Thursday, March 12
Willy Chavarria, a US designer, expressed regret over an Adidas sandal design. The design allegedly copied a traditional Oaxacan pattern. Mexican authorities complained about the 'Oaxaca slip-on' sandals. They claimed it was a reworked version of the huarache. Mexico plans to seek compensation from Adidas. This case highlights concerns about fashion brands using indigenous designs without permission.
Indian stock markets anticipate a volatile week. Us tariff impact, first quarter earnings, and inflation data are expected. Investors will closely monitor India's CPI and WPI inflation figures. Global developments, especially US-India trade talks, are crucial. Key earnings from companies like Ashok Leyland and ONGC could drive stock movements. Foreign investors have already withdrawn funds, adding to market uncertainty.
Amidst a weak equity market sentiment, six of India's top ten companies experienced a significant market capitalization erosion, totaling Rs 1,36,151.24 crore last week. Reliance Industries suffered the most substantial loss. Conversely, LIC, TCS, and SBI saw gains in their market valuations, while Reliance Industries retained its position as the most valued company.
MSCI is set to include four Indian stocks, notably Vishal Mega Mart and Swiggy, in its Global Standard index, potentially attracting $1 billion in inflows. Hitachi Energy India and Waaree Energies will also join the index. These changes, effective August 26, are projected to bring significant passive fund flows, with Swiggy anticipated to receive $289 million.
President Trump's executive order aims to broaden 401(k) investment options, potentially including private equity and cryptocurrency. This shift directs federal agencies to revise regulations under ERISA, allowing employers to offer alternative assets in retirement plans. While proponents tout higher returns, concerns remain regarding volatility, fees, and liquidity, prompting industry groups to urge caution and careful implementation.
India's vehicle retail sales experienced a 4.31% year-on-year decline in July, totaling 1.96 million units, attributed to weak consumer sentiment and a high base effect. While tractor sales surged by 11% due to favorable monsoon and farm subsidies, passenger vehicles and two-wheelers saw drops. Commercial vehicle sales remained nearly flat, influenced by heavy rainfall and deferred purchases.
New steel ministry regulations mandating BIS certification for imported raw materials like hot rolled steel and ingots are causing concerns among medical product manufacturers. Industry leaders fear potential supply disruptions due to the inability to comply with these rules, especially for specialized components like stainless steel capillary tubes.
The Income-Tax Bill, 2025, initially introduced in February, has been withdrawn by the government to prevent confusion. A revised version, incorporating recommendations from the Select Committee led by BJP MP Baijayant Panda, is set to be presented in the Lok Sabha on August 11.
Stock market today: Nifty50 ended the day at 24,363.30, down 233 points or 0.95%. BSE Sensex closed at 79,857.79, down 765 points or 0.95%. Multiple factors contributed to weakened market sentiment, including US President Donald Trump's sudden increase in tariffs on Indian exports, continued selling by overseas investors, and lacklustre first-quarter corporate results.
