Global oil prices have surged to over $81 per barrel due to new US shipping sanctions affecting Russian oil shipments, leading to increased demand for Middle-East/US crude and tankers. This rise in costs is expected to delay fuel price cuts in India, impacting fuel retailers' margins and the economy.
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Wipro's consolidated net profit for the December quarter rose by 24.4% to Rs 3,354 crore, with operational revenue reaching Rs 22,319 crore. The IT firm announced an interim dividend of Rs 6 per share and raised its capital allocation policy payout ratio to 70%.
NPS Vatsalya offers parents a way to secure their children's financial future, including retirement, with a pension scheme for minors. Notable features include a market-linked voluntary contribution system and a unique PRAN for account management. Minimum initial investment is Rs 1,000.
China's foreign minister Wang Yi criticizes the US for imposing arbitrary tariffs despite China's efforts to curb fentanyl exports. He warns that such actions disrupt global stability and mutual trust. Wang emphasizes China's strong ties with Russia and calls for greater representation of developing nations in global governance, highlighting China's role as a stabilizing force.
Maya and Leah Tata, daughters of Tata Trusts chairman Noel Tata, have joined the board of trustees at Sir Ratan Tata Industrial Institute (SRTII), taking over from Arnaz Kotwal and Freddy Talati. The appointments, endorsed by the Sir Ratan Tata Trust board, aim to leverage local experience for upcoming renovation projects. The move is seen as preparation for future responsibilities at larger Tata Trusts.
Following the RBI's rate cut, SBI has reduced its deposit rates by 10 basis points across select tenors, while keeping MCLR-linked lending rates unchanged. The EBLR, linked to the repo rate, has been reduced by 25 basis points, lowering home and personal loan interest rates. Other banks are expected to follow suit, with HDFC Bank already cutting savings account rates.
Air cargo demand rose by 3.2% year-on-year in January 2025, maintaining 18 months of growth, according to IATA. Capacity also increased by 6.8%. However, yield and cargo load factors slightly declined. Positive factors include trade growth and e-commerce, but tariffs remain a concern. Regional performance varied, with Latin America showing the strongest growth.
India's November vehicle retail sales rose 11.2% to 32,08,719 units, driven by a 15.8% surge in two-wheeler demand due to festive spillover. However, passenger vehicle sales dipped 13.7% to 3,21,943 units, hampered by weak sentiment, limited product variety, and a lack of new launches, despite some support from rural markets.
Air India is establishing a massive flying training organization (FTO) in Amravati, Maharashtra, by mid-2025. The airline has ordered 34 trainer aircraft from US and Austrian manufacturers to facilitate the training of 180 pilots annually. This ambitious project aims to address India's growing pilot demand and bolster the nation's aviation infrastructure, aligning with the 'atmanirbhar Bharat' vision.
Sebi exempts the Indian government from making an open offer to Vodafone Idea shareholders, as the government plans to acquire over 34% stake by converting spectrum dues into equity. This move, aimed at protecting public interest, will help VIL maintain its customer base and enhance telecom penetration in India without changing company control.
Dhaka has been behind on payments to Adani Power since supply started in July 2023. It owes several hundred million dollars for energy that has already been supplied, though the two sides dispute the exact size of the bill.