Bajaj Auto's consolidated net profit witnessed a 10% year-on-year decline, reaching Rs 1,802 crore in Q4, primarily due to reduced domestic sales. While the company's net profit for the same period last year was Rs 2,011 crore, total revenue from operations saw an increase, climbing to Rs 12,646 crore during the quarter.
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Vedanta Ltd is poised to raise up to Rs 5,000 crore through private placement of secured non-convertible debentures (NCDs). The offering, with staggered maturities, features a coupon of around 9.35%-9.45%, higher than sovereign bond yields. Proceeds will be used for debt repayment and capital expenditure. Anchor investors include prominent mutual funds and insurance companies.
Udaan, a B2B ecommerce platform based in Bengaluru, has secured $114 million in funding led by M&G Investments and Lightspeed. The company intends to use the capital to strengthen its presence in the FMCG and staples categories. While maintaining a valuation of $1.8 billion, Udaan reported a revenue growth of over 60% year-on-year in 2024.
Finance minister Nirmala Sitharaman emphasized that embracing rapid technological advancements can significantly boost economic productivity, a primary goal for policymakers. Speaking at the Institute of Economic Growth, she highlighted the increased focus on capital expenditure post-Covid, with states recognizing its growth-enhancing multiplier effect.
Schloss Bangalore Ltd, owner of "The Leela" brand, had a weak stock market debut, listing below its IPO price. Shares opened at Rs 406 on NSE and Rs 406.50 on BSE, against an IPO price of Rs 435. Despite the brand's strength and expansion, investor caution prevailed. The IPO was subscribed 4.5 times.
A public feud between Trump and Musk triggered a significant drop in Tesla shares, impacting major US indexes like the S&P 500 and Nasdaq 100. Tesla's decline highlighted concerns about index concentration in large-cap stocks, particularly the 'Magnificent Seven,' and its wide market exposure through numerous ETFs, affecting funds like the Consumer Discretionary Select Sector SPDR Fund.
India and the US are actively engaged in discussions to finalize an initial tranche of a bilateral trade agreement (BTA). American officials have arrived in Delhi for negotiations aimed at enhancing market access and supply chain resilience. Commerce Minister Piyush Goyal expressed confidence in achieving positive outcomes.
T Rabi Sankar, RBI Deputy Governor, has been appointed as a part-time member of the 16th Finance Commission, replacing Ajay Narayan Jha. Sankar's term will last until the Commission submits its report or October 31, 2025. The Commission, chaired by Arvind Panagariya, is responsible for recommending the distribution of tax revenues between the Union and the States.
The Mumbai consumer commission has directed Flynas, a Saudi-based budget airline, to compensate a passenger Rs 1.25 lakh for losing her baggage during a trip from Istanbul to Mumbai via Riyadh. The commission criticized the airline's lack of effort in tracing the lost bag and failure to attend the hearing, deeming their conduct as "mala fide negligence."
Tata Sons' board has cleared company secretary Suprakash Mukhopadhyay of any ethical violations after reviewing an internal probe into his ties with Divinion, a family-owned financial firm. While Mukhopadhyay failed to disclose his connection, the board concluded there was no intentional breach of conduct. Concerns arose over potential conflicts of interest, given Divinion's links to current and former Tata employees.
President Trump signed executive orders to bolster drone security, promote air technologies like electric air taxis and supersonic aircraft, and reduce reliance on Chinese drone manufacturers. A federal task force will enhance airspace protection and counter-drone capabilities. The FAA is instructed to remove the ban on overland supersonic transport, contingent on preventing sonic booms on the ground.