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PM Narendra Modi Ukraine Visit Explained; US China | Russia Zelenskyy Putin | What did India gain from Modi’s Ukraine visit: managed to convince America, gave a message of peace to the world; claims and reality of the Ukraine visit

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6 hours ago copy link This is the third time Modi has met Zelensky amid the Russia-Ukraine war. Earlier, the two leaders had met in Japan in May 2023 and in Italy in June 2024. “It is heartbreaking that the leader of the world’s largest democracy (Modi) is hugging the world’s bloodiest criminal (Putin).” When Modi visited Russia on 9 July, Ukraine’s President Volodymyr Zelensky said this. Exactly 44 days after this, Modi visited Ukraine. He hugged Zelensky and put his hand on his shoulder. Modi told Zelensky that he had looked Putin straight in the eye and said that this is not the time for war. When Modi was saying this, India’s Defense Minister Rajnath Singh was signing two defense deals in America. In such a situation, many claims related to Modi’s Ukraine visit have become a topic of discussion on social media. Like, did Modi go to Ukraine due to US pressure… Will the Ukraine visit worsen India-Russia relations… Know the truth of such claims from experts in the story… No Indian Prime Minister had visited Ukraine since its establishment in 1991. First of all, know why Modi went on a visit to Ukraine? Russia affairs expert Rajan Kumar told that there were 3 reasons behind PM Modi’s visit to Ukraine… Act of Balancing- PM Modi was being criticized after he visited Russia in the midst of the war. Western countries expressed displeasure over his visit to Russia and accused India of taking a one-sided stand. Western countries have a great influence in India in matters ranging from development to security agreements. This is the reason why PM Modi went to Ukraine in an attempt to create a balance between the two factions during this visit. Bridge Role Play: Neither America wants to stop the Russia-Ukraine war nor is Russia interested in ending it. When Modi went to Russia, he talked about peace there. Modi said the same thing when he went to Ukraine. India not only represents itself but also leads the countries of the Global South. In such a situation, Modi went to Ukraine and presented the side of the Global South countries. India tried to prove that it can act as a bridge between the world divided into two groups. Bilateral Talks: There has been an increase in trade relations between India and Ukraine in the last 25 years. However, India has a trade deficit with Ukraine. That is, in May 2024, we imported goods worth Rs 1081 crore from Ukraine while our export value was only Rs 88.84 crore. Apart from this, India’s trade with Ukraine went into negative in the last one year. Our export value decreased by 5.64 crores. The purpose of PM Modi’s visit was also to discuss trade relations between the two countries. PM Modi received a ceremonial welcome at the Mariinsky Palace in Ukraine. After this, Modi and Zelensky held a bilateral meeting. Claim 1: Modi went to Ukraine to please America and because of Chinareality: Rajan Kumar says that after the Ukraine war, India’s trade with Russia has increased a lot. Because of this also India was being accused of being close to Russia. America and some western countries were pressuring India that being a democratic country, India’s relations with democratic countries should be better. India’s trade is the highest with the US and it is increasing. It is also India’s compulsion to stay with the US because it can help more than Russia in any dispute with China. Ukraine, which was never a priority in our foreign policy, has suddenly become important for us, and America is also the reason for this. However, it is not that PM Modi has visited Ukraine only under pressure from America. Even before PM Modi was going to Russia, there was pressure from America not to do so, but then their words were not heeded. Actually, through this visit, India wanted to prove that its policy is impartial. India wanted to show that if it does not come under pressure from Western countries, then it will not come under pressure from Russia either. Through this visit, India has tried to address the concerns of Western countries. Along with this, India wants to prove its impartiality. PM Modi was given a red carpet welcome at Zelensky’s residence Claim 2: If India stops buying oil from Russia, Russia will be forced to stop the warreality: Rajan Kumar said that even if India stops buying oil from Russia, it will not affect it much. If India is buying oil from Russia, then it is not doing Russia a favour by doing so, rather it is both a compulsion and a benefit for India. In fact, India overtook China in July to become the largest country to buy oil from Russia. India has bought 44% of its total crude oil imports from Russia. According to a Reuters report, India’s consumption of Russian oil is 2.07 million barrels per day. In such a situation, if India stops buying oil from Russia, the price of oil will increase in the market and many essential commodities will become expensive. This will put the economy in crisis. India also has some limitations. India’s economy, foreign investments, diplomatic resources are not big enough to stop such a big war. Modi can appeal to stop the war, can provide a platform to bring two parties together, but we are not yet capable enough to stop the war in Ukraine. Claim 3: PM Modi’s Ukraine visit will worsen India-Russia relations Reality: Rajan Kumar said that Modi’s Ukraine visit will not have any effect on India-Russia relations. Russia is unlikely to make a statement. However, the Russian government will definitely be disappointed by this. Russia is stuck in such a situation that it will not react to this immediately, but in return Russia can be seen trying to improve relations with India’s enemies China and Pakistan. At the same time, Kanwal Sibal, former Indian ambassador to the US, believes that this visit

