RBI supersedes Aviom India Housing Finance's board over governance concerns and payment defaults, following National Housing Bank's recommendation. Former Punjab National Bank GM Ram Kumar is appointed as administrator, and RBI will seek to appoint him as insolvency resolution professional via NCLT. Audits revealed fraudulent transactions and governance lapses, sparking RBI's intervention.
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ICICI Bank's profit after tax increased by 14.8% year-on-year to Rs 11,792 crore for Q3-2024, driven by higher net interest income, fee earnings and a 15.1% loan growth. On a consolidated basis, profit rose by 16.6% to Rs 12,883 crore, with strong performance from subsidiaries.
India and the US are negotiating a bilateral trade agreement, with India willing to lower tariffs on items of interest while seeking similar concessions from the US. Sectors like apparel, engineering goods, and gems and jewelry have identified specific products where tariff reductions could be beneficial.
Elon Musk faced significant setbacks on March 10, with Tesla's stock plummeting by over 15% and his social media platform X experiencing major outages. The twin crises coincided with market panic and increasing criticism of Musk's political ties to Trump's administration. Additionally, Tesla's declining sales and growing competition, particularly from China's BYD, compound the challenges.
Finance minister Nirmala Sitharaman attributes the recent sell-off by foreign institutional investors in Indian equities to profit booking. Officials clarify that FIIs are returning to their home countries amid global uncertainties, and emphasize India's position as a strong, resilient, and fast-growing economy.
Household debt in India has increased to 42.9% of GDP as of June 2024, driven mainly by a rise in the number of borrowers. Most borrowing is for consumption, asset creation, and productive activities, with highly rated borrowers prioritizing asset investments. This trend is seen as enhancing credit quality and financial resilience.
US TikTok users are seeing videos from Chinese creators promoting direct factory purchases to avoid Trump's tariffs. These videos, some filmed at factories allegedly producing for brands like Lululemon and Nike, highlight lower prices. Experts suggest this trend undermines tariff policies and promotes Chinese manufacturing, raising questions about tariff effectiveness and TikTok's content distribution influence.
FICCI has revised India's GDP growth forecast to 6.4% for FY 2024-25, down from 7.0%. Consumer spending is expected to rise, driven by positive developments in agriculture and rural areas. Industrial and services sectors will see modest growth. Inflation is anticipated to ease, and foreign investment opportunities are emerging.
Budget 2025 income tax: With the proposed changes, NPTR will now become far more appealing for individuals as it would mean availing beneficial tax rates and no tax declaration or providing/ maintaining tax deduction and exemption proofs.
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.
Global oil prices surpassed $81 per barrel, the highest since August 2024, driven by fears of US shipping sanctions affecting Russian oil supplies. This surge is likely to prevent fuel price cuts in India, eliminating the increase in retailers' profits and causing stock declines for major fuel retailers IndianOil, Hindustan Petroleum, and Bharat Petroleum.