SBI and HDFC Bank have started 2024 by enhancing deposit rates. SBI offers super senior citizens new benefits while HDFC has revised bulk deposit rates. SBI also introduces goal-oriented products like 'Har Ghar Lakhpati' to assist customers in achieving savings targets, with both banks setting higher competitive rates.
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The Indian rupee fell to an all-time low of 85.24 against the US dollar due to rising US Treasury yields and a decrease in Asian currencies. Despite potential support from India's strong economic growth, the rupee is projected to continue a modest decline.
Sebi warned Ola Electric after founder Bhavish Aggarwal posted on social media about expansion plans before notifying stock exchanges. Aggarwal announced the target to expand retail stores from 800 to 4,000 by December 20, breaching regulations on timely disclosure of price-sensitive information.
Reliance Industries Ltd has invested $13 billion in acquisitions over the past five years, shifting focus from oil to clean energy, telecom, retail, and media sectors. Recent acquisition Karkinos Healthcare boosts its digital healthcare presence. Major investments include Hathway Cable and REC Solar. RIL aims to enhance its healthcare services using advanced technology and extensive networks.
Warren Buffett's strategic move of reducing Apple and Bank of America holdings and amassing cash has paid off, as market conditions worsen. Berkshire Hathaway's cash reserves doubled to $334 billion in 2024, underscoring Buffett's cautious approach amid high US Treasury yields and market volatility. Time will reveal if this strategy leads to significant gains.
Byju’s interim resolution professional Pankaj Shrivastava has convened a committee of creditors meeting to vote on a permanent resolution professional. Glas Trust Company, holding 99.41% voting rights, can pass its preferred nominee. Previous resolution decisions were criticized by NCLT, leading to potential disciplinary action and Misconduct investigation, amid insolvency proceedings involving dues owed to BCCI.
Aragen Life Science, formerly GVK Biosciences, secures a $100 million investment from healthcare-focused private equity fund Quadria Capital. The investment will support Aragen’s strategic expansion and infrastructure development to meet growing demand for outsourcing services from US and Europe innovators. This move positions Aragen strongly in the pharmaceutical outsourcing market, enhancing its capabilities and accelerating program delivery.
The IMF maintains India's growth forecast for 2024-25 at 6.5% despite a sharper-than-expected deceleration in industrial activity. Calls for measures to boost consumption persist amid global uncertainty. The IMF aligns with the World Bank's estimate, recognizing India's tag as the fastest-growing major economy.
Tesla reported lower than expected profits Wednesday but confirmed key 2025 benchmarks, saying it will return to sales volume growth and move forward with fully autonomous driving. But Tesla expects growth in 2025, saying in its earnings release that "with the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025."
In March, GST collections increased by 9.9% to Rs 1,96,141 crore, with a significant rise in import-related revenue. Despite a resilient economy and strong consumer spending, the slower growth in domestic collections may lead to increased government monitoring and scrutiny to address potential tax leakages.
The year-end travel surge sees Indian tourists benefiting from simplified visa processes in over 50 countries. Destinations like Thailand, Seychelles, Hong Kong, Malaysia, and Turkey offer easy access with visa-free or visa-on-arrival options. These relaxed entry norms enable Indian travelers to plan spontaneous international holidays without extensive preparation.