Public sector banks clock ₹85,520 Cr profit
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🗞️ Public sector banks clock ₹85,520 Cr profit in H1 FY25: Public sector banks, led by SBI, achieved a record ₹85,520 crore net profit in the first half of FY2024-25—a 26% surge from ₹67,850 crore last year. Building on their ₹1.46-lakh crore profit in FY2023-24, the finance ministry hailed their strong performance as a testament to India's resilient financial sector.
🗞️ Joint venture to boost smartphone manufacturing: Dixon Technologies and Vivo India to start a joint venture to manufacture smartphones for Vivo and other brands. Dixon has signed a binding term sheet under which the electronics manufacturer will hold 51% of the share capital, while Vivo India will have the remaining.
🗞️ Bitcoin hits all-time high of $106,533: Bitcoin soared to an all-time high of $106,533, spurred by President-elect Donald Trump’s proposal for a US Bitcoin reserve. The cryptocurrency has surged over 50% since the election, marking a major milestone in its market growth.
🗞️ Toilet and floor cleaner usage soars post-Swachh Bharat: Since the launch of the Swachh Bharat Abhiyan in 2014 toilet cleaner usage in India has skyrocketed from 19% to 53% of households, while floor cleaner penetration rose from 8% to 22%. This surge translates to over 128 million new households adopting cleaner habits.
🗞️ Record Rs 45,650 crore IPO anchor investments: In 2024, IPOs saw record-breaking anchor investments from FIIs and MFs, crossing Rs 45,650 crore surpassing the 2021 high of Rs 42,558 crore. FII investments reached Rs 25,300 crore, the highest since 2021, while MFs contributed Rs 20,351 crore.
🗞️ India's merchandise trade deficit widens to a record $37.8 bn in NovIndia’s trade deficit reached a record high of $37.8 billion in November, amid a surge in merchandise imports, mainly driven by a 4.3-time jump in inbound shipments of gold, data released by the commerce department showed.
🗞️ Swiss-managed FPIs in India may face higher dividend tax: Swiss banks managing FPIs, including UBS and Credit Suisse, will see dividend tax rise from 5% to 10% after Switzerland withdrew the beneficial tax rate. This follows India’s Supreme Court ruling on the Most Favoured Nation clause in the DTAA, impacting dividends to Swiss-based investors.
Expert Opinion: “Swiss investors will face a withholding tax of 10 percent on dividends as per the original double taxation treaty instead of 5 percent. It effectively means paying more tax on dividends received from India and this will also reduce their net returns as shareholders. This can make Indian investments less attractive due to almost double the burden from erstwhile 5 to 10 percent now.” Amit Maheshwari, tax partner, AKM Global, said.