HDFC Bank's deposit base exceeded its advances for the first time following the merger with its parent housing finance company in July 2023. Deposits grew by 15.8% year-on-year, primarily through term deposits, while advances recorded a slower 3% increase, partially due to a decline in corporate loans.
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The Supreme Court temporarily stayed the appointment of NBCC as the project management consultant for completing 16 stalled Supertech housing projects. Nearly 27,000 homebuyers await clarity following this decision. The court has requested alternative plans for resolving the stalled projects, with the next hearing set for April.
Fintech unicorn Razorpay is relocating its headquarters from the US to India, aiming to go public by 2026. Despite potential tax implications, the reverse flipping process is underway, with RBI approval and NCLT involvement. Razorpay's valuation stands at $7.5 billion.
Adani group is completely exiting Adani Wilmar Ltd by selling its 43.94% stake. A 31.06% stake will be sold to Wilmar International, raising Rs 12,314 crore, and 13% through the open market. The proceeds, exceeding $2 billion, will boost Adani Enterprises' core infrastructure businesses. This move follows legal challenges faced by founder Gautam Adani in a bribery case.
PepsiCo aims to double its revenue in India over the next five years, citing the country as a major growth driver. The company is investing in new plants and expanding capacity to meet rising demand. India is currently among PepsiCo's top three global markets, contributing significant double-digit growth.
Firm said it achieved over $3.5 billion in annual productivity run-rate savings since 2022
The rupee experienced its sharpest single-day drop in two years, closing at 86.58 due to a stronger US dollar following robust job data and new sanctions on Russian oil. Additional factors like reduced forex reserves, FII outflows, and market expectations of prolonged high US interest rates aggravated the decline.
Punjab & Sind Bank and IDBI Bank are offering special fixed deposit (FD) schemes with higher interest rates until December 31, 2024. IDBI's Utsav FD offers rates up to 7.85% for senior citizens. Punjab & Sind Bank provides rates up to 8.10% for super senior citizens on select FDs with varying tenures.
The S&P 500 shows strong performance, with 24% and 23% gains in 2023 and 2024. Analysts expect continued growth in 2025, driven by economic robustness and AI advancements. Companies like Arista Networks and Palo Alto Networks, which have executed stock splits, are highlighted for potential significant gains, showing impressive revenue and earnings increases.
The Defence Ministry has rejected Larsen and Toubro’s bid for the Rs 70,000 crore tender under the Navy’s Project 75 India initiative due to non-compliance with Indian Navy requirements, leaving Mazagon Dock Shipbuilders Limited as the sole contender with Germany’s ThyssenKrupp Marine Systems.
Hong Kong-based private equity fund PAG has acquired an 80% controlling stake in Pravesha Industries for $200 million. This follows their November 2024 purchase of a majority stake in Manjushree Technopak for $1 billion. Pravesha’s promoters, Bomma Sivaprasad Reddy and RPR Sons Advisors, sold their shares for Rs 1,387 crore.