Category: BUSINESS

Mumbai: The Indian stock market crashed on Tuesday, with the Sensex and Nifty falling over 1.3 per cent in the afternoon trade, as US President Donald Trump formally announced plans to impose 25 per cent tariffs on all steel and aluminium imports.

In the afternoon trade, the Sensex tumbled nearly 1,000 points, or 1.25 per cent, to around 76,300, while the Nifty slipped 300 points, or 1.3 per cent, falling below the 23,100 mark.

The broader market suffered even more, with midcap and smallcap indices plunging as much as 3.5 per cent amid deeper concerns beyond blue-chip stocks.

The ongoing market decline comes after former US President Donald Trump signed executive orders on February 10 to expand tariffs on steel and aluminium imports from March 12.

The move raised aluminium tariffs from 10 per cent to 25 per cent and reinstated a 25 per cent tariff on steel imports.

Key trading partners like Canada, Mexico, and Brazil lost their exemptions, fueling fears of a wider trade war and impacting global economic growth.

Meanwhile, the Indian Steel Association (ISA) has expressed deep concern over the US decision to impose tariffs on steel imports, urging the Indian government to push for the removal of long-standing anti-dumping and countervailing duties and to secure exemptions from these restrictive measures.

The latest tariff is expected to slash steel exports to the US by 85 per cent. These tariffs could lead to a massive steel surplus that will likely flood the Indian market, ISA warned.

According to experts, the stock market move suggests a cautious sentiment, influenced by global cues and the absence of strong domestic triggers.

Institutional flows remain a key factor in market sentiment with FII outflows reaching Rs 12,643 crore in February so far.

New Delhi: India’s top six cities have witnessed significant scale-up in office leasing and supply which is likely to gain further momentum, with gross leasing across the top six cities projected to reach 65-70 million square feet in 2025, according to a report on Tuesday.

The demand from engineering and manufacturing, BFSI firms and flex space operators can surge by 10-15 percent in 2025, said the report by real estate consultancy Colliers.

Bengaluru will account for an estimated one-third of the overall office space demand in 2025, led by space uptake from GCCs, engineering and manufacturing firms and flex space operators.

While Bengaluru will continue to lead the other major markets by a considerable margin, Hyderabad and Delhi NCR are likely to see heightened activity and register 10-15 million sq ft of leasing activity each, 5-10 per cent higher compared to the previous year.

Mumbai, Chennai and Pune will meanwhile continue to be preferred by occupiers from BFSI and Engineering & manufacturing sectors and flex space operators respectively.

“The three cities are likely to witness 5-10 million sq ft of Grade A office space demand each in 2025,” said Arpit Mehrotra, Managing Director, Office Services, Colliers India.

The report, titled ‘India Office: Setting New Standards for 2025,’ released at the FICCI ’18th Real Estate summit’ takes into account continuance of favourable business sentiments and excludes impact of external volatilities or disruptive events.

The surge in overall leasing volume is likely to be driven by diversification of occupier base, continued expansion of Global Capability Centers (GCCs) and business optimism amid domestic occupiers. The office market will continue to evolve from a supply-led environment to an occupier-driven landscape, shaping the next growth phase of commercial real estate in India, according to the report.

This transition has pushed developers to become more agile and tailor office spaces to match evolving occupier needs. Approximately 60-65 million sq ft of new supply is anticipated in 2025. Moreover, a growing emphasis on energy efficiency and sustainable material and energy usage is set to further redefine standards in Indian commercial estate throughout 2025.

Engineering and manufacturing, BFSI firms and flex space operators are expected to drive office demand in 2025, with each segment poised for a 10-15 per cent annual rise in space uptake. Cumulatively, these three sectors are likely to continue to account for half of the leasing activity in 2025. Engineering and manufacturing sector will see heightened activity across most major office markets, with Bengaluru likely to dominate leasing volumes, the report stated.

BFSI firms will continue to prefer having a presence in Mumbai, but increasing traction in Bengaluru, Hyderabad, and Pune highlights a growing trend of diversification beyond traditional hubs. Meanwhile, flex space operators are set to emerge as one of the leading demand drivers, accounting for nearly 20 per cent of total leasing activity in 2025.

According to the report, GCC leasing saw a 41 per cent YoY increase in 2024, at 25.7 million sq ft across the top 6 cities. This demand is expected to further increase and be close to 30 million sq ft, accounting for around 40 per cent of the total office space demand in 2025.

