Signalling a normal monsoon ahead, The cumulative rainfall reached 1 per cent above the long-term average (as on July 6) while weekly rainfall (as on July 3) was 32 per cent above the long-term average in the country, a report showed on Monday.

Spatial divergence has reduced with most of the country receiving healthy rains during the last week.

North and West India (3 per cent), Central India (-6 per cent), East and North East India (0 per cent ), and the southern peninsula (13 per cent) have now all had normal rains so far, according to the report by Emkay Global Financial Services.

“With June having ended in deficit, it is imperative that July sees healthy rainfall and the month has begun on a promising note,” said Madhavi Arora, Lead Economist, Emkay Global Financial Services.

While sowing was delayed, it has now picked up and is better than last year.

“Total area under sowing (24.1 million hectare), as on June 28, is sharply higher (33 per cent YoY) than last year. This is mainly due to accelerated sowing of pulses and oilseeds,” the report noted.

Rice sowing area is the same as last year thus far whereas sugarcane is better. Among non-food crops, cotton sowing is much higher.

Overall area under sowing is at 22 per cent of normal area sown, compared with 18.6 per cent at the same point in 2023.

“July is extremely important in this regard with nearly 80 per cent of sowing activity completed by the end of the month,” said Arora. AGENCIES

LG Energy Solution Ltd (LGES), South Korea’s leading battery maker, said on Monday its second-quarter operating profit plunged 58 per cent from a year earlier due to slowing sales of electric vehicles.

Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement.

“Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from automakers resulted in the decline in profit,” the statement said, reports Yonhap news agency.

Sales are projected to fall 30 percent to 6.16 trillion won from 8.77 trillion won during the cited period.

The final earnings figures will be released July 25, the company said.

LEGS sees the global EV markets in a stagnation phase, known as the “chasm,” which occurs before the widespread adoption of EVs.

The company said it will focus on strengthening its competitiveness as a car battery supplier despite the temporary slowdown in EV demand.

Early this month, LGES signed a deal with Renault S.A. to supply lithium iron phosphate (LFP) pouch-type batteries for the French carmaker’s EV models for five years through 2030. AGENCIES

In a bid to help the government towards its net zero emissions target by 2070, Maruti Suzuki India on Monday said it surpassed 2 million cumulative vehicle dispatches using Railways as part of its ‘green logistics’ goals.

The company has rapidly scaled up its vehicle dispatches through Railways from 65,700 units in FY 2014-15 to 447,750 units in FY 2023-24.

The feat makes Maruti Suzuki India’s first automobile company to attain this eco-milestone.

Today, the company dispatches vehicles to 20 destinations, serving over 450 cities using Indian Railways.

“Through our sustained efforts in green logistics, we have achieved outstanding results including cumulative reduction of 10,000 metric tonnes of CO2 emissions and 270 million litres of cumulative fuel savings,” said Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India Limited.

With the automaker’s production capacity nearly doubling from about 2 million units to 4 million units by FY2030-31, “we plan to augment the use of Railways in vehicle dispatches, close to 35 per cent over the next 7-8 years,” Takeuchi added.

Earlier this year, under the ‘PM Gati Shakti’ programme, Prime Minister Narendra Modi inaugurated India’s first automobile in-plant railway siding at Maruti Suzuki’s Gujarat facility.

This facility has a capacity to dispatch 300,000 vehicles per annum.

The next in-plant railway siding is in progress at the Manesar facility and will be operational soon, according to the company.

“We stand committed to the government of India’s net zero emissions target by 2070,” Takeuchi added. AGENCIES

 London-based consumer tech brand Nothing on Monday launched a new smartphone under its sub-brand CMF with a 50MP camera in India.

Launched in two variants (6GB+128GB and 8GB+128GB), the new smartphone CMF Phone 1 comes available at a starting price of Rs 15,999.

Along with the smartphone, the company also launched CMF Watch Pro 2 and CMF Buds Pro 2.

“CMF Phone 1, CMF Watch Pro 2, and CMF Buds Pro 2 showcase Nothing’s unique approach to integrating creativity, practicality, and personalisation through design,” said Carl Pei, CEO of Nothing.

“These products further mark our commitment to injecting fun into a boring industry, and I’m very excited to see the market feedback,” he added.

Other than a 50MP rear camera, the smartphone comes with a MediaTek Dimensity 7300 5G processor, a 6.67-inch Super AMOLED display, a 5000 mAh battery, and a 16 MP selfie camera.

It also features a 120 Hz adaptive refresh rate for seamless interactions.

The smartwatch features a 1.32-inch AMOLED always-on display offering high resolution and over 100 watch faces with customisable options.

