IndusInd Bank shares plunged 25%, marking a 52-week low after the bank revealed accounting discrepancies in its derivatives portfolio. This triggered investor panic, leading to a severe drop in stock value. The bank faces potential financial repercussions of up to ₹2,000 crore, raising concerns over weak governance and internal controls, affecting overall banking sector confidence.
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Chinese Christmas decoration makers are facing a sharp decline in US orders after Donald Trump hiked tariffs on Chinese goods by 104%. Factories in Jinhua report stalled or cancelled shipments, with fears of job losses and price hikes in the US. Industry insiders warn American consumers may face shortages and higher costs this festive season.
On Tuesday, the sensex and Nifty closed lower for the fifth straight session due to weak global and domestic cues. Trump’s tariffs and ongoing US trade policy uncertainty, along with a weak rupee and continuous foreign fund outflows, impacted market sentiment. Sensex dropped by 1,018 points, Nifty by 310, and mid- and small-cap indices saw significant losses.
The Union Cabinet has greenlit an Rs 11,440 crore revival package for Rashtriya Ispat Nigam (RINL), addressing its debt issues. The package includes equity infusion and loan conversion to preference shares. This move aims to stabilize production, protect jobs, and ensure operational efficiency at the Visakhapatnam Steel Plant.
China's trade surplus hit a record $992 billion in 2024, driven by a 21% rise in exports worth $3.6 trillion, despite weak domestic demand and imports. The surge is linked to strong overseas demand and anticipated tariffs under Donald Trump's upcoming presidency, leading to a rush in shipments to the US, reaching $525 billion.
A US court directed Bank of America to pay $540.3 million to the Federal Deposit Insurance Corporation. This order was regarding underpaid deposit insurance assessments. The dispute was about payments from 2013 to 2014. The FDIC initially sued the bank for a larger sum. The judge dismissed some claims due to the delay.
India's copper demand is set to grow by 7% due to renewable energy and infrastructure projects. With a gap between domestic production and consumption, the country imports 500,000 tonnes annually. Major companies are investing in copper production. The closure of Vedanta's Sterlite plant significantly impacted supply, turning India into a net importer.
Reliance Industries has acquired oncology-focused healthcare platform Karkinos for Rs 375 crore through its subsidiary Reliance Strategic Business Ventures. Karkinos, founded in July 2020, specializes in early cancer detection and treatment. The acquisition was approved by the National Company Law Tribunal without requiring additional regulatory approvals.
Major cryptocurrencies, including Bitcoin and ether, experienced sharp declines on Monday amid rising tariff tensions led by US President Donald Trump’s import levies on Canada, Mexico, and China. Bitcoin hit a three-week low, while ether saw its steepest drop since September. Analysts warn of further market volatility and potential economic slowdown.
India’s IT sector is projected to grow by 5.1% in FY25, with revenues expected to reach $282.6 billion, according to Nasscom. The sector aims to surpass $300 billion in the following fiscal year. Additionally, 1.26 lakh new jobs were added, bringing total employment to 58 lakh.
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.