Swiggy loss widens to Rs 799crore in Q3

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GCCs set to top IT services companies in hiring, says report

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Startups race to build indigenous AI models

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Ratan Tata's aide Shantanu Naidu moves to new role in Tata Motors

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Manufacturing sector activity hits a 6-month high in January: Survey

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Salary threshold rejig for tax-free perquisites soon

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Input tax credit removal set to hit commercial realty companies

Availability of ITC on construction costs has been restricted retroactively from July 1, 2017, impacting commercial real estate companies. This amendment overturns a Supreme Court judgment favoring ITC on leased buildings. Experts suggest investors' confidence may be affected and legal challenges are expected from taxpayers.

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Union Budget 2025: Markets not moved by FM playing taxophone

The Budget proposals led to a muted response on Dalal Street, with the Sensex closing slightly up and Nifty down. Extreme bullish sentiment in certain sectors was balanced by strong selling in others. Market experts believe the Budget's long-term policies will positively impact the economy and stock market.

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Nirmala Sitharaman bats for middle order to revive India's spend force

Prime Minister Modi invoked Goddess Lakshmi on Budget-eve, later Indian taxpayers received significant tax relief. Finance Minister announced revised tax slabs where the biggest benefit is for those earning up to Rs 12.75 lakh, making their tax liability nil. Changes include rebates up to Rs 60,000 and altered tax rates for various income brackets.

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DGCA imposes Rs 30 lakh penalty on Air India for flouting rules

DGCA fined Air India Rs 30 lakh for allowing a first officer to fly without fulfilling the mandatory recency requirement of three take-offs and landings. The violation occurred on July 7, and multiple alerts were ignored by rostering controllers. Air India has been ordered to take action against three senior rostering officials and inform DGCA within 15 days.

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Costly industrial power a drain on India Inc energy

High electricity markups for industrial users in India reduce their global competitiveness, as highlighted by the Economic Survey. Rationalizing tariffs is complex due to the financial health of distribution utilities and political risks. Increased generation capacity and reduced demand-supply gap have marginally improved power supply.

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Budget 2025 Live Updates: FM Nirmala Sitharaman to present Union Budget today; all eyes on income tax relief, GDP growth

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LTIMindtree's Lambu to focus on growth; two senior executives quit

LTIMindtree's CEO designate, Venu Lambu, met with over 50 senior leaders in Mumbai, amid the departure of two senior executives. Lambu emphasized a focus on growth and AI strategy. Current CEO, Debashis Chatterjee, is assisting with the transition and plans joint client visits with Lambu in the US and Europe.

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Stocks to buy: Top stock recommendations for January 31, 2025

Bajaj Broking Research highlights top stock picks including Tata Steel, and Bharat Electronics for January 31, 2025. Nifty and Bank Nifty indices show potential for pullbacks and consolidation.

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Ministry of heavy industries, auto companies seek GST cut for CNG vehicles

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Drive workforce growth, talent mobility: Experts

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US Federal Reserve leaves key lending rate unchanged in first decision after Trump inauguration

The Federal Reserve decided to maintain its benchmark lending rate between 4.25% and 4.50% despite President Trump's calls for reductions. The Fed highlighted stable unemployment and solid labor conditions, while acknowledging elevated inflation. Experts are uncertain about future rate cuts amid Trump's trade and immigration policies.

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China proves AI mettle, where does India stand?

China has emerged as a significant player in AI foundation models with DeepSeek, creating powerful AI models at lower costs than the West. This has spurred a debate in India about whether to develop indigenous large language models or focus on smaller, application-specific ones. Experts emphasize the need for investment in research, infrastructure, and innovation to enhance India's AI capabilities.

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Eyes on Budget for rupee support

Following the RBI's liquidity infusion, experts anticipate government measures to strengthen the rupee. Potential steps could include promoting exports and attracting foreign deposits. Noted changes from past currency management practices signal a focus on maintaining smooth monetary transmission rather than direct intervention in currency markets.

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Bank stocks jump on RBI's Rs 1.5L crore liquidity boost plan

RBI's decision to infuse ₹1.5 lakh crore liquidity boosted banking stocks, leading to a sensex rise of 530 points. Despite a late sell-off, major banks led gains, while foreign funds continued selling. Mid- and small-cap sectors saw declines. Upcoming events, such as the US FOMC meeting and Union Budget, are expected to contribute to market volatility.