It supports more than 120 sports modes and automatic recognition of 5 sports. It also provides round-the-clock monitoring of heart rate, blood oxygen saturation (SpO2), and stress levels, according to the company.

Moreover, CMF Buds Pro 2 comes powered by dual drivers, which combine an 11 mm bass driver and a 6 mm tweeter. It offers advanced Hybrid Active Noise Cancellation of up to 50 dB and an expansive frequency range of up to 5000 Hz.

As per the company, the earbuds offer 43 hours of total battery life and a quick 10-minute charge for 7 hours of playback.

The CMF Watch Pro 2 comes at Rs 4,999 in Dark Gray and Ash Gray and at Rs 5,499 in Blue and Orange in — Vegan Leather. CMF Buds Pro 2 are priced at Rs 4,299. AGENCIES

 The Indian benchmark indices ended flat on Monday as the stock markets turned to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits. 

The Sensex closed at 79,960.38 points, or 36.2 points down while the Nifty closed at 24,320, just 3.3 points down.

Top Nifty gainers were ONGC, ITC, HDFC Life, HUL and Tata Consumer Products, while losers were Divis Labs, Titan Company, BPCL, and Shriram Finance.

The BSE midcap and smallcap indices ended marginally lower.

According to market watchers, the earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.

The rupee ended flat at 83.50 per dollar on Monday compared to Friday’s close of 83.49.

According to Aditya Gaggar, Director of Progressive Shares, among the sectors, FMCG and energy were the top performers while PSU banks and metal were the major laggards.

“The Railway segment was the star performer of the day as almost all the counters surged over 5-6 per cent,” he said.

According to analysts, as the market trades near all-time high levels, investors and traders can consider maintaining their positions with appropriate stop-loss orders.

“The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls,” said Rupak De from LKP Securities. AGENCIES

 Benchmark equity indices on Monday snapped their three-day winning streak and traded flat in the morning hours.

At pre-open, Nifty was flat at 24329.45 and the Sensex was lower by 0.1 per cent at 79915.00.

Shares of Titan Co fell nearly 4 per cent after it reported subdued growth in the sales of its jewellery segment.

Except capital goods, FMCG and all other sectoral indices traded in the red.

Shares of ICICI Bank, HDFC Bank, Infosys and State Bank of India dragged the Nifty.

Tata Motors, Hindustan Unilever, ITC, Bharti Airtel and Oil & Natural Gas Corp cushioned the fall.

According to market watchers, as the market trades near all-time high levels, investors and traders can consider maintaining their positions with appropriate stop-loss orders.

Positive news flows can impart resilience to the market in the near term, according to them.

“The market will respond to the Q1 results which will start flowing from this week onwards. Financials have the potential to move up further in response to the expected good results,” analysts added.

BSE Midcap and Smallcap indices were marginally higher in the opening trade. AGENCIES

 The global wholesales of Tata Motors Group, including Jaguar Land Rover, reached 3,29,847 vehicles in the April-June quarter of the current fiscal (FY25), up 2 per cent compared to Q1 FY24, the company said on Monday.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 FY25 were at 93,410, higher by 6 per cent over Q1 FY24.

The company recorded global wholesales of passenger vehicles (including electric vehicles) at 138,682, lower by 1 per cent.

Jaguar Land Rover saw 97,755 vehicles being sold, higher by 5 per cent.

“Jaguar wholesales for the quarter were 8,227 vehicles, while Land Rover wholesales for the quarter were 89,528 vehicles,” according to the company.

Meanwhile, Tata Motors’ sales in the domestic and international market for the first quarter of the current fiscal stood at 229,891 vehicles, compared to 226,245 units during Q1 FY24.

“Tata Motors commercial vehicles domestic sales at 87,615 units in Q1 FY25 were 7 per cent higher than Q1 FY24 sales. Additionally, sales in June were 3 per cent higher compared to May 2024,” said Girish Wagh, Executive Director, Tata Motors Ltd. AGENCIES

 Integrated fund and development management platform Welspun One on Monday said it has raised a second fund worth Rs 2,275 crore, inclusive of co-investment commitments, to strengthen logistics infrastructure in the country.

The funds were raised from a diverse pool of approximately 800 Limited Partners (LPs), including high-net-worth and ultra-high-net-worth individuals, family offices, corporates, and domestic institutions.

Combined with ‘Fund 1’, Welspun One’s investor base now comprises approximately 1,000 unique investors, it said in a statement.

Welspun One had raised Rs 500 crore as part of its first fund in early 2021.

“Our commitment to advancing critical logistics infrastructure is in perfect alignment with India’s strategic objective of reducing logistics costs from 14 per cent to 8 per cent, thereby enhancing the global competitiveness of our industries,” said Balkrishan Goenka, Chairman of Welspun World.

