collectors' coin was designed by Heena Glover and features an image of a lotus, India's national flower, alongside one of Gandhi's most famous quotes -- "My life is my message". Building on the enduring relationship and cultural connections between the UK and India, it is the first time that Gandhi has been commemorated on an official UK coin with the final design chosen by Sunak, who is the Master of the Mint. "This coin is a fitting tribute to an influential leader who inspired millions of people around the world," he said. "As a practicing Hindu, I am proud to unveil this coin during Diwali. Mahatma Gandhi was instrumental in the movement for Indian independence and it is fantastic to have a UK coin commemorating his remarkable life for the first time." The coin, which goes on sale, is part of the Royal Mint's wider Diwali collection, which includes 1g and 5g gold bars in henna-style packaging, and the UK's first gold bar depicting Lakshmi -- the Hindu Goddess of wealth. The 20g gold Lakshmi bar was designed in partnership with the Hindu community in South Wales, where the Royal Mint is based. The Mint will join the celebrations at the Shree Swaminarayan Temple in Cardiff, where worshippers will offer prayers to goddess Lakshmi and lord Ganesha for the coming year. Chief Customer Officer for The Royal Mint, Nicola Howell, said: "As we approach Diwali celebrations, we are delighted to unveil the first official UK coin commemorating the life and legacy of Mahatma Gandhi. The beautiful design builds on the enduring relationship and cultural connections between the UK and India." The announcement comes as India is celebrating its 75th year of Independence this year. Last year, the Chancellor commissioned the new "Diversity Built Britain" 50p coin following discussion with the 'We Too Built Britain' campaign, which works for fair representation of minority communities' contributions across all walks of life. Around 10 million of the coins, which recognise and celebrate Britain's diverse history, went into circulation in October 2020. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/three-indian-teens-shortlisted-for-international-childrens-peace-prize/articleshow/87523376.cms">Three Indian teens shortlisted for International Children's Peace Prize</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/who-approves-bharat-biotechs-covaxin-for-emergency-use/articleshow/87510108.cms">WHO approves Bharat Biotech’s Covaxin for emergency use after a long wait</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-government-cut-duties-on-petrol-and-diesel-and-other-bjp-states-follow-suit/articleshow/87515906.cms">Indian government cut duties on petrol and diesel and other BJP states follow suit</a>

Britain's five-pound Diwali coin has Mahatma Gandhi's quote and a lotus

In a relief to taxpayers opting for the new tax regime, individuals earning a marginally higher income than the no-tax ceiling of ₹7 lakh will pay tax only on the differential income after the government amended the Finance <keyword id="19032" type="General" weightage="80" keywordseo="bill" source="Orion">Bill</keyword>. The Finance Bill 2023, passed by the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Friday, has proposed a marginal relief to taxpayers under the new tax regime. Explaining the provision, the finance ministry said under the new tax regime with effect from April 1, if a taxpayer has an annual income of ₹7 lakh s/he pays no tax. But if s/he has an income of ₹7,00,100 s/he pays a tax of 25,010. Thus an additional income of ₹100 leads to a tax of ₹25,010. Hence, marginal relief is proposed to that so that the tax that one pays should not be more than the income that exceeds ₹7 lakh (₹100 in this case), the ministry said. Nangia Andersen LLP Partner Sandeep <keyword id="45125" type="General" weightage="80" keywordseo="jhunjhunwala" source="Orion">Jhunjhunwala</keyword> said the amendment to Finance Bill seeks to provide a marginal relief to individual taxpayers having borderline income by proposing a deduction of income tax payable in excess of the differential income above ₹7 Lakh. "Working out the math, an individual having income up to (approx.) <keyword id="164031" type="General" weightage="50" keywordseo="inr" source="Orion">INR</keyword> 7,27,700 could stand to benefit from this marginal relief," Jhunjhunwala added. The budget 2023-24 had announced the tax rebate whereby no tax would be levied on those with an annual income of up to ₹7 lakh under the new tax regime. The move which experts felt was a push for the salaried class taxpayer to switch to a new tax regime where no exemptions on investments are provided. Under the revamped new tax regime, no tax would be levied for income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5 per cent; ₹6-9 lakh at 10 per cent, ₹9-12 lakh at 15 per cent, ₹12-15 lakh at 20 per cent and income of ₹15 lakh and above will be taxed at 30 per cent. Further, a ₹50,000 standard deduction was allowed under the new regime. Now the government has brought in amendments to the Finance Bill 2023, which has given 'marginal relief' to those taxpayers with annual income of a little over ₹7 lakh. Although the government has not specified the threshold income which would be eligible for marginal relief, tax experts said as per computation, individual taxpayers with income of ₹7,27,777 would be benefited by this relief. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/half-of-respiratory-infection-cases-admitted-to-hospitals-in-2-months-are-of-h3n2-says-govt/articleshow/98972047.cms">Half of respiratory infection cases admitted to hospitals in 2 months are of H3N2 says govt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hal-reliance-industries-it-stocks-in-focus-on-friday/articleshow/98957519.cms">Sensex buckles under selling pressure in metal, realty and PSU bank stocks</a>