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Nvidia loses nearly $600 billion in value as Chinese AI firm jolts tech shares

In a significant shake-up of the tech industry, Nvidia's shares dropped by nearly 17% after a new Chinese generative AI model by DeepSeek emerged as a formidable competitor. The AI model, developed at a fraction of the cost, challenges US dominance in the AI sector, causing widespread market reactions.

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RBI announces steps to inject Rs 1.5L crore liquidity

RBI announced measures to infuse over Rs 1.5 lakh crore in money markets to address liquidity shortfall. The plan includes government bond buy-backs, a long-term repo auction, and a dollar-rupee swap auction. These steps, seen as a precursor to a possible repo rate cut in February, aim to stabilize the financial system and enhance monetary transmission.

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Auto exports rise 19% on demand revival in emerging markets: Siam

Automobile exports from India saw a notable 19% increase in 2024, reaching 50,98,810 units compared to 42,85,809 units in 2023. The growth was driven by strong demand for two-wheelers, passenger vehicles, and commercial vehicles, particularly in emerging markets such as Latin America and Africa.

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Loan-related complaints up 43% in FY24, says RBI report

Consumer complaints related to loans and advances rose 43%, representing 29% of the total grievances against RBI-regulated entities in FY24, according to the Reserve Bank's Integrated Ombudsman Scheme report. Overall complaints increased by 33%, with a notable rise in grievances related to mobile and internet banking and deposit accounts.

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UPS offering assured payouts for central govt staffers notified

The Centre has introduced the Unified Pension Scheme (UPS) for central government employees with assured payouts and inflation adjustments for those with over 25 years of service. Employees currently under the National Pension System (NPS) have a one-time option to switch to UPS, which starts in April.

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ICICI Bank Q3 net profit up 15% to Rs 11k crore

ICICI Bank's profit after tax increased by 14.8% year-on-year to Rs 11,792 crore for Q3-2024, driven by higher net interest income, fee earnings and a 15.1% loan growth. On a consolidated basis, profit rose by 16.6% to Rs 12,883 crore, with strong performance from subsidiaries.

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LTIMindtree names ex-prez Lambu as CEO

Venugopal (Venu) Lambu has been appointed as the new CEO of LTIMindtree for a five-year term. Lambu, a three-decade IT veteran, takes over from Debashis Chatterjee, who led the company to a $4.3-billion IT enterprise. Lambu previously served as the CEO of Randstad Digital.

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Tatas buy 60% in Pegatron's India unit for iPhone plant

Tata Electronics has acquired a 60% stake in Pegatron's India unit, which operates an iPhone plant in Tamil Nadu. This acquisition positions Tata Electronics as a significant Apple supplier in India. The company plans to collaborate with Pegatron Technology India and diversify its production to include components for Xiaomi and Oppo.

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How phones on EMIs unlock access to loans

Mobile phone purchases on EMI are helping individuals in the informal sector create a formal credit history, enhancing access to other loans. Digital lending and no-cost EMIs from lenders like Bajaj Finance are boosting mobile sales on credit. Obtaining these loans helps in generating a credit score, which is beneficial for future borrowings.

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Gig workers set to get social security benefit

The Indian government is set to launch social security contributions for gig workers, with platforms required to deduct a portion of payments and deposit it with the Employees' Pension Scheme. The government will also contribute 3-4%. Efforts are being made to implement the Social Security Code, which includes health and accident insurance, to provide much-needed protection for gig workers.

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Budget may offer financial support, credit to exporters, small businesses

The government is likely to introduce measures to enhance financial support for exporters and small businesses in the upcoming Budget. This includes options like collateral-free lending and a pending interest equalisation scheme. The aim is to alleviate financial challenges faced by these sectors, which are crucial for economic activity and employment generation.

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Govt set to meet fiscal deficit target for FY25 as capex lags: Economists

The government is expected to exceed its fiscal deficit consolidation target for FY25 due to slower-than-budgeted public capex in an election year, closing at 4.8% of GDP. For FY26, the fiscal deficit is projected to achieve the target of below 4.5% of GDP, with substantial RBI dividends aiding the target, despite weak growth and expenditure cuts.

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NCW real estate fund raises 1,7000 crore

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Car companies to replicate tele tower network

Car companies like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and JSW MG are preparing extensive charging infrastructures to support their electric vehicles. These initiatives include home chargers and robust public networks, with Maruti targeting charging stations in 1,000 cities and Tata expanding collaborations with charge point operators to install over 10,000 public chargers.

