HCLTech celebrated its 25th IPO anniversary with a bell-ringing ceremony at NSE in Mumbai. Over 25 years, an Rs 58,000 investment during its IPO reached about Rs 32 lakh. The company announced a special dividend and highlighted its growth to over 220,000 employees worldwide.
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Rural poverty in India has notably dropped to 4.86% in 2023-24, down from 25.7% in 2011-12, driven by government support. Urban poverty also declined to 4.09%. Increased consumption and infrastructure developments have contributed to narrowing the rural-urban income gap, with significant improvements in rural livelihoods.
Grant Lee's AI startup Gamma is thriving with just 28 employees, achieving significant revenue and profitability. Many AI-driven startups are leveraging technology to maximize efficiency and reduce the need for large teams and funding. The trend raises questions about the future of venture capital investment in such lean and efficient companies.
NACDAC Infrastructure's Rs 10 crore IPO received a record-breaking Rs 14,386 crore in bids, achieving a 1,976 times oversubscription. Retail investors and high-net-worth individuals showed particularly strong interest. The Ghaziabad-based construction company secured funding from two anchor investors ahead of the IPO, aiming to utilize the proceeds for working capital and general corporate purposes.
Banks are offering better deposit rates to attract customers amid liquidity shortages. IDBI Bank launched a scheme for individuals aged 80 and above, with higher interest rates. Similarly, Bank of Baroda introduced a liquid fixed deposit scheme allowing withdrawals in units of Rs 1,000, with extra benefits for seniors.
RBI deputy governor Rajeshwar Rao highlights the shift in household savings from traditional bank deposits to mutual funds and capital markets, affecting banks' funding costs and margins. Rao warns against over-reliance on wholesale funding and urges banks to develop sophisticated stress-testing methodologies and maintain adequate liquidity buffers. He also emphasizes the need for NBFCs to diversify their funding sources.
Microsoft CEO Satya Nadella meets PM Narendra Modi expressing appreciation for India's AI-first approach and discussing ethical AI use and data privacy. Nadella is on a tour in India to promote Microsoft's AI and cloud investments. Modi highlights partnerships with global AI leaders fostering innovation and regulation in India.
Banks have expanded their loan book by 9.3% with an additional Rs 15.3 lakh crore in the first 11 months of the financial year. Personal loans accounted for the largest share, with housing loans contributing significantly. Agriculture and vehicle loans also saw notable growth.
Rohan Mirchandani, the 42-year-old co-founder of Epigamia, passed away from a sudden cardiac arrest. He established the company in 2013, introducing flavored Greek yogurt to India. Epigamia's leadership and board, including Mirchandani's family, will continue his work. His death is a loss to the entrepreneurial community.
Budget 2025 income tax: Assocham urges Finance Minister Nirmala Sitharaman to reduce personal income tax rates in the Union Budget 2025, highlighting the substantial gap between personal and corporate tax rates.
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.