India's foreign exchange reserves have seen a significant decline of USD 8.714 billion, dropping to USD 625.871 billion for the week ended January 10. The reduction is attributed to revaluation and the Reserve Bank of India's efforts to stabilize rupee fluctuations, with foreign currency assets reducing by USD 9.469 billion.
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L&T’s HR head Sonica Muraleedharan clarifies Chairman S N Subrahmanyan's remarks about a 90-hour work week, explaining that his comment was misinterpreted and not intended to mandate extreme working hours. Muraleedharan emphasizes Subrahmanyan’s supportive leadership and commitment to employee growth, urging understanding of his true intentions.
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Direct tax collections in India have surged nearly 20% to Rs 20.6 lakh crore for the fiscal year up to January 12, with non-corporate tax outpacing corporation tax. Refunds saw a 42% increase, leading to a 15.9% rise in net collections. Securities transaction tax collections also jumped 75%, as the Centre remains on track to meet its fiscal deficit target.
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.
India achieved a record high renewable energy capacity addition of around 30 GW in 2024, a significant increase from 13.75 GW in 2023. This growth is crucial for meeting the ambitious target of 500 GW by 2030, with an average requirement of 50 GW per year.
Honda and Nissan are in preliminary merger talks, potentially creating a holding company to rival Toyota. This move could also involve Mitsubishi, further consolidating the Japanese auto industry. The discussions aim to strengthen their position against global competitors, particularly in the electric vehicle market, and address financial challenges.
A rebound in stocks was driven by significant gains in technology giants Tesla and Nvidia, helping the 'Magnificent Seven' megacaps rise over 1%. Despite a weak US consumer confidence report causing a brief dip, experts forecast a likely Santa Claus rally this year. Thin trading marked the holiday-shortened week's start, with volumes down by around 20%.
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Zydus Lifesciences announced it is negotiating to acquire a majority stake in French medtech firm Amplitude Surgical for approximately Rs 2,500 crore. The acquisition aims to boost Zydus's global medtech ambitions, leveraging its expertise in life sciences. The deal includes a 81% premium over Amplitude Surgical's last closing price, aiming for full ownership and delisting.