DeepSeek, a Chinese AI app, has reached the No. 1 spot in Apple's App Store productivity category, surpassing ChatGPT. The app’s R1 AI model matches top competitors at a fraction of their cost and is free. Industry leaders, including Perplexity’s CEO and Marc Andreessen, have praised the achievement, highlighting its significant impact on the AI industry.
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IndianOil chairman Arvinder Singh Sahney stated that recent US sanctions on Russian oil exports will not impact India's energy security. India diversifies its crude procurement from multiple sources such as the Gulf, Africa, and the Americas. Additionally, new suppliers like Brazil and Guyana are emerging, ensuring supply stability. IndianOil posted a 64% drop in net profit in the recent quarter.
Budget 2025 income tax slab changes FY 2025-26: Finance Minister Nirmala Sitharaman presented Budget 2025 addressing the middle class by increasing the rebate limit under Section 87A to INR 12 lakh and enhancing the basic exemption limit to INR 4 lakh.
Budget 2025 expectations: Gold traders, including jewellers and bullion sellers, hope Finance Minister Nirmala Sitharaman will enable middle-class purchases of gold via EMI and fund artisan upskilling in the Union Budget 2025.
India's solar PV module manufacturing is set to reach 125 GW by 2030, up from 80 GW today. Solar cell capacity will rise to 40 GW. Pralhad Joshi highlighted local manufacturing and government's incentives. India aims to double its renewable energy capacity by 2030 and become a global leader in sustainable energy. Connectivity will reach more villages.
The All India Bank Officers' Confederation (AIBOC) plans a two-day nationwide strike from 24 to 25 February 2025, demanding a five-day workweek, sufficient recruitment, and resolution of long-pending issues. AIBOC criticized recent DFS directives, sought immediate withdrawal of performance-related guidelines, and urged the appointment of directors in PSBs.
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.
The net direct tax collection in India has grown by 15.88% to approximately Rs 16.90 lakh crore so far in the current fiscal year, with personal income tax accounting for over Rs 8.74 lakh crore and corporate tax at around Rs 7.68 lakh crore. Gross direct tax collection has reached over Rs 20.
On Tuesday, Unimech Aerospace and Manufacturing Ltd shares debuted on the stock exchange with a notable 90% premium above its Rs 785 issue price, listing at Rs 1,491 on the BSE and Rs 1,460 on the NSE. The company's IPO was significantly oversubscribed, achieving a market capitalisation of Rs 6,956.20 crore.
Indian stock markets will be closed on February 26, 2025, for Maha Shivratri. After a strong performance by Bharti Airtel, M&M, and HDFC Bank, trading will resume on February 27, 2025. The closure is part of the NSE and BSE holiday calendar, with 14 market holidays scheduled for the year.
Ravi Kumar has led Cognizant's resurgence over the past two years, improving its positioning among peers and signing significant large deals. Cognizant has seen growth in its core verticals and implemented AI-driven productivity measures, aiming for further organic growth and margin expansion.