Bajaj Auto plans to enter the domestic e-rickshaw market by the end of this fiscal, anticipating a significant opportunity in the 45,000 units-per-month segment. The company aims to launch a modern e-rickshaw, enhancing satisfaction for owners and passengers. Additionally, Bajaj Auto seeks to boost its electric scooter market share with its newly introduced '35 platform'.
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India's textiles and apparel exports, including handicrafts, rose by 7% to $21.35 billion in April-October FY24, driven by ready made garments and cotton textiles. Imports dipped slightly by 1% to $5.43 billion. India remains a strong global player, facing challenges like geopolitical tensions and supply-demand dynamics.
A US court directed Bank of America to pay $540.3 million to the Federal Deposit Insurance Corporation. This order was regarding underpaid deposit insurance assessments. The dispute was about payments from 2013 to 2014. The FDIC initially sued the bank for a larger sum. The judge dismissed some claims due to the delay.
Seven of India's top ten valued companies saw their market value grow by Rs 2,10,254.96 crore due to a positive stock market trend last week. Tata Consultancy Services and State Bank of India were among the biggest gainers. Some companies like HDFC Bank experienced declines. Key global factors and economic data will influence market direction in the coming weeks.
Stephen Schwarzman of Blackstone believes the new US tariff regime could boost American growth and global consumption. He indicates India is well-placed in tariff negotiations and highlights the necessity of infrastructure investment and streamlined project approvals. Schwarzman remains optimistic about India's long-term economic trajectory despite market fluctuations.
Kristalina Georgieva, IMF managing director, predicts India's economy will be slightly weaker in 2025 due to global uncertainties, including US trade policies. While the US performs better, the EU stalls, and China faces deflationary pressures, India's GDP growth in 2024-25 is expected to slow to 6.4% amid manufacturing moderation, sluggish investment, and geopolitical tensions.
Outgoing RBI Governor Shaktikanta Das emphasized inflation control as the central bank's top priority. Das provided insights into the crucial challenges awaiting the central bank whilst expressing optimism about his successor's capabilities, as he reviewed his six-year leadership period.
Nazara Technologies plans to raise Rs 495 crore through a 5.4% stake sale to Axana Estates, co-founded by Arpit Khandelwal and Mithun Sacheti. The funds aim to support Nazara's strategic acquisitions and international expansion. The transaction will also trigger an open offer to acquire an additional 26% stake to meet Sebi regulations.
FDI inflows into India are rising rapidly, driven by interest from investors in the Middle East, Japan, the EU, and the US. This surge is attributed to India's strong market, skilled workforce, and favorable regulations, leading to robust economic growth and job creation.
The rupee fell 51 paise, closing at 87.2 per US dollar, marking its sharpest decline in three weeks. Regional currency weakness, importer hedging, and dollar demand pressured the currency. The fall is linked to the expiry of NDF contracts and weak sentiment in Asian markets. Analysts expect the rupee to depreciate further with the pace depending on RBI's interventions and foreign outflows.
NSDL reported a 29.82% growth in consolidated net profit for Q3 2024, reaching Rs 85.8 crore. The depository's total income rose by 16.2% to Rs 391.21 crore. NSDL is set for an IPO after receiving SEBI approval, involving an offer for sale of over 5.72 crore equity shares.