The rupee recorded its sharpest single-day fall in two weeks, closing at 87.33 against the dollar, driven by dollar bids and weakness in the Chinese yuan. Despite support from some banks' dollar sales, the rupee remained influenced by sell-offs in domestic equities and global economic concerns.
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IndianOil chairman Arvinder Singh Sahney stated that recent US sanctions on Russian oil exports will not impact India's energy security. India diversifies its crude procurement from multiple sources such as the Gulf, Africa, and the Americas. Additionally, new suppliers like Brazil and Guyana are emerging, ensuring supply stability. IndianOil posted a 64% drop in net profit in the recent quarter.
JSW Cement received SEBI's approval for its Rs 4,000 crore IPO, with Rs 2,000 crore from a fresh issue and Rs 2,000 crore from investor shareholders' offers. Proceeds will fund a new cement unit, debt repayment, and corporate purposes. The company's FY24 revenue was Rs 6,028.10 crore, with a profit of Rs 62 crore.
On January 19, 2025, Melania Trump launched the MELANIA meme coin, which quickly achieved a $4 billion market capitalization within 30 minutes. This launch affected the TRUMP meme coin, reducing its market cap by $5 billion. The MELANIA token allocation raised ethical concerns, with 90% held in a single wallet and significant portions allocated to team vesting and treasury.
Moody's Ratings anticipates that ongoing US trade policy uncertainty, particularly tariffs, will negatively impact business and consumer confidence across Asia, including India, potentially slowing regional growth. While India may show some resilience due to its domestic market, significant investment shifts will take time. The tariff pause offers a window for trade negotiations, but broader de-globalization trends persist.
Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened flat in trade on Thursday. While BSE Sensex was near 78,580, Nifty50 was above 23,750.
Revenue secretary Sanjay Malhotra's transfer to Mumbai has left a key position vacant weeks before the Union Budget. This isn't unprecedented, but the new appointee will need to quickly grasp complex tax issues. The situation is further complicated by recent leadership changes within the finance ministry, with several secretaries experiencing their first budget preparation.
DeepSeek's rapid rise on social media has sparked excitement and stock market reactions. However, Bernstein's report reveals that DeepSeek's claims about building an OpenAI equivalent for $5 million are misleading, as significant research and development costs were overlooked, despite the impressive achievements of its V3 and R1 models.
India's forex reserves surged $15.27 billion to reach $653.97 billion, the sharpest weekly gain in over three years, as of 7 March. This rebound comes after months of volatility and an 11-month low, highlighting the RBI's active management to stabilize the Rupee.
India's trade deficit hit a 42-month low at $14 billion in February 2025, primarily due to a slowdown in imports to $51 billion. Despite global uncertainties and fluctuating petroleum prices, exports slightly declined to $36.9 billion, with non-petroleum products driving growth in the trade sector.
Catch, an Australian e-commerce platform acquired by Wesfarmers in 2019, will close down, leading to about 200 job losses due to tough competition from Amazon and Temu. The logistics centres will be transferred to Kmart to enhance its customer service and delivery efficiency.