Latest news with #INR
Yahoo
6 hours ago
- Business
- Yahoo
Rupee flips back to monthly decline, lags Asian peers
(Adds dropped word in paragraph 3) By Jaspreet Kalra MUMBAI (Reuters) -The Indian rupee declined by about 1% in May, reversing course after gaining in the previous two months, influenced by factors such as continued uncertainty over U.S. trade policies, gains in its Asian peers and a conflict between India and Pakistan. The rupee closed at 85.5775 on Friday, capping a day of choppy trading with a mild decline. The currency had rallied to a six-month high earlier in May but shed its gains through the month. Initially, a military conflict between India and Pakistan hurt the currency but it rebounded once a ceasefire was reached. Over the rest of the month, dollar demand from corporates and foreign banks weighed on the rupee, traders said. Dollar-buying intervention by Reserve Bank of India also put a lid on the sharp appreciation above the 84.60-84.80 zone, according to one of the traders. Meanwhile, the dollar was set to end the month little changed against major peers as mild relief on the softening of U.S. trade policies, typified by the pact with China, gave way to a legal back-and-forth on the legal validity of reciprocal tariffs. Asian currencies were mostly stronger on the month, led by the Korean won while the offshore Chinese yuan, a closely tracked peer of the rupee, rose nearly 1%. Barclays expects the rupee to underperform its peers going forward as the RBI focuses on replenishing FX reserves and is "unlikely to want to see a renewed richening of the INR," analysts at the firm said in a note earlier this week. India's foreign exchange reserves stood at $685.7 billion as of May 16, about $19 billion below their all-time high hit in September 2024. Traders now await the release of India's economic growth data for the January-March quarter and U.S. PCE inflation data due later in the day. Economists polled by Reuters expect India's GDP to have grown 6.7% year-on-year, up from 6.2% in the previous three months. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Business
- Yahoo
Waaree Solar Americas Signs 586 MW Module Supply Agreement with Leading U.S. IPP, Secures $176 Million (INR 1500 Cr) Order
MUMBAI, India and BROOKSHIRE, Texas, May 30, 2025 /PRNewswire/ -- Waaree Solar Americas Inc., the wholly owned U.S. subsidiary of Waaree Energies Limited, India's largest solar PV module manufacturer, has announced the signing of a significant 586 MW solar module supply agreement with a leading U.S.-based independent power producer. Valued at USD 176 million (approx. INR 1500 crore), this landmark project represents a major milestone as Waaree continues to expand its strong presence in the US solar market. The modules will be manufactured at Waaree's state-of-the-art facility in Brookshire, Texas, and are scheduled for delivery during FY 2026–27 across four projects. These modules will leverage several domestically produced components, aligning with the Investment Tax Credit (ITC) guidelines for domestic content requirements and reinforcing the resilience and reliability of the U.S. clean energy supply chain amidst evolving trade and energy policies. "This agreement reflects Waaree's unwavering commitment to building a resilient, robust, and technologically advanced clean energy supply chain in the United States," said Sunil Rathi, President, Waaree Solar Americas. "In a landscape marked by shifting trade dynamics and an increasing emphasis on domestic manufacturing, our Brookshire facility stands uniquely equipped to meet market demand with high-quality, U.S.-made modules. This milestone not only underscores global confidence in Waaree's quality and reliability but also bolsters America's energy transition, enhances job creation, and strengthens long-term energy security." He added, "Our collaboration reflects a mutual commitment to advancing America's energy security objectives through a resilient domestic supply chain, supported by Waaree's extensive manufacturing expertise developed over decades in India. We are proud to contribute to our partner's ambitious project pipeline with our high-performance solar modules." This partnership highlights Waaree's strategic positioning as a highly dependable global PV module manufacturer with a dynamic and resilient supply chain strategically positioned to mitigate trade risks and ensure supply continuity. As US energy demand continues to surge, driven notably by advancements in AI infrastructure and industrial growth, Waaree remains dedicated to supporting its clients and partners by delivering scalable, high-quality clean energy solutions. For Further Information, Please Contact :Manasi Patni – manasipatni@ Photo - View original content to download multimedia: SOURCE Waaree Solar Americas Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
