Gold prices reached an all-time high of Rs 86,875 per 10 grams, driven by investor demand for safe havens amid US trade tariffs and global economic slowdown. Silver also saw fluctuations, ending at Rs 99,389 per kilogram. Market sentiment reflects expectations of a less aggressive Federal Reserve policy and ongoing volatility in the dollar index and US trade.
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Osamu Suzuki, a key figure behind Maruti 800, was instrumental in introducing the small car to India in 1983. His vision and risk-taking attitude significantly shaped the Indian automobile industry, making it a robust economic sector. His efforts modernized industrial practices and created a strong supplier ecosystem in India.
Skoda Auto is interested in investing in India's new EV policy but urges the inclusion of hybrids and plug-in hybrids, citing infrastructure and acceptance challenges for pure electrics. The company plans to expand its model lineup and retail presence in India, aiming to more than double its sales this year.
RBI has eased rules for asset reconstruction companies (ARCs) to settle dues with defaulters based on the realisable value of assets. Smaller loans up to Rs 1 crore can be settled through a board-approved policy, while larger loans require a board-level panel decision. This change aims to improve recoveries and expedite settlements for personal loan defaults.
IndusInd Bank anticipates a 2.35% drop in net worth by December 2024 due to internal account discrepancies. Despite this, the bank remains confident about its profitability and capital adequacy. Meanwhile, shares fell following the RBI's decision to grant CEO Sumant Kathpalia a one-year extension instead of the proposed three years.
Restaurants are planning to challenge food delivery giants Zomato and Swiggy by partnering with the government-backed ONDC to launch private label food and regain control over their digital presence and customer data. This move aims to lower costs, choose their own logistics partners, and reduce dependence on commissions up to 35% charged by Zomato and Swiggy.
Bank credit and deposit growth in India slowed in the October-December quarter of 2024. Notably, personal loans and credit to key sectors saw a decline, while public sector lending picked up. Term deposits grew significantly, driven by higher interest rates and large-value deposits.
The Income-Tax Department has extended the deadline for filing belated or revised income tax returns for fiscal year 2023-24 from December 31, 2024, to January 15, 2025, providing resident taxpayers an additional two weeks to reconcile their financial records.
Indian tax authorities have demanded Samsung and its executives to pay $601 million in back taxes and penalties for misclassifying telecom equipment imports. The company was accused of evading tariffs, with seven executives facing fines. Samsung claims compliance with the law and is exploring legal options.
FMCG companies are set to experience a contraction in gross margins and modest-to-flat operating profits in the Dec quarter due to inflation, higher input costs, and pricing increases. Although there's a low single-digit revenue rise, rural markets are performing better amid urban consumption decline driven by high food inflation.
The RBI has announced the launch of exclusive internet domains, 'bank.in' for Indian banks and 'fin.in' for non-bank financial entities, to address cybersecurity. New domains will enhance security and reduce fraud. Additional Factor of Authentication will be implemented for cross-border card transactions to further secure digital payments.