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.
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Global supply chains are shifting towards India due to a focus on resilience over efficiency, says Tata Sons chairman N Chandrasekaran. He emphasizes that the Tata Group plans to create five lakh manufacturing jobs in critical sectors including batteries, semiconductors, and electric vehicles over the next five years.
Venugopal (Venu) Lambu has been appointed as the new CEO of LTIMindtree for a five-year term. Lambu, a three-decade IT veteran, takes over from Debashis Chatterjee, who led the company to a $4.3-billion IT enterprise. Lambu previously served as the CEO of Randstad Digital.
Maruti Suzuki India Ltd reported a 30% rise in overall wholesales for December 2024, totaling 1,78,248 units. Domestic sales increased, with mini and compact cars showing significant growth. Utility vehicle sales also rose, while Ciaz sedan sales dipped slightly. Exports climbed to 37,419 units.
Jubilant Bhartia Group is set to acquire a 40% stake in Hindustan Coca-Cola Holdings (HCCH), the parent company of India's largest Coca-Cola bottler, for over Rs 10,000 crore. This investment reflects the group's confidence in India's growing beverage market and aligns with their expansion strategy into high-growth sectors. The deal awaits regulatory approval.
President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure digital payment system.
Reliance Consumer Products has acquired the Sil brand, specializing in packaged food items, from Food Service India. This move intensifies market competition with major players like Hindustan Unilever. Reliance plans to revitalize the 75-year-old brand while expanding its market presence, focusing only on the brand and not its manufacturing units or employees.
Restaurants are planning to challenge food delivery giants Zomato and Swiggy by partnering with the government-backed ONDC to launch private label food and regain control over their digital presence and customer data. This move aims to lower costs, choose their own logistics partners, and reduce dependence on commissions up to 35% charged by Zomato and Swiggy.
India's industrial output hit a six-month high in November driven by manufacturing, capital goods, and consumer durables. The index of industrial production rose 5.2% with significant contributions from a 9% rise in capital goods and a 13.1% rise in consumer durables, indicating strong festive demand.
Walgreens Boots Alliance has been acquired by Sycamore Partners for nearly $10 billion, aiming to revitalize the company after enduring financial challenges. The acquisition will transition Walgreens to a private entity, enabling it to undergo restructuring and improve cash flow amid competitive pressures and market shifts.
Budget 2025 expectations: Finance Minister Nirmala Sitharaman may propose a phased implementation of labour codes in Budget 2025, starting with large establishments. The plan involves a three-phase deployment.