New York, April 27: Indian-American publishing group Parikh Worldwide Media (PWM) has acquired ITV Gold cable TV channel with plans to enter the Indian media market.
Announcing the acquisition here on Thursday, PWM Chairman Sudhir Parikh, said: "We will have tie-ups with digital platforms in India to launch ITV Gold before we penetrate the cable markets there with informative news shows and programs that will give insight into the Indian diaspora and their issues in the US."
With the acquisition of ITV Gold, PWM now has a presence in print, online and electronic media making it a premier Indian-American media house, a company statement said.
Launched in 1985, New York-based ITV Gold (International Television Broadcasting) is the first 24A-7 cable TV channel in the US to deliver news about India, Indian-Americans and South Asians, according to the PWM news release.
ITV Gold portfolio includes Vision of Asia that was started in 1976 and is the longest-running Indian-American TV programme in the US.
New York-headquartered PWM publishes four weekly newspapers -- the national publication, News India Times; two regional publications from New York and Chicago, Desi Talk, and the Gujarati language Gujarat Times -- and an online magazine, Indian American.
It also publishes an in-depth opinion and policy journal, India Global Review, in association with the Parikh Foundation for India's Global Development.
Parikh is a physician who has received the Padma Shri award and led major Indian-American organisations, including the American Association of Physicians of Indian Origin (AAPI) and the Indian American Forum for Public Education (IAFPE).
"ITV Gold has solid brand value and a massive following in the Indian-American, South Asian, and Indo-Caribbean market and we plan to give more community news and local events coverage with the combination of print and television connecting viewers to matters that affect them here in the US and in India," Parikh said.
Deepak Viswanath, son of ITV Gold's late founder, Banad Viswanath, said: "This partnership combines the strength of two well established and respected Indian American Media. It is a launching pad to expand the channel on new platforms across the US."
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Rupee plunges 28 paise to settle at 93.44 against US dollar
Mumbai (PTI): The rupee declined 28 paise to close at 93.44 against the US dollar on Tuesday, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.
Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.
The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.
Under revised directives, authorised dealers or banks can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but must comply with certain restrictions on related-party transactions. Also, the USD 100-million cap in net open position is still effective.
At the interbank foreign exchange market, the rupee opened at 93.25 and fell to an intra-day low of 93.63 before ending the session 28 paise lower at 93.44 against the greenback.
On Monday, the rupee settled with a loss of 25 paise at 93.16 against the US dollar. The currency had gained 47 paise in the preceding two sessions.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said the rupee fell on uncertainty over US-Iran talks and a surge in crude oil prices. A strong dollar also pressured the rupee; however, positive global markets cushioned the downside.
"Traders may take cues from retail sales and ADP employment change data from the US. USD-INR spot price is expected to trade in a range of Rs 93.30 to Rs 93.90," Choudhary said.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee traded weaker as recent RBI adjustments and partial rollback of earlier currency-support measures added pressure on the local unit.
"At the same time, the dollar remains steady while crude and gold are relatively stable, with markets closely watching the outcome of US-Iran ceasefire developments expected tomorrow. The rupee is likely to remain highly event-driven, with direction dependent on geopolitical clarity and RBI stance," Trivedi said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 98.09.
Brent crude, the global oil benchmark, was trading 0.70 per cent down at USD 94.81 per barrel in futures trade.
Analysts attributed the volatility in crude prices to persistent worries over disruptions of supplies of oil from the Strait of Hormuz. Also, the ceasefire agreement between the United States and Iran is scheduled to expire on Wednesday.
In a latest development, Iran's chief negotiator on Tuesday said Tehran would not negotiate in the face of threats, while US President Donald Trump hinted that he was in no rush to end the conflict with Iran.
In the domestic equity markets the 30-share Sensex rose 753.03 points, or 0.96 per cent, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87 per cent, to 24,576.60.
Foreign Institutional Investors offloaded equities worth about Rs 1,918.99 crore on Tuesday, according to the exchange data.