14 hours ago
- Business
- Business Recorder
Indian rupee flips back to monthly decline, lags Asian peers
MUMBAI: The Indian rupee declined by about 1% in May, reversing course after gaining in the previous two months, influenced by factors such as continued uncertainty over U.S. trade policies, gains in its Asian peers and a conflict between India and Pakistan. The rupee closed at 85.5775 on Friday, capping a day of choppy trading with a mild decline. The currency had rallied to a six-month high earlier in May but shed its gains through the month. Initially, a military conflict between India and Pakistan hurt the currency but it rebounded once a ceasefire was reached. Over the rest of the month, dollar demand from corporates and foreign banks weighed on the rupee, traders said. Dollar-buying intervention by Reserve Bank of India also put a lid on the sharp appreciation above the 84.60-84.80 zone, according to one of the traders. Indian central bank's FX forward book shrinks to $52.48 billion Meanwhile, the dollar was set to end the month little changed against major peers as mild relief on the softening of U.S. trade policies, typified by the pact with China, gave way to a legal back-and-forth on the legal validity of reciprocal tariffs. Asian currencies were mostly stronger on the month, led by the Korean won while the offshore Chinese yuan, a closely tracked peer of the rupee, rose nearly 1%. Barclays expects the rupee to underperform its peers going forward as the RBI focuses on replenishing FX reserves and is 'unlikely to want to see a renewed richening of the INR,' analysts at the firm said in a note earlier this week. India's foreign exchange reserves stood at $685.7 billion as of May 16, about $19 billion below their all-time high hit in September 2024. Traders now await the release of India's economic growth data for the January-March quarter and U.S. PCE inflation data due later in the day. Economists polled by Reuters expect India's GDP to have grown 6.7% year-on-year, up from 6.2% in the previous three months.
Yahoo
15 hours ago
- Business
- Yahoo
Yatra Leans Hard into Business Travel, Plans Co-Branded Corporate Card
Yatra is doubling down on corporate travel: Results in its most recent quarter, announced Friday, were driven largely by the strength of enterprise travel and meetings. And now it is preparing to launch a co-branded credit card aimed at corporate customers. The company added 148 corporate clients over the past fiscal year, representing an estimated INR 7.5 billion ($87.6 million) in annual business. 'Corporate travel is now 65% of our gross bookings, and we expect this share to increase,' Wholetime Director and CEO Dhruv Shringi told analysts during an earnings call. 'There's a clear shift underway. We're replacing lower-value consumer bookings with high-value corporate ones. The margins and realization on corporate travel are significantly higher.' Yatra now claims a market share of 11–12% by spend in India's managed corporate travel space, and serves approximately 1,150–1,200 clients in this vertical. With a corporate client retention rate of 97%, Yatra believes this business has built a strong moat. Yatra already has a co-branded credit card for consumer travel with India's largest bank State Bank of India (SBI), but the corporate one is new. Shringi said over 30% of Yatra's bookings are on corporate credit card platforms. While many large corporates currently use cards from providers like Amex, HDFC, and Citi through standard business or corporate travel account platforms, Yatra plans to roll out its own offering to capture more value from transactions and reduce working capital needs. 'That is the general idea. There are nuances, but that's the direction,' confirmed Shringi when asked about plans to shift corporates from third-party card platforms to Yatra's own. Shringi said one-third of Yatra's income could potentially come from the expense management and card solutions. Yatra's acquisition of Globe is already bearing fruit, particularly in the high-margin MICE space (Meetings, Incentives, Conferences, and Exhibitions). Last year in September, Yatra announced its decision to acquire Globe All India Services (Globe Travels), a corporate travel services provider, for INR 1.28 billion ($15.25 million). Over the past nine months, the combined platform handled over 600 trips and served more than 80,000 travelers. The company believes it's on track to become one of the top three MICE players in India this year. 