Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened flat in trade on Thursday. While BSE Sensex was near 78,580, Nifty50 was above 23,750.
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India is a major contributor to applications for Riyadh Air, Saudi Arabia's upcoming second national carrier. Despite not announcing salary structures, the airline has received 14 lakh applications from 146 nationalities, with India among the largest sources. The carrier plans to start operations in a few months, focusing on Indian tourists and connecting flights from its Riyadh hub.
Coffee Day Enterprises Ltd (CDEL) faces resumed insolvency proceedings as the NCLAT did not issue its order by the Supreme Court’s deadline. The insolvency process, initially started due to Rs 228.45 crore default claim, was previously stayed pending appeal.
DeepSeek, a Chinese AI app, has achieved the top spot in Apple's App Store productivity category, surpassing ChatGPT. Founded by Liang Wenfeng, DeepSeek’s R1 AI model is noted for its efficiency and low cost. It’s gaining global attention for its strong performance and has been praised by industry leaders, though some remain skeptical about its development costs.
In November, the RBI sold $20 billion from its forex reserves to stabilize the rupee. Nomura observes that the central bank has sold $89.4 billion since October 2024, yet India's forex reserves remain adequate with a 236% adequacy ratio as of January 3, 2025. Despite a dip from a peak of 266%, the reserves remain robust.
The Confederation of Indian Industry (CII) urges the government to streamline regulatory approvals through a national single window system, integrate all central ministries, and simplify frameworks to boost ease of doing business. Key proposals include time-bound approvals, faster dispute resolution, and improved land access.
India's GDP is projected to grow between 6.5% and 6.8% in 2024-25 with potential growth of 6.7% to 7.3% the following year. Economic challenges are noted, including sluggish global trade and investment. Positive aspects include strong rural consumption, thriving services sector, and resilient capital markets, despite geopolitical tensions.
Cognizant has increased the retirement age in India to 60 from 58 to align with market practices and retain experienced talent. The new policy, effective from November last year, also states that unvested stock awards will be forfeited upon retirement and pension funds will close at 58.
Kabeer Biswas, co-founder of Dunzo, is set to lead Flipkart's quick commerce service, Minutes. Despite financial troubles and unpaid salaries at Dunzo, Biswas takes on the role as Flipkart joins intense competition in India's fast-growing quick commerce sector, alongside Blinkit, Zepto, and Swiggy Instamart.
Ultraviolette Automotive has captured significant attention with India's fastest electric motorcycle, the F77, and plans to expand their lineup with three new bikes and a long-range scooter. Valued at $330 million, they've sold around 1,000 units since 2023 and are targeting further growth in 50 cities and overseas.
US stocks showed mixed movement on Wednesday. Most stocks rose, but key tech stocks like Nvidia and Tesla struggled, impacting the Nasdaq. The Dow Jones gained, while the S&P 500 slipped. The market steadied after recent corrections, with volatility expected to persist. Some stocks like GameStop and Dollar Tree performed well.