Taxpayers with income marginally over ₹7 lakh to get relief under new tax regime

<ul><li><keyword id="20648781" type="General" weightage="20" keywordseo="benq" source="keywords">BenQ</keyword> has launched the W5800 home cinema projector in India.</li><li>The W5800 is a premium projector and has been priced at ₹6.5 lakh.</li><li>Here’s everything you need to know about the <keyword id="20970056" type="General" weightage="20" keywordseo="BenQ-W5800" source="Orion">BenQ W5800</keyword> home cinema projector.</li></ul> BenqQ India has launched its latest home cinema projector, the W5800 in India. The new W5800 is the flagship offering from the company and is aimed at customers looking for a premium theatre experience at their home. The BenQ W5800 home cinema projector, which offers a 4K UHD resolution is designed for those looking to enjoy large scale entertainment at home and offers up to 200-inch projections. "We are excited to introduce the W5800, a landmark achievement in home cinema technology. At BenQ, we are committed to pushing the boundaries of visual excellence, and the W5800 embodies our continuous effort to deliver unmatched viewing experiences,” said Rajeev Singh, Managing Director, BenQ India and South Asia. <cmsannotation type="cmsannotation" annotationid="BenQ W5800 price and availability" comment="subhead" text="BenQ W5800 price and availability"><keyword id="20970058" type="General" weightage="100" keywordseo="BenQ-W5800-price" source="Orion">BenQ W5800 price</keyword> and availability</cmsannotation> The BenQ W5800 is the company’s flagship offering and has been priced at INR 6.5 lakh in India. The device will be available from selected retail stores across the country starting from April 2023. <cmsannotation type="cmsannotation" annotationid="BenQ W5800 specifications and features" comment="subhead" text="BenQ W5800 specifications and features">BenQ W5800 specifications and features</cmsannotation> The BenQ W5800 offers 4K UHD resolution (3840 x 2160) and supports HDR10+ high dynamic range content with the company’s HDR Pro technology to offer optimal colour temperature tuning. The projector comes with a laser light array that delivers 2600 ANSI Lumens brightness. The company has claimed that its laser light source delivers higher brightness and contrast compared to traditional lamps. Using its cinema mode, it offers 1700 ANSI Lumens brightness in 100% DCI-P3 colour accuracy. The projector offers easy installation, featuring 2D lens shift to easily adjust the projected image. It offers motorised horizontal and vertical lens shift to enable screen adjustment. It also comes with 1.6x motorised zoom support. The company has said that its laser light source will last up to 18,000 hours. The company has offered three years of on projector and three years or 15,000 hours warranty on the laser light source. The company has claimed that it will offer on-site warranty across the country. For connectivity, the BenQ W5800 comes with two 4K HDMI ports, two USB ports, LAN port and audio port to connect external sound systems with the device. <cmsannotation type="cmsannotation" annotationid="BenQ reports strong growth in India" comment="subhead" text="BenQ reports strong growth in India">BenQ reports strong growth in India</cmsannotation> BenQ has been one of the major companies in India’s projector segment and has reported strong growth over the last few years. According to Singh, the company has reported a 40% compound annual growth rate (CAGR) in the last three years. The company is also positive about its future, amid an increase in usage of projectors in the country, both for official and entertainment purposes. The company, which currently enjoys a market share of around 40% has claimed that its recent launches, including the new W5800 will help push its market share to nearly 50%. Terming India as an important market for BenQ, Singh mentioned that India is currently the third biggest market for the company, behind the US and China. India alone accounts for nearly 10% of the company’s total revenue. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-a35-and-galaxy-a55-launched-in-india-starting-at-30999/articleshow/108512386.cms">Samsung Galaxy A35 and Galaxy A55 launched in India starting at ₹30,999</a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms">BYD Seal electric sedan launched in India starting at ₹41 lakh</a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

