Dr. Reddy's Laboratories has refuted media reports alleging a 25% reduction in workforce costs. The Hyderabad-based pharmaceutical giant dismissed claims of layoffs targeting high-earning employees and voluntary retirement offers for older staff, particularly in R&D.
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Following the US removal of tariffs, Indian electronics exports, including smartphones and laptops, are poised to become 20% cheaper than those from China. This move provides a significant boost to India's electronics manufacturing sector, offering a competitive edge over China and Vietnam. Experts believe this strengthens India's position in the global electronics supply chain, presenting a vital opportunity for growth.
India's IPO market is booming, exceeding its fundraising record this year. Experts predict the surge will continue into 2025, fueled by strong economic growth and investor enthusiasm. Vishal Mega Mart's successful debut exemplifies this trend. While IPOs dominate, mergers and acquisitions are also gaining momentum, particularly in infrastructure, healthcare, and consumer sectors, attracting significant global investment.
US stock and bond markets will close on Monday, January 20, 2025, for Martin Luther King Jr. Day, resuming normal operations on January 21.
Jefferies and other brokerages provide optimistic recommendations on companies like Reliance Industries, Nuvoco Vistas Corp, Star Health & Allied Insurance, IndusInd Bank, and Macrotech Developers. The positive outlook is based on growth prospects, operational improvements, and strategic plans, highlighting potential gains for investors despite some near-term challenges.
India's eight core infrastructure sectors showed a slowed growth of 4.3% in November 2024, down from 7.9% in the previous year. However, monthly production hit a four-month high. Cement production surged 13%, while other sectors saw moderated growth. Core sector growth for April-November was 4.2%.
Three major IPOs—Vishal Mega Mart, Sai Life Sciences, and One Mobikwik—concluded on Friday, amassing a staggering Rs 2.2 lakh crore in investor interest. One Mobikwik led the pack with a 120-fold oversubscription, becoming 2024's most sought-after IPO exceeding Rs 500 crore. Vishal Mega Mart and Sai Life Sciences also saw substantial demand, subscribed 27 and 10.3 times respectively.
ICICI Lombard reported a 68% increase in net profit to Rs 724 crore for Q3 ended December 2024, compared to Rs 431 crore in the same period last year. Gross direct premium income slightly fell to Rs 6,214 crore. The solvency ratio was recorded at 2.36x, exceeding the regulatory minimum of 1.50x.
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.
RBI supersedes Aviom India Housing Finance's board over governance concerns and payment defaults, following National Housing Bank's recommendation. Former Punjab National Bank GM Ram Kumar is appointed as administrator, and RBI will seek to appoint him as insolvency resolution professional via NCLT. Audits revealed fraudulent transactions and governance lapses, sparking RBI's intervention.
The Bombay High Court requested more substantial arguments from Skoda Auto Volkswagen India beyond the claim of delay in their plea against a Customs show cause notice alleging Rs 12,000 crore duty evasion. Justice Colabawalla praised the Customs officer's dedicated investigation efforts. The hearing is set to continue on Tuesday.