US stocks dropped significantly after President Trump announced tariffs on Canada and Mexico. The S&P 500, Dow Jones, and Nasdaq saw big falls amid concerns over economic growth and trade tensions. Certain sectors were hit hard, including Nvidia, Tesla, and Kroger. Investors are wary of economic uncertainties as future Federal Reserve actions remain in focus.
Related news
Airtel and Reliance Jio have announced deals to market Elon Musk's Starlink satellite internet in India, pending regulatory approvals. These partnerships aim to enhance network coverage, especially in rural and remote areas where connectivity is limited. Satellite internet services will, however, be more expensive and initially cater to enterprise sectors.
Finance Minister Nirmala Sitharaman is set to present the first full Union Budget of the Modi 3.0 government on February 1, 2025. This will be her eighth consecutive budget, bringing her closer to Morarji Desai's record of ten. The budget aims to stimulate economic growth and provide relief to the middle class.
Trade discussions were a crucial aspect of this visit and culminated in both nations launching Mission 500, a bold ambition of more than doubling bilateral trade to $500 billion by 2030.
Gold prices in India surged to a record high of Rs 96,450 per 10 grams, driven by strong demand and escalating US-China trade tensions. Global spot gold reached USD 3,237.39 per ounce, fueled by safe-haven demand amid economic uncertainty. Analysts predict a continued bullish trend for gold due to geopolitical instability and central bank diversification away from the US dollar.
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.
Zomato's third-quarter profit dropped by 57% to Rs 590 million due to increased spending on its quick commerce platform, Blinkit. Despite this, overall revenue surged 64% to Rs 54.05 billion. Revenue from the core food delivery business grew by 22%, while Blinkit's revenue more than doubled as Zomato focused on expansion and faced stiff competition.
Automobile exports from India saw a notable 19% increase in 2024, reaching 50,98,810 units compared to 42,85,809 units in 2023. The growth was driven by strong demand for two-wheelers, passenger vehicles, and commercial vehicles, particularly in emerging markets such as Latin America and Africa.
Skoda Auto is interested in investing in India's new EV policy but urges the inclusion of hybrids and plug-in hybrids, citing infrastructure and acceptance challenges for pure electrics. The company plans to expand its model lineup and retail presence in India, aiming to more than double its sales this year.
Reliance Industries Ltd has invested $13 billion in acquisitions over the past five years, shifting focus from oil to clean energy, telecom, retail, and media sectors. Recent acquisition Karkinos Healthcare boosts its digital healthcare presence. Major investments include Hathway Cable and REC Solar. RIL aims to enhance its healthcare services using advanced technology and extensive networks.
Finance Minister Nirmala Sitharaman explained that the recent selling of Indian equities by foreign institutional investors is due to profit booking as the Indian economy provides good returns. Finance Secretary Tuhin Kanta Pandey added that during global uncertainties, FIIs tend to return to their home countries, predominantly the US.