BenQ W5800 home cinema projector launched in India with a price tag of ₹6.5 lakh

The rupee appreciated 6 paise to 78.27 against the US dollar in opening trade on Monday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment. However, elevated crude prices and persistent foreign fund outflows restricted the rupee's gain, forex dealers said. At the interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close. In the previous session, the rupee had closed at its all-time low of 78.33 against the US dollar. On the domestic equity market front, the 30-share Sensex was trading 589.05 points or 1.12 per cent higher at 53,317.03, while the broader NSE Nifty advanced 179.65 points or 1.14 per cent to 15,878.90. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.14 per cent to 104.03. Global oil benchmark Brent crude futures rose 0.57 per cent to USD 113.77 per barrel. Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs 2,353.77 crore on a net basis, as per exchange data. Foreign investors continue to desert Indian equity markets and pulled out close to Rs 46,000 crore so far this month following monetary policy tightening by the Reserve Bank and US Federal Reserve, high oil prices and volatile rupee. The net outflow by foreign portfolio investors (FPIs) from equities reached Rs 2.13 lakh crore till now this year, data with depositories showed. Given the policy normalisation narrative by the US Fed and other major central banks, coupled with high oil prices and volatile rupee, FPIs are likely to stay away from emerging market assets, Hitesh Jain, Lead Analyst - Institutional Equities, Yes Securities, said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-maruti-suzuki-infosys-among-stocks-to-watch-out-for-on-june-27/slidelist/92481042.cms" style="">Adani Enterprises, Maruti Suzuki, Infosys among stocks to watch out for on June 27</a> <a href="https://www.businessinsider.in/stock-market/news/oil-prices-could-slump-to-75-a-barrel-in-a-recession-or-jump-to-150-if-european-sanctions-slam-russian-supplies-bofa-says/articleshow/92474354.cms" data-type="tilCustomLink" style="">Oil prices could slump to $75 a barrel in a recession — or jump to $150 if European sanctions slam Russian supplies, BofA says</a> <a href="https://www.businessinsider.in/international/news/tesla-is-laying-off-workers-who-only-just-started-and-withdrawing-employment-offers-as-elon-musks-job-cuts-begin/articleshow/92470514.cms" data-type="tilCustomLink" style="">Tesla is laying off workers who only just started and withdrawing employment offers as Elon Musk's job cuts begin</a>

