India's industrial production growth slowed to 3.2 per cent in December 2024, driven by a poor performance in mining and manufacturing sectors. The IIP grew 4 per cent during April-December 2024, with power output increasing to 6.2 per cent, while consumer non-durables output contracted by 7.6 per cent.
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Udaan, a B2B e-commerce startup, secured a fresh $75 million in funding led by existing investor M&G, maintaining a $1.8 billion valuation. The company is also negotiating an additional $25 million in funding. The investment will enhance Udaan's supply chain and vendor partnerships.
HDFC Bank reports a standalone net profit of Rs 16,735 crore for the quarter ended Dec 2024, up 2.2% from the previous year, despite a slight decline from the preceding quarter. Margins remain stable, and asset quality is robust. The bank accrues significant loan sales and maintains substantial growth capital.
India's eight core infrastructure sectors showed a slowed growth of 4.3% in November 2024, down from 7.9% in the previous year. However, monthly production hit a four-month high. Cement production surged 13%, while other sectors saw moderated growth. Core sector growth for April-November was 4.2%.
Microsoft CEO Satya Nadella and Alphabet CEO Sundar Pichai were recognized as the most influential global Indians in the HSBC Hurun Global Indians List 2024. Google Cloud CEO Thomas Kurian, YouTube CEO Neal Mohan, and Tesla CFO Vaibhav Taneja followed. The list also highlighted notable young leaders and emphasized the achievements of influential women leaders overseeing companies worth $436 billion.
X Shore, a Swedish electric boat manufacturer, is eyeing India as a market due to rising global sustainability demand. Founder Konrad Bergstrom emphasizes focusing on building a better future, not just financial gain. Currently scaling up production, X Shore aims for purpose-driven innovation and sustainability, leveraging Bergstrom's early success with Marshall audio products.
With egg prices soaring due to avian flu, Jet-Puffed has introduced a budget-friendly alternative for Easter: marshmallow decorating kits. These kits, priced at $1.99, include marshmallows, dyes, and decorating tools, offering a festive and affordable way to celebrate the holiday. While egg prices remain high, this innovative solution caters to families seeking to maintain traditions without overspending.
Securitisation volumes in India surged by 80% year-on-year, reaching Rs 68,000 crore in the December quarter. ICRA revised its FY24 estimate to Rs 2.4 lakh crore. Growth was primarily driven by private banks, despite challenges in deposit growth and asset quality concerns in personal and unsecured business loans.
India and Indonesia discussed the potential sale of BrahMos missiles, highlighting local defence production expansion and bilateral cooperation. PM Narendra Modi and Indinesia President Prabowo Subianto committed to fighting terrorism and enhancing defence collaboration.
ICICI Lombard reported a 68% increase in net profit to Rs 724 crore for Q3 ended December 2024, compared to Rs 431 crore in the same period last year. Gross direct premium income slightly fell to Rs 6,214 crore. The solvency ratio was recorded at 2.36x, exceeding the regulatory minimum of 1.50x.
JPMorgan's net income rose 50% to over $14 billion in Q4, with EPS at $4.81, surpassing Wall Street's forecasts. Revenue increased to $43.7 billion. Wells Fargo also reported strong earnings, with net income nearly doubling to $5.1 billion. Both banks exceeded profit expectations despite challenges.