Indian stock markets witnessed a significant rally, adding Rs 7.85 lakh crore to investor wealth, after the US suspended additional tariffs on India for 90 days. The BSE Sensex surged by 1.77%, and the NSE Nifty gained 1.92%, driven by broad-based optimism across sectors, particularly commodities, consumer durables, and utilities.
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Kolkata-based logistics firm WCIL has secured a Rs 139-crore material handling contract from Vedanta Ltd for its Jharsuguda plant, spanning four years. This strengthens WCIL's relationship with Vedanta and opens doors for future mining projects. The firm reported notable sales and profit growth for the year ending March 2024. WCIL also raised Rs 492 crore through its IPO.
Apple has unveiled a $500 billion investment plan for the US over the next four years, which includes a significant AI server factory in Texas and 20,000 new R&D jobs. This initiative aligns with Apple's ongoing commitment to American innovation and manufacturing. CEO Tim Cook's announcement follows a recent meeting with President Trump, amid ongoing US tariffs on Chinese goods.
In November 2024, central banks globally increased their gold reserves by a total of 53 tonnes. The Reserve Bank of India added 8 tonnes, becoming the second-largest buyer in 2024. Poland led with 21 tonnes, while other significant buyers included Uzbekistan, Kazakhstan, China, and Jordan.
Dhaka has been behind on payments to Adani Power since supply started in July 2023. It owes several hundred million dollars for energy that has already been supplied, though the two sides dispute the exact size of the bill.
India's economy is set to slow to a four-year low of 6.4% in 2024-25, due to a decline in manufacturing and weak investment. The farm sector's strong growth and increased rural consumption offer some relief, while a rate cut by the RBI is anticipated to spur demand.
Irdai has proposed a cap on health premium hikes for seniors, limiting increases to 10% without prior approval. Insurers must also seek approval before discontinuing policies for the elderly, and are encouraged to standardize hospital costs, similar to PMJAY. New guidelines mandate transparency in justifying any price hikes for senior citizens' health insurance.
The finance ministry has informed Parliament that the government's focus is on enhancing the quality of public spending, while also strengthening social security for the underprivileged. Despite global economic instability, the government is committed to reducing the fiscal deficit to under 4.5% by next financial year, emphasizing higher capital expenditure and reducing wasteful spending.
Brands are leveraging the Maha Kumbh Mela at Prayagraj as a significant marketing opportunity. They aim to capture consumer interest through advertisements and product sampling amidst a massive turnout. Companies are setting up booths, hoardings, and engaging in creative promotions to boost brand visibility and test new products.
Maya and Leah Tata, daughters of Tata Trusts chairman Noel Tata, have joined the board of trustees at Sir Ratan Tata Industrial Institute (SRTII), taking over from Arnaz Kotwal and Freddy Talati. The appointments, endorsed by the Sir Ratan Tata Trust board, aim to leverage local experience for upcoming renovation projects. The move is seen as preparation for future responsibilities at larger Tata Trusts.
Industry leaders predict India's economic growth to rise to 6-7.9% for FY 2025-26, driven by technological advancements and business reforms. Key budget priorities include reducing GST on health insurance, expanding financial inclusion, and providing tax incentives for R&D and fintech innovation.