Wednesday, April 16
India's eight core infrastructure sectors showed a slowed growth of 4.3% in November 2024, down from 7.9% in the previous year. However, monthly production hit a four-month high. Cement production surged 13%, while other sectors saw moderated growth. Core sector growth for April-November was 4.2%.
On Tuesday, Unimech Aerospace and Manufacturing Ltd shares debuted on the stock exchange with a notable 90% premium above its Rs 785 issue price, listing at Rs 1,491 on the BSE and Rs 1,460 on the NSE. The company's IPO was significantly oversubscribed, achieving a market capitalisation of Rs 6,956.20 crore.
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.
The Confederation of Indian Industry (CII) recommends reducing excise duty on fuel and lowering personal income tax rates to boost consumption and tackle inflation. CII also suggests increasing benefits and unit costs under key government schemes like MGNREGS and PM-KISAN, and introducing consumption vouchers for low-income groups to stimulate demand.
India's current account deficit fell to 1.2% of GDP in Q2 FY25, down from 1.3% the previous year, despite a worsening trade deficit driven by higher gold imports. Services exports rose significantly to $44.5 billion, helping offset the larger trade gap.
India may reduce income tax for individuals earning up to Rs 15 lakh annually in the upcoming budget to support the middle class and drive consumption. This potential change, under the 2020 tax system, could alleviate financial pressures on millions and stimulate economic growth, particularly in urban areas struggling with high inflation and living costs.
Healthcare-focused global capability centres struggle with gender diversity, with only 28% women in the workforce, and just 15% in R&D roles. Companies like Roche, Siemens Healthineers, and Merck attribute this to mid-career attrition. Despite efforts to improve, women often hesitate to return after career breaks, influenced by social conditioning.
N Srinivasan resigned as vice-chairman and MD of India Cements after it became a subsidiary of UltraTech. His daughter and wife also stepped down from their roles. Srinivasan ended his 50-year association with the company, which faced financial issues recently and was acquired by Aditya Birla Group for Rs 3,954 crore.
