Discover the top business headlines that are trending across the world today!
On Friday, Indian stock markets opened sharply lower, with the Sensex plunging over 1,000 points to 80,225.59 and Nifty slipping by 332.10 points to 24,216.60 by mid-morning. Despite a decline in November's inflation within the RBI's tolerance range, all sectoral indices on the Nifty were in the red, along with Nifty Midcap100 and Smallcap100. The volatility index rose by 2.83%.
Major laggards included Tata Steel (-2.77%), JSW Steel (-2.53%), and IndusInd Bank (-1.93%). Nifty Metal dropped 2.01%, Nifty IT by 1.23%, and Nifty PSU Bank by 1.65%. The rupee also hit a record low of 84.84 against the US dollar amid continued FII selling pressure, with foreign investors offloading ₹3,560 crore worth of shares the previous day.
Experts suggest high valuations in India and a strengthening dollar are prompting FIIs to book profits, further weighing on market sentiment.
Gold prices in India surged by over 30% in 2024, reaching ₹7,300 per gram (a 28% rise in USD terms by November-end), marking the strongest annual performance in a decade, according to the World Gold Council (WGC). The rally was driven by central bank and investor demand, which outweighed a decline in consumer purchases. Central banks globally purchased 694 tonnes by Q3 2024, with Turkey and Poland leading additions at 72 tonnes and 69 tonnes, respectively, while the Reserve Bank of India (RBI) increased its gold holdings by 77 tonnes—a fivefold rise compared to 2023.
Despite this robust performance, analysts predict challenges for gold in 2025 due to economic and geopolitical uncertainties, including Donald Trump's presidency and developments in China, a major gold consumer. While the 2024 rally was historic, sustaining such momentum in the coming year remains uncertain amid global market headwinds.
Zomato’s quick-commerce arm, Blinkit, has launched Bistro, a new platform promising delivery of snacks, meals, and beverages within 10 minutes. This move targets the growing instant food delivery segment and directly rivals Zepto’s recently launched Zepto Cafe. Initially available on the Google Play Store, the app will expand to the Apple App Store soon, according to reports.
This is Blinkit’s second foray into the fast delivery space after Zomato’s earlier venture, Zomato Instant, was discontinued. Bistro adds to the competitive landscape featuring Swiggy Bolt, Zepto Cafe, and other platforms. Unlike traditional food delivery, these apps focus on readymade snacks such as sandwiches, pastries, and beverages.
The rapid delivery sector is increasingly prioritising food as a new revenue source, beyond groceries. Notably, last month, Swish, a startup in the same space, raised $2 million in funding, underscoring the rising investor interest in this evolving market.
The agrochemical sector is set to grow by 7-9% in the upcoming fiscal year, rebounding from the modest 5-6% growth seen in the current year, according to a CRISIL Ratings report. Growth will be driven by stable domestic demand, a recovery in export volumes, and easing pressures from competitively priced Chinese products. However, low realisations will prevent a return to pre-pandemic double-digit growth.
Operating margins are expected to recover slightly, rising by about 100 basis points to 12-13%, though still below the 15-16% levels seen before COVID-19. Export revenues, which account for nearly 50% of the sector's Rs 82,000 crore revenue, are stabilising as global firms address excess inventory concerns. Domestic revenue is projected to grow 8-9%, supported by strong monsoons and improved agricultural output.
Despite pricing pressures, improved volumes and better inventory management are expected to enhance profitability in the coming fiscal.