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Sunita Narain’s column – Recent disasters are not only natural but also man-made | Sunita Narain’s column: Recent disasters are not only natural but also man-made

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hindi news Opinion Sunita Narain’s Column Recent Disasters Are Not Only Natural But Also Man made 23 hours ago copy link Sunita Narayan Environmentalist Recently, more than 300 people died due to the tragic landslide in Wayanad, Kerala. It may or may not have been related to climate change. Before that, the incidents of landslides and floods in Kedarnath or Himachal Pradesh were also related to climate change, or may not have been. We know that climate change will lead to more extreme weather events in the future. We have seen record-breaking temperatures in many areas across the country. Then came the rainy season. There is also a clear science of extreme rainfall and its connection to climate change. As ocean temperatures rise, the world will see more rain, and that will be in the form of heavy rainfall. So, even the days with fewer rains will see more rain. India is estimated to receive rainfall for a few hundred hours out of the approximately 8700 hours in a year. But in July 2024, the number of events classified as ‘very heavy rainfall’ according to the Indian Metrology Department (IMD) has more than doubled in the last five years. Such incidents in July were 90 in 2020, which has increased to 193 in 2024. Take the data of Bareilly in UP. On July 8, this district received 460 mm of rain in 24 hours. Bareilly receives an average rainfall of 1100 to 1200 mm every year. So half of this rainfall occurred in just 24 hours. The situation was the same in Champawat district of Uttarakhand. On July 8 itself, 430 mm of rain fell in 24 hours. If you take Pune district on July 25, then 560 mm of rain fell in 24 hours. This is more than half of the rainfall this district receives in a year. Take the Himalayas. It is the youngest mountain range in the world. It is prone to landslides and cloudbursts and is also a highly seismic zone. It is fragile. Yet we build in the Himalayas as if we were building parking lots in a congested area of ​​Delhi. We have no master plan for the towns in the Himalayan valleys. We are building on flood plains. In fact, we have started building even on rivers. We are destroying mountains. And we are cutting trees as if we will not get a chance tomorrow. It is true that we should develop the Himalayan region, but there is no justification for development projects without thinking. The hydroelectric projects being run in the Himalayas are an example of this. We should not be against these projects. After all, hydropower is an important energy source. It is also a renewable and clean energy source. The question is how should we work on these projects keeping in mind the sensitivity of the Himalayas? In 2013, I was a member of a high-level committee set up to examine these projects. The engineers said they proposed to build 70 hydroelectric projects on the Ganga to generate 9,000 megawatts of power. According to this plan, 80 per cent of the mighty Ganga river would be ‘modified’ and the river would have less than 10 per cent of its water during lean periods. Then it would be nothing more than a drain. How can this be called development, I asked? I suggested the alternative that we should redesign the projects according to the flow of the river, so that when there is more water in the river, more power is generated and when there is less water, less power is generated. This meant that the projects should be designed in such a way that the river maintains 30 to 50 per cent flow at all times. Then you would be modifying the projects, not the river. The Western Ghats of Kerala – where the landslide occurred – is part of the ecologically sensitive area recommended by the K. Kasturirangan Committee in 2013. The committee had recommended that activities like mining and excavation should be banned in these areas. But the Kerala government did not accept it and as a result, some hills collapsed due to excessive rain and there was massive loss of life and property. So remember, all the natural disasters we are seeing across the country today are not only natural but also man-made. We are building on flood plains. We have started building on rivers as well. We are destroying mountains. We are cutting trees as if we will not get another chance to do so tomorrow. Whereas the Himalayas and Western Ghats are extremely sensitive areas. (These are the author’s personal views.) There is more news… Source link

