Discover the top business headlines that are trending across the world today!
Uber has introduced its first water transport service in India, allowing users to book a traditional shikara ride on Srinagar's Dal Lake through its app. This marks Uber's debut water transport offering in Asia, blending technology with the rich tradition of Kashmir.
Prabhjeet Singh, President of Uber India and South Asia, expressed pride in enhancing accessibility and promoting tourism in the picturesque region. The service currently includes seven shikaras, with plans to expand the fleet based on demand. While Uber has previously offered water transport services in European cities like Venice, this initiative is a unique effort in India to create a seamless travel experience combining modern convenience with cultural heritage.
Benchmark stock indices opened lower on Monday, reflecting cautious investor sentiment following last week’s GDP data release and the upcoming RBI policy decision. The S&P BSE Sensex dropped 228.52 points to 79,574.27, while the NSE Nifty50 slipped 101.55 points to 24,029.55 by 9:35 AM.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, attributed the market’s response to the Q2 GDP growth slowdown of 5.4%. He noted the impact was partially anticipated post-disappointing Q2 results. He suggested that any sharp market corrections could offer buying opportunities, particularly in sectors like pharma, telecom, and digital companies, which are less affected by the slowdown.
With CPI inflation at 6.2%, the RBI is expected to cut the CRR on December 6, benefiting banks. Vijayakumar highlighted that banking stocks could remain resilient amid these developments.
Adani Green Energy Ltd (AGEL) extended its rally for the fourth straight session on Monday, soaring 9.09% to reach an intraday high of Rs 1,445. The stock has climbed 60.66% in just four trading days. This surge followed a statement by Adani Group CFO Jugeshinder Singh, hinting at a potential revival of its shelved dollar bond issuance between April and June next year. Singh also mentioned plans for other group firms to explore public bond sales in 2024.
This comes after AGEL recently withdrew its $600 million bond offering amid US bribery allegations, which the company denied, emphasizing its liquidity strength to meet debt obligations for the next year. Credit rating agency Crisil maintained a positive outlook on Adani Group, citing robust liquidity and operational cash flows to support debt servicing and capital expenditure in the medium term, despite recent legal controversies.
Home prices in India are projected to rise steadily, driven by demand from affluent buyers, while affordability remains a challenge for most due to high living costs, according to a recent Reuters survey. The wealthiest 1% of the population, who own 40% of the country’s wealth, are boosting demand for luxury homes in major cities. However, analysts warn that this trend might not sustain indefinitely in a slowing economy.
Housing prices, which grew by 4.3% in 2023, are expected to increase by 7% in 2024, 6.5% in 2025, and 7.5% in 2026. Concurrently, rents are forecasted to rise faster, between 7.5% and 10% next year. Affordability for first-time buyers is likely to deteriorate unless significant interest rate cuts occur. Economists predict modest rate reductions from the Reserve Bank of India, potentially easing pressure on homebuyers in the near future.
