The rupee fell by 8 paise, closing at 86.95 against the US dollar on Tuesday due to demand for dollars linked to maturing non-deliverable forward (NDF) contracts and regional currency weakness. Outflows of $12 billion from local stocks by foreign investors in 2025 further pressured the rupee.
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ICAI may review IndusInd Bank's financial statements after the bank disclosed a Rs 2,100 crore discrepancy in its derivatives portfolio. This issue could impact 2.35% of the bank's net worth by December 2024, as per the bank's internal review. ICAI's Financial Reporting Review Board is expected to assess compliance with accounting and auditing standards.
IndusInd Bank disclosed that an external review quantified the impact of discrepancies in its derivatives portfolio, resulting in a Rs 1,979 crore hit to its net worth as of June 2024. This translates to a 2.27% reduction by December 2024. Following initial reports of derivative losses, the bank's stock experienced significant volatility, although it rallied nearly 7% on Tuesday.
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.
Late-stage startup funding in India has dropped to under 60% in 2024 and 2023, nearing 2016 levels. Major deals over $50 million have declined, with only a few exceptions like Zepto's $1 billion raise. The current $11.2 billion funding is significantly lower than the peak of $28.6 billion in 2021.
Zydus Lifesciences announced it is negotiating to acquire a majority stake in French medtech firm Amplitude Surgical for approximately Rs 2,500 crore. The acquisition aims to boost Zydus's global medtech ambitions, leveraging its expertise in life sciences. The deal includes a 81% premium over Amplitude Surgical's last closing price, aiming for full ownership and delisting.
The Budget reduced customs duty on imported motorcycles and cars. Bikes with engines over 1,600cc face a 30% duty, down from 50%, while smaller bikes now have a 40% duty. Imported cars over $40,000 have a 70% duty instead of 125%, but a new 40% agriculture cess keeps the cumulative duty at 110%.
L&T’s HR head Sonica Muraleedharan clarifies Chairman S N Subrahmanyan's remarks about a 90-hour work week, explaining that his comment was misinterpreted and not intended to mandate extreme working hours. Muraleedharan emphasizes Subrahmanyan’s supportive leadership and commitment to employee growth, urging understanding of his true intentions.
Nokia has settled a patent dispute with Amazon over video technologies used in Amazon's streaming services and devices. The settlement resolves all ongoing litigation between the two companies. Nokia had accused Amazon of violating its patents for video compression and content delivery in October 2023. Details of the settlement remain confidential.
Tata Motors' shares have dropped 44%, losing Rs 1.9 lakh crore in market value. This decline is mainly due to weak demand for Jaguar Land Rover, especially in China, the UK, and the EU. Analysts suggest this correction could be a buying opportunity, urging long-term investors to consider potential recovery despite ongoing macroeconomic challenges.
JSW Group is engaging in discussions with multiple auto manufacturers, including Chinese company Geely, for electric vehicle joint ventures in India. Their aim is to expand across various EV segments, including passenger and commercial vehicles, while exploring partnerships beyond their existing collaboration with SAIC's MG.