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Premier Energies IPO, ECOS Mobility & Hospitality. IPO Listing Date | Two IPOs will open next week: Invest in Premier Energies and ECOS Mobility & Hospitality, minimum investment ₹ 14,696

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Mumbai16 hours ago copy link Next week, 2 Initial Public Offers (IPOs) will open for listing in the stock market. These include Premier Energies Limited and ECOS Mobility and Hospitality Limited. Let us know about the IPOs of these two companies one by one. 1. Premier Energies LimitedPremier Energies wants to raise a total of ₹2,830.40 crore through IPO. For this, the company is issuing 28,697,777 fresh shares worth ₹1,291.40 crore. At the same time, the existing investors of the company are selling 34,200,000 shares worth ₹1,539 crore through Offer for Sale i.e. OFS. Investors will be able to bid for this IPO from August 27 to August 29. The company’s shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on September 3. Retail investors can bid for a maximum of 429 sharesPremier Energies Limited has fixed the price band of this issue at ₹427-₹450. Retail investors can bid for a minimum of one lot i.e. 33 shares. If you apply for 1 lot as per the IPO’s upper price band of ₹450, then you will have to invest ₹14,850 for it. At the same time, retail investors can apply for a maximum of 13 lots i.e. 429 shares. For this, investors will have to invest ₹ 193,050 according to the upper price band. Premier Energies’ premium in grey market is 67.78%Before the IPO opens, the company’s stock has reached a premium of 67.78% i.e. ₹ 305 per share in the grey market. In such a situation, according to the upper price band of ₹ 450, its listing can happen at ₹ 755. However, this can only be estimated, the listing price of the stock is different from the price of the grey market. The company manufactures integrated solar cells and solar panelsPremier Energies Limited was founded in April 1995. The company manufactures integrated solar cells and solar panels. The company’s product portfolio includes cells, solar modules, monofacial modules, bifacial modules, EPC solutions and O&M solutions. The company has 5 manufacturing facilities, all located in Telangana. The company’s customers include NTPC, Tata Power Solar Systems Ltd., Panasonic Life Solutions Pvt. Ltd., Continuum, Shakti Pumps, First Energy, Bluepine Energies Pvt. Ltd., Luminous and Heartek Solar Pvt. Ltd. The company sells its products in the country and exports them to the US, Hong Kong, South Africa, Bangladesh, Norway, Nepal, France, Malaysia, Canada, Sri Lanka, Germany, Hungary, United Arab Emirates, Uganda, Turkey, South Korea, China, Taiwan and the Philippines. 2. ECOS Mobility & Hospitality LimitedECOS Mobility and Hospitality Limited wants to raise a total of ₹ 601.20 crore through IPO. For this, the existing investors of the company are selling 18,000,000 shares worth the entire ₹ 601.20 crore through offer for sale. Not a single fresh share is being issued for this IPO. Investors will be able to bid for this IPO from August 28 to August 30. The company’s shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on September 4. Retail investors can bid for a maximum of 572 sharesECOS Mobility and Hospitality has fixed the price band of this issue at ₹318-₹334. Retail investors can bid for a minimum of one lot i.e. 44 shares. If you apply for 1 lot as per the IPO’s upper price band of ₹334, then you will have to invest ₹14,696 for it. At the same time, retail investors can apply for a maximum of 13 lots i.e. 572 shares. For this, investors will have to invest ₹ 191,048 according to the upper price band. ECOS Mobility & Hospitality’s premium in the grey market is 15.27%Before the IPO opens, the company’s stock has reached a premium of 15.27% i.e. ₹ 51 per share in the grey market. In such a situation, according to the upper price band of ₹ 334, its listing can happen at ₹ 385. However, this can only be estimated, the listing price of the stock is different from the price of the grey market. The company works to provide employee transport serviceECOS Mobility and Hospitality Limited provides car rental and employee transport services to corporate customers. With over 25 years of experience, the company operates in more than 100 cities in the country. 35% of the IPO of both the companies is reserved for retail investorsBoth the companies have reserved 50% of their respective issues for qualified institutional buyers (QIB). Apart from this, 35% is reserved for retail investors and the remaining 15% is reserved for non-institutional investors (NII). What is IPO?When a company issues its shares to the general public for the first time, it is called Initial Public Offering or IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this, the company brings IPO. There is more news… Source link

