The Finance Ministry has informed the Parliament about the risks tied to households moving deposits to market-linked instruments, highlighting potential financial losses and liquidity issues for banks.
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The Indian rupee hit a record low against the dollar, closing at 84.85. Sanjay Malhotra's appointment as RBI governor sparked speculation of a dovish policy shift, with analysts predicting a rate cut as early as February. This expectation, coupled with India's weak economic outlook, could further depreciate the rupee to 86 by March 2025.
The Centre is preparing a 23-point template for reforms and deregulation to simplify business operations, focusing on areas like land, labor, utilities, and permits. A taskforce led by cabinet secretary TV Somanathan is considering single window clearance, reducing inspections, and extending permit validity. Proposed changes aim to ease land use regulations, flexible labor laws, and better working conditions for women.
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.
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.
Ravi Kumar has led Cognizant's resurgence over the past two years, improving its positioning among peers and signing significant large deals. Cognizant has seen growth in its core verticals and implemented AI-driven productivity measures, aiming for further organic growth and margin expansion.
Motilal Oswal Financial Services recommends buying Metro Brands with a target price of Rs 1,460 due to strong growth potential. HSBC suggests reducing Tata Chemicals to Rs 820 citing limited benefits and muted demand. Nuvama maintains a reduce stance on Ashoka Buildcon targeting Rs 294. Equirus is bullish on Transport Corp, targeting Rs 1,395.
Budget 2025 income tax: With the proposed changes, NPTR will now become far more appealing for individuals as it would mean availing beneficial tax rates and no tax declaration or providing/ maintaining tax deduction and exemption proofs.
The rupee experienced its sharpest single-day drop in two years, closing at 86.58 due to a stronger US dollar following robust job data and new sanctions on Russian oil. Additional factors like reduced forex reserves, FII outflows, and market expectations of prolonged high US interest rates aggravated the decline.
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.
Tata Motors' shares have dropped 44%, losing Rs 1.9 lakh crore in market value. This decline is mainly due to weak demand for Jaguar Land Rover, especially in China, the UK, and the EU. Analysts suggest this correction could be a buying opportunity, urging long-term investors to consider potential recovery despite ongoing macroeconomic challenges.