Rupee gains 6 paise against the dollar on heavy buying in equities

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day on a flat note, higher by 2 paise at 83.50 (provisional) against the US dollar on Thursday, on weak domestic markets and a strong American currency. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said massive <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> dented investors' sentiments. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.49, and touched an intraday high of 83.44. The local unit finally settled for the day at 83.50 (provisional), higher by 2 paise over its previous close. On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the US dollar. "The Indian rupee traded flat on weak domestic markets and a strong US dollar. The overnight jump in <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> also put pressure on the rupee. However, likely dollar inflows supported the rupee earlier in the day," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.70, higher by 0.15 per cent, as the US dollar gained on hawkish Fedspeak and geopolitical tensions in the Middle East. "We expect the rupee to trade with a slight negative bias amid strength in the US dollar and selling pressure by foreign investors. However, mixed to positive Asian and European markets may support the rupee at lower levels. "Any intervention by RBI or bond related foreign inflows may support rupee at lower levels. Traders may take cues from weekly unemployment claims data from US and speeches from Fed officials. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.75," Choudhary said. Brent crude futures, the global oil benchmark, rose 0.57 per cent to USD 84.06 per barrel. On the domestic equity market, the 30-share BSE Sensex fell 1,062.22 points, or 1.45 per cent to close at 72,404.17 points. The broader NSE Nifty settled 345.00 points or 1.55 per cent lower at 21,957.50 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank">Carl Pei-led Nothing’s sub-brand CMF may soon enter the budget phone segment in India</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

Rupee settles on flat note, higher by 2 paise at 83.50 against US dollar

India's <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> decreased <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.282 billion to USD 640.334 billion for the seven days ended April 19 in the second consecutive week of drop in the kitty, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said on Friday. The reserves had dropped USD 5.401 billion to USD 643.162 billion in the previous reporting week, ending a multi-week trend of an increase, which also saw the overall reserves touching a new all-time high of USD USD 648.562 billion for the week ended April 5. In September 2021, the country's forex kitty had reached a high of USD 642.453 billion, which was breached in March this year. The reserves took a hit as the central bank deployed the kitty to defend the <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> amid pressures caused majorly by global events, but there had been a steady accretion over the past few months. For the week ended April 19, the <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword>, a major component of the reserves, decreased USD 3.793 billion to USD 560.86 billion, according to the data released on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> continued to rise and increased USD 1.01 billion to USD 56.808 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 43 million to USD 18.034 billion, the apex bank said. India's reserve position with the IMF was also down USD 2 million to USD 4.631 billion in the reporting week, the apex bank data showed. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn

Best gaming laptop under ₹100,000

<ul><li>India’s largest software exporter posted a revenue growth of 2.9% growth in revenue to $6.3 billion in the September quarter.</li><li>That was less than 3.8% growth, which was the consensus estimate on the street.</li><li>The market ignored the strength in the US dollar, which hit a 2-year high early on Monday.</li><li>For an exporter like <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, which earns in dollars, a rise in the value of the American currency results in higher profit in rupee terms.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Revenue for India’s largest software exporter Tata Consultancy Services (TCS) grew 2.9% to $6.3 billion in the September quarter, when compared to the preceding three months. That was less than 3.8%, which was the consensus estimate on the street. Even the net margin at 25.6% was less than what the market had hoped for. The stock fell to near ₹3,670 in early morning trade on October 11, wiping out the gains since mid-August. The disappointment was so strong that the market ignored the strength in the US Dollar, which hit a 2-year high early on Monday. <div type="image" title="TCS stock chart" height="900" width="1200" msid="86929363" hostid="261"></div> For an exporter like TCS, which earns in dollars, a rise in the value of the American currency results in higher profit in rupee terms. “We believe demand for core transformation remains strong, and this coupled with exemplary execution is likely to drive strong earnings,” said Edelweiss in its report post earnings and the broking firm kept the rating at ‘buy’ and the target price at ₹5,000 in the next one year. Analysts at Motilal Oswal who cut the share price target by 4% to ₹3770 ⁠— not very far where the stock is right now ⁠— are a bit more circumspect. “The management has indicated that margin in the near term can be soft, led by ongoing supply-side challenges,” said their report. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broking firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price for TCS </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,774 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,657 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,936 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,050 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Analyst reports and media reports TCS hired 43,000 freshers in the first half of 2021 and <a href="https://www.businessinsider.in/business/corporates/news/tcs-will-hire-35000-freshers-in-the-next-six-months/articleshow/86871159.cms">expects to hire another 35,000</a> in the next six months. That’s almost twice the hiring target the tech bellwether set for itself at the start of the financial year in April. The churn in the information technology (IT) industry has reportedly cooled off, but in the case of TCS, attrition, increased to 11.9% in July-September quarter from 8.60% in April-June period. This is the highest churn at TCS in at least six quarters. <div type="image" title="TCS attrition" height="900" width="1200" msid="86929922" hostid="261"></div> “We believe this attrition level will continue for the next 2-3 quarters. Having said that, our strong employer brand and our robust talent acquisition and talent development models will help us significantly overcome the supply side issues…We will continue to hire more and more and keep the supply ready since our model is robust. The attrition level is definitely concerning, but we can manage through that,” Milind Lakkad, global head of human resources at TCS, told the media after the earnings announcement on Friday. These are the growth rates of the different industry verticals that TCS provides technology services to: <div type="image" title="TCS vertical chart" height="900" width="1200" msid="86930176" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/opinion-rbi-sticks-to-its-stated-trajectory-but-stands-ready-to-act/articleshow/86908652.cms">OPINION: RBI sticks to its stated trajectory but stands ready to act</a> <a href="https://www.businessinsider.in/advertising/brands/news/koo-is-spending-2-6-lakh-a-day-on-facebook-to-beat-twitter/articleshow/86868706.cms">Koo is spending ₹2.6 lakh a day on Facebook to beat Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-list-at-2-premium-only/articleshow/86929156.cms">Shares of Aditya Birla Sun Life AMC sees a tepid listing, opens at 2% premium</a>