'This broader portfolio opens up meaningful cross-sell opportunities across our hotel inventory and expense management solutions, allowing us to deliver more integrated and customized travel programs to corporate customers,' Shringi said. The Indian MICE market is projected to grow from $3.3 billion in 2023 to $10.5 billion by 2030. Yatra has also taken a lead in adopting IATA's New Distribution Capability (NDC), integrating it with its self-booking platform for corporate travelers. This enables access to richer fare content, dynamic pricing, and ancillary services not available through traditional channels. AI is also playing a growing role in Yatra's corporate offerings. The newly introduced 'Low Fare Finder' tool can automatically alert travelers if fares drop after booking, allowing rebooking at lower prices up to six hours before departure. Yatra is also developing intelligent bots to handle email and call queries more efficiently. 'These bots will reduce servicing costs significantly,' Shringi said. 'We're using technology to redefine what proactive travel services can look like.' Yatra's consumer business, which had been under pressure, showed signs of stabilization in the fourth quarter, with gross bookings down just 6%. SEO improvements and more bundled offers through the corporate channel helped stem losses. But the long-term focus is clear. Yatra ended fiscal 2025 with annual revenues of INR 7.9 billion ($92.5 million), up 87% year-on-year. Adjusted EBITDA rose 25% to INR 667 million ($7.8 million), and net profit surged to INR 366 million ($4.3 million) from a loss the previous year, an improvement of 912%. In the fourth quarter for fiscal 2025, Yatra delivered a growth of 103% year-on-year in revenue of INR 2.2 billion ($25.6 million). Its net profit grew by 173% to INR 152 million ($1.8 million) in the fourth quarter, which was the highest quarterly reported PAT in Yatra's history. Adjusted EBITDA surged 62% year-on-year to INR 251 million ($2.9 million) in the fourth quarter. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
Hindustan Times
16 hours ago
- Sport
- Hindustan Times
Who is Raj Bawa, one of the three players making his debut for Mumbai Indians in IPL 2025 Eliminator vs GT?
Raj Angad Bawa made his debut for the Mumbai Indians during their IPL 2025 Eliminator match against the Gujarat Titans on Friday. The 22-year-old all-rounder got a spot in MI's playing 11 as the team missed the services of mainstay Deepak Chahar for the knockout game. The other two debutants for Mumbai are Jonny Bairstow and Richard Gleeson. MI skipper Hardik Pandya won the toss and chose to bat against Shubman Gill's Gujarat Titans. 'Looks like a different track from yesterday. A bit less grass. Big game, scoring runs, and defending would be nice. We all are aware, for the last 9 games, we have been playing it like a knockout. Really need to turn up today and focus on the things which we can control. We've got three changes: Jonny comes back, Gleeson makes his debut and Raj Angad Bawa plays,' Pandya said at the toss. One name in the playing 11 that surprised fans was that of Raj Bawa. So, who is he? Raj Angad Bawa, a left-handed batsman and right-arm medium-fast bowler, made his IPL debut for the Punjab Kings in 2022. Born in November 2022 in Nahan, Himachal Pradesh, Bawa is the grandson of Trilochan Singh Bawa, a member of India's gold-medal-winning hockey team at the 1948 London Olympics. His father, Sukhwinder Bawa, is a renowned cricket coach who mentored Yuvraj Singh and runs a cricket academy. Raj Bawa switched to left-handed batting to emulate his idol, Yuvraj Singh. He wears jersey number 12, a nod to Yuvraj's birthday (December 12) and his grandfather's (February 12). The 22-year-old played for Chandigarh's under-19 team and represented India in the 2021 ACC Under-19 Asia Cup and the 2022 ICC Under-19 World Cup. During the 2022 U-19 World Cup in the West Indies, Bawa played a pivotal role in India's title win, scoring 252 runs at an average of 63 and taking nine wickets, including a five-wicket haul (5/31) in the final against England, earning him Player of the Match. Bawa made his Ranji Trophy debut for Chandigarh against Hyderabad on February 17, 2022, taking a wicket with his first delivery. He was bought by Punjab Kings (PBKS) for INR 2 crore in the 2022 IPL auction. He made his debut against RCB but played only two matches that season. He was signed by the Mumbai Indians (MI) for INR 30 lakh for IPL 2025.
