ITC bought more shares of EIH, the parent company of Oberoi Hotels. ITC's stake in EIH is now 16.13%. ITC also increased its stake in HLV Ltd, owner of The Leela Mumbai, to 8.11%. This happened before ITC Hotels separated from the main ITC group on January 1, 2025. ITC purchased the shares from its subsidiary, Russell Credit Ltd.
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The sensex closed 499 points higher at 78,540 on Monday with gains in financials and IT stocks, influenced by softer US inflation data. Domestic funds recorded a net inflow of Rs 2,228 crore. HDFC Bank, Reliance Industries, ITC, and ICICI Bank were major contributors to the rally.
Railway Budget 2025: Indian Railways is likely to receive a 15-20% increase in capital expenditure for FY26, with a focus on track expansion, modernisation, and essential equipment procurement. Priorities include upgraded stations, modern trains, and reducing congestion.
Private equity firm Everstone has acquired a majority stake in Wingify, an Indian SaaS company, for about $200 million. Wingify, founded by Paras Chopra and Sparsh Gupta, is known for its VWO product that enhances website performance. Sparsh will continue as CEO while Paras will remain on the board as a minority shareholder.
Dr. Reddy's Laboratories has refuted media reports alleging a 25% reduction in workforce costs. The Hyderabad-based pharmaceutical giant dismissed claims of layoffs targeting high-earning employees and voluntary retirement offers for older staff, particularly in R&D.
The sensex fell 1.6% due to weak December quarter results, indicating an economic slowdown. Major sectors ended in the red, with banks and consumer sectors leading declines. Disappointing corporate earnings, global uncertainties, and a weak rupee contributed to investor concerns, while long-term growth optimism remains positive.
Reliance Industries Ltd posted a 7.4% increase in net profit for the December quarter, driven by a recovery in its retail sector and strong telecom earnings. The company reported a net profit of Rs 18,540 crore compared to Rs 17,265 crore in the same period last year. Revenue rose to Rs 2.43 lakh crore from Rs 2.27 lakh crore.
India Inc. is expected to see a 9.4% salary hike in 2025, slightly lower than 2024's 9.6%. The EY report highlights increased AI use for compensation strategies, with sectors like e-commerce and financial services leading salary growth. CEO compensations for Nifty50 firms saw 18-20% increases, with a rise in performance-linked incentives.
Latest Post Office Small Savings Schemes Rates: The government has announced that interest rates for small savings schemes will remain unchanged for the first quarter of FY 2025-26. PPF will continue at 7.1%, NSC at 7.7%, and both SCSS and SSY at 8.2%. Quarterly reviews determine these rates based on guidelines ensuring competitiveness.
India's forex reserves surged $15.27 billion to reach $653.97 billion, the sharpest weekly gain in over three years, as of 7 March. This rebound comes after months of volatility and an 11-month low, highlighting the RBI's active management to stabilize the Rupee.
The Union government's efforts on infrastructure development and investments in critical sectors such as railways, defense, power, and data centers is expected to drive growth momentum into financial year (FY) 2026 and beyond, says a report by financial services firm Prabhudas Lilladher (PL).