Bank of Baroda reported a robust 11.7% year-on-year rise in global business, reaching Rs. 25.6 lakh crore by the end of December 2024, driven by a significant increase in retail lending. Domestic deposits and advances experienced substantial growth, with retail advances surging by 19.5%.
Post-festival economic moderation in India is causing lower-than-expected growth in Q3 2024, indicated by slowing GST growth, manufacturing PMI, and industrial production. Divergent trends in November and December highlight an uneven trajectory. Economists suggest policy support to boost the slowing momentum, with real GDP growth projected at 6.5% YoY for FY25 and FY26.
The electric vehicle industry in India communicated to Commerce Minister Piyush Goyal that they will no longer require subsidies once the current regime ends. Goyal emphasized the nation's readiness for electric mobility and plans to simplify the setting up of charging infrastructure at petrol pumps. He also expressed intentions to strengthen economic ties with the US amid trade tariff tensions.
The sensex surged by 1,436 points, nearly reaching 80,000, driven by broad-based buying and short covering. Gains in banking, IT, auto and metal stocks also fuelled the rally amidst low foreign fund activity. Major contributors to the rise included Infosys, Reliance Industries, and Bajaj Finance, while Sun Pharma was the only laggard.
Tesla's global sales recorded a decline for the first time in at least nine years, dropping 1.1% to 1.79 million vehicles in 2024. Despite incentives, waning demand and increased competition contributed to the drop. Fourth-quarter sales missed expectations, with the average sales price falling, impacting profit margins.
Standard Glass Lining Technology Ltd has set a price band of Rs 133-140 per share for its Rs 410.05 crore IPO, opening on January 6, 2025. The IPO includes a fresh issue worth Rs 210 crore and an OFS of 1.43 crore shares. Proceeds will primarily be used for debt repayment, subsidiary investment, and strategic acquisitions.Bank of Baroda reported a robust 11.7% year-on-year rise in global business, reaching Rs. 25.6 lakh crore by the end of December 2024, drive...
