The rupee experienced its strongest single-day gain since June 2024, closing at Rs 86.36 against the US dollar, bolstered by a dip in the dollar index and positive domestic market cues. Equities saw positive movement, and crude oil prices pulled back amid potential resolution in the Middle East conflict.
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Gold prices in India surged to a record high of Rs 96,450 per 10 grams, driven by strong demand and escalating US-China trade tensions. Global spot gold reached USD 3,237.39 per ounce, fueled by safe-haven demand amid economic uncertainty. Analysts predict a continued bullish trend for gold due to geopolitical instability and central bank diversification away from the US dollar.
Kabeer Biswas, co-founder of Dunzo, is set to lead Flipkart's quick commerce service, Minutes. Despite financial troubles and unpaid salaries at Dunzo, Biswas takes on the role as Flipkart joins intense competition in India's fast-growing quick commerce sector, alongside Blinkit, Zepto, and Swiggy Instamart.
India's economy is projected to become the fourth largest globally by 2026, surpassing Japan. The PHD Chamber of Commerce and Industry anticipates a GDP growth of 6.8% this fiscal year and recommends tax reforms to boost consumption. They also foresee a 25 basis point rate cut by the Reserve Bank, with inflation expected to decline significantly.
Adani Group is officially withdrawing from a $442 million wind power project in Sri Lanka after the government attempted to renegotiate the agreement for better energy rates.
RBI's decision to infuse ₹1.5 lakh crore liquidity boosted banking stocks, leading to a sensex rise of 530 points. Despite a late sell-off, major banks led gains, while foreign funds continued selling. Mid- and small-cap sectors saw declines. Upcoming events, such as the US FOMC meeting and Union Budget, are expected to contribute to market volatility.
PB Fintech's Policybazaar is investing Rs 860 crore for a 25% stake in PB Healthcare to develop hospitals with a 1,000-bed capacity. These hospitals aim to offer zero rejection and cashless treatment. The initiative seeks to address the rising healthcare costs and will initially cover the NCR before expanding further.
The sensex saw a strong rally driven by local buying, closing 610 points higher, above the 74K mark. Over the last two sessions, it gained 1,350 points or 1.9%. Despite foreign funds selling, domestic net buying helped boost market capitalization by Rs 4.5 lakh crore.
A Supreme Court order has affected the sale of Noida Toll Bridge Company. The sale was expected to generate substantial revenue for IL&FS shareholders and lenders. The company built the DND Flyway. The order impacts over 55,000 shareholders and financial institutions. The decision may influence future infrastructure projects. Noida Toll Bridge Company expressed concern over the ruling.
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.
The commerce ministry in India is expected to seek an extension of the interest equalisation scheme for five more years in the upcoming Budget. This scheme assists exporters in obtaining competitive rupee export credits, particularly benefiting MSMEs during challenging economic times. Exporters and organizations like FIEO are supporting the extension, emphasizing its importance for maintaining competitiveness.