Five of the top ten most valuable companies added Rs 4,23,014.4 crore in market valuation last week, with big contributions coming from HDFC Bank, which just concluded its merger with its mortgage financier parent HDFC.
HDFC Bank surpassed IT powerhouse Tata Consultancy Services to become the second most valuable business by market capitalisation on Thursday.
Last week, the 30-share BSE Sensex bounced 623.36 focuses or 0.94 percent.
While HDFC Bank, ICICI Bank, ITC, State Bank of India and Bajaj Money were the gainers, Dependence, Goodbye Consultancy Administrations (TCS), Hindustan Unilever, Infosys and Bharti Airtel experienced disintegration their market valuation last week.
HDFC Bank’s market valuation bounced Rs 3,43,107.78 crore to arrive at Rs 12,63,070.52 crore.
The market capitalisation (mcap) of State Bank of India zoomed Rs 27,220.07 crore to Rs 5,48,819.01 crore, and that of ICICI Bank bounced Rs 24,575.78 crore to Rs 6,97,413.50 crore.
ITC added Rs 21,972.81 crore, taking its valuation to Rs 6,09,924.24 crore. The mcap of Bajaj Money climbed Rs 6,137.96 crore to Rs 4,59,425.99 crore.
In any case, the market valuation of Dependence Ventures fell by Rs 1,37,138.56 crore to Rs 17,15,895.17 crore.
Dependence reported the demerger of its monetary administrations undertaking into RSIL (Dependence Key Speculations Ltd), which was renamed JFSL (Jio Monetary Administrations Ltd).
NSE and BSE directed a unique pre-open meeting for Dependence Enterprises Ltd on Thursday by virtue of the demerger of its monetary administrations business Dependence Key Speculations Ltd.
In the mean time, TCS mcap disintegrated by Rs 52,104.89 crore to Rs 12,32,953.95 crore and that of Infosys declined by Rs 39,406.08 crore to Rs 5,52,141.59 crore.
Portions of Infosys failed north of 8% on Friday after the organization revealed a lower-than-anticipated 11% ascent in net benefit for the June quarter and sliced its FY24 development standpoint.
The valuation of Hindustan Unilever went lower by Rs 17,163.77 crore to Rs 6,11,786.57 crore, and that of Bharti Airtel plunged Rs 390.94 crore to Rs 4,94,726 crore.
In the positioning of top-10 firms, Dependence stayed the most esteemed organization, trailed by HDFC Bank, TCS, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, Bharti Airtel and Bajaj Money.
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Hyundai and Kia Recall: Fire Risk in Motor Compartments Leads to Safety Review
Almost 3.4 million Hyundai and Kia vehicles are being reviewed in the US because of the gamble of a motor compartment fire. Vehicle proprietors are being encouraged to leave their vehicles outside.
The Public Roadway Traffic Security Organization communicated stress on Wednesday over the likelihood that a brake liquid hole might bring about an electrical short, raising the risk of a motor compartment fire when the vehicle is halted or being driven.
On Friday, Hyundai said that its cars could still be driven.
Owners are still permitted to operate these cars, the company stated in a statement. Hyundai advises, however, parking the cars outside and away from buildings while the recall fix is being implemented.
According to Hyundai and the Canadian government, another 600,000 Hyundai and Kia automobiles are being recalled in Canada.
According to report, the two automakers stated that they were unaware of any injuries, fatalities, or collisions connected to the flaw.
the alert is applicable to around 1.64 million particular Hyundai and Genesis automobiles and roughly 1.73 million particular Kia models.
Hyundai cars from 2010 to 2015, including the Accent, Elantra, and Tucson, are included in the recall. All 2010–2019 Kia cars are affected, including the Cadenza, Optima, and Sorento.
Hyundai is the parent organization of Kia Engines, yet the producers work autonomously.
A 2019 Hyundai Elantra in the US was reported to have an overheated antilock braking system, or ABS. According to the N.H.T.S.A. statement, the business discovered 21 car fires and 22 additional occurrences involving smoke, burning, and melting that were connected to antilock braking systems in the United States. It claimed to be aware of two occurrences of smoking, burning, or melting in Canada.
Kia decided to start its own recall after Hyundai informed it in July that it was looking into issues with cars that used hydraulic electronic control units that were identical to those found in Kia vehicles.
According to the report, Kia is aware of one engine compartment fire, three electronic control unit fires, and six cases of component melting.
