JSW Cement received SEBI's approval for its Rs 4,000 crore IPO, with Rs 2,000 crore from a fresh issue and Rs 2,000 crore from investor shareholders' offers. Proceeds will fund a new cement unit, debt repayment, and corporate purposes. The company's FY24 revenue was Rs 6,028.10 crore, with a profit of Rs 62 crore.
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India is a major contributor to applications for Riyadh Air, Saudi Arabia's upcoming second national carrier. Despite not announcing salary structures, the airline has received 14 lakh applications from 146 nationalities, with India among the largest sources. The carrier plans to start operations in a few months, focusing on Indian tourists and connecting flights from its Riyadh hub.
Adani Green Energy Ltd (AGEL) recorded an over 85% rise in consolidated net profit to Rs 474 crore in the December quarter due to higher power supply revenues. The company also expanded its operational capacity by 37% YoY with new power plants and increased energy sales by 23% YoY.
Global central banks continued to bolster their gold reserves in November 2024, adding 53 tonnes collectively. India, the second-largest buyer of the year, increased its reserves to 876 tonnes. Poland led purchases with 21 tonnes. Other notable buyers included Uzbekistan, China, and Turkey. Conversely, Singapore and Finland saw reductions in their gold reserves.
Punjab National Bank's new MD and CEO, Ashok Chandra, aims to enhance customer service, retail, agriculture, and MSME lending. He plans to introduce a QR code-based feedback system for customer-facing staff and focuses on improving deposit flows by engaging top companies and being selective with corporate loans.
The IMF maintains India's growth forecast for 2024-25 at 6.5% despite a sharper-than-expected deceleration in industrial activity. Calls for measures to boost consumption persist amid global uncertainty. The IMF aligns with the World Bank's estimate, recognizing India's tag as the fastest-growing major economy.
Foreign investors have been selling Indian equities rapidly since the start of 2025, with outflows nearing Rs 1 lakh crore. This sharp shift follows US President Donald Trump's return to the White House, leading investors to favor the American economy.
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.
India is rapidly embracing artificial intelligence, with 65% of Indians using AI, compared to the global average of 31%. Millennials, particularly those aged 25-44, are leading this trend. AI is primarily used for translations, answering questions, workplace efficiency, and school assistance. However, concerns about deepfakes, scams, and online abuse persist, especially for children under 18.
China's manufacturing activity expanded for the third month in a row in December, with the PMI reaching 50.1. This growth comes amid efforts to combat a property market crisis, weak consumption, and high government debt. However, experts believe more fiscal stimulus is necessary for full economic recovery. The non-manufacturing PMI also showed improvement, rising to 52.2.
Adani Enterprises reported a 97% drop in quarterly profit, significantly impacted by its coal trading unit and foreign exchange loss. Revenue fell almost 9% to Rs 22,850 crore. This comes amid allegations of the chairman and his nephew's involvement in a $250 million bribery scheme.