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NASA Sunita Williams and Bush will return from space in February 2025 spacex dragon crew-9 spacecraft | Sunita Williams and Bush will return from space in February 2025: NASA said – will return from SpaceX’s Dragon; have been in space for 80 days

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hindi news International NASA Sunita Williams And Bush Will Return From Space In February 2025 Spacex Dragon Crew 9 Spacecraft New Delhi1 hour ago copy link Sunita and Bush have been stranded in space for the last 80 days. Indian-American astronaut Sunita Williams and her partner Bush Wilmore will return to Earth from the International Space Station (ISS) in February 2025. US space agency NASA said in a statement on Saturday (August 24). NASA finally admitted that it would be dangerous to bring the two astronauts stranded on the ISS in Boeing’s new capsule. In such a situation, Sunita and Butch Wilmore will return in February in the Dragon spacecraft of Elon Musk’s company SpaceX. At the same time, the Starliner capsule will try to separate from the ISS in a week or two and return to autopilot mode. At the same time, this time only two astronauts will be sent instead of four in the SpaceX mission going in September. NASA Administrator Bill Nelson said, ‘NASA has decided that Bush and Sunita will return next February in SpaceX’s Dragon spacecraft. Boeing’s Starliner will return to Earth without a crew.’ Sunita and Wilmore reached the ISS on June 5 on NASA’s Boeing Starliner spacecraft. Both were supposed to return on June 13, but their return was postponed due to a technical fault in the spacecraft. Butch Wilmore and Sunita Williams with the crew after arriving at the space station on June 6. Space flights are risky: Bill NelsonSpeaking about the dangers of space travel, Nelson said, “Space flight is risky, even at its safest and most routine. A test flight is by nature neither safe nor routine, so the decision to keep Butch and Sunita on the International Space Station and bring the Boeing Starliner back without a crew is a result of commitment to safety.” He said that Boeing worked very hard with NASA to obtain the data, after which this decision was taken. We want to understand the design improvements of Starliner and the root causes of the malfunction. This will help Boeing Starliner become an important part of our crew to go to the International Space Station (ISS). Why were Sunita and Wilmore sent to the space stationSunita and Bush Wilmore went on Boeing and NASA’s joint ‘Crew Flight Test Mission’. Sunita was the spacecraft pilot in this. Bush Wilmore, who went with her, was the commander of this mission. Both of them had to return to Earth after staying for 8 days in the International Space Station (ISS). At the time of launch, Boeing Defense, Space and Security President and CEO Ted Colbert called it a great beginning of a new era of space research. The main objective of this mission was to prove the spacecraft’s ability to carry astronauts to the space station and bring them back. The astronauts had to do research and several experiments in 8 days on the space station. Sunita and Wilmore are the first astronauts who were sent on space travel through the Atlas-V rocket. During this mission, they also had to fly the spacecraft manually. Many objectives related to the flight test also had to be completed. Sunita Williams and Bush Wilmore at the International Space Station. The picture is from July 9, 2024. How did Sunita and Willmore get stuck in space for so long?There were many problems with the Starliner spacecraft since its launch. Due to these, the launch had failed several times even before June 5. There were reports of problems in the spacecraft even after the launch. NASA said that there is a small helium leak in the thruster of the spacecraft’s service module. A spacecraft has many thrusters. With their help, the spacecraft changes its path and speed. At the same time, due to the presence of helium gas, pressure is created on the rocket. Its structure remains strong, which helps the rocket in its flight. Within 25 days after launch, there were 5 helium leaks in the spacecraft capsule. 5 thrusters had stopped working. Apart from this, a propellant valve could not be closed completely. The crew present in space and the mission manager sitting in Houston, America, together are not able to fix it. Read this news also… Bhaskar Explainer-Why Sunita will not be able to return from space till 2025: There is a problem in Musk’s spacecraft too; How much will the body change in 8 months 8 Read full news… There is more news… Source link

