Adani Group stocks experienced a significant recovery on Tuesday, with Adani Power leading the surge by 19.29%. Other notable increases included Adani Green Energy, Adani Energy Solutions, and Adani Total Gas. Benchmark indices Sensex and Nifty also rebounded, with the BSE Sensex rising by 505.6 points.
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RBI deputy governor Rajeshwar Rao highlights the shift in household savings from traditional bank deposits to mutual funds and capital markets, affecting banks' funding costs and margins. Rao warns against over-reliance on wholesale funding and urges banks to develop sophisticated stress-testing methodologies and maintain adequate liquidity buffers. He also emphasizes the need for NBFCs to diversify their funding sources.
Vedanta has secured creditor approval for its demerger, surpassing the required 75% support with 83%. This restructuring will divide the company into five separate businesses, enhancing individual business value and attracting investors, particularly in newer sectors like semiconductors.
Union home minister Amit Shah commended Prime Minister Narendra Modi and finance minister Nirmala Sitharaman for presenting a comprehensive and visionary Union Budget 2025. Key features of the budget include a significant tax exemption for income up to Rs 12 lakh, aimed at enhancing the financial well-being of the middle class.
India's Unified Payments Interface (UPI) processed a staggering 15,547 crore transactions worth Rs 223 lakh crore between January and November 2024. UPI's global reach now extends to seven countries, solidifying India's position as a leader in digital payments. October saw a record 16.6 billion UPI transactions, highlighting its transformative impact on the nation's financial landscape.
Aurobindo Pharma's subsidiary, CuraTeQ Biologics, received a positive CHMP opinion for its filgrastim biosimilar, Zefylti, intended to treat neutropenia and mobilize peripheral progenitor cells. Zefylti is CuraTeQ's first biosimilar to receive this positive opinion. Three additional biosimilars are currently under review with EMA and UK-MHRA, expected to be available next year.
Car companies like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and JSW MG are preparing extensive charging infrastructures to support their electric vehicles. These initiatives include home chargers and robust public networks, with Maruti targeting charging stations in 1,000 cities and Tata expanding collaborations with charge point operators to install over 10,000 public chargers.
Indian Railways has upgraded over 23,000 track kilometers to support train speeds of 130 kmph, enhancing connectivity and reducing travel times. They have also improved 54,337 kilometers for speeds up to 110 kmph.
Canon sees a promising opportunity in India's burgeoning semiconductor market. The company is negotiating with chip manufacturers setting up facilities in India to supply its lithography equipment. Canon is optimistic about achieving double-digit growth in the coming years, driven by India's strong economic outlook and expanding industries.
India's textiles and apparel exports, including handicrafts, rose by 7% to $21.35 billion in April-October FY24, driven by ready made garments and cotton textiles. Imports dipped slightly by 1% to $5.43 billion. India remains a strong global player, facing challenges like geopolitical tensions and supply-demand dynamics.
The Federal Reserve decided to maintain its benchmark lending rate between 4.25% and 4.50% despite President Trump's calls for reductions. The Fed highlighted stable unemployment and solid labor conditions, while acknowledging elevated inflation. Experts are uncertain about future rate cuts amid Trump's trade and immigration policies.