LTIMindtree's CEO designate, Venu Lambu, met with over 50 senior leaders in Mumbai, amid the departure of two senior executives. Lambu emphasized a focus on growth and AI strategy. Current CEO, Debashis Chatterjee, is assisting with the transition and plans joint client visits with Lambu in the US and Europe.
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Sebi is expanding the T+0 settlement cycle to 500 more stocks, starting January 31, 2025. Initially, the bottom 100 of the top 500 companies by market capitalization will be included, with 100 more added each subsequent month. All brokers will offer T+0, and by May 2025, custodians and block trades will also participate.
The US is seeing a surge in visitors from India, doubling by 2029 and positioning India as the fourth largest inbound travel market. Despite this growth, long visa wait times and limited direct flights due to restricted airspace usage hinder its full potential.
Irdai has proposed a cap on health premium hikes for seniors, limiting increases to 10% without prior approval. Insurers must also seek approval before discontinuing policies for the elderly, and are encouraged to standardize hospital costs, similar to PMJAY. New guidelines mandate transparency in justifying any price hikes for senior citizens' health insurance.
Government and RBI are considering a 'cooling off facility' to block funds received in bank accounts to combat online frauds. This measure targets mule accounts used in digital payment frauds. Multiple ministries and banks are collaborating to strengthen verification and prevent misuse, making it a top priority for bank CEOs to address this growing issue.
India experienced a dramatic 99% drop in Foreign Portfolio Investment (FPI) inflows in 2024, predominantly due to robust US economic performance and tightened Indian market conditions. Analysts highlight factors like India's high valuations and economic uncertainties. Despite this, domestic investor presence maintained market stability, while FPIs showed interest in long-term prospects.
FMCG giant Hindustan Unilever is in advanced talks to acquire D2C beauty brand Minimalist, valuing the startup at approximately Rs 3,000 crore. This acquisition will enhance HUL's product portfolio to meet the growing demand for differentiated beauty and personal care solutions, catering to changing consumer preferences towards premium and clean beauty products.
Kolkata-based logistics firm WCIL has secured a Rs 139-crore material handling contract from Vedanta Ltd for its Jharsuguda plant, spanning four years. This strengthens WCIL's relationship with Vedanta and opens doors for future mining projects. The firm reported notable sales and profit growth for the year ending March 2024. WCIL also raised Rs 492 crore through its IPO.
Wipro's revenue dropped 0.7% year-on-year in the Dec quarter but met its guidance, with a forecasted growth of -2% to 0% for the next quarter. The company reported a positive outlook with increasing AI spending, a good pipeline, and improved operational efficiency. Wipro's headcount reduced by 1,157 employees.
Eli Lilly plans to turn India into a growth market by addressing its diabetes and obesity challenges with its new treatment, Mounjaro. CEO David Ricks is optimistic about India's growth potential and highlights the transformative power of innovative medicines alongside generics in managing public health.
US stock and bond markets will close on Monday, January 20, 2025, for Martin Luther King Jr. Day, resuming normal operations on January 21.