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Discover the top business headlines that are trending across the world today!
The benchmark indices opened higher on Thursday, bolstered by gains in IT stocks. At 9:30 AM, the S&P BSE Sensex rose 217.54 points to 81,173.87, while the NSE Nifty50 climbed 48.15 points to 24,515.60.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the influence of the US market rally, noting that the Dow surpassing 45,000 reflects strong growth and declining inflation. While the Fed Chairman’s comment about the US economy’s resilience fuels optimism, Vijayakumar cautioned against overvaluations in both US and Indian markets.
Top gainers included Infosys (+1.20%), TCS (+1.05%), Ultratech Cement (+0.84%), and Titan (+0.91%). Decliners were NTPC (-1.25%), JSW Steel (-0.78%), Bajaj Auto (-0.76%), SBI Life Insurance (-0.61%), and Grasim (-0.59%).
Bitcoin has surged to an unprecedented $100,000, marking a historic moment for the cryptocurrency. The rise reflects investor confidence in a potential crypto-friendly environment under Donald Trump’s leadership, following his victory in the US Presidential elections.
Since the start of 2024, Bitcoin's value has more than doubled, gaining 45% in the past month alone. Early Thursday, it peaked at $100,277 before stabilizing at $100,027. Key developments like Elon Musk heading the Department of Government Efficiency, the creation of a White House crypto policy role, and Paul Atkins’ appointment as SEC Chair have bolstered market optimism.
Trump’s pro-crypto stance, including his pledge to make the US the “crypto capital” and establish a national Bitcoin reserve, has further fueled this rally. “This marks a paradigm shift toward mainstream adoption,” said Mike Novogratz, CEO of Galaxy Digital. Experts predict Bitcoin could soon reach $120,000 as reforms unfold.
Zomato's shares reached a record high of ₹304.50 on the BSE during Thursday's intra-day trade, rising 6% amid strong volumes and a positive outlook. This surpassed its previous peak of ₹298.2 on September 24. Over the past month, Zomato's stock has surged 27%, significantly outperforming the S&P BSE Sensex, which gained 1.5%.
At 11:49 AM, Zomato's market capitalisation stood at ₹2.91 trillion, with its stock trading 5% higher at ₹301.50, even as the Sensex declined 0.38%. Trading volumes doubled, with 65.47 million shares exchanged on the NSE and BSE combined.
On Friday, Zomato announced raising ₹8,500 crore through a qualified institutional placement at ₹252.62 per share, marking its first major fundraising since its July 2021 IPO. The proceeds will bolster its balance sheet and support Blinkit's expansion. With a cash reserve of ₹10,800 crore in Q2FY25, the new funds will raise it to ₹19,300 crore.
The Clothing Manufacturers Association of India (CMAI) has voiced concerns over the Group of Ministers’ (GoM) proposal to revise GST rates for the apparel sector, led by Bihar Deputy Chief Minister Samrat Chaudhary. The recommendations suggest keeping the GST at 5% for ready-made garments priced up to ₹1,500. However, garments priced between ₹1,500 and ₹10,000 may face an 18% GST rate, while those above ₹10,000 could be taxed at 28%.
CMAI warned that such changes could negatively impact manufacturing, pricing, and consumer demand. They cautioned that higher GST rates might push consumers and businesses toward informal markets, harming legitimate retailers and benefitting illegal operators. Additionally, the struggling textile industry could face severe repercussions, including a potential loss of 100,000 jobs. Small and medium-sized enterprises in spinning, weaving, and garment manufacturing, which already operate with narrow profit margins, are expected to bear the brunt of these changes.
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