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Column by Pandit Vijayshankar Mehta- It is necessary to take the help of yoga in the world of science | Column by Pandit Vijayshankar Mehta: It is necessary to take the help of yoga in the world of science

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hindi news Opinion Column By Pandit Vijayshankar Mehta It Is Necessary To Take The Help Of Yoga In The World Of Science 23 hours ago copy link Pt. Vijay Shankar Mehta Science first mastered the external activities of the body and then within no time it entered the internal. Therefore, the importance of the soul should be understood. If you are looking for peace, then understand this thing well that we are made up of three elements – body, mind and soul. Science will rule over the body and mind, but the soul is free. Now the preparation of science has reached a very dangerous stage. There is a company called Neuralink. It has successfully experimented with implanting a chip in the brain of monkeys. It can also put a chip in the human skull. This activity of science claims that by doing this, man will be freed from many diseases. Now it will have to be written on some discoveries of science that its use is harmful and people will keep using it. The only way to avoid this is to learn to live on your soul and no science can make you travel to the soul. For this, you will have to adopt the medium of yoga. There is more news… Source link

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Pakistan is preparing for demonetization, will print plastic notes instead of paper

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New Delhi. The people of Pakistan, who are drowning in poverty, are finding it difficult to get flour and rice. The economy is in shambles. To improve the country’s economic condition, the State Bank of Pakistan has now come up with a new scheme. The central bank of Pakistan will now print plastic notes instead of paper in the country. These notes will be made from polymer plastic. Currently, about 40 countries are using polymer plastic bank notes. These are difficult to counterfeit and have more advanced security features like holograms and transparent windows. Pakistan’s central bank will introduce a new polymer plastic currency banknote later this year. The central bank will also redesign all existing banknotes for better security and hologram features. State Bank of Pakistan Governor Jamil Ahmed told the Senate Committee on Banking and Finance in Islamabad that all existing paper currency notes are being redesigned with new security features by December this year. Also read- Asia’s richest village with FD of Rs 7000 crore, in this state of India, where is the money coming from? Plastic notes will be issued in December Ahmed said that banknotes with new designs in denominations of Rs 10, 50, 100, 500, 1000 and 5000 will be issued in December. A source said, “The old notes will remain in circulation for five years and the central bank will remove them from the market.” The State Bank governor told the Senate committee that the new polymer plastic banknote will be issued to the public in one denomination and if it is well received, plastic currency will be issued in other denominations as well. Currently, about 40 countries use polymer plastic banknotes, which are difficult to counterfeit and have more advanced security features such as holograms and transparent windows. Australia introduced polymer bank notes Australia was the first country to introduce polymer bank notes in 1998. Ahmed also confirmed that the central bank has no plans to discontinue the Rs 5,000 note. However, one of the members, Mohsin Aziz, insisted that this would make it easier for corrupt people to carry on their business. Tags: Business news, Note ban, pakistan news, Pakistani currency FIRST PUBLISHED : August 24, 2024, 18:17 IST Source link

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Rekha Jhunjhunwala-backed Baazar Style Retail files RHP, IPO to open on August 30 | Bazaar Style Retail submits draft-papers with SEBI: IPO will open on August 30, Rekha Jhunjhunwala will sell her 27.23 lakh equity shares

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hindi news Business Rekha Jhunjhunwala backed Baazar Style Retail Files RHP, IPO To Open On August 30 Mumbai10 hours ago copy link Investor Rekha Rakesh Jhunjhunwala’s stakeholder company Bazaar Style Retail (Style Bazaar) has filed Red Herring Prospectus (RHP) i.e. draft paper with SEBI. The company can announce the price band of its IPO on August 27. According to the prospectus, the initial public offering comprises a fresh issue of equity shares aggregating to Rs 148 crore and an offer for sale (OFS) of up to 1.7 crore equity shares by promoter group entities and other selling shareholders. Rekha Jhunjhunwala to sell 27.23 lakh equity sharesUnder OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares. Apart from her, Intensive Softshare Private Limited will sell 22.40 lakh shares and Intensive Finance Private Limited will sell 14.87 lakh shares. Investor Rekha Rakesh Jhunjhunwala. The Kolkata-based value fashion retailer will launch its anchor book for the IPO on August 29, 2024, with the issue open for public subscription from August 30, 2024 to September 3, 2024. Link Intime India appointed as RegistrarAxis Capital, Intensive Fiscal Services and JM Financial are acting as the book-running lead managers to the issue, while Link Intime India has been appointed as the registrar. The company will use the funds raised from the IPO for general corporate purposesAccording to the RHP, the IPO is a combination of a fresh issue and OFS. Therefore, the company will use the funds raised from the IPO for pre-payment or repayment of certain outstanding borrowings and for general corporate purposes. There is more news… Source link

