UCO Bank reports strong annual growth for the quarter ending December 2024 with a 12.18% increase in total business, reaching Rs 4.88 lakh crore. Key drivers include a 16.20% rise in total advances and a 9.37% boost in deposits. The CASA ratio remains stable, while the CD ratio improves significantly to 74.55%.
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Murata Manufacturing Co. is considering shifting some production to India due to growing demand and business continuity. They plan to begin capacitor packaging and distribution there by fiscal 2026, addressing infrastructure limitations while leveraging local workforce benefits and future incentives.
India's copper demand is set to grow by 7% due to renewable energy and infrastructure projects. With a gap between domestic production and consumption, the country imports 500,000 tonnes annually. Major companies are investing in copper production. The closure of Vedanta's Sterlite plant significantly impacted supply, turning India into a net importer.
Revenue secretary Sanjay Malhotra's transfer to Mumbai has left a key position vacant weeks before the Union Budget. This isn't unprecedented, but the new appointee will need to quickly grasp complex tax issues. The situation is further complicated by recent leadership changes within the finance ministry, with several secretaries experiencing their first budget preparation.
Global stock markets declined as US President Trump's higher tariffs on key trading partners triggered retaliatory actions from Canada and China. The sensex fell below 73,000, and Nifty dropped for the 10th consecutive session. Safe haven investments rose while oil prices fell, impacting international benchmarks.
Bank depositors are covered by the DICGC's insurance scheme up to Rs 5 lakh per account. Strategically distributing deposits across various banks can enhance coverage, as personal accounts, business accounts, and different joint arrangements are treated separately.
India's banking sector is experiencing slow loan growth and margin pressure due to high interest rates. Loan growth is projected to drop significantly, and banks are focusing on retail deposits to strengthen their balance sheets. Despite this, net profits and bad loan ratios show improvement.
India's poverty rates dropped significantly below 5% in 2024, as revealed by the State Bank of India's study. Both rural and urban poverty saw major reductions, with rural poverty at 4.86% and urban poverty at 4.09%. Further adjustments may occur following the completion of the 2021 census.
Budget 2025 income tax: With the proposed changes, NPTR will now become far more appealing for individuals as it would mean availing beneficial tax rates and no tax declaration or providing/ maintaining tax deduction and exemption proofs.
ITC bought more shares of EIH, the parent company of Oberoi Hotels. ITC's stake in EIH is now 16.13%. ITC also increased its stake in HLV Ltd, owner of The Leela Mumbai, to 8.11%. This happened before ITC Hotels separated from the main ITC group on January 1, 2025. ITC purchased the shares from its subsidiary, Russell Credit Ltd.
Traders anticipate a positive start to the first full week of the New Year, with Nifty futures indicating growth. Consumer stocks like Jubilant Foodworks and DMart show signs of revival, and auto stocks are gaining momentum. Indraprastha Gas and Mahanagar Gas rallied on hopes of increased natural gas supply. Fund managers are reconsidering their India bets amid China's economic uncertainty.