Havells India Ltd reported a 3.45% decline in consolidated net profit for the December 2024 quarter, amounting to Rs 277.96 crore. Despite this, revenue from operations increased by 10.76% to Rs 4,888.98 crore. Total expenses also rose by 12.18%. The company remains optimistic about better demand and margins in upcoming quarters, announcing a 400% interim dividend.
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The New Income Tax Bill 2025 aims to simplify tax laws in India, focusing on simplifying language, reducing litigation and compliance, and removing obsolete provisions. It introduces a taxpayer's charter, merges TDS/TCS sections, and aligns terminology with international norms. Likely effective from April 1, 2026, it promises streamlined processes without major tax rate changes.
Razorpay has extended Rs 1 lakh worth of ESOPs to each of its 3,000+ employees for the first time, reflecting its commitment to an employee-first ethos. Previously, Razorpay’s ESOP buybacks have benefited numerous employees, with the latest $75 million buyback in 2022 impacting 650 employees.
The rupee closed at 86.58 against the dollar, slightly weaker than the previous day, as early gains were erased due to a rebound in the dollar following tariff threats by US President Trump. Most emerging market currencies weakened, with the Mexican peso and Canadian dollar experiencing significant declines.
Stock market today: The NSE Nifty 50 declined 0.04% to 24,610.05 points, whilst the BSE Sensex remained unchanged at 81,510.05. Following three consecutive weeks of gains until Friday, the Nifty 50 has maintained a tight trading range of under 170 points.
Senior officials from India's commerce ministry are meeting with commercial representatives from 20 countries to discuss strategies for boosting exports. The focus is on six key goods and services sectors, addressing non-tariff barriers, logistics, and WTO matters. Commerce Minister Piyush Goyal will also participate. India's export-import data reflects a significant trade deficit due to rising imports in November.
High attrition rates in private sector and small finance banks are a significant risk factor, causing operational disruptions and increased recruitment costs. The Reserve Bank of India highlights the importance of strategic measures, including improved onboarding, training, and competitive benefits, to retain talent and ensure stability within the banking sector.
Corporate profits increased by 15.3% in FY24 due to cost rationalisation despite a sales growth of 5.5%. The services sector outshone manufacturing in both sales and profit growth. Additionally, both sectors reported an increase in operating profits and improved profit margins.
Under President Trump’s second term, US tariffs are raising concerns about global trade disruptions, indirectly impacting international travel. Despite 2024's milestone of surpassing pre-pandemic passenger traffic levels, growth is stabilizing. Emerging economies like the Middle East and Asia-Pacific are experiencing higher growth. Long-term forecasts predict a significant increase in passenger numbers by 2053.
One in five ultra-wealthy Indians with net worth over Rs 25 crore consider settling abroad for better investment and tax advantages, according to Kotak Mahindra Bank’s survey. A significant number are acquiring overseas real estate and diversifying portfolios globally. Succession planning and healthcare spending are rising priorities, driven by the pandemic. Education and collectibles also see increased interest.
Adani Green Energy has withdrawn from two wind power projects worth $1 billion in Sri Lanka after the government sought to reduce the tariff. The projects, set to be completed by 2026, were scrutinized following a political change. Adani deemed the revised tariff unviable but remains open to future collaboration with Sri Lanka.