TCS shares plunge more than 6% despite a stronger dollar that’s good for future profits

The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting their PAN card number. Till date, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. 
 
<a href="http://www.businessinsider.in/5-crucial-developments-in-the-startup-space-you-must-know-about/articleshow/55456342.cms">A circular issued yesterday</a> says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh. This clarifies the misconception that one can deposit cash in tranches of less than Rs 50,000 and escape mentioning the PAN. 
 The <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> has also made changes in the (AIR) Annual Information Return rules. Till now, banks and post office branches were supposed to report to the tax department if an individual <a href="http://www.businessinsider.in/The-pros-and-cons-of-e-wallets-like-Paytm-Freecharge-and-Mobikwik/articleshow/55437683.cms">made cash deposits of Rs 10 lakh in a year. </a>During the period 9 November to 30 December, this limit has been lowered to Rs 2.5 lakh. If the cash deposits exceed this limit, the bank or post office will automatically report it. 
 
<a href="http://www.businessinsider.in/SBI-cleans-up-its-balance-sheets-by-writing-off-loans-of-63-willful-defaulters-including-Vijay-Mallya/articleshow/55457144.cms">ALSO READ: SBI cleans up its balance sheets by writing off loans of 63 willful defaulters, including Vijay Mallya</a> 
 
The CBDT has also made changes in the (AIR) Annual Information Return rules. Till now, banks and post office branches were supposed to report to the tax department if an individual made cash deposits of Rs 10 lakh in a year. During the period 9 November to 30 December, this limit has been lowered to Rs 2.5 lakh. If the cash deposits exceed this limit, the bank or post office will automatically report it to the tax department. For current accounts, the threshold limit for cash deposits between 9 November and 30 December will be Rs 12.5 lakh. 
 
The rule applies to all bank accounts of the individual, though it is not clear how banks will be able to capture information on cash deposited in other bank accounts.

