Top Stories | RBI sees bad loans rising, Trump backs H-1B visa, Adani to exit Adani Wilmar and more

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In today’s top headlines, the Reserve Bank of India (RBI) has cautioned that asset quality may deteriorate slightly in the coming year, raising concerns about rising retail loan write-offs, particularly at private banks, which could potentially mask the true state of bad loans.

Meanwhile, Adani Enterprises is set to exit its joint venture company, Adani Wilmar, with the sale of 31% of its stake. In the stock markets, both the Sensex and Nifty ended the day in the red, despite some resilience in midcap stocks, while the rupee tested new lows against the dollar.

On the IPO front, Senores Pharmaceuticals and Ventive Hospitality made strong debuts today, while Carraro India opened at a discount.

As the Union Budget approaches, India Inc. has outlined key demands, including a significant hike in capital expenditure and a reduction in the securities transaction tax, aiming to boost economic growth.

Lastly, President-elect Trump has sided with billionaire Elon Musk, one of his key supporters, in a public dispute over H-1B visas, backing the program to bring in more skilled foreign workers to the United States.

Here are the top 10 buzzing stories from #markets, #business, #economy, and beyond.

Banks’ asset quality improves; gross NPA ratio hits 12-year low in September: RBI

The Reserve Bank of India’s (RBI) latest Financial Stability Report (FSR) highlights improvements in the asset quality of scheduled commercial banks (SCBs). The banks’ Gross Non-Performing Assets (GNPA) ratio dropped to a 12-year low of 2.6% in September 2024, reflecting a sustained decline in bad loans.

In addition to the GNPA improvement, the Net Non-Performing Assets (NNPA) ratio remained stable at approximately 0.6%.

For full story, click here

RBI warns of risks in retail lending and rising write-offs

The Reserve Bank of India (RBI) has raised concerns over risks in the retail lending segment, particularly in unsecured loans, even as regulatory measures implemented in November 2023 appear to be yielding results. India’s banking regulator highlighted in its financial stability report that while the growth of unsecured retail lending has moderated, other indicators point to potential vulnerabilities.

Adani Enterprises to exit Adani Wilmar JV; to sell 31% stake to Wilmar International

Adani Enterprises Ltd., the flagship company of the Adani Group, has announced that it will exit the Joint Venture stake that it holds in Adani Wilmar Ltd.

In an exchange filing on Monday, December 30, Adani Enterprises said that it will sell 13% stake in Adani Wilmar to achieve minimum public shareholder requirements. However, the company has not specified how will this stake be divested.

Markets erase most gains dragged by financial, auto stocks; Nifty down 0.7%

Benchmark equity indices erased most of the gains made earlier on Monday, with the Nifty 50 shedding 0.7% amid heavy losses in the financial and automaker stocks.

Among the biggest laggards, the auto stocks slipped 1.4% while shares in the financial services sector were down 0.9%

The Nifty 50 ended at 23,644.90 points. The Sensex ended 451 points lower to finish at 78,248.

Carraro India becomes the first IPO after ten listings to debut at a discount to its issue price

Carraro India Ltd. shares listed at an 8% discount to their IPO price on Monday, December 30.

The stock began trading at ₹660 per share, in comparison to its IPO price of ₹704. It has become the first listing after ten, to list at a discount to their IPO price.

Ventive Hospitality shares list at nearly 12% premium over IPO price

Shares of Ventive Hospitality made a positive debut on the stock exchanges on Monday. The company’s shares listed at ₹718.15 on the BSE, reflecting a premium of nearly 12% over the IPO issue price of ₹643. On the NSE, the shares debuted at a premium of 11.35% at ₹716.

The ₹1,600 crore-IPO of Ventive Hospitality was open for bidding from December 20 to December 24. The company sold its shares in the range of ₹610-643 apiece with 23 equity shares in a lot.

Senores Pharmaceuticals Listing: Shares debut strong with 53% premium over IPO price

Senores Pharmaceuticals made a healthy stock market debut, with shares getting listed at ₹600, a 53.45% premium to its issue price of ₹391 per share on the NSE. On the BSE, the stock made debut at ₹593.70 per share, a 52% premium as against its issue price.

Union Budget 2025: FICCI urges government to focus on higher capex, simplified taxes, and reforms to boost consumption

With less than five weeks for the finance minister to table the Union Budget for the upcoming fiscal year, consultations are on in full swing.

From seeking a higher capex to hiking the healthcare budget to an independent dispute resolution body, industry body FICCI has submitted a slew of recommendations.

More Budget 2025 details here

IRDAI seeks industry feedback on GST rate for insurance sector

The Insurance Regulatory and Development Authority of India (IRDAI) is holding talks with the insurance industry to determine the optimal Goods and Services Tax (GST) rate that would allow companies to pass on tax benefits to policyholders, sources told CNBC-TV18.

Life and health insurance companies are expected to present their views through their respective councils—the Life Insurance Council and the General Insurance Council. These councils will compile the industry’s recommendations and submit them to the IRDAI. Subsequently, the IRDAI will forward its consolidated views to the Ministry of Finance for consideration.

Trump sides with Elon Musk in H-1B visa debate, good news for Indian IT

President-elect Donald Trump sided with key supporter and billionaire tech CEO Elon Musk in a public dispute over the use of the H-1B visa, saying he fully backs the program for foreign tech workers opposed by some of his supporters.

Trump’s remarks followed a series of social media posts from Musk, the CEO of Tesla and SpaceX, who vowed late Friday to go to “war” to defend the visa program for foreign tech workers.

What is known about the fiery passenger jet crash landing that claimed 179 lives in South Korea?

A passenger jet burst into flames while landing at an airport in South Korea on Sunday (December 29) , killing 179 people in one of the deadliest air disasters in that nation’s history. There were only two survivors, officials said.

Video showed the plane skidding across the airstrip, overrunning the runway and crashing into a barrier at the airport about 290 kilometres south of Seoul on Sunday. Its front landing gear apparently was not deployed.

Farmers protest: SC to take stock on December 31 as Dallewal’s hunger strike enters day 35

As the indefinite hunger strike of Jagjit Singh Dallewal entered its 35th day on Monday, the Supreme Court on December 31 would examine Punjab government’s measures to provide treatment to the ailing farmer leader.

A team of the Punjab government officials on December 29 attempted to persuade the septuagenarian to take medical aid, but he declined it, fearing use of forces to oust him from the protest site.

ISRO reschedules Space Docking Experiment by 2 minutes

ISRO’s Space Docking Experiment onboard a PSLV rocket later on Monday has been rescheduled by two mins, the space agency said.

A key milestone in India’s space programme, the mission will lift off at 10 pm on Monday instead of the originally planned 9.58 pm, ISRO said. However, there was no immediate information on the reason behind the rescheduling.

“Launch Day is here. Tonight at precisely 10 pm, PSLV-C60 with SpaDeX and innovative payloads are set for liftoff,” ISRO said in an update on Monday.

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