Welspun One’s ‘Fund 2’ has already committed nearly 40 per cent of its investible capital across four investments and anticipates committing the remaining capital over the next 3-4 quarters.

The focus is on “new age” warehousing assets, such as urban distribution centres, cold chain, agro logistics, and port and airport-based logistics, said the company.

“Our progress has been remarkable, having successfully established a well-capitalised platform poised to achieve an asset under management (AUM) of over $1 billion,” said Anshul Singhal, Managing Director, Welspun One. AGENCIES

Chandigarh:

Cybercriminals increasingly target unsuspecting citizens through Telegram, exploiting the messaging platform to perpetrate fraud. In one such case, a resident of Hisar, Haryana, fell prey to a sophisticated scam, losing a staggering ₹8,91,000 in a cryptocurrency investment scheme. However, swift action by the Haryana Police led to the arrest of the fraudsters, preventing further victims.

Modus Operandi: A Web of Deceit

The victim, Bajrang, was lured into the scam through a Telegram channel promising high returns on cryptocurrency investments. Once hooked, the fraudsters, operating under the alias “CAPTAIN AMERICA,” guided Bajrang to transfer funds into bogus bank accounts. These accounts were procured by an accomplice, Sahil, a bank employee, who sold them to the fraudsters for ₹25,000 each.

Unraveling the Scam: A Collaborative Effort

When Bajrang realized he had been scammed, he immediately reported the incident to the Cyber Helpline (1930). Recognizing the urgency, the state’s Cyber Chief, ADGP OP Singh, promptly directed the Cyber Nodal Thana to investigate the matter.

A joint team comprising the State Nodal Cyber Thana and the Haryana Cyber Crime Coordination Centre (HC4) began meticulously tracing the fraudulent transactions. Their efforts led to the arrest of three individuals:

Chirag, son of Ved, resident of Hisar: The primary perpetrator who received the funds from Bajrang.

Sahil, son of Satish, resident of Hisar: The bank employee who sold the bogus accounts.

Mohit, son of Mohan, resident of Fazilka, Punjab: The accomplice who connected with “CAPTAIN AMERICA” and facilitated the scam.

Preventive Measures: Vigilance is Key

ADGP OP Singh urges caution, emphasizing that greed often fuels such cyber frauds. He advises against joining unknown Telegram groups or investing based on mere promises of high returns. Before investing, individuals should thoroughly research and verify the legitimacy of the platform or scheme.

Reporting Cyber Frauds: Seek Timely Assistance

If you suspect you have fallen victim to a cyber fraud, do not hesitate to report it immediately. The Cyber Helpline (1930) is available 24/7 to assist you. Timely action can help minimize losses and bring perpetrators to justice.

Chandigarh:

Rajeev Verma, IAS, Adviser to the Administrator, UT Chandigarh, inaugurated the ‘Paudh Mela’ at the Lake Sports Complex parking area today. The event, which aims to promote greenery and environmental sustainability, saw a large turnout of enthusiastic citizens. The Adviser visited various stalls at the Mela, which featured free distribution stalls by the Department of Forest and Wildlife, Engineering Department, and the Municipal Corporation.

Additionally, stalls from Self-Help Groups (SHGs), NGOs, schools, and colleges showcased a wide variety of products and information, including compost and composting techniques, herbal seeds, bamboo products, kitchen waste composting, organic farming and gardening, bioenzymes, and more. In his address, Shri Verma emphasized the importance of the ‘Ek Ped Maa Ke Naam’ campaign, urging everyone to plant at least one tree during the monsoon season. As part of the event, saplings were distributed to the public, encouraging community participation in environmental conservation.

The Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) showcased various information and documents related to the PM Surya Ghar Muft Bijali Yozna at their stall, promoting the scheme and raising awareness about the government’s initiative to provide free electricity through solar power.

During the event, prizes were distributed to students for their outstanding performance in events organized by the Forest Department on the occasion of World Biodiversity Day. The Paudh Mela will be held for two days, from 6th July to 7th July 2024, from 9:00 AM to 6:00 PM. Saplings will be distributed free of cost by the Forest Department, Engineering Department (Horticulture), and the Municipal Corporation (Horticulture). In addition to the mela, saplings will also be distributed through vehicles in different sectors of the city. The function was  attended by Shri Rupesh Kumar, IAS , Shri Navneet Kumar Srivastava, IFS, Shri C.B. Ojha, Chief Engineer, UT Chandigarh, along with other officers of the Chandigarh Administration Governor of Punjab and Administrator  UT Chandigarh Sh. Banwarilal Purohit also planted a sapling of “Rudraksha” at Punjab Raj Bhavan in memory of his mother under the ‘एक पेड़ माँ के नाम’ campaign.