Now, PAN required if combined cash deposits exceed INR 2.5 lakh till December 30

San Francisco, Oct 3 (IANS) In a bizarre incident, Apple has sued electronic recycling company GEEP Canada for allegedly stealing and reselling nearly one lakh iPhones, iPads and Apple Watches it was supposed to destroy and recycle. According to a report in The Logic, Apple said in a lawsuit that the resales "damaged demand for new Apple products, created safety issues for consumers and hurt its brand". Apple is seeking full recovery of the profits made from the resale of these devices, plus $31 million Canadian dollars (US$22.7 million). Ontario-based GEEP has denied all wrongdoing, filing a third-party counter lawsuit that claimed that three of its employees engaged in the theft without the firm's knowledge. Apple, however, argued that these employees were part of senior management at the company. Apple's lawsuit stated that the company shipped 531,966 iPhones to GEEP Canada for recycling between January 2015 and December 2017, along with 25,673 iPads, and 19,277 Apple Watches. Approximately 18 per cent or 103,845 of all those devices were reportedly discovered by Apple to "be active on carrier networks". Apple said that the number of stolen devices will be considerably higher, since non-LTE ones wouldn't be shown. "At least 11,766 pounds of Apple devices left GEEP's premises without being destroyed -- a fact that GEEP itself confirmed," Apple said in its lawsuit. Apple is pioneering a new path to help push the recycling industry forward. The tech giant has received nearly 1 million devices through Apple programmes and its recycling robot Daisy can disassemble 1.2 million devices per year. In 2018, the company refurbished more than 7.8 million Apple devices and helped divert more than 48,000 metric tonnes of electronic waste from landfills. --IANS na/

Apple sues firm for reselling 1 lakh devices meant for recycling

<ul><li>Season 2 of <keyword id="5891223" type="UNKNOWN" weightage="20" keywordseo="Wakefit">Wakefit</keyword>.co’s Sleep Internship Programme is set to stir up a storm, as the hunt for India’s best sleeper begins again . </li><li>The inaugural batch of the <keyword id="10673866" type="COMPANY" weightage="20" keywordseo="wakefit-sleep-internship">Wakefit Sleep Internship</keyword> (Batch of 2020) saw 23 <keyword id="8392130" type="UNKNOWN" weightage="20" keywordseo="sleep-interns">sleep interns</keyword> bagging the coveted internship, which had received almost 1.70 lakh applications from across the world. </li></ul>Ever heard of a job that pays to sleep? We bet you have, after Bengaluru-based sleep and home solutions company, <a href="https://www.youtube.com/watch?v=k-ozYcE1thE&amp;feature=emb_title">Wakefit.co, created a viral sensation</a> with its Sleep Internship initiative in 2020. A year later, the world has faced a pandemic, and sleep has somehow taken a backseat again amidst the stress, health risks, and career turbulences. On the brink of the Budget 2021, as India looks to mitigate its health threats, resurrect its economy, and generate opportunities for job growth, Wakefit.co is doing its bit by simply reminding people that sleep is important too and that you can, well, earn to sleep! <a href="https://wakefit.co/sleepintern/">Wakefit.co is back with its epic Sleep Internship program</a> and Season 2 promises to be bigger and better than its hugely popular maiden season that rewarded sleep lovers with their #DreamJob. This year, selected sleep interns will not only earn INR 1 Lakh but the pool of interns will get to compete with each other too, for a grand prize of INR 10 Lakh and bragging rights to be called ‘India’s Sleep Champion’. Close to 60,000 applicants have already thrown in their hats to compete and be a Sleep Intern for the second edition of the annual Sleep Internship initiative. This year, applicants have a ready pool of information to help them create a winning entry. Wakefit.co’s sleep internship microsite <a href="https://wakefit.co/sleepintern/winners">features last year’s winning interns</a>, their hilarious interviews with our celebrity judges, and a profile capturing their love for sleep. The contenders who clear the rigorous selection process in Season 2 will have to turn up to work every night in the comfort of your home for a deep, uninterrupted sleep of 9 hours for 100 consecutive nights. Each of the interns will be provided with a state-of-the-art Wakefit.co mattress and a sophisticated sleep tracker. They will also get to participate in various sleep-related challenges as part of the internship to emerge as India’s most passionate sleeper. As part of its scientific approach to sleep, the company will also facilitate counseling sessions with sleep experts, fitness experts, home decor specialists, etc. for the interns. Talking about the unique internship program, <keyword id="1639108" type="PERSON" weightage="20" keywordseo="Chaitanya-Ramalingegowda">Chaitanya Ramalingegowda</keyword>, Director and Co-founder, Wakefit.co, said, “2020 has been a tough year. Pandemic stress and work-from-home routines have translated into late sleeping hours, disrupted sleep patterns, and shorter sleep cycles. This is especially true for working adults between 25 and 45 years of age. We have brought back the Sleep Internship in its second season, to remind people to not relegate sleep to the bottom of their priority list.” He adds. “We aim to drive home the message that sleeping is a serious job. Just like any other job, it can be both, satisfying and rewarding, when done right. However, it needs an ideal ecosystem – something that Wakefit.co has been building over the last five years. The extraordinary response to our Sleep Internship program in 2020 has encouraged us to take forward this important conversation with season 2.” The inaugural season launched in 2020 had received close to 1.70 lakh applications from across the world, with applications pouring in from about 30 countries. With the stakes getting bigger this year, we can only imagine the competition that lies ahead. The hunt for the super sleepers to be part of the ‘Wakefit Sleep Internship 2021-22’ has begun. Are you ready for the challenge?