Bengaluru and Hyderabad are likely to remain preferred knowledge and innovation-driven GCC hubs. In line with past trends, US-based companies are likely to drive GCC expansion across most markets and contribute around 70 per cent of the GCC demand in 2025, led by Technology, BFSI and Engineering and manufacturing firms.

With REITs in India gaining traction, driven by increasing retail investor participation and favourable regulatory environment, developers are focusing on curating high-quality real estate portfolios. Simultaneously, the growing occupier demand for sustainable, green-certified developments can fast-track the realisation of national carbon emission and net-zero goals. Increasing adoption of sustainable elements and low-carbon construction materials in the built environment, especially commercial real estate, can accelerate long-term green economy transition, the report added.

Seoul: With the recent entry by China’s BYD into South Korea’s passenger electric vehicle (EV) market, concerns have been raised over potential personal data leaks to China through the vehicles manufactured by the company, industry observers said on Tuesday.

The security risks of private data leaks to China emerged following BYD’s official entry into the South Korean passenger vehicle market last month, reports Yonhap news agency.

BYD’s first model launched here, the Atto 3, is equipped with connected car features, such as over-the-air (OTA) software update capability and navigation features, through which sensitive driver data could be transferred to China, according to the market watchers.

“BYD must disclose exactly what types of data are collected and how they are processed,” said Yom Heung-yeol, professor emeritus of cybersecurity at Soonchunhyang University.

He stressed that an “opt-out mechanism,” allowing consumers to reject the collection of personal data if they choose, was necessary.

BYD Korea has addressed data protection concerns, stating, “We fully understand Korean customers’ concerns regarding personal data security and strictly comply with the Personal Information Protection Act.”

It said that data collected in South Korea is managed locally and not shared with BYD headquarters in China.

The company has also stated that it has no plans to integrate DeepSeek, China’s generative artificial intelligence (AI) service, into its vehicles.

Chinese EV manufacturer Geely recently announced a plan to incorporate DeepSeek’s AI model into its vehicles.

The recent launch of DeepSeek has raised concerns over potential data leaks globally, having prompted South Korean government agencies and private companies to ban the use of its service at work.

Despite BYD’s assurances, concerns persist regarding the storage of Korean user data on Tencent Cloud servers, which belong to a Chinese IT company.

Although managed within South Korea, the storage of Korean user data on a China-affiliated server has sparked unease among experts.

Lim Jong-in, professor emeritus at Korea University’s graduate school of information security, said the government must conduct rigorous inspections of BYD vehicles not only in terms of performance but also from a cybersecurity standpoint.

“Like Huawei in the past, there is a possibility of backdoor access vulnerabilities that allow third parties to bypass security protections and access data,” Lim said.

Mumbai: The rupee on Monday plunged 45 paise and moved closer to the 88 per US dollar-level, weighed down by the strength of the American currency tariff concerns, but eventually settled at 87.45, up 5 paise, following RBI intervention.

The American currency gained in the overseas market after US President Donald Trump’s plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports.

The move has added jitters over the global trade war with China’s reciprocal duties coming into effect, they said.

At the interbank foreign exchange, the rupee opened at 87.94 and touched an all-time intraday low of 87.95 against the American currency during the session.

The local unit, however, pared the initial losses and finally at 87.45, higher by 5 paise from its previous close.

On Friday, the rupee recovered 9 paise from its all-time low level to close at 87.50 against the US dollar.

The rupee touched an all-time low closing level of 87.59 against the greenback on February 6.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.14 per cent higher at 108.18.

“The Indian rupee touched fresh record lows in early trades on weak domestic markets and a strong US dollar index. However, the rupee recovered early losses on supposed intervention by the Reserve Bank of India (RBI),” said Anuj Choudhary — Research Analyst at Mirae Asset Sharekhan.

“Traders may take cues from inflation data from the US and India this week. USDINR spot price is expected to trade in a range of 87.25 to 87.80,” Choudhary said.

Meanwhile, Brent crude, the global oil benchmark, rose 0.98 per cent to USD 75.39 per barrel in futures trade.

Reserve Bank Governor Sanjay Malhotra on Saturday said the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.

Addressing the media after the meeting of Finance Minister Nirmala Sitharaman with the Reserve Bank board, Malhotra said the central bank focuses on the value of the rupee in the medium to long term.

Forex traders said the Indian rupee is trading with a negative bias as foreign banks went on a dollar-buying spree and importers scrambled to secure dollars, as they feared further depreciation amidst global uncertainty.