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US interest rate cuts will only be half the success

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The much-awaited Fed pivot is finally on the horizon. Last Friday, Federal Reserve Chairman Jerome Powell said in his speech at the famous annual Jackson Hole Economic Symposium that ‘the time has come to adjust policy’, clearly indicating a rate cut in the US at the upcoming FOMC meeting in September. Stock and bond markets rejoiced, as they have always done in the past. In the past 25 years, the US has had three rate-cutting cycles and the initial reaction on the eve of the first such action has always been positive. But how has the follow-up action been as the rate-cutting cycle continues? Here are some insights on how various asset classes and key macro metrics have performed during past rate-cutting cycles (see table also) and takeaways for investors. For this analysis, we have considered changes from the month of the first rate-cut to the month of the last rate-cut in the cycle. An analysis of the events since the beginning of the interest rate cutting cycle gives the message that one needs to be careful about what one wishes for (low interest rates). glass half full? When a cycle of interest rate cuts begins, the battle is only half won. Victory over inflation can be declared only when a moderation in the economy is confirmed, which will become clear sometime next year. The last three times the Fed cut rates, the US economy eventually ended in recession. Even in 2020, when the recession caused by the Covid-19 pandemic began, the economy was already showing signs of a slowdown. In earlier cycles, too, several rate-cutting cycles ended in recession. Soft landings have been rare, but were achieved once during a cycle in the mid-1990s. Each cycle had slightly different dynamics. In 2000, the economy/markets had already started weakening/improving before the rate cut, while in 2007 both continued strengthening/rising for a few months even after the rate cut, the end result being that the economy/markets faced painful times at different periods during past rate-cutting cycles. During the 2001-03 rate-cut cycle, the Dow Jones, S&P500 and Nasdaq Composite declined 17, 32 and 34 per cent, respectively, while the Nifty50 outperformed by declining 10 per cent. While in India, too, the slowdown during that cycle was severe, the recovery phase began as early as 2003. In contrast, the pain continued even after all four indices declined 30-40 per cent by the time of the last rate cut in the September 2007 to December 2008 rate-cut cycle. Gold has been the outperformer in these cycles, delivering strong returns in dollar terms and becoming even stronger following the depreciation in the Indian Rupee (USDINR) in the 2007-08 and 2019-20 cycles. Also read: US Fed keeps interest rates steady, expects just one cut in 2024 How should investors position themselves? The possibility of a soft landing remains, but investors now have to assume it’s not a certainty. Given this, some hedging of the portfolio by increasing exposure to gold and fixed income could be a good move. Also, investors need to closely monitor the trend in the unemployment rate in the US over the next few months. When investors try to analyse why rate-cutting cycles have been bad for the markets overall, one should examine the data to see what factors drive rate cuts. Rising unemployment rates are a factor that influences the start of a rate cutting cycle as the US Fed attempts to balance its dual mandate of price stability and maximum employment. This is the case this time as well, with the July unemployment report triggering the Sahm Rule recession indicator. When unemployment rises, spending in the consumption-driven US economy is affected, triggering a recession/slowdown, which has ramifications for economies and markets around the world. share copy Link Email Facebook Twitter Telegram Linkedin WhatsApp reddit Published on 24 August 2024 Source link

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ola gift to customers started carpooling service again

