Rs 2000 Currency Note Exchange Date Extended By RBI

NEW DELHI, Sept 30: The Reserve Bank on Saturday extended the special drive to withdraw Rs 2,000 bank notes from the system by another week, till October 7. The public has returned Rs 3.42 lakh crore of the Rs 2,000 notes since May 19, the RBI said in a statement posted on the last day of the drive to withdraw the notes.

These notes were either deposited or exchanged at bank branches till September 29, and represent 96 percent of the outstanding currency in circulation as of May 19 this year, the Reserve Bank of India (RBI) said.

The Rs 2,000 notes shall continue to be legal tender even after October 7, but can be exchanged only at RBI offices, the central bank said, adding that they cannot be deposited or exchanged at bank branches.

Apple Shares Fall Sharply Amid Reports Of China Widening iPhone Curbs

BEIJING, Sept 7: Apple shares fell sharply for a second straight session on Thursday following reports of significant Chinese restrictions on iPhones at government offices and state-backed entities.

Shares of the world's biggest publicly-traded company were down 2.8 percent at $177.79 in late morning trading.

Shares fell 3.6 percent on Wednesday after a Wall Street Journal report that China barred the use of Apple smartphones in central government agencies.

That was followed Thursday by a Bloomberg News story that China planned to expand the ban to government-backed agencies and state companies, broadening the effect of the policy in a centrally-planned economy.

Apple and Chinese officials have not responded to requests for comment.

The move comes amid intensifying tensions between Beijing and Washington.

The Bloomberg story said a release last week of a Huawei smartphone employing a made-in-China processor was hailed in Chinese state media as a "triumph" in the wake of US sanctions.

Apple reported $15.8 billion in revenues from China in the most recent quarter, nearly 20 percent of total revenues. Executives pointed to the uptick in China sales in a period when overall sales fell.

Briefing.com analyst Patrick O'Hare said the Apple situation has implications for other tech companies.

"The worry for the market is that, if China purposely chooses to make business difficult for a company like Apple, which has a good and important working relationship in China, then it can do so for a lot of other US companies doing business in China," O'Hare said.

But Wedbush Securities analyst Dan Ives estimated that a Chinese government ban would affect less than 500,000 iPhones of roughly 45 million projected to be sold in the country in the next year.

"We believe despite the loud noise Apple has seen massive share gains in China smartphone market," Ives said, adding that rising sales give Apple "incremental momentum on this front."

Tata Seeks Control Of Haldiram's, Snack Maker Wants $10 Billion Valuation: Report

NEW DELHI, Sept 6: Tata Group's consumer unit is in talks to buy at least 51% of popular snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said.

If successfully concluded, a deal would see the conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail.

Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said.

Tata Consumer Products, which owns UK tea company Tetley and has a partnership with Starbucks in India, is negotiating the stake purchase, said the sources.

A third person with direct knowledge of the talks said Tata wanted to buy more than 51% but has told Haldiram's that its "ask is very high."

The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. Haldiram's is huge in the consumer space and has a wide market share."

A spokesperson for Tata Consumer Products said it "does not comment on market speculation". Haldiram's Chief Executive Krishan Kumar Chutani and Bain declined to comment.

Family-run Haldiram's traces its origins back to a tiny shop founded in 1937 and is well-known for its crispy "bhujia" snack sold for as little as 10 rupees across mom-and-pop stores.

It has almost 13% share of India's $6.2 billion savoury snack market, according to Euromonitor International. Pepsi, famous for its Lay's chips, also has around 13%.

Haldiram's snacks are also sold in overseas markets like Singapore and the United States. The company has around 150 restaurants selling local food, sweets and western cuisine.

Rupee Falls 10 Paise To Close At All-Time Low Of 83.14 Against US Dollar

NEW DELHI, Sept 6: The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar today, weighed down by a surge in crude oil prices and strong American currency.

Forex traders said the Indian rupee depreciated today as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.

At the interbank foreign exchange market, the local unit opened at 83.08 against the US dollar and moved in a range of 83.02 to 83.18 in the day trade.

The rupee finally settled at 83.14 (provisional) against the US dollar, down 10 paise from its previous close.

The India currency earlier hit the lowest level of 83.13 on August 21 this year.

On Tuesday, the rupee plunged by 33 paise to close at 83.04 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.07 per cent to 104.73.

Brent crude futures, the global oil benchmark, declined 0.67 per cent to USD 89.44 per barrel.

advertisements