A rally in tech stocks powered Wall Street gains in a quiet pre-Christmas session. Tesla led the megacaps, with Broadcom and AMD rising as Biden's team probed Chinese chips. Investors hope for the 'Santa Claus Rally' to boost year-end stocks further. The S&P 500 climbed 1.1%, Nasdaq 100 up 1.4%, and Dow Jones increased 0.9%.
Related news
Investment platform Groww is set to raise about $250 million in a pre-IPO funding led by Singapore's GIC, boosting its valuation to $6.8 billion. The Bengaluru-based company aims to go public by December, targeting a valuation between $6 billion and $8 billion. Groww has rapidly expanded its financial services and increased its revenue significantly.
High attrition rates in private sector and small finance banks are a significant risk factor, causing operational disruptions and increased recruitment costs. The Reserve Bank of India highlights the importance of strategic measures, including improved onboarding, training, and competitive benefits, to retain talent and ensure stability within the banking sector.
Bitcoin experienced its first weekly decline since Trump's election win, dropping over 7% due to the Fed's cautious policy outlook. This impacted the broader crypto market, which fell about 10%. Experts predict a choppy short-term outlook but remain bullish for Bitcoin into early 2025, with a significant options expiry event expected on December 27th.
Infosys raised its revenue forecast for the fourth straight quarter, projecting 4.5-5% growth for the 2024-25 fiscal year. Revenue increases are driven by strong demand in banking and financial services sectors and easing pressures on discretionary spending. However, its stock price fell nearly 6% on the NYSE.
Post Office Savings Schemes in India offer secure investment options with assured returns and tax benefits under Section 80C of the Income Tax Act. The schemes, including PPF, NSC, SSY, SCSS, and 5-year POTD, allow tax exemptions up to Rs 1.5 lakh per annum under the old tax regime.
Infosys McCamish Systems, impacted by a 2023 cybersecurity incident, will pay $17.5 million to resolve class-action lawsuits. The settlement follows mediation with plaintiffs and covers allegations against IMS and some customers. Approval will close lawsuits without liability admission.
The Reserve Bank of India has lifted the restrictions on Asirvad Micro Finance and DMI Finance, effective immediately, following their corrective measures and compliance with regulatory guidelines. The restrictions had been placed on 21 October last year, preventing them from sanctioning and disbursing loans.
Punjab National Bank's new MD and CEO, Ashok Chandra, aims to enhance customer service, retail, agriculture, and MSME lending. He plans to introduce a QR code-based feedback system for customer-facing staff and focuses on improving deposit flows by engaging top companies and being selective with corporate loans.
IDBI Bank reported a 31% year-on-year increase in net profit to ₹1,908 crore for Q3 FY25 due to reduced provisioning and higher interest income. The gross NPA ratio improved to 3.57%, and net NPA ratio fell to 0.18%. Total income rose to ₹8,565 crore.
Macrotech Developers accused House of Abhinandan Lodha of fabricating documents to misuse the 'Lodha' brand for a Goa project. Allegations include a fake board resolution to grant brand usage. The Lodha siblings, Abhishek and Abhinandan, are in a legal dispute over the 'Lodha' name rights. House of Abhinandan Lodha is reviewing the claims.