Wakefit brings back its sleep internship; this time, you can earn Rs 10 lakh by sleeping

Mumbai, May 15 () The rupee pared initial gains to settle 2 paise lower at 75.58 against the US dollar on Friday amid firming oil prices and lacklustre global cues. Forex traders said the local currency was trading in a narrow range amid rising risk-aversion in the broader financial markets. Investors also awaited further details of the government's fiscal stimulus package, they added. At the interbank foreign exchange market, the rupee opened at 75.51, and stayed in a range of 75.45 - 75.59. The local unit finally finished at 75.58, down 2 paise over its previous close. On Thursday, the rupee had settled 10 paise lower at 75.56 against the greenback. On a weekly basis, the domestic unit has depreciated by 4 paise. It had settled at 75.54 on May 8. Announcing the third tranche of stimulus measures for the coronavirus-hit economy, Finance Minister Nirmala Sitharaman said this will deal with giving relief to agriculture and allied industries. Forex traders said market participants are concerned about the implications of the Rs 20 lakh crore economic stimulus package on the fiscal deficit, as there is still no clarity on how it would be financed. Meanwhile, domestic bourses ended modestly lower after a choppy session. The 30-share BSE Sensex settled 25.16 points or 0.08 per cent lower at 31,097.73, while the NSE Nifty slipped 5.90 points, or 0.06 per cent, to 9,136.85. Foreign institutional investors remained net sellers in the capital market, selling equity shares worth Rs 2,152.52 crore on Thursday, according to provisional exchange data. "Overall market sentiments have been lacklustre and this week, the spot market traded in a very tight range. The fiscal measures undertaken by FM Sitharaman to reduce risk aversion and improve liquidity didn't have major impact on USD/INR spot," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. Brent crude futures rose 1 per cent to USD 31.44 per barrel. "Gold and crude both scaling up give weakness to the rupee prices as India being net-importer of both. Rupee scaled low to 75.60 taking resistance near 75 against the US dollar," said Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities. Traders further said investors are also concerned about rising coronavirus cases and the impact on the domestic as well as global economy. The US dollar strengthened overseas as fears of a second wave of coronavirus infections prompted investors to dump risky assets. In India, the death toll due to COVID-19 rose to 2,649 and the number of cases climbed to 81,970, according to the health ministry. The number of cases around the world linked to the disease has crossed over 44.44 lakh and the death toll has topped 3.02 lakh. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.4440 and for rupee/euro at 75.4440. The reference rate for rupee/British pound was fixed at 75.4440 and for rupee/100 Japanese yen at 70.64. DRR ABMABM

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