Punjab National Bank's new MD and CEO, Ashok Chandra, aims to enhance customer service, retail, agriculture, and MSME lending. He plans to introduce a QR code-based feedback system for customer-facing staff and focuses on improving deposit flows by engaging top companies and being selective with corporate loans.
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The Union government's efforts on infrastructure development and investments in critical sectors such as railways, defense, power, and data centers is expected to drive growth momentum into financial year (FY) 2026 and beyond, says a report by financial services firm Prabhudas Lilladher (PL).
The Centre has appointed Vikas Kaushal as the chairman of Hindustan Petroleum Corporation Ltd (HPCL). Kaushal, a former India head of Kearney, is the first private sector individual to head a state-run oil company. His appointment, following a government decision, comes after PESB rejected eight candidates for the post last year.
NHAI has prepaid loans of Rs 56,000 crore this fiscal year, reducing its debt from Rs 3.3 lakh crore to around Rs 2.8 lakh crore. With help from budgetary allocation and monetisation proceeds, NHAI aims to further reduce debt by March and save Rs 1,200 crore in interest costs.
US stocks witnessed a sharp decline. The Federal Reserve cut interest rates for the third time this year. The Fed hinted at fewer rate cuts in 2025 than previously expected. Investors reacted negatively to this news. Bond yields increased, adding pressure on stocks. Smaller companies were hit particularly hard. Global markets showed mixed reactions to the Fed's decision.
Sanjib Sahoo has been promoted to President of Ingram Micro’s Global Platform Group, continuing to develop the B2B technology platform, Xvantage. Previously the executive vice president and chief digital officer, Sahoo's new role focuses on enhancing real-time interactions and reducing transaction friction, supporting Ingram Micro's goal of becoming a platform company.
Adani Green Energy has withdrawn from two wind power projects worth $1 billion in Sri Lanka after the government sought to reduce the tariff. The projects, set to be completed by 2026, were scrutinized following a political change. Adani deemed the revised tariff unviable but remains open to future collaboration with Sri Lanka.
The Indian government is closely monitoring the US reciprocal tariffs, which are expected to impact exports and demand. Trade experts anticipate higher duties on Indian goods, including agricultural products, to be a strategic move by the US in bilateral talks. India plans to push forward with trade negotiations to counter the tariff impacts.
Finance Minister Nirmala Sitharaman, presenting the Union budget 2025, announced plans for 1.5 lakh rural post offices to boost the rural economy. The budget includes a new urea plant in Assam and enhanced investment limits for MSMEs. The government will also support the National Cooperative Development Corporation to aid small businesses and farmers.
Luxury watch brands are experiencing a surge in demand across metro and tier-2, tier-3 cities in India in 2024, despite a global slowdown, especially in China. Increased affluence and competitive pricing in India are driving growth, with cities like Mangalore and Pune becoming significant markets, prompting global brands to expand their presence.
Byju Raveendran, CEO of Byju’s, asserts that new evidence submitted in court reveals EY India’s significant role in collusion involving GLAS Trust during the company's insolvency proceedings. Raveendran insists the evidence will expose this 'massive fraud,' with a hearing scheduled at the National Company Law Appellate Tribunal on Tuesday.