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Meanwhile, Mahindra & Mahindra plans a global expansion, with a focus on electric vehicles (EVs) and a 90,000-unit plant. The EV market is set for a fierce price competition in 2025, with key players set to launch new models. Additionally, economists have mixed views on India’s GDP growth projections for FY25, with some expecting steady growth despite challenges. On the commodities front, India revised its November gold import data sharply downward, with corrected figures showing a $5 billion reduction. The gold industry now awaits possible relief in the upcoming budget, with hopes for tax cuts and GST clarity.
Stay tuned for more updates as we bring you the latest developments in business, economics, and beyond.
Rupee plunges 13 paise to settle at new record low against US dollar
The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger American currency.
Lacklustre sentiment in domestic equity markets and sustained outflow of foreign funds also played spoilsport even as investors stayed cautious over lower economic growth projection by the government, forex analysts said.
At the interbank foreign exchange, the rupee opened at 85.82 and touched the lowest-ever level of 85.89 against the greenback during intra-day. The unit settled at 85.87 (provisional) against the dollar, 13 paise lower than its previous close.
Last-hour rally in Reliance, IT stocks offset losses in Sensex, Nifty; Markets end flat
The Sensex and Nifty ended nearly flat on Wednesday, recovering in the last hour of trade after a volatile session. While heavyweights like Reliance and IT stocks lent support, the broader market underperformed, with midcaps and banking stocks seeing sharper declines.
The Sensex closed 51 points lower at 78,149, while the Nifty slipped 19 points to 23,689. The Nifty Bank index fell 367 points to 49,835, with banking stocks such as ICICI Bank and HDFC Bank contributing to the losses. The broader market also faced headwinds, with the Midcap index plunging 599 points to 56,271, signalling a marked underperformance compared to the headline indices.
Mahindra plans global push with EVs, 90,000 unit plant, and ASEAN pickup entry
Having consolidated its position in the domestic market, Mahindra & Mahindra is now looking at ways to expand its presence across international markets, as per a top company executive.
The Mumbai-based auto major is looking to scale up its automotive business globally in a phased manner with plans to leverage its existing distribution channels in various overseas markets in the first phase.
In an interaction with PTI, Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar said new products like the under-development lifestyle pickup truck and the new range of electric models would allow it to enter new international markets.
Auto Expo 2025 | Electric vehicle price wars to get hotter in 2025
The electric vehicle (EV) market is gearing up for intense competition in 2025, with major players set to launch new models and aggressively price their offerings. Mahindra Group’s recent announcement of pricing for its top variants, BE6 and XEV 9E, at ₹26.9 lakh and ₹30.5 lakh, respectively, is set to ignite a price war across the segment.
Economists divided on FY25 GDP advance estimates but expect steady growth ahead
Economists have mixed views on the Ministry of Statistics and Programme Implementation (MOSPI) advance estimate of 6.4% GDP growth for FY25. While HSBC’s Chief India Economist Pranjul Bhandari expects growth to be slightly lower at 6.2%, Sakshi Gupta, Vice President and Senior Economist of HDFC Bank agrees with the 6.4% estimate, highlighting varying expectations for the second half of the fiscal year.
In its first advance estimates for FY25, the National Statistical Office (NSO) projected India’s GDP growth at 6.4%, marking the slowest in four years. These numbers are crucial as they serve as the foundation for key decisions in the upcoming Union Budget 2025.
India slashes Nov gold import data by $5 billion in commodity revision
India’s historic gold import numbers for November have been sharply revised.
The Ministry of Commerce had initially estimated November imports at $14.8 billion, more than double the month-on-month figure and four times higher year-on-year.
The corrected value now stands at $9.84 billion.
The total for January to November has been corrected from 796 tonnes to 664 tonnes.
Budget 2025: Gold industry seeks import duty cuts, GST clarity
The Union Budget, scheduled for February 1, has the gold sector hopeful for reforms that boost growth and formalisation. Aksha Kamboj, Executive Chairperson of Aspect Global Ventures and Vice President of the India Bullion & Jewellers Association (IBJA), expressed optimism about the upcoming announcements.
“The gold sector plays a vital role in India’s economy and cultural heritage,” Kamboj said. “We expect policies that enhance competitiveness, such as reducing import duties. This step can curb illegal imports and strengthen the industry.”
Exclusive | Govt plans major overhaul of direct tax laws ahead of Union Budget 2025
The government is gearing up for a significant overhaul of direct tax laws, according to sources. The upcoming Union Budget 2025 could mark the start of a phased approach to simplifying these laws, aiming to create a more streamlined and taxpayer-friendly system.
According to sources, the proposed reforms will focus on simplifying the language of tax laws, improving compliance processes, and removing outdated provisions.
The phased rollout is designed to give industries and taxpayers sufficient time to adapt, ensuring a smoother transition.
California Wildfire: Wildfires rage in Pasadena, California forcing thousands to evacuate
A rapidly growing wildfire continues to rage in Pasedena it broke out some 30 miles (50 km) inland near Pasadena and doubled in size to 400 acres (162 hectares). A wildfire is burning through the ritzy neighborhood of Pacific Palisades in Los Angeles, pushed by Santa Ana winds.
A second fire broke out in the foothills of Pasadena and a third broke out in the Sylmar neighborhood later Tuesday. California Gov. Gavin Newsom has declared a state of emergency, warning that the worst of the winds were expected between 10 pm Tuesday and 5 am Wednesday. More than 30,000 residents are under evacuation orders.
The race to deliver food in minutes heats up
Swiggy has launched a new standalone food delivery app ‘Snacc by Swiggy’. Snacc is a 15-minute food delivery app offering quick snacks and meals, similar to Zepto’s Zepto Cafe.
Snacc is currently being piloted in very select pincodes of Bengaluru. However, there is no clarity yet on if and when this will be rolled out officially.
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