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Gas consumption rises 11% in 2024, LNG imports spike

Gas consumption in India grew by 11% annually in 2024, causing a rise in LNG imports to meet increasing demand. Sectors such as industry, oil refineries, residential, commercial, and transport saw significant growth. Heatwaves also increased gas use for power generation. This aligns with India's low-carbon economy goals but raises energy security concerns due to declining domestic production.

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Shift to equities may raise cost of funds for banks: RBI

RBI deputy governor Rajeshwar Rao highlights the shift in household savings from traditional bank deposits to mutual funds and capital markets, affecting banks' funding costs and margins. Rao warns against over-reliance on wholesale funding and urges banks to develop sophisticated stress-testing methodologies and maintain adequate liquidity buffers. He also emphasizes the need for NBFCs to diversify their funding sources.

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US futures jump as Trump holds off China tariffs

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RBI sold $20 billion forex in November, ‘room to sell $138 billion more’

In November, the RBI sold $20 billion from its forex reserves to stabilize the rupee. Nomura observes that the central bank has sold $89.4 billion since October 2024, yet India's forex reserves remain adequate with a 236% adequacy ratio as of January 3, 2025. Despite a dip from a peak of 266%, the reserves remain robust.

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Mcap of 6 of 10 most valued firms erodes by Rs 1.71 lakh crore; Infosys, TCS major laggards

The market valuation of six of the top 10 valued domestic firms, including Infosys and TCS, decreased by Rs 1.71 lakh crore last week. Meanwhile, Reliance Industries, Bharti Airtel, State Bank of India, and LIC saw gains, with Reliance Industries being the most valued firm.

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India's current economic environment conducive for private investments: CII survey

India's economic environment is favorable for private investments, revealing a bright outlook despite global challenges, according to a CII survey. It indicates a significant increase in employment and wage growth, with 97% of firms planning to hire and 75% seeing the conditions conducive for investments till FY26.

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Punjab & Sind Bank to raise Rs 2,000 crore via QIP this quarter: MD & CEO Swarup Kumar Saha

Punjab and Sind Bank plans to raise Rs 2,000 crore through Qualified Institutional Placement this quarter, reducing government holding by 3-4%. The government currently holds a 98.25% stake. This fundraising will boost the capital adequacy ratio by March 2025. The bank's net profit surged to Rs 282 crore in Q3, 2024, as bad loans declined.

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Kotak, RBL feel pain of microfinance defaults

Private banks like Kotak Bank and RBL Bank are experiencing higher defaults in the microfinance sector. Kotak Bank reported a 10% rise in net profit, but its microfinance arm saw significant losses. Similarly, RBL Bank saw an 86% drop in net profit due to increased provisions for microfinance loans. Industry-wide challenges are anticipated to stabilize in the coming quarters.

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Intel shares jump on report it's an acquisition target

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Startups, venture capital firms seek tax benefits

Startups and VC firms are seeking a simplified tax regime and measures to increase domestic capital availability in the upcoming Budget. They emphasize parity in taxation between foreign and domestic funds to attract foreign investors and foster growth for Indian AIFs.

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ICICI Lombard Q3 net profit rises 68% to Rs 724 crore

ICICI Lombard reported a 68% increase in net profit to Rs 724 crore for Q3 ended December 2024, compared to Rs 431 crore in the same period last year. Gross direct premium income slightly fell to Rs 6,214 crore. The solvency ratio was recorded at 2.36x, exceeding the regulatory minimum of 1.50x.

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Hindenburg, which dealt Adani a $140bn m-cap blow, to disband

Hindenburg Research, known for targeting Adani Group in 2023 and causing a $140 billion loss in market value, is winding down. Despite facing backlash and stirring controversy, it uncovered corporate fraud globally, leading to significant legal actions and financial implications.

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Aditya Birla Fashion to raise $500mn ahead of demerger

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E-commerce emerges as top paymaster in 2024

In 2024, the internet and e-commerce sector led in pay across all levels, with top executives earning an average of Rs 37 lakh. Professional services, business consulting, and media closely followed. Healthcare topped senior and middle-level pay due to digital integration and job growth. Bengaluru emerged as the top talent hotspot, while Mumbai excelled in senior-level salaries. Tier-2 cities Bhopal, Mysore, and Kanpur showed impressive growth in junior-level roles.

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RBI looks to retain stance on rupee amid volatility

The RBI will continue its currency market intervention strategy to manage excessive volatility and maintain macro-economic stability. The rupee hit a new low of 86.63 against the dollar amid speculation about a more flexible approach. Active interventions have used significant foreign exchange reserves since September to defend the Indian currency.

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RBI redistributes portfolios as Patra retires as dy guv

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