JSW MG Motor India reported a 55% increase in sales in December 2024, reaching 7,516 units. This includes a record high in EV sales, with over 70% from new energy vehicles. The company credits its success to the launch of its joint venture and plans to introduce new products every six months, starting at the Bharat Mobility Global Expo 2025.
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The Reserve Bank of India may lower policy rates by 50 bps in the first half of 2025, following a recent liquidity easing and CRR reduction. This move is expected to support growth but could temporarily impact bank earnings and asset quality. SMEs and the MFI segment may face ongoing stress.
Maruti Suzuki India Ltd reported a 30% rise in overall wholesales for December 2024, totaling 1,78,248 units. Domestic sales increased, with mini and compact cars showing significant growth. Utility vehicle sales also rose, while Ciaz sedan sales dipped slightly. Exports climbed to 37,419 units.
Trump’s 25% tariff on imported vehicles aids Tesla in the US but fails against China’s BYD, which leads global EV sales. Tesla faces backlash abroad due to Musk’s Trump affiliation, impacting its brand. Chinese EV competitors like BYD, XPeng, Nio are advancing rapidly. Future competition hinges not just on tariffs but technological and market dynamics.
The rupee fell 51 paise, closing at 87.2 per US dollar, marking its sharpest decline in three weeks. Regional currency weakness, importer hedging, and dollar demand pressured the currency. The fall is linked to the expiry of NDF contracts and weak sentiment in Asian markets. Analysts expect the rupee to depreciate further with the pace depending on RBI's interventions and foreign outflows.
BSE market capitalisation fell below Rs 400 lakh crore due to foreign fund outflows and disappointing corporate earnings. Major losers included IndusInd Bank and ITC, while NTPC and Tech Mahindra gained. The small-cap index dropped 1.71 per cent. Sector-wise, utilities and IT gained, whereas industrials and auto sectors suffered losses. Mixed performances were seen across the market.
US stocks surged following President Trump's temporary tariff exemption on key tech products, boosting tech-heavy indices. The Dow, S&P 500, and Nasdaq all experienced significant gains, with tech giants like Apple and Nvidia leading the rally. European and Asian markets also responded positively, driven by renewed confidence in the tech sector and strong Chinese export data.
The Bombay High Court stayed a special court order directing the registration of an FIR against ex-SEBI chairperson Madhabi Puri Buch and five officials for alleged stock market fraud and regulatory violations, noting the order was passed mechanically. The High Court has given four weeks to the complainant to file his affidavit in reply to the petitions.
IndiGo's parent company, InterGlobe Aviation, faces a Rs 944.2 crore penalty imposed by the Income Tax department for the Assessment Year 2021-22. The company described the order as erroneous and plans to pursue legal remedies, stating it will not significantly impact its financials, operations, or other activities. The dispute arises from an appeal still pending adjudication.
The National Highways Authority of India (NHAI) has pre-paid loans amounting to Rs 56,000 crore during the current fiscal year, resulting in an interest cost saving of around Rs 1,200 crore. The total debt of NHAI has reduced from Rs 3.35 lakh crore to approximately Rs 2.76 lakh crore.
Following the US removal of tariffs, Indian electronics exports, including smartphones and laptops, are poised to become 20% cheaper than those from China. This move provides a significant boost to India's electronics manufacturing sector, offering a competitive edge over China and Vietnam. Experts believe this strengthens India's position in the global electronics supply chain, presenting a vital opportunity for growth.