Tech Mahindra reported a 93% increase in net profit for the December quarter, reaching Rs 983 crore, aided by a low base in the corresponding period last year. Revenue from operations grew by 1.4% to Rs 13,286 crore. The company secured new deals worth $745 million and continued its hiring drive.
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Titan Company Ltd reported a 24% annual growth in Q3, driven by strong festive demand in the jewellery segment. Plain gold sales soared 24%, while gold coins surged 48%. Watches grew 13%, despite a decline in wearables. EyeCare rose 17%. CaratLane saw 25% growth, expanding domestically and opening its first US store. Titan’s overall store count reached 3,240.
Gold prices in New Delhi stayed steady at their record Rs 94,150 per 10 grams amid concerns over potential US reciprocal tariffs on nations with trade deficits, including India. Silver prices decreased to Rs 1,01,500 per kg. Global spot gold saw a marginal increase, while silver prices also rose slightly during Asian market hours.
GST collections rose by 7.3% to Rs 1,76,857 crore in December, despite weak urban demand. Domestic collections grew by 8.4%, and import-related collections increased by 3.9%. Refunds issued surged by 45%. Notable performers included Sikkim and Haryana, while states like Arunachal Pradesh and Meghalaya lagged.
Departments such as telecom, defence, railways, and highways have experienced lower capital expenditure with telecom spending just 6% of its annual allocation. Total government capex during April-Nov fell to 49% from 59% last year. The slow spending is attributed to milestones tied to funding and recent elections impacting the first quarter.
Air India expanded its wireless in-flight entertainment service, 'Vista Stream,' to its single-aisle fleet. Passengers can now stream over 1600 hours of content, including movies, documentaries, music, and children's programs, directly to their personal devices on both domestic and international flights. The service also offers a live flight tracking map.
CropLife India has urged the government to reduce GST on agrochemicals to 12 per cent and maintain a uniform 10 per cent customs duty for raw materials and formulations. They also demand a 200 per cent weighted deduction on R&D expenses, while warning that higher customs duties could make crop protection products less affordable for farmers.
Ambuja Cements is merging its subsidiaries, Sanghi Industries and Penna Cement, to boost operational efficiency. Sanghi shareholders will receive 12 Ambuja shares for every 100 Sanghi shares. Post-merger, the Adani family's ownership in Ambuja will slightly decrease to 67%, while public shareholding will rise to 33%.
Taxpayers and businesses are eagerly awaiting the Union budget 2025, with expectations for reforms including increased capex, higher tax exemptions, streamlined tax compliance, and clarified tax guidelines for digital assets. EY India emphasises fiscal consolidation and investment-driven growth as key focuses for sustained economic development.
RBI has eased rules for asset reconstruction companies (ARCs) to settle dues with defaulters based on the realisable value of assets. Smaller loans up to Rs 1 crore can be settled through a board-approved policy, while larger loans require a board-level panel decision. This change aims to improve recoveries and expedite settlements for personal loan defaults.
Adani Total Gas Limited (ATGL) posted a net profit of Rs 142.38 crore for Q4 2024, marking a 19.4% decline YoY. However, revenues from operations increased by 12.5% YoY. Despite reduced APM gas allocation, ATGL ensured uninterrupted CNG supply and focused on expanding its network, adding new CNG stations and connections, including the new Jalandhar GA.