Friday, March 13
Infosys chairman Nandan Nilekani warned businesses face a "perfect storm" due to tariff conflicts, AI disruption, and energy transition. He urged companies to prioritise innovation, supply chain diversification, and digital architecture overhauls. Infosys is positioning itself as an AI-native company, training employees and working on numerous generative AI projects while expanding into tier-2 and 3 cities.
Indian Railways passengers facing issues like significant delays, non-functional AC, or route diversions can now claim refunds by filing a Ticket Deposit Receipt (TDR) through the IRCTC website. Specific time limits apply for filing, such as before the scheduled departure for trains delayed over three hours, or within 20 hours of arrival for AC failures.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Thursday. While Nifty50 went above 25,550, BSE Sensex surged over 1,000 points intraday.
India's foreign direct investment surged 22% to $8.8 billion in April, boosting forex reserves. Gross FDI inflows rose 14% to $81 billion in FY25, though net inflows decreased due to increased repatriation, signaling market maturity.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Thursday. While Nifty50 went above 25,500, BSE Sensex surged over 900 points.
Panasonic Holdings is exiting India's refrigerator and washing machine sectors due to intense competition and low market share, impacting its consumer electronics business. The company will shut down production at its Jhajjar factory, resulting in potential layoffs. Panasonic will now concentrate on core areas like televisions, air conditioners, and B2B solutions, aligning with a global restructuring strategy.
The Air India crash investigation in Ahmedabad faces delays. The AAIB hasn't appointed a lead investigator, raising concerns about the probe's efficiency. ICAO norms mandate immediate action, but a formal order is missing. Dhruv Rebbapragada is likely to lead, but lacks authority. The ministry claims the inquiry started, but experts are skeptical.
HDB Financial Services garnered Rs 3,369 crore from anchor investors, including LIC and BlackRock, at Rs 740 per share, ahead of its Rs 12,500-crore IPO. The IPO, opening June 25, comprises a fresh issue and an offer-for-sale by HDFC Bank. Proceeds will strengthen the capital base for future growth, aligning with RBI directives for NBFC listings.
The Indian rupee continued its upward trend, gaining 13 paise to reach 85.92 against the US dollar, fueled by optimism surrounding a potential ceasefire between Israel and Iran and positive momentum in domestic equities. However, the rupee's gains were partially offset by a slight increase in global oil prices and ongoing outflows of foreign funds.
Commerce minister Piyush Goyal has reaffirmed India's ambition to become a $5 trillion economy by 2027, emphasizing strong macroeconomic fundamentals and policy reforms. He highlighted India's progress under Prime Minister Modi's leadership, projecting India as the world's third-largest economy by 2027.
