LTIMindtree's Lambu to focus on growth; two senior executives quit
LTIMindtree's CEO designate, Venu Lambu, met with over 50 senior leaders in Mumbai, amid the departure of two senior executives. Lambu emphasized a focus on growth and AI strategy. Current CEO, Debashis Chatterjee, is assisting with the transition and plans joint client visits with Lambu in the US and Europe.from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/CsUFqJu
Budget 2025 income tax expectations: The article examines the potential scrapping of the old income tax regime in the upcoming Budget 2025. It highlights the introduction and progression of the new tax regime since 2020, comparing the benefits and drawbacks for various taxpayer categories.
The Economic Survey 2025 highlights potential risks for the Indian stock market due to elevated valuations in the US market, with recent retail investor trends adding to concerns. Historical data shows that US market corrections significantly impact Indian markets, necessitating increased vigilance.
The Union Budget 2025 is poised to announce a 20% increase in capital expenditure to stimulate economic growth and reduce the fiscal deficit to 4.4% of GDP for FY26. EY anticipates measures to boost domestic demand and personal disposable incomes, ensuring India's adherence to its long-term growth objectives.
IndiGo CEO Pieter Elbers visited Mahakumbh Mela in Prayagraj, noting its unparalleled energy and significance. Held once every 144 years, the 2025 event saw 450 million attendees over 45 days. Elbers described taking a holy dip at the Sangam as profoundly humbling, appreciating IndiGo's team for managing the influx of visitors.
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.
Budget 2025 expectations: Indian Railways faces financial strain with high operating ratios due to substantial operating expenses and subsidies. The Ministry of Railways is focusing on modernizing infrastructure and increasing non-fare revenues. Comparing India's rail system with China's shows opportunities for growth and improvement through public-private partnerships and strategic investments.
RBI's decision to infuse ₹1.5 lakh crore liquidity boosted banking stocks, leading to a sensex rise of 530 points. Despite a late sell-off, major banks led gains, while foreign funds continued selling. Mid- and small-cap sectors saw declines. Upcoming events, such as the US FOMC meeting and Union Budget, are expected to contribute to market volatility.
Budget 2025 income tax expectations: Most personal tax experts are of the view that the government will phase out the old income tax regime in the coming years. However, they are divided on how soon.
Vembu would take up a new role as the chief scientist, he said in a X post on Monday.
Robert Kiyosaki, author of 'Rich Dad Poor Dad,' predicts a massive stock market crash in February 2025, describing it as the biggest in history. He sees this as an opportunity for prepared investors and underscores the potential of Bitcoin and other cryptocurrencies during this financial downturn.
Automobile exports from India saw a notable 19% increase in 2024, reaching 50,98,810 units compared to 42,85,809 units in 2023. The growth was driven by strong demand for two-wheelers, passenger vehicles, and commercial vehicles, particularly in emerging markets such as Latin America and Africa.
The government's decision last July to reduce import duties on gold has significantly had a positive impact on the industry, and any increase in tariffs in the upcoming Budget may have adverse effects, said World Gold Council.
ICICI Bank's profit after tax increased by 14.8% year-on-year to Rs 11,792 crore for Q3-2024, driven by higher net interest income, fee earnings and a 15.1% loan growth. On a consolidated basis, profit rose by 16.6% to Rs 12,883 crore, with strong performance from subsidiaries.
SBI raised concerns over the financial stability of women-centric Direct Benefit Transfer schemes in various states, highlighting a significant strain on state budgets. These schemes, costing over Rs 1.5 lakh crore across eight states, could pose fiscal risks, especially schemes like Karnataka's Gruha Lakshmi and West Bengal’s Lakshmir Bhandar. The report calls for a holistic evaluation of welfare spending.
Budget 2025 income tax expectations: With Budget 2025 approaching, individual taxpayers expect key changes, such as higher tax exemption limits, increased rebates, and enhanced standard deductions.
GCMMF has announced a Re 1 price reduction per litre for its one-litre Amul milk packs across India to encourage consumers to buy larger packs. In Delhi, Amul Gold will now cost Rs 67, and Amul Taaza is priced at Rs 55. GCMMF reported an 8% growth in turnover and continues to expand its global presence.
The government's subsidy burden for FY25 is projected to exceed budget estimates, reaching nearly Rs 4.1 to Rs 4.2 lakh crore due to higher food and fertiliser costs. Despite efforts to rationalise subsidies, fertiliser subsidies alone may exceed budget due to increased import costs and a stronger US dollar.
Dr Reddy's Laboratories saw a 2% rise in consolidated net profit to Rs 1,413 crore in Q3 FY24, driven by strong market performance. Revenue grew to Rs 8,359 crore, with notable growth in the US, Indian, European, and emerging markets. Key factors included the newly acquired NRT business, product launches, and enhanced operational efficiencies.
KFin Technologies Ltd reported a 35% year-on-year increase in profit after tax to Rs 90.18 crore for the quarter ended December 2024. Revenue from operations rose by 32.6% to Rs 290 crore. For the first nine months of FY25, the company's PAT grew by 44.3%, with revenues increasing to Rs 808 crore.
Budget 2025 expectations: Finance Minister Nirmala Sitharaman is expected to increase fund allocations for the RoDTEP and RoSCTL schemes by nearly 10% each in Budget 2025-2026. This aims to address export demands and extend benefits to SEZs and export-oriented units, amid counters to challenges and tariff war opportunities.
Budget 2025 expectations: Finance Minister Nirmala Sitharaman may propose a phased implementation of labour codes in Budget 2025, starting with large establishments. The plan involves a three-phase deployment.
Budget 2025 income tax expectations: In anticipation of Budget 2025, individual and salaried taxpayers are urging Finance Minister Nirmala Sitharaman to lower personal income tax rates and increase exemption thresholds.
EPFO's provisional payroll data for November 2024 shows a net addition of 14.63 lakh members, a 9.07% increase from October. Notable trends include a rise in new memberships, particularly among the 18-25 age group, and increased female participation. Top states contributing to the net member additions include Maharashtra and Karnataka, with significant growth in industries such as engineering and textiles.
Indian Railways aims to roll out several modern trains in the upcoming financial year - from more Vande Bharat sleeper trains to NaMo Bharat trains (Vande Metro), Amrit Bharat trains for common man and more. In an interview with Times of India Online, ICF GM U Subba Rao shares exclusive details:
Adhil Shetty, CEO of BankBazaar, urges Finance Minister Nirmala Sitharaman to raise the 30% income tax threshold to ₹18 lakh in Union Budget 2025, restructure the tax brackets, and introduce a 30% flat deduction on gross income.
Shares of Zomato fell by 12 per cent after a 57.2 per cent drop in its consolidated net profit for the December quarter. This decline also impacted Swiggy's shares, which fell by over 10 per cent. Zomato's revenue increased, but total expenses also surged significantly.
IDBI Bank reported a 31% year-on-year increase in net profit to ₹1,908 crore for Q3 FY25 due to reduced provisioning and higher interest income. The gross NPA ratio improved to 3.57%, and net NPA ratio fell to 0.18%. Total income rose to ₹8,565 crore.
India's forex reserves have fallen for six consecutive weeks, hitting a 10-month low of $625.87 billion due to the RBI's intervention to stabilize the rupee. Despite this, reserves are still sufficient to cover over 11 months of imports, with the RBI actively ensuring market stability.
A recent CII survey shows optimism in the Indian economy, with 75% of companies finding the environment favorable for private investments. 97% of firms plan to increase employment in FY25 and FY26, with anticipated wage growth and personal consumption boosts. India's 'Viksit Bharat' vision by 2047 depends on creating quality jobs.
The market valuation of six of the top 10 valued domestic firms, including Infosys and TCS, decreased by Rs 1.71 lakh crore last week. Meanwhile, Reliance Industries, Bharti Airtel, State Bank of India, and LIC saw gains, with Reliance Industries being the most valued firm.
India's economic environment is favorable for private investments, revealing a bright outlook despite global challenges, according to a CII survey. It indicates a significant increase in employment and wage growth, with 97% of firms planning to hire and 75% seeing the conditions conducive for investments till FY26.
HCLTech celebrated its 25th IPO anniversary with a bell-ringing ceremony at NSE in Mumbai. Over 25 years, an Rs 58,000 investment during its IPO reached about Rs 32 lakh. The company announced a special dividend and highlighted its growth to over 220,000 employees worldwide.
Olectra Greentech Limited unveiled new electric bus models with blade battery technology, providing 30% more energy storage and enabling a range of up to 500 km per charge. The company aims to transform emission-intensive transportation into cleaner and more sustainable alternatives while continuing to innovate and improve.
India's mobility industry is expected to exceed $600 billion by 2030, driven by rising demand for electric vehicles, including preferences for advanced technology in electric four-wheelers and practicality in electric two-wheelers. Emerging mobility models, digital purchase journeys, and increasing influence of women and Gen Z are also shaping the sector's transformation.
India's foreign exchange reserves have seen a significant decline of USD 8.714 billion, dropping to USD 625.871 billion for the week ended January 10. The reduction is attributed to revaluation and the Reserve Bank of India's efforts to stabilize rupee fluctuations, with foreign currency assets reducing by USD 9.469 billion.
Budget 2025 expectations: FICCI advises Finance Minister Nirmala Sitharaman to maintain emphasis on investments and implement next-gen reforms in Union Budget 2025. Key recommendations include boosting capex by 15% and establishing inter-state platforms for reforms in land, labor, and power sectors.
Infosys shares fell by nearly 6%, reducing the Murthy family's net worth by around Rs 1,900 crore. Despite strong financial results, including an 11% increase in net profit for the December quarter, the company's market capitalisation decreased.
Hindenburg Research has stopped its operations following accusations of economic terrorism and connections to George Soros. Critics claim the move is part of a conspiracy to destabilize global markets, including India's economy. Legal experts suggest the shutdown might be due to pressure from US authorities and ongoing investigations. They call for further investigation into the firm's actions.
Hindenburg Research, noted for contentious short selling and aggressive practices, has ceased operations. Ajay Bagga, a market expert, highlighted concerns over their model, citing potential financial unviability and regulatory pressure. Known for damaging company reputations for profit, Hindenburg’s 'predatory' approach and lack of transparency have raised ethical and legal debates in the financial world.
8th Pay Commission news: Prime Minister Narendra Modi-led Union Cabinet on Thursday approved the constitution of the 8th Pay Commission, sources told TOI.
Bank of Maharashtra (BoM) reported a 36% increase in net profit for Q3 ending December 2024 to Rs 1,406 crore, driven by higher interest income. Gross NPAs reduced to 1.80%, and PCR stood at 98.28%. The bank raised Rs 3,500 crore through Qualified Institutional Placements.
India has successfully tested its first indigenous micro-missile system, Bhargavastra, designed to counter swarm drone threats. The system can detect small drones at over 6 km and take them down using guided micro munitions.
Global oil prices have surged to over $81 per barrel due to new US shipping sanctions affecting Russian oil shipments, leading to increased demand for Middle-East/US crude and tankers. This rise in costs is expected to delay fuel price cuts in India, impacting fuel retailers' margins and the economy.
Small finance banks (SFBs) are projected to experience slower growth of 18-20% in FY2025, down from 24% in FY2024, due to rising delinquencies and asset quality issues. The GNPA ratio in the microfinance segment is expected to increase, and funding pressures with higher deposit competition may affect profitability.
US President-elect Donald Trump’s second term is expected to temporarily impact the Indian rupee. Historical trends suggest rupee has performed better under Republican administrations, with current volatility predicted to be short-lived. Despite a recent 3% dip, the rupee remains stable compared to other currencies.
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