IndusInd Bank stocks declined 6% to ₹776 on April 22 following reports that the board has hired Ernst & Young (EY) to carry out a second forensic audit. The audit will look into the ₹600 crore shortfall in interest income from the bank's microfinance book. This fresh probe is parallel to an ongoing investigation by Grant Thornton Bharat into accounting concerns with the bank's forex derivatives....
2025
India's smartphone market declined by 8% year-on-year in Q1 2025 to 32.4 million units, Canalys reports. Xiaomi and Samsung were the worst affected, losing substantial market share as a result of poor demand and overstocking. Xiaomi’s shipments (including Poco) fell by 38%, slashing its market share from 18% to 12% — the biggest decline among major brands. Samsung’s shipments dropped 23% to 5.1...
The Indian equity market will be closed for three consecutive days from Friday, April 18, 2025, to mark Good Friday, followed by the standard weekend closing. The BSE and NSE will resume trading on Monday, April 21, 2025. No trading or settlement operations in equities, derivatives, or SLB segments will take place on April 18. The following market holiday following Good Friday will be May 1, 2025,...
Sonata Software shares dropped more than 12% in initial trading on Thursday, April 17, following the warning that its international business performance had adversely affected its fourth-quarter revenue for FY25. The drop is primarily due to the fact that revenue from its largest client is likely to be lower than anticipated, owing to the prevailing trade tensions and fresh tariffs by the...
On April 15, PB Fintech Limited, the parent entity of Policybazaar, said its subsidiary, PB Pay Private Limited, has got in-principle approval from the Reserve Bank of India (RBI) to function as an online payment aggregator. The RBI gave the approval under the Payment and Settlement Systems Act, 2007, and informed it through an official RBI letter dated April 15, 2025, the...
India's exports of goods and services crossed $820 billion in 2024-25, showing a nearly 6% rise compared to $778 billion in 2023-24, despite global economic challenges, the Commerce Ministry said on Wednesday. The ministry also assured exporters that the government will support them with a favorable environment to help them adapt to recent shifts in global trade. However, exports...
The Trump government has said it's freezing more than $2.2 billion in federal grants and contracts that were destined for Harvard University. This follows a decision by Harvard to decline fulfilling some of the government's conditions that were directed at limiting campus activism. In a letter to Harvard, the administration called for radical overhauls. These were to include embracing so-called...
With the Reserve Bank of India cutting the repo rate by 25 basis points and shifting its stance to “accommodative,” interest rates on fixed deposits (FDs) are expected to fall further this year. This is especially concerning for senior citizens who rely on FDs for regular income. Banks have already started reacting. For example, Bank of India is ending its 400-day special FD scheme, and HDFC Bank has...
Indian shrimp exporters are gearing up to export approximately 35,000–40,000 tonnes of shrimp to the US following a significant relief — US President Donald Trump suspended a planned 26% tariff increase and maintained the duty at 10%, as per industry sources. K N Raghavan, Seafood Exporters Association of India Secretary General, indicated that there's now relief in the sector. Indian exporters can...
Tata Consultancy Services (TCS), India’s largest IT services firm, hired 42,000 freshers in FY25, slightly exceeding its target of 40,000. The company is optimistic about maintaining similar numbers in FY26. However, despite the hiring momentum, TCS has decided to delay wage hikes due to the uncertain global business environment, including geopolitical factors like US tariffs under Donald Trump. As of...