In 2024, India's sensex and Nifty indices hit new highs before a sharp fall due to foreign fund selling. While large-cap stocks had subdued returns, small and mid-cap stocks outperformed. High investor interest in IPOs marked the year. Correction is expected in 2025, which could challenge new investors' resilience.
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Finance Minister Nirmala Sitharaman announced unprecedented tax relief in the Budget to support domestic production and enhance export competitiveness. The new Income Tax Bill, addressing digital record examinations, is set for discussion during the monsoon session of Parliament, aiming to update the 63-year-old law.
ITC bought more shares of EIH, the parent company of Oberoi Hotels. ITC's stake in EIH is now 16.13%. ITC also increased its stake in HLV Ltd, owner of The Leela Mumbai, to 8.11%. This happened before ITC Hotels separated from the main ITC group on January 1, 2025. ITC purchased the shares from its subsidiary, Russell Credit Ltd.
Mahindra & Mahindra Ltd. reported a 16% rise in total automotive sales to 69,768 units in December. The company's utility vehicle segment saw an 18% growth, and commercial vehicle sales reached 19,502 units. Tractor sales, including exports, rose by 22%, with 22,943 units sold in December.
Finance minister Nirmala Sitharaman announced duty exemptions on capital goods used in manufacturing lithium-ion batteries to boost domestic production essential for electric vehicles and mobile phones. The move aims to reduce costs, accelerate India's EV transition, enhance manufacturing capacities, and create high-value jobs in the sector.
The finance ministry has informed Parliament that the government's focus is on enhancing the quality of public spending, while also strengthening social security for the underprivileged. Despite global economic instability, the government is committed to reducing the fiscal deficit to under 4.5% by next financial year, emphasizing higher capital expenditure and reducing wasteful spending.
PC Jeweller Ltd has significantly reduced its bank loans to approximately Rs 1,800 crore in the current fiscal year, aiming to become debt-free by March next year. The company saw a strong sales rebound and is planning to raise over Rs 1,500 crore through a preferential issue of warrants in the next fiscal year.
Encyclopaedia Britannica, once a weighty symbol of knowledge, has successfully transitioned to the digital age. By embracing AI and expanding into educational software and online dictionaries, the company has achieved impressive profit margins and is now considering a $1 billion IPO.
Byju Raveendran, CEO of Byju’s, asserts that new evidence submitted in court reveals EY India’s significant role in collusion involving GLAS Trust during the company's insolvency proceedings. Raveendran insists the evidence will expose this 'massive fraud,' with a hearing scheduled at the National Company Law Appellate Tribunal on Tuesday.
India's November vehicle retail sales rose 11.2% to 32,08,719 units, driven by a 15.8% surge in two-wheeler demand due to festive spillover. However, passenger vehicle sales dipped 13.7% to 3,21,943 units, hampered by weak sentiment, limited product variety, and a lack of new launches, despite some support from rural markets.
Punjab and Sind Bank plans to raise Rs 2,000 crore through Qualified Institutional Placement this quarter, reducing government holding by 3-4%. The government currently holds a 98.25% stake. This fundraising will boost the capital adequacy ratio by March 2025. The bank's net profit surged to Rs 282 crore in Q3, 2024, as bad loans declined.