Also Read: ₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process
It advised car owners to be alert for the “check engine” or antilock brake system lights to illuminate, engine smoke, or a burning or melting smell.
Both Hyundai and Kia intend to advise owners to take their cars to a dealer to have the ABS module fuse changed. In the meanwhile, individuals can use a vehicle identification number to do an online search to find out whether their vehicle has been recalled.
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₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process
The 2,000-denomination currency notes may no longer be returned or exchanged from today. The banknote would lose its value and become simply another piece of paper as of October 1, according to the Reserve Bank of India (RBI). Four months ago, the central bank declared that the 2,000 note will be taken out of circulation.
Might you at any point utilize the ₹2,000 note after the present cutoff time?
Despite reportedly continuing to be legal tender even after the deadline of September 30, the R,2000 currency note won’t be used in transactions. After the cutoff, only the RBI will swap the notes.
How to exchange ₹2,000 notes?
The 2,000 rupee notes can be exchanged at any of the nearby bank branches or 19 regional offices of the RBI till September 30.
- Visit the regional office of the RBI or the closest bank.
- Complete the “request slip” for the terminated notes exchange or deposit.
- You can find your UIN on your driver’s license, voter ID card, passport, or NREGA card. Enter this information.
- Specify the number of notes you intend to send.
Notably, there is a cap of 20,000 on the total number of 2,000 note exchanges for lesser denominations.
As indicated by information distributed by the RBI on September 1, practically 93% of the cash notes have been reestablished to the financial framework since May. As per information accumulated from the banks, it said in a proclamation that the complete worth of the 2,000 banknotes recovered from course up to August 31, 2023, was 3.32 lakh crore.
Also Read: Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees
Why did RBI decide to discontinue ₹2,000 banknote?
In accordance with Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, the 2,000-denomination banknote was issued in November 2016 to swiftly address the economy’s monetary needs followingthe evacuation of the lawful delicate status of the 500 and 1000 banknotes being used at that point.. The goal of launching the notes, according to MoS Pankaj Chaudhary, was achieved after banknotes of various denominations were made sufficiently available. It was decided to remove the currency notes in light of the aforementioned factors and in accordance with the RBI’s “Clean Note Policy,” he stated.
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Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees
In partnership with famous fashion designer Manish Malhotra, Air India made a big statement about its plans to update its personnel uniforms.. As part of Air India’s continuous modernization efforts to rebuild its worldwide brand identity, the programme intends to provide new and contemporary uniforms for over 10,000 employees, including cabin and cockpit crew, ground personnel, and security professionals. By the end of 2023, the airline hopes to introduce its staff to their new uniforms.
The CEO and MD of Air India, Campbell Wilson, stated his pleasure for this collaboration and emphasised their shared objective of using the updated uniforms to showcase a vibrant, fearless, and forward-thinking India to the globe. He emphasised how the new Air India was given a fresh and appealing design by carefully blending the airline’s brand, legacy, and culture with the specific requirements of the aviation business.
The well-known fashion designer Manish Malhotra expressed his pleasure at working with Air India and referred to the airline as the nation’s flying ambassadors. It’s a great privilege to work with Air India, our country’s flying ambassadors, he remarked. I can’t wait to start this journey of joy and collaboration by reimagining their outfits. Our unified idea is straightforward but profound: to modernise without forgetting and to progress without deleting. Together, we want to meld heritage with the modern world by creating uniforms that combine comfort with authenticity and timeless elegance.
In addition to updating its uniforms, Air India has also given its aircraft a new look that is inspired by chakras and has brilliant hues like deep red, aubergine, and flashes of gold. Passengers may anticipate the implementation of this new logo and design over time, commencing in December 2023 with the first A350 aircraft to flaunt the redesigned appearance. These modifications are a part of the makeover that was started in January 2022 when the Tata Group took over management of Air India.
Air India placed a sizable aircraft purchase with Airbus and Boeing earlier this year, paying almost $70 billion based on reported costs for 470 aircraft. These new planes are expected to start being delivered in November of this year. 20 wide-body aircraft will be leased and purchased by the airline in 2023 as part of their complete transformation strategy. Additionally, beginning in the middle of the next year, they intend to invest $400 million to totally renovate the interiors of their current fleet of 43 widebody aircraft. Air India wants to modernise 33% of its wide-body fleet by March 2024.
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