Friday, March 13
CII projects India's economic growth at 6.4-6.7% for FY26, driven by strong domestic demand, while acknowledging geopolitical risks. The industry body proposes GST rationalization, tax reforms, and infrastructure improvements to enhance ease of doing business. These measures aim to lower costs and attract investment, reinforcing India's stable growth fundamentals.
Indian startups are increasingly turning to local stock markets for fundraising, with 12 tech firms filing for IPOs to raise over Rs 18,000 crore. This shift is driven by stronger valuations and a desire to fund growth and expansion. While some companies are already profitable, investors remain cautious, prioritizing clarity around profitability and cash flow projections.
Zerodha CEO Nithin Kamath views Jio-BlackRock's entry into India's stockbroking positively, anticipating broader retail participation due to Jio's extensive network. While welcoming the competition, Kamath emphasizes Zerodha's focus on sustainable investing and ethical practices, prioritizing customer success over aggressive trading tactics. He believes true competition will arise from passionate, dedicated entrepreneurs rather than large corporations.
India is actively pursuing a social security agreement with the United States, aiming to provide financial relief to Indian professionals working there. This initiative is part of a broader strategy to incorporate such pacts into all future free trade agreements, including ongoing negotiations with the US and the EU.
Jeff Bezos sold over 3.3 million Amazon shares, netting $736.7 million, coinciding with his lavish Venice wedding. This sale is part of a pre-scheduled plan allowing him to sell up to 25 million shares by 2026.
Stock market today: The NSE Nifty-50 fell by 88.40 points or 0.35 per cent, finishing at 25,453.40. The BSE Sensex initially rose but subsequently declined, closing 287.60 points or 0.34 per cent down at 83,409.69.
Oracle's stock surged to a record high following the announcement of a major cloud computing agreement projected to generate over $30 billion in annual revenue starting in fiscal year 2028. This deal, potentially linked to OpenAI and SoftBank's Stargate project, underscores Oracle's growing influence in AI infrastructure and cloud services.
HDB Financial Services share price today: HDB Financial Services debuted on the stock market at Rs 835, a premium over its IPO price. The IPO garnered significant investor interest, especially from institutions. It became the eighth largest NBFC in India by market value.
India's IT sector anticipates a subdued first-quarter performance, with top firms like TCS and Wipro facing flat or declining revenue. Infosys and LTIMindtree expect modest growth, while mid-tier companies may outperform. BFSI shows recovery signs, but deal activity is slow. Companies are managing margins through cost controls, and GenAI offers a positive outlook despite varied margin performance across firms.
Crizac's ₹860 crore IPO opened on Wednesday, featuring a pure offer-for-sale and priced between Rs 233-245. The company, operating a B2B international education platform, connects universities with recruitment agents. With strong revenue and profit growth, Crizac's IPO has garnered positive brokerage outlooks, despite regulatory risks in key markets like the UK and Canada.