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pattern photo ANI Image This service was also run four years ago but this service was stopped during the Corona period. Now after almost four years, this facility has been started. Aggarwal had also announced this facility in Ola’s annual community program ‘Sankalp’ on 15 August. Ola company is going to restart a service for its customers which it has been providing earlier as well. The company has restarted its carpooling facility under the name Ola Share. This information has been given by Bhavish Aggarwal, according to the report of Moneycontrol. This service was also run four years ago but this service was stopped during the Corona period. Now this facility has been launched after almost four years. Aggarwal had also announced this facility at Ola’s annual community event ‘Sankalp’ on August 15. Bhavish Aggarwal said, “We are bringing back Ola Share for affordable rides. This time the experience is much better with AI-driven algorithms… We will soon consider expanding to other cities.” Similarly, Uber launched its group rides in Delhi and Rapido launched its carpooling services in Bengaluru. Know what is car pooling service Let us tell you that carpooling is a service in which many different people travel together in a large vehicle. Usually such people have to go to the same place. Usually private car owners are allowed to share rides through this service. Share it Other News Source link

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Domestic gold prices rise 10% amid rising global prices and central bank buying: World Gold Council

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According to the World Gold Council, global gold prices have risen 18 per cent so far this year, driven by a 10 per cent rise in domestic gold prices, driven by strong buying by central banks, rising geopolitical risks and growing expectations of a monetary policy change from the US Federal Reserve. The reduction in import duty has led to a revival in the demand for gold across India. Reports from the recently concluded India International Jewellery Show indicate that order bookings from retailers have increased significantly, especially in preparation for the upcoming festive and wedding season. Manufacturers have found that in some cases, orders have reached levels not seen in many years, reflecting strong buying interest among jewellery retailers and consumers. Bar and coin buying also remains strong, with both consumers and jewellery retailers taking advantage of more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, which includes demand for jewellery and bars and coins, could see an additional 50 tonnes or more in the second half of 2024. This potential growth is driven by a combination of an initial increase in consumer appetite due to more attractive prices and the long-term alignment of local prices with international rates. Also read: RBI to issue 30 gold bonds from October 11 A notable change has been that domestic gold prices, which were trading at a discount to international prices for five consecutive months, have now started trading at a premium after the announcement of the Union Budget. The discount had widened sharply in July, hitting a high of nearly $80 an ounce in the third week of the month, driven by weak demand and increased gold supply through various preferential trade agreements and unofficial channels. However, wholesalers began selling gold at prices higher than landed cost to recoup their losses on inventory purchased under the old customs regime, further supported by increased consumer demand. While the premium has softened recently, from $28 an ounce to around $5 an ounce, the move highlights changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes made in the Union Budget, including a reduction in long-term investment holding period and lower tax rates, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) showed net inflows into gold ETFs in July at ₹13.4 billion (about $160 million), marking the highest monthly inflows since February 2020 and an 84 per cent increase compared to June 2024. Despite these inflows, total assets under management (AUM) for Indian gold ETFs rose marginally by 0.3 per cent to ₹345 billion ($4.1 billion) over the previous month. This marginal increase can be attributed to an 8 per cent drop in domestic gold prices following a reduction in import duty. Total net inflows into Indian gold ETFs have been ₹45 billion ($543 million) so far this year, with total AUM up 48 per cent from a year ago. The Reserve Bank of India (RBI) has continued its trend of buying gold, although at a slower pace after a significant increase in June, when purchases reached 9.3 tonnes – the highest monthly total in nearly two years. Year-to-date, RBI’s gold acquisitions total 44.3 tonnes, surpassing the combined total of the previous two years. RBI’s gold reserves have now reached a record high of 849 tonnes, accounting for 8.8 per cent of the total foreign reserves, as against 7.5 per cent a year ago. Gold imports remained steady at $3.1 billion in July, maintaining the steady trend seen over the past three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during the period. The gold import bill for July 2024 was 11 per cent lower than the previous year, while in terms of quantity it was estimated to decline by 26 per cent to about 47 tonnes. Despite the surge in international gold prices, domestic gold prices in India have witnessed a significant drop, primarily due to the 9 per cent cut in import duty announced in the Union Budget 2024-25. This policy change has led to a 6 per cent reduction in the landed cost of gold, reflecting a change in the dynamics of the domestic gold market. Also read: Gold prices jump amid US recession concerns and interest rate cuts share copy Link Email Facebook Twitter Telegram Linkedin WhatsApp reddit Published on 24 August 2024 Source link