Top Stories & Market Updates for January Key Highlights and Insights
Your daily dose of financial news in a minute, plus expert advisor views.
🗞️ Wipro Q3 Results: PAT jumps 24% YoY to Rs 3,354 crore; dividend declared at Rs 6 per share
Wipro reported a 24% year-on-year increase in profit after tax (PAT) to Rs 3,354 crore for the third quarter. The board has announced an interim dividend of ₹6 per share, with January 28 set as the record date. Payment will be made on or before February 15. On a sequential basis, PAT was up nearly 5%, and revenue increased just 0.1%.
Expert opinion:
Srini Pallia, CEO and Managing Director at Wipro, said, "In a seasonally weak quarter, our strong in-quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1B. We are advancing steadily and investing decisively to lead our clients in an AI-driven future."
🗞️ Rupee gains 3 paise to 86.58 against US dollar during early trade
The rupee rose 3 paise to 86.58 against the US dollar in early trade, supported by a softening American currency. Higher crude oil prices and volatile global trends failed to prevent the withdrawal of foreign funds from domestic equities, capping a significant recovery in the Indian currency.
Expert opinion:
Forex traders noted that the rupee's slight appreciation is attributed to the weakening of the US dollar index and stable crude oil prices.
🗞️ Vedanta shareholders, creditors to decide on demerger plan on February 18
Vedanta has scheduled a meeting on February 18 for its shareholders and creditors to approve the demerger proposal, which aims to separate the company's various business verticals into independent entities.
Expert opinion:
Industry analysts suggest that the demerger could unlock value for shareholders by allowing each entity to focus on its core operations and attract sector-specific investments.
🗞️ PM Modi to distribute 65 lakh SVAMITVA property cards tomorrow
Prime Minister Narendra Modi will distribute more than 65 lakh property cards under the SVAMITVA Scheme to beneficiaries from over 50,000 villages across 10 states and two Union Territories.
Expert opinion:
Officials from the Panchayati Raj Ministry stated that this initiative aims to empower rural property owners by providing them with official documentation, thereby facilitating access to loans and reducing property disputes.
🗞️ Zomato infuses Rs 500 crore in quick commerce arm Blinkit
Zomato has invested an additional Rs 500 crore in its quick commerce subsidiary, Blinkit, bringing its total investment in the company to approximately Rs 2,800 crore.
Expert opinion:
Market analysts believe this infusion underscores Zomato's commitment to expanding its presence in the rapidly growing quick commerce sector, aiming to meet the increasing consumer demand for faster delivery services.
🗞️ Tech Mahindra Q3 results: Net profit jumps 92% YoY to Rs 983 crore, revenue up 1.4%
Tech Mahindra reported a 92% year-on-year increase in net profit to Rs 983 crore for the third quarter, while revenue rose by 1.4%. Sequentially, net profit declined by 21.36%, attributed to a higher base in the previous quarter due to a one-time special income from the sale of assets.
Expert opinion:
Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “We see an improved rate of deal wins in our key verticals and prioritized markets. This, coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”
🗞️ Union Budget 2025: Govt may introduce personal income tax breaks
The Centre is considering plans to introduce personal income tax breaks to boost consumption. Proposals include increasing the standard deduction limit from Rs 75,000 per year and expanding the income range for the 20% tax rate from Rs 12–15 lakh to Rs 12–20 lakh. Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.
Expert opinion:
Tax experts suggest that these measures could provide significant relief to middle-income earners, potentially increasing disposable income and stimulating economic growth.
🗞️ Infosys CEO addresses questions on toxic work culture, stagnant salaries
Salil Parekh, CEO of Infosys, addressed concerns regarding the company's workplace environment, which has faced scrutiny following remarks by co-founder Narayana Murthy advocating for a 70-hour workweek for young professionals.
Expert opinion:
Salil Parekh stated, “In terms of the employee question, within Infosys, we have a very clear approach to ensure everyone is treated fairly. We have a well-defined process for evaluating performance, and we hold ourselves to high standards to ensure equal opportunities for all employees.”
🗞️ Market Updates: Key Indices & Commodity Rates
Sensex: Closed at 76,639.58, down by 403.24 points (-0.52%)
Nifty 50: Settled at 23,203.20, decreasing by 108.60 points (-0.47%)
Gold Rates: ₹8,080.30 per gram for 24-carat (↑₹55)
Silver Rates: ₹98,700 per kg (↑₹2,000)