Top Stories | Noel Tata takes over Tata Trusts, rupee hits record low, Obama campaigns for Harris & more
The Indian rupee has hit a record low, breaching the 84-mark against the US dollar, while India’s industrial output shrank by 0.1% in August—the first contraction in two years.
On the corporate front, Hyundai India’s sales surged 40% this month ahead of its IPO, and Britannia is set to raise prices to boost growth.
Internationally, Israeli missile strikes in Beirut have sparked outrage, while Hurricane Milton leaves Florida devastated with 10 dead and millions without power.
In the US, Barack Obama joins Kamala Harris on the campaign trail as polls point to a close race in battleground states. Meanwhile, Navi Mumbai’s new airport saw its first successful landing today ahead of its inauguration next year.
Noel Tata appointed Chairman of Tata Trusts after Ratan Tata’s demise: Exclusive
A day after the last rites of India Inc titan and former Tata Sons Chairman Emeritus Ratan Tata, his half-brother Noel Tata has been appointed as the Chairman of Tata Trusts.
The decision comes as Tata Trusts unanimously elected him as the chairman. The trusts held twp meetings today, one to pay homage to Ratan Tata and one to appoint the new chairman.
The decision to appoint the chairman today was keeping in mind Ratan Tata’s approach of “moving on.”
But who is Noel Tata? Here’s all you need to know about Ratan Tata’s successor who made Trent a ₹1000 crore firmnoel taga
Noel Naval Tata was appointed as the Chairman of Tata Trusts on October 11, succeeding titan Ratan Tata who passed on Wednesday evening.
He is the son of Naval Tata and Simone Tata. He is the half-brother of former chairman of Tata Group, Ratan Tata and Jimmy Tata.
Noel holds several key positions within the Tata Group, including being the Chairman of Trent and Tata Investment Corporation, the managing director of Tata International, and the vice chairman of Titan Company and Tata Steel.
He is also trustee to Sir Ratan Tata Trust and Sir Dorabji Tata Trust.
Rupee vs US Dollar: INR falls to record low of 84 versus USD
The Indian rupee weakened to a record low of 84/$ against US dollar for the first time on Friday, October 11.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading marginally higher, near the 102 mark.
The value of the US dollar against a basket of six peers is inversely proportional to the value of the rupee. That is, if the value of the greenback rises, the value of the rupee depreciates, and vice versa.
India’s August industrial output contracts for the first time since Oct 2022
India’s industrial production in August contracted for the first time on an annualised basis since October 2022, according to the Ministry of Statistics and Programme Implementation.
On a month-on-month basis, IIP fell 0.1% in August 2024, a notable decline from a growth rate of 4.7% recorded in July, according to the Ministry of Statistics and Programme Implementation.
This marks the first decrease since March, highlighting ongoing challenges in the manufacturing sector amid fluctuating economic conditions.
The data reveals that the three major sectors—Mining, Manufacturing, and Electricity—faced varying degrees of hardship. The Mining sector experienced a significant contraction of 4.3%, due to heavy rainfall impacting operations.
Hyundai Motor India IPO: GMP falls by over 50% in a week ahead of issue opening
Hyundai Motor India Ltd., which will be the country’s largest initial public offering (IPO) till date, is set to launch the issue on October 15.
The Indian unit of South Korean carmaker Hyundai Motor will be selling its shares in the range of ₹1,865-1,960 crore to raise a total of ₹27,856 crore through the IPO.
Ahead of the automobile firm’s mega IPO, shares of Hyundai Motor India have seen a significant fall in the grey market. The grey market premium (GMP) of the company fell by over 50% in the last one week.
Data from platforms tracking GMP activities show that the premium for the company’s IPO shares has fallen to ₹170, as of October 11, marking a steep drop from ₹370 on October 4 — a nearly 54% decline.
In conversation with CNBC-TV18, Tarun Garg, COO & Whole-time Director of Hyundai India, says the company continues to explore opportunities in the auto industry. He tells Parikshit Luthra that October has started on a very positive note.
Now In A Position To See How We Can Reduce Premium To Amul: Britannia
Now in a position to see how we can reduce premium to Amul,’ says Britannia Industries’ MD Varun Berry. BEL Group’s CEO Cecile Beliot says they are now present in every big city & selling in 37,000 stores.
Iranian president condemns Israel for ‘killing innocent people’ with Western support
Iranian President Masoud Pezeshkian has condemned Israel’s military actions in Lebanon, accusing it of “killing innocent people” with the backing of the United States and the European Union.
Speaking to a Russian state television reporter on the sidelines of an international summit in Turkmenistan on Friday, October 11, Pezeshkian called for an end to Israeli airstrikes and military operations targeting Hezbollah, an Iran-backed militant group.
Aftermath Of Milton Hurricane: At Least 14 Deaths Confirmed| Hurricane Milton In Florida
Rescue teams plucked Florida residents from the flotsam of Hurricane Milton on Thursday after the storm smashed through coastal communities where it tore homes into pieces, filled streets with mud and spawned a barrage of deadly tornadoes. At least eight people were dead.
Arriving just two weeks after the misery wrought by Hurricane Helene, the system also knocked out power to more than 3 million customers, flooded barrier islands, tore the roof off a baseball stadium and toppled a construction crane.
Trump is a 78-year-old billionaire still whining: Barack Obama
Obama, a strong advocate for Kamala Harris since she took over the Democratic ticket after President Joe Biden stepped down in July following a weak debate against Republican Donald Trump, issued a caution during a campaign rally in Pennsylvania.
He warned that the upcoming November election would be a close contest between Harris and Trump, urging voters to reject Trump’s bravado and support Harris.
IAF’s C295 successfully conducts trial landing at Navi Mumbai International Airport — Watch video
The Navi Mumbai International Airport on Friday (October 11) successfully conducted the trial landing of an aircraft with the touchdown of an Airbus C295 plane.
The Indian Air Force transport carrier C295 landed at the Southern runway 26 of the airport at 12.14 pm, according to the airport operator.
A water cannon salute was accorded to the aircraft.
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