IndusInd Bank has identified valuation losses in its forex derivative contracts that could impact its net worth by up to 2.4%, or around Rs 1,530 crore. The bank has assured that the losses pertain to FY24 and earlier, and they are working with an external adviser to review and address these discrepancies.
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Central banks in Asia, including RBI and Bank Indonesia, are increasingly using derivatives to protect their currencies against the strong dollar. The RBI's short forward dollar position reached $68 billion in December, while Bank Indonesia's hit $19.6 billion. This strategy raises concerns about potential deferred selling pressure instead of removing it, suggesting possible future risks.
Hero Moto CEO Niranjan Gupta announced that 50% of the scooter market will be electric by 2030, despite short-term competition. Hero plans to invest Rs 1,000 crore in EVs this year. Ola Electric currently leads the market, but Gupta emphasizes that it's too early to determine long-term leaders.
Wipro's consolidated net profit for the December quarter rose by 24.4% to Rs 3,354 crore, with operational revenue reaching Rs 22,319 crore. The IT firm announced an interim dividend of Rs 6 per share and raised its capital allocation policy payout ratio to 70%.
Tesla is introducing advanced self-driving features in China after overcoming regulatory hurdles. The software update includes "automatic autopilot-assisted driving on city streets" and a rearview mirror function to monitor driver attention. This move follows Chinese automaker BYD's plans to offer similar technology, intensifying competition. Tesla's expansion comes as China heavily invests in self-driving innovations amidst strict data regulations.
SoftBank is negotiating a potential $25 billion investment in OpenAI, the creator of ChatGPT, according to insiders. This investment would significantly bolster SoftBank's involvement in the AI sector and support the OpenAI-Stargate initiative aimed at maintaining the US's lead in global AI advancements.
In 2024, 76% of Spinny's customers in India were first-time buyers of used cars. Women buyers increased to 26%, with many preferring automatic hatchbacks. Top car models included Renault Kwid, Hyundai Grand i10, and Maruti Suzuki Swift. Hatchbacks and compact SUVs saw significant sales. Major cities like Bangalore, Delhi NCR, and Hyderabad led the market.
Olectra Greentech Limited unveiled new electric bus models with blade battery technology, providing 30% more energy storage and enabling a range of up to 500 km per charge. The company aims to transform emission-intensive transportation into cleaner and more sustainable alternatives while continuing to innovate and improve.
The Indian government is closely monitoring the US reciprocal tariffs, which are expected to impact exports and demand. Trade experts anticipate higher duties on Indian goods, including agricultural products, to be a strategic move by the US in bilateral talks. India plans to push forward with trade negotiations to counter the tariff impacts.
HDFC Bank's deposit base exceeded its advances for the first time following the merger with its parent housing finance company in July 2023. Deposits grew by 15.8% year-on-year, primarily through term deposits, while advances recorded a slower 3% increase, partially due to a decline in corporate loans.