Thursday, March 12
ITC Hotels announced a significant surge in its consolidated net profit, reaching Rs 134 crore in the June quarter, marking a 53% increase driven by robust revenue growth.
Reliance Infrastructure and Reliance Power announced on Wednesday their boards' approval to raise up to Rs 9,000 crore each through a mix of financial instruments. Both companies plan to raise up to Rs 6,000 crore through equity or linked instruments, potentially via QIP or a follow-on public offer.
Stock market today: The NSE Nifty ended lower by 100.60 points or 0.40 per cent at 25,111.45. The BSE Sensex fell by 375.24 points or 0.45 per cent, closing at 82,259.24. During trading, it decreased by 415.21 points or 0.50 per cent to 82,219.27.
India and the UK are poised to sign their long-awaited Free Trade Agreement next week, pending legal review. The agreement aims to eliminate tariffs on key Indian exports like leather and apparel, while lowering duties on British whisky and automobiles.
The Delhi High Court has directed Wipro to pay Rs 2 lakh to a former employee, Abhijit Mishra, in a defamation case. The court found Wipro's termination letter contained unsubstantiated negative remarks, harming Mishra's reputation and future employability.
Jensen Huang, Nvidia CEO, lauded China's AI contributions at a Beijing expo. He highlighted DeepSeek's efforts and China's rapid innovation. Nvidia will resume H20 chip sales to China after US assurances. This news boosted global tech markets, with Nasdaq reaching a record high.
Despite global headwinds, India's economy is projected to grow at 6.5% in the current fiscal year, according to EAC-PM Chairman S Mahendra Dev. This growth will be fueled by low inflation, good monsoons, and a benign interest rate regime. High-frequency indicators suggest a resilient performance, making the 6.5% GDP growth target for FY26 feasible, even with global uncertainties.
President Trump announced potential tariffs on imported pharmaceuticals by month's end, followed by semiconductor levies. These actions, under Section 232, aim to bolster US production, citing national security concerns due to high import volumes. The pharmaceutical tariffs could significantly impact major drugmakers, while semiconductor tariffs may affect tech giants and consumer prices.
Donald Trump announced a new trade agreement with Indonesia, significantly reducing tariffs on Indonesian exports to 19% and granting full market access to American goods. Indonesia has committed to purchasing billions in US energy, agricultural products, and Boeing jets.
Finance minister Nirmala Sitharaman highlighted India's Global Capability Centres' potential to contribute $200 billion to the economy and create numerous jobs by 2030. The government is committed to supporting GCC growth through streamlined approvals, tax certainty, and integrated administrative support.
