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In corporate updates, IndiGo returned to profitability, reporting a ₹2,449 crore net profit in Q3 after a loss in the prior quarter. Meanwhile, Adani Green shares fell following reports of Sri Lanka revoking a power deal—claims the company later denied.
Speaking to CNBC-TV18, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri downplayed the impact of US sanctions on Russia, assuring that India’s oil supply chain remains secure.
On the global stage, Donald Trump drew attention at Davos with his tariff threats, while Novak Djokovic faced jeers after retiring injured in his Australian Open semifinal.
Closer home, a tragic blast at a Maharashtra ordnance factory claimed eight lives, triggering a major rescue operation.
Market slips for third consecutive week as Sensex, Nifty fall 0.5% each
The headline equities ended the week on a negative note, marking their third straight week of losses, the longest streak in three months. The broader market indices suffered significant declines, with the midcap index dropping 2% and small-cap stocks shedding 4%.
The benchmark Sensex and Nifty slipped by 0.5% each, while the Nifty Bank index fell 0.4%. In total, 27 Nifty stocks ended in the red, with Trent, SBI Life, and Dr. Reddy’s emerging as the top losers.
In contrast, Wipro, Kotak Mahindra Bank, UltraTech Cement, Britannia, and Grasim stood out as the biggest gainers in the Nifty 50 index.
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World Economic Forum: Trump tells businesses to manufacture in US or face tariffs
US President Donald Trump on Thursday (January 23) addressed the World Economic Forum where he offered business leaders low taxes if they manufacture their products in the US, while threatening them with tariffs if they don’t.
Addressing the forum’s Annual Meeting in Davos through video conferencing, Trump also said he is going to ask Saudi Arabia and OPEC to bring down oil prices and asserted that if prices come down Russia-Ukraine war will end immediately.
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India’s leaders prep for an A.I-ready future | Ashwini Vaishnaw | N Chandrababu Naidu | Davos
Shereen Bhan talks to Ashwini Vaishnaw, N Chandrababu Naidu, Devendra Fadnavis, Revanth Reddy & Nara Lokesh about their prep for an AI-ready future.
India is not worried about US sanctions on Russian oil, says Hardeep Singh Puri
India’s oil supply chain remains secure despite the United States imposing sanctions on Russia’s oil sector on January 10, according to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri.
Puri told CNBC-TV18, “There is no cause for concern at all. Enough oil is available in the world, with increasing supplies coming from the Western hemisphere.”
On Bharat Petroleum’s claim of insufficient cargoes for March, Puri reiterated his confidence in global oil availability. However, he noted that while the US sanctions might not disrupt India’s supply chain, “the same discounts won’t be available.”
More deets here
Top bankers sound alarm over rising liquidity crunch, worst in over a decade
The country’s top bankers have raised concerns over the escalating liquidity deficit in the financial system, which has reached its highest level in more than a decade.
Axis Bank’s top boss Amitabh Chaudhry said the continuing liquidity deficit in the system could impact credit growth and hence the country’s GDP growth at some point, while Bajaj Finserv’s Sanjiv Bajaj said there was a need to create a dedicated liquidity support line for NBFCs, many of which were as big or bigger than banks, and catering to vast segments of society. The country’s largest lender State of India’s Chairman CS Setty added that while liquidity continues to remain tight, the availability of on-tap liquidity from RBI definitely was a good indicator.
Full story here
IndiGo Q3 Results: Airline lands back on the profit runway after previous quarter loss
Interglobe Aviation Ltd., parent company of India’s largest airline by market share, IndiGo, reported an 18% year-on-year decline in its December quarter consolidated net profit at ₹2,449 crore as against ₹2,998 crore seen in the year-ago period. The airline posted a loss of ₹988 crore in the preceding September quarter.
The third quarter performance was driven by strong demand for air travel, continued growth, and lower fuel cost.
The airline’s revenue from operations rose 14% year-on-year to ₹22,111 crore, compared to ₹19,452 in the corresponding quarter of last year.
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Adani Green shares slip amid report of Sri Lanka revoking power deal; company issues clarification
Shares of Adani Green Energy slipped on 24 January after reports claimed Sri Lanka had revoked a $440 million power purchase agreement for the company’s 484 MW wind power projects in Mannar and Pooneryn.
Adani Green’s shares, which initially performed well due to strong Q3 results, fell nearly 6% intraday before closing 1.19% lower at ₹947.10 apiece on the BSE.
Post-market hours, Adani Group refuted the report, terming the claims of project cancellation “false and misleading.”
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Ordnance Factory Blast: Eight dead, seven others injured after blast in Maharashtra’s Bhandara district
At least eight people were feared dead after a massive blast at an ordnance factory in Maharashtra’s Bhandara district on Friday, January 24, morning. The blast occurred around 10:30 am at the Defence Factory in Jawahar Nagar, Bhandara. The incident resulted in a fire and subsequent building collapse. Initially, 13 individuals were reported trapped at the site.
The National Disaster Response Force (NDRF) team was deployed to the location and rescue efforts are underway.
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Judge temporarily blocks Donald Trump birthright citizenship order
A federal judge has temporarily blocked President Donald Trump from restricting who is eligible for automatic US citizenship at birth, in an early legal setback for the new administration’s hard-line immigration agenda.
US District Judge John Coughenour in Seattle called Trump’s executive order “blatantly unconstitutional” and questioned the quality of lawyering within the administration. The order, which Trump signed on his first day in office, denies automatic citizenship to US-born children of immigrants who entered the country illegally or have a temporary legal status.
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Watch: Novak Djokovic booed as he retires midway in his semifinal clash against Alexander Zverev at Australian Open
Thousands of tennis fans jeered Novak Djokovic as the tennis great was forced to retire midway through his semifinal clash against Alexander Zverev at the ongoing Australian Open on Friday.
Djokovic was trailing in the match as he lost the opening set 6-7(5). He retired hurt soon after. Djokovic quit because of a torn muscle in his left leg.
The 37-year-old had qualified for the semifinal after beating Carlos Alcaraz 4-6 6-4 6-3 6-4 in the quarterfinal.
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