India's textiles and apparel exports, including handicrafts, rose by 7% to $21.35 billion in April-October FY24, driven by ready made garments and cotton textiles. Imports dipped slightly by 1% to $5.43 billion. India remains a strong global player, facing challenges like geopolitical tensions and supply-demand dynamics.
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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.
Vishal Mega Mart Ltd. launched its IPO, raising $944 million and valuing the company at $4 billion. The offering was oversubscribed 27 times, driven by strong investor demand. The company, which operates over 600 stores across India, focuses on value pricing and caters to middle- and lower-income consumers, primarily in smaller cities and towns.
Post Office Savings Schemes in India offer secure investment options with assured returns and tax benefits under Section 80C of the Income Tax Act. The schemes, including PPF, NSC, SSY, SCSS, and 5-year POTD, allow tax exemptions up to Rs 1.5 lakh per annum under the old tax regime.
Standard Glass Lining Technology Ltd has set a price band of Rs 133-140 per share for its Rs 410.05 crore IPO, opening on January 6, 2025. The IPO includes a fresh issue worth Rs 210 crore and an OFS of 1.43 crore shares. Proceeds will primarily be used for debt repayment, subsidiary investment, and strategic acquisitions.
Home-cooked meal costs rose in December, with vegetarian thalis up 6% to Rs 31.6 per plate and non-vegetarian thalis increasing 12% to Rs 63.3 per plate, driven by higher prices of tomatoes, potatoes, and broiler chicken. The cost rise was partially offset by an 11% drop in LPG prices.
Budget 2025 expectations: FICCI advises Finance Minister Nirmala Sitharaman to maintain emphasis on investments and implement next-gen reforms in Union Budget 2025. Key recommendations include boosting capex by 15% and establishing inter-state platforms for reforms in land, labor, and power sectors.
Fraudsters are purchasing electric vehicles through financing, then replacing the new battery with a used one and selling the new battery. They subsequently default on the loan, returning a significantly devalued vehicle. To combat this, the Finance Industry Development Council has requested that the government include battery numbers on vehicle registration certificates.
Cognizant has increased the retirement age in India to 60 from 58 to align with market practices and retain experienced talent. The new policy, effective from November last year, also states that unvested stock awards will be forfeited upon retirement and pension funds will close at 58.
Competition Commission of India (CCI) has approved UltraTech Cement's acquisition of a majority stake in India Cements. UltraTech will acquire a 32.72% stake from promoters and up to 26% through an open offer, strengthening its presence in the southern cement market. This deal, valued at over ₹7,000 crore, boosts UltraTech's market leadership.
Gold prices hit a record high of $3,160 per ounce as investors sought safe havens amid declining stock market futures following President Donald Trump's announcement of new tariffs on major trading partners. Stocks and futures markets experienced significant declines, particularly in technology and clothing sectors, with companies like Apple, Nvidia, and Gap seeing substantial drops.