“The intra-day volatility in the currency was very high… The reserves of USD had grown up USD 1.05 billion to USD 630.61 billion as the RBI bought dollars amounting to about 7 billion in an attempt to shore up the reserves,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

“Today’s intervention was a big one from the RBI, taking rupee down… 88.00 should act as a big support for rupee while 87.30 should be a support for the dollar. The range for tomorrow (Tuesday) should be between 87.30 and 87.70,” he added.

In the domestic equity market, the 30-share BSE Sensex dropped 548.39 points, or 0.70 per cent, to settle at a week’s low of 77,311.80, while the Nifty declined 178.35 points, or 0.76 per cent, to 23,381.60 points.

Foreign institutional investors (FIIs) offloaded equities worth Rs 2,463.72 crore in the capital markets on a net basis on Monday, according to exchange data.

Meanwhile, India’s forex reserves rose USD 1.05 billion to USD 630.607 billion for the week ended January 31, the RBI said on Friday.

In the previous reporting week, the overall reserves had increased by USD 5.574 billion to USD 629.557 billion.

New Delhi: The Integrated Cold Chain and Value Addition Infrastructure Scheme of the Ministry of Food Processing Industries has resulted in a significant reduction in wastages in vegetables, dairy and fisheries sectors, apart from some benefits in other sectors as well, according to a NABARD study.

The Ministry of Food Processing Industries (MoFPI) has been implementing Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) since 2016-17 to create post-harvest infrastructure and processing facilities to boost the overall development of the food processing sector including reduction in post-harvest losses, according to information tabled in the Rajya Sabha by Minister of State, Ravneet Singh.

The component schemes under PMKSY provide credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing/preservation infrastructure which, inter-alia, includes cold storages and refrigerated vehicles to minimize post-harvest losses.

PMKSY was envisaged as a comprehensive package which will result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet.

It aims to not only provide a big boost to the growth of food processing sector in the country but also improve the capacity of food processing units which help in providing better returns to farmers and creating employment opportunities especially in the rural areas, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of processed foods.

Apart from MoFPI, the Ministry of Agriculture and Farmers’ Welfare has also launched the Agriculture Infrastructure Fund (AIF) Scheme in July 2020 under the Atmanirbhar Bharat package in order to improve post-harvest infrastructure and create community farming assets. The AIF Scheme facilitates sanction of medium to long term loans by Banks and other lending institutions for the setting up of cold storage facilities, warehouses and processing units, aimed at reducing crop wastage and enhancing value addition, the minister said.

Besides, the Food Corporation of India is implementing an action plan for construction of steel silos on PPP (public private partnership) mode to upgrade and modernise storage facilities in the country. Under this plan, Silos with capacity of 24.25 lakh metric tonnes (LMT) at various locations throughout the country are under implementation. Out of which, silos with a capacity of 17.75 LMT have been completed and remaining 6.5 LMT are under various stages of development.

In addition to above, silos of 5.5 LMT capacity at 7 locations have already been constructed and put to in use in 2007-09 under circuit base model. Further, under phase–I of hub and spoke model silos of 10.125 LMT at 14 locations on FCI-owned land have been awarded and 24.75 LMT at 66 locations on private land have been awarded and are in the development stage, the minister added.

Mumbai: The domestic benchmark indices opened lower on Monday as US President Donald Trump threatened to start imposing a new 25 percent tariff on all steel and aluminium imports, including those from Canada and Mexico.

The new tariffs are expected to be imposed from Monday (US time), with additional import duties expected later in the week. Speaking to reporters aboard Air Force One on Sunday, Trump said he would also announce reciprocal tariffs, which would take effect almost immediately.

At 9.30 am, Sensex was trading at 77,575.91, down 284.28 points (0.37 percent) while the Nifty was down 87.95 points (0.37 per cent) at 23,472.00.

Rupee also weakened by 53 paise to 87.95 against the US Dollar.

Most Nifty stocks were trading lower. JSW Steel and Tata Steel declined the most after Trump threatened to slap tariffs imports on steel and aluminium.

Nifty Pharma was also down over fears that the US tariffs can spillover from metals to pharma products. Nifty Auto and Nifty PSU Bank were the only ones in green.

Bharti Airtel, Britannia, Hero MotoCorp, SBI, Kotak Mahindra Bank were among major gainers on the Nifty.

After a negative opening, Nifty can find support at 23,500 followed by 23,400 and 23,300. On the higher side, 23,700 can be an immediate resistance, followed by 23,800 and 24,000, according to Hardik Matalia, deriviative analyst, Choice Broking.

The charts of Bank Nifty indicate that it may get support at 50,000 followed by