Himalayan Express

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  • Rajnath Singh to Unveil War Memorial and Sardar Patel Statue in Arunachal Pradesh

    Rajnath Singh to Unveil War Memorial and Sardar Patel Statue in Arunachal Pradesh

    ITANAGAR, Oct 30: Defence Minister Rajnath Singh is set to visit Tawang district in Arunachal Pradesh on Thursday to inaugurate the Museum of Valour dedicated to Major Ralengnao Bob Khathing and unveil a statue of Bharat Ratna Sardar Vallabhbhai Patel. During his visit, Singh will also celebrate Diwali with soldiers stationed along the India-China border, as confirmed by officials on Wednesday.

    Manipur Chief Minister N. Biren Singh will join the event, adding to the significance of the occasion. Arunachal Pradesh Chief Minister Pema Khandu expressed his enthusiasm on X, welcoming both Singh and Biren Singh to the state. He stated, “The inauguration of Major Ralengnao Bob Khathing Museum of Valour and the unveiling of ‘Desh Ka Vallabh,’ the statue of Bharat Ratna Sardar Vallabhbhai Patel at Tawang, in the presence of esteemed dignitaries, will be cherished by us for ages to come.”

    Khandu highlighted the historical importance of Major Khathing’s brave expedition in February 1951 to establish Indian administration in Tawang, stating, “His heroic deeds have no parallel in human history.” He also paid tribute to Sardar Vallabhbhai Patel’s legacy as India’s first Home Minister, emphasizing the critical role he played in integrating various princely states into the nation.

    Both monuments serve as enduring reminders of the invaluable contributions of these great leaders to India’s integrity and sovereignty, Khandu added. Tawang, set against the majestic backdrop of the eastern Himalayas, has long symbolized India’s commitment to securing its borders. Singh’s visit coincides with a recent breakthrough in patrolling along the Line of Actual Control (LAC) in Eastern Ladakh, underscoring the importance of national security in the region.

  • India Delivers Rooftop Solar Systems to Religious Sites in Sri Lanka

    India Delivers Rooftop Solar Systems to Religious Sites in Sri Lanka

    Colombo, Oct 28 — In a significant step towards enhancing energy collaboration, India has delivered rooftop solar systems to several religious sites in Sri Lanka, as announced by the Indian High Commission. The initiative, which includes solar panels and installation materials, benefited a Buddhist temple in Hokandara, the Sri Aanjaneyar Temple, St. Anthony’s Church, and Mutwal Jumma Mosque.

    This initiative is part of a broader USD 17 million project aimed at installing 25 MW of solar rooftop systems across 5,000 religious institutions throughout Sri Lanka. Designed to lower energy costs and facilitate the nation’s transition to renewable energy, the project will cover all nine provinces and 25 districts, supplying approximately 37 million units of electricity annually.

    “The project is designed to reduce energy costs for these institutions while bolstering Sri Lanka’s transition to clean energy,” stated the Indian High Commission. It is expected to be completed by early next year and includes a five-year maintenance plan to ensure long-term effectiveness and sustainability.

    This effort aligns with India’s “Neighbourhood First” policy, which emphasizes cooperation based on Sri Lanka’s energy priorities. Other renewable initiatives include the solar electrification of around 9,000 Buddhist temples and Pirivenas with a grant of USD 10 million, as well as hybrid renewable energy projects in the islands off Jaffna. Major projects also include LNG supply and infrastructure development, along with a solar power plant in Sampur.

  • IndusInd Bank Shares Plummet 17%, Market Capitalization Shrinks by ₹15,572 Crore Due to Disappointing Earnings

    IndusInd Bank Shares Plummet 17%, Market Capitalization Shrinks by ₹15,572 Crore Due to Disappointing Earnings

    New Delhi, Oct 25 – Shares of IndusInd Bank plunged nearly 17% on Friday morning, hitting a 52-week low after the bank reported a 40% decline in net profit for the quarter ending September 2024. The bank’s net profit dropped to ₹1,331 crore, down from ₹2,202 crore in the same quarter last year.

    On the BSE, the stock tumbled 16%, reaching a 52-week low of ₹1,073, while on the NSE, it fell by 16.72% to ₹1,066. This sharp decline in share value wiped out ₹15,572.07 crore from the company’s market capitalization, which now stands at ₹84,053.35 crore. IndusInd Bank emerged as the biggest laggard among Sensex and Nifty firms.

    Meanwhile, the BSE Sensex was down by 388.99 points at 79,676.17, and the Nifty dropped 163.60 points to 24,244.20.

    Despite a rise in total income to ₹14,871 crore during the September 2024 quarter, up from ₹13,530 crore a year earlier, the bank’s asset quality deteriorated. Gross non-performing assets (NPAs) increased to 2.11% of gross advances, compared to 1.93% in the same period last year. Net NPAs also rose to 0.64%, up from 0.57% a year ago, signaling a rise in bad loans.

    The disappointing earnings and worsening asset quality led to the steep decline in the bank’s stock price.

  • Rupee Steady at 84.07 Against US Dollar in Early Trading

    Rupee Steady at 84.07 Against US Dollar in Early Trading

    Mumbai, Oct 24 : The rupee remained steady at 84.07 against the US dollar in early trading on Thursday, amid high crude oil prices and ongoing foreign fund withdrawals from the capital market. However, the local currency found some support as the dollar retreated from its recent highs and domestic equity markets showed signs of recovery, according to forex traders.

    At the interbank foreign exchange market, the rupee opened at 84.06 against the dollar but slipped by one paisa, trading at the previous day’s closing level. On Wednesday, the rupee had settled with a marginal gain of one paisa at 84.07 against the dollar. The local currency has struggled to regain strength since October 11, when it closed at its lowest level of 84.10 against the dollar.

    Analysts noted that a sell-off by foreign investors seeking better returns from the Chinese market has hindered the rupee’s recovery. Additionally, rising US Treasury yields have raised concerns about a slower pace of interest rate cuts by the Federal Reserve. Uncertain geopolitical conditions, especially in the lead-up to the US presidential election, have also driven investors toward safe-haven assets.

    Meanwhile, the dollar index, which measures the currency’s strength against a basket of six currencies, fell slightly by 0.07 percent but remained elevated at 104.20. In commodity markets, Brent crude, the international benchmark, rose by 1.27 percent to USD 75.91 per barrel in futures trading.

    On the domestic equity front, the Sensex increased by 68.86 points, or 0.09 percent, to reach 80,150.84 points, while the Nifty fell by 23.50 points, or 0.10 percent, to settle at 24,412.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday, offloading shares worth ₹5,684.63 crore, according to exchange data.

  • Rupee Edges Up by 1 Paise to 84.07 Against US Dollar

    Rupee Edges Up by 1 Paise to 84.07 Against US Dollar

    Mumbai, Oct 23 — The rupee traded almost flat, edging up by just 1 paisa to 84.07 against the US dollar in early Wednesday trade, as a strong American currency and continued foreign fund outflows weighed on the Indian currency.

    Forex traders noted that downward trends in domestic equity markets and elevated crude oil prices further limited the rupee’s recovery potential. At the interbank foreign exchange market, the rupee opened slightly higher at 84.07 per dollar but remained largely flat in early dealings. On Tuesday, the rupee had settled 1 paisa lower at 84.08 against the greenback.

    The Indian currency has struggled to bounce back since October 11, when it closed at its lowest level of 84.10 against the dollar. Analysts have attributed this pressure to continued selling of Indian equities by foreign institutional investors (FIIs), who are seeking better returns in the Chinese market. Additionally, a surge in US Treasury yields has sparked concerns that the Federal Reserve may delay its anticipated rate cuts, prompting investors to move toward safe-haven assets like the US dollar.

    Meanwhile, the dollar index, which tracks the greenback’s strength against a basket of six major currencies, rose 0.06 per cent to 103.97. Brent crude, the international benchmark for oil, fell 0.22 per cent to USD 75.87 per barrel in futures trade.

    On the domestic equity front, both major indices faced declines. The Sensex dropped 96.34 points, or 0.12 per cent, to 80,124.38, while the Nifty slipped 32.95 points, or 0.13 per cent, to 24,439.15. Both indices had fallen by more than 1 per cent during Tuesday’s session.

    Foreign institutional investors continued their selling spree, offloading shares worth Rs 3,978.61 crore on Tuesday, according to data from stock exchanges.

  • Hyundai Motor India Shares Have a Lackluster Market Debut, Opening Over 1% Lower

    Hyundai Motor India Shares Have a Lackluster Market Debut, Opening Over 1% Lower

    Hyundai Motor India Ltd, the Indian subsidiary of South Korean automotive giant Hyundai, made its market debut on Tuesday with shares listing at a discount of over 1% from the issue price of ₹1,960. The stock opened at ₹1,931 on the Bombay Stock Exchange (BSE), marking a decline of 1.47%. Although it briefly recovered, reaching a high of ₹1,968.80 (up 0.44%), it ultimately fell again to trade at ₹1,945.40, reflecting a 0.74% decrease.

    On the National Stock Exchange (NSE), Hyundai’s shares debuted at ₹1,934, down 1.32%. During early trading, the company’s market capitalization stood at ₹1,57,807.67 crore.

    Hyundai Motor India’s initial public offering (IPO) garnered significant attention, getting subscribed 2.37 times by the final bidding day. This IPO, valued at ₹27,870 crore, became the largest in the country, surpassing LIC’s earlier record of ₹21,000 crore. The price band for the IPO was set between ₹1,865 and ₹1,960 per share, and it consisted entirely of an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company, with no fresh issue component.

    Since commencing operations in India in 1996, Hyundai has expanded its offerings to include 13 models across various segments. In the broader equity market, the BSE Sensex rose by 295.97 points to reach 81,447.24, while the NSE Nifty increased by 72.35 points to settle at 24,853.45.

  • Rupee Edges Up by 1 Paisa to 84.06 Against US Dollar in Early Trade

    Rupee Edges Up by 1 Paisa to 84.06 Against US Dollar in Early Trade

    Mumbai, Oct 21 : The rupee gained 1 paisa to reach 84.06 against the US dollar in early trade on Monday, rebounding slightly from its previous levels. The recovery was supported by positive trends in domestic equity markets and a softer US dollar, according to forex traders.

    However, the rupee’s gains were capped by continued foreign fund outflows and rising crude oil prices. At the interbank foreign exchange, the rupee opened at 84.06 against the greenback, marking a slight improvement from its previous close of 84.07.

    The US dollar index, which measures the strength of the dollar against six major currencies, dipped 0.05% to 103.25. Meanwhile, Brent crude futures rose 0.33% to USD 73.30 per barrel, adding pressure on the local currency.

    On the domestic equity front, the Sensex surged by 457.90 points, or 0.56%, to 81,682.65, while the Nifty advanced 97.70 points, or 0.39%, to 24,951.75.

    Foreign institutional investors (FIIs) remained net sellers on Friday, offloading shares worth Rs 5,485.70 crore, as per exchange data. Additionally, the Reserve Bank of India reported that India’s forex reserves dropped by USD 10.746 billion to USD 690.43 billion for the week ending October 11, following a decline of USD 3.709 billion the previous week.

  • Bomb Threats Disrupt 7 Flights; Government Assures Active Investigation by Agencies

    Bomb Threats Disrupt 7 Flights; Government Assures Active Investigation by Agencies

    New Delhi/Mumbai, Oct 16 : A total of seven flights received bomb threats on Wednesday, bringing the number of impacted flights to 19 over the past three days. The Union government has assured that law enforcement agencies are actively investigating all cases, with the Mumbai Police arresting a minor for issuing threats to three flights.

    Several flights were delayed, diverted, or forced to return mid-air due to bomb threats received via social media, putting security agencies on high alert. The Delhi Police has registered an FIR and launched an investigation into the threats targeting multiple flights over the last two days.

    On Wednesday, bomb threats were reported on at least three IndiGo flights, two SpiceJet flights, and an Akasa Air flight. IndiGo’s Riyadh-Mumbai flight had to be diverted to Muscat as a precaution.

    Civil Aviation Minister K. Rammohan Naidu confirmed that law enforcement agencies are actively pursuing all cases of bomb threats against airlines, and the government is closely monitoring the situation. He condemned any attempts to compromise the safety and security of the aviation sector, assuring that those responsible will be identified and prosecuted.

    In total, 19 flights operated by Indian carriers have received bomb threats in the last three days, all of which turned out to be hoaxes. The Mumbai Police arrested a minor involved in making threats to three of these flights.

    A Bengaluru-bound Akasa Air flight carrying 184 people returned to Delhi on Wednesday afternoon after receiving a bomb threat. Akasa Air confirmed the alert and said it was handled with the utmost care.

    Deputy Commissioner of Police (IGI) Usha Rangnani stated that airport police have responded to eight bomb threat incidents in October. All threats were verified as hoaxes after thorough inspection. Legal action has been initiated against those responsible for the false alarms.

    On Monday, Civil Aviation Minister Naidu chaired a high-level meeting with officials from the Directorate General of Civil Aviation (DGCA), Bureau of Civil Aviation Security (BCAS), Central Industrial Security Force (CISF), and other agencies to address the situation. The minister assured that all necessary steps are being taken to safeguard aviation operations.

    In addition to the threats received on Wednesday, nine flights were targeted on Tuesday. One Air India flight, AI 127 from Delhi to Chicago, was diverted to a Canadian airport due to a bomb threat. Passengers were later flown to Chicago by a Canadian Air Force aircraft. Another Air India Express flight from Madurai to Singapore was escorted by fighter jets after receiving a threat, though it landed safely at Changi Airport.

    The wave of hoax bomb threats has prompted security agencies to tighten measures and ensure the continued safety of passengers and flight operations.

  • Rupee Gains 5 Paise, Closes at 84.05 Against US Dollar

    Rupee Gains 5 Paise, Closes at 84.05 Against US Dollar

    Mumbai, Oct — The rupee rebounded from its all-time low, appreciating by 5 paise to close at 84.05 against the US dollar on Monday, buoyed by strong domestic equity markets.

    Forex traders noted that while the rupee was weighed down by a strong US dollar and elevated crude oil prices, support from the Reserve Bank of India’s (RBI) intervention, backed by record-high forex reserves, helped lift the local currency.

    At the interbank foreign exchange market, the rupee opened at 84.06 against the greenback and traded within a narrow range of 84.05 to 84.07, ultimately settling at 84.05, marking a 5 paise increase from its previous close. On Friday, the rupee had fallen 12 paise to a record low of 84.10 against the US dollar.

    Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, warned that foreign fund outflows and geopolitical uncertainties in the Middle East could create a negative bias for the rupee. “Strength in the US dollar may further pressure the rupee,” he added, though positive momentum in domestic markets could offer support. Choudhary projected the USD-INR spot price to trade within a range of 83.90 to 84.30 in the near term.

    Meanwhile, the dollar index, which measures the greenback’s performance against six major currencies, rose 0.08 percent to 102.97. Brent crude, the global oil benchmark, fell 2.51 percent to USD 77.06 per barrel.

    On the domestic equity front, the Sensex surged 591.69 points, or 0.73 percent, to close at 81,973.05 points, while the Nifty gained 163.70 points, or 0.66 percent, to end at 25,127.95 points.

    Despite the positive equity performance, foreign institutional investors (FIIs) were net sellers on Monday, offloading shares worth Rs 3,731.59 crore, according to exchange data.

    Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, observed that the rupee “looks vulnerable to buying by FPIs and oil companies” following the RBI’s decision to let it cross the 84.00 mark on Friday. He also pointed out that Hyundai’s IPO doesn’t seem very attractive to foreign investors.

    Additionally, retail inflation for September surged to a nine-month high of 5.49 percent, driven by rising vegetable prices. This was up from 3.65 percent in August, with the last comparable peak in December 2023 at 5.69 percent.

    India’s forex reserves fell by USD 3.709 billion to USD 701.176 billion for the week ending October 4, following a sharp rise of USD 12.588 billion in the prior week to an all-time high of USD 704.885 billion.

  • TAC Security Joins Forces with Google as MASA Assessor

    TAC Security Joins Forces with Google as MASA Assessor

    Chandigarh, Oct 14 – TAC InfoSec Ltd, a leading global cybersecurity company specializing in vulnerability management, announced its partnership with Google on Monday as an authorized lab for Mobile Apps Security Assessment (MASA) under the App Defense Alliance (ADA). This collaboration allows TAC Security to help developers and organizations meet Google Play Store’s stringent mobile application security standards by rigorously testing apps for vulnerabilities and ensuring top-tier security compliance.

    Previously, TAC Security was the only recommended and preferred assessor for Google’s Cloud Application Security Assessment (CASA) program. Trishneet Arora, Founder, Chairman, and CEO of TAC Security, expressed excitement over this new milestone, stating, “Joining the exclusive club of Google-approved MASA authorized labs presents a tremendous opportunity to accelerate client growth, given the vast potential of over 10,000 developers on the Play Store.”

    Arora further added, “This achievement, along with recent global acquisitions, aligns with our vision to become the largest vulnerability management firm in the world by 2026.”

    Google Play currently hosts nearly 3.5 million Android apps. Through the ADA’s MASA program, developers can undergo an independent security review that awards a security badge to compliant apps on the Play Store, helping to build trust and increase downloads by reassuring users of best security practices.

    In September 2024, TAC Security successfully completed the acquisition of CyberSandia, a U.S.-based cybersecurity firm contracted to provide IT services for the State of New Mexico. The company also appointed Hector Balderas to its Board of Directors in the US and expanded its global reach by acquiring TAC Cyber Security Consultancy L.L.C., a wholly-owned subsidiary in the UAE, to cater to growing cybersecurity demands in the Gulf Cooperation Council (GCC) and the broader Middle East.