Trade and Markets
The Indian economy witnessed notable developments in trade and market performance. The India-US trade deal is nearing completion, indicating strengthened
economic ties between the two nations. The Sensex experienced a decline of 344 points, reflecting profit-taking and outflows by Foreign Institutional Investors (FII). Gold prices in Delhi saw a downturn amid weaker global cues. Additionally, India is planning to boost rice exports to 26 markets, signaling a proactive stance in agricultural trade. The EU Trade Delegation also visited India for Free Trade Agreement (FTA) talks, promoting potential future trade opportunities. These occurrences showcase a dynamic interplay of international collaborations and market responses.
Corporate Performance
Several Indian corporations have recently announced their quarterly performance results and strategic initiatives. Dr. Reddy's reported a 14% increase in Q2 profit, reaching Rs 1,437 Cr, while SBI Life's Q2 profit dropped by 6.6% to Rs 494 Cr. Coforge's Q2 profit surged by 86% to Rs 376 Cr, and SBI Card's Q2 profit rose by 10% to Rs 445 Cr. Shanthi Gears also recorded a Q2 profit of Rs 21.51 Cr. Coca-Cola India's FY25 profit decreased by 73%, with revenue sliding as well. These reports provide insight into the financial health of prominent companies in India. Furthermore, new directors were appointed by Schneider Electric, and Bajaj Auto received approval to control Pierer Mobility AG.
Policy and Regulations
Governmental policies and regulatory updates continue to shape the business environment in India. The Department of Telecommunications (DoT) has suspended new telecom permits from November 10. The Securities and Exchange Board of India (Sebi) has standardized rules for unclaimed amounts and streamlined the Portfolio Management Services (PMS) business transfer process. The Reserve Bank of India (RBI) has drafted norms for banks to fund acquisitions. Additionally, the Institute of Chartered Accountants of India (ICAI) plans to amend the code of ethics for chartered accountants, demonstrating the government's focus on maintaining financial integrity and efficient regulation within the country. Also, new investment options like NPS and UPS are offered for government employees.
Investments and Deals
There has been significant investment activity across various sectors within India. Reliance is set to comply with US sanctions on Russian oil. Damani invested in Lenskart before its IPO. Haryana has signed an agreement to establish a startup fund with Rs 100 Cr. Furthermore, Waaree Energies secured 692 MW of solar module orders, and Crompton secured a solar rooftop tender worth Rs 445 Cr. Puravankara's arm bagged a Rs 211 Cr contract from SBR Builders. These financial transactions highlight current trends and the confidence of investors across a broad scope of sectors.
Other Economic News
Various other economic developments have been observed in India. The India-Nepal trade is boosted with the Banbasa Land Port. India's foreign exchange reserves have risen to USD 702.28 billion. The airline winter schedule includes 26,495 weekly flights. Also, the Goa Maritime Board is working towards sector growth according to a CII report. The focus of the report is on developments in various sectors that contribute to India's economic growth and stability. Moreover, the NCLT refused relief to Byju's regarding the Aakash EGM proceeding.
