The combined market value of nine out of India's top ten most-valued firms grew by Rs 3,06,243.74 crore last week, with ICICI Bank and Bharti Airtel achieving the most significant gains. This surge was driven by a strong rally in equities, as the BSE Sensex and NSE Nifty rose significantly.
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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.
Direct tax collections in India have surged nearly 20% to Rs 20.6 lakh crore for the fiscal year up to January 12, with non-corporate tax outpacing corporation tax. Refunds saw a 42% increase, leading to a 15.9% rise in net collections. Securities transaction tax collections also jumped 75%, as the Centre remains on track to meet its fiscal deficit target.
Investor wealth experienced a significant decline, losing Rs 25.31 lakh crore in eight trading sessions. The BSE Sensex tumbled more than 3%, heavily impacted by continuous foreign fund outflows, disappointing corporate earnings, and heightened global trade tensions.
Small businesses in India's manufacturing, trade, and services sectors employed over 12 crore workers between October 2023 and September 2024, adding more than one crore employees since 2022-23, according to the Annual Survey of Unincorporated Sector Enterprises. The number of establishments grew by 12.8%, with significant contributions from the services sector. Female-owned enterprises and internet usage also saw notable increases.
China's foreign minister Wang Yi criticizes the US for imposing arbitrary tariffs despite China's efforts to curb fentanyl exports. He warns that such actions disrupt global stability and mutual trust. Wang emphasizes China's strong ties with Russia and calls for greater representation of developing nations in global governance, highlighting China's role as a stabilizing force.
The Nasdaq tumbled 2.7 percent early Monday due to the emergence of DeepSeek, a low-cost Chinese generative AI venture, challenging US tech companies. Major AI players like Nvidia, Meta, and Microsoft saw significant stock drops as investors reevaluate the competitive landscape and investment outlook.
Stock market recommendations: Motilal Oswal Financial Services recommends DLF and HDFC AMC as top stock picks for the week. DLF boasts a strong portfolio with significant pre-sales growth projected, while HDFC AMC shows potential due to its high-margin equity segment and extensive distribution network.
Airtel has partnered with Elon Musk’s Starlink, pending regulatory approval, to enhance its broadband services in India. This collaboration aims to provide high-speed internet to remote areas, tapping into SpaceX's satellite technology. Airtel will integrate Starlink’s offerings into its retail and enterprise solutions, bolstering its market presence.
The Indian auto component industry is projected to see an 8-10 per cent revenue growth in financial year 2025-26, as per ICRA. This is down from a 14 per cent growth in 2023-24. Margins are expected to be stable, despite increased ocean freight rates affecting some exporters and importers.
Microsoft CEO Satya Nadella and Alphabet CEO Sundar Pichai were recognized as the most influential global Indians in the HSBC Hurun Global Indians List 2024. Google Cloud CEO Thomas Kurian, YouTube CEO Neal Mohan, and Tesla CFO Vaibhav Taneja followed. The list also highlighted notable young leaders and emphasized the achievements of influential women leaders overseeing companies worth $436 billion.