Salesforce will not be hiring more engineers this year due to significant productivity improvements from their AI tool, Agentforce. CEO Marc Benioff cited a 30% increase in engineering productivity and announced a planned expansion of their sales team by up to 2,000 people.
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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.
Indian companies raised a record Rs 3.8 lakh crore in FY25 through IPOs and QIPs, apart from debt. Including rights offers, total funds raised approached Rs 3.9 lakh crore. Major IPOs included Hyundai Motor, Swiggy, and NTPC Green Energy. Debt instruments raised Rs 11.1 lakh crore. Strong listing gains and institutional support boosted fund-raising.
The Reserve Bank of India approved a one-year reappointment of Sumant Kathpalia as MD and CEO of IndusInd Bank, effective March 2025, reducing the tenure initially proposed by the board. Kathpalia, with 37 years of experience, has led initiatives in balance sheet strengthening, digital transformation, and governance improvements.
India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, lower tax rates with fewer benefits. Experts emphasize allowing deductions for medical premiums under Section 80D and for disabilities under Section 80U, arguing these are necessities. Ensuring equitable tax relief promotes fairness in the tax system.
Sterlite Power has introduced two new corporate brands, Resonia and Sterlite, following a demerger. Resonia focuses on transmission infrastructure, while Sterlite handles manufacturing and services for cables and conductors. The rebranding aims to better address market segments and enhance capabilities in the evolving energy sector.
Bank of Maharashtra (BoM) reported a 36% increase in net profit for Q3 ending December 2024 to Rs 1,406 crore, driven by higher interest income. Gross NPAs reduced to 1.80%, and PCR stood at 98.28%. The bank raised Rs 3,500 crore through Qualified Institutional Placements.
Cryptocurrency prices fell as President Trump announced new tariffs, but Bitcoin showed some recovery. Other digital assets like Ethereum and dogecoin saw larger declines. Trump's meme coin also plummeted significantly. Despite his earlier skepticism, Trump now supports crypto, aiming to make the U.S. a leader in the industry. Bitcoin remains close to its record high despite fluctuations.
In 2024, the Indian stock market experienced significant growth, with the NSE listing 2,671 companies and the market capitalisation reaching Rs 438.9 lakh crore. IPOs and other equity mobilisations contributed Rs 3.98 lakh crore, while the number of investors increased by 27.2 percent to 10.9 crore.
The State of the Economy report from RBI suggests the time is ripe to boost demand and investment, with an anticipated economic rebound driven by strong agricultural prospects and a resurgence in domestic demand. Emphasis is placed on monitoring inflation and leveraging public capital expenditure and green energy initiatives for sustainable growth.
India's industrial production growth slowed to 3.2 per cent in December 2024, driven by a poor performance in mining and manufacturing sectors. The IIP grew 4 per cent during April-December 2024, with power output increasing to 6.2 per cent, while consumer non-durables output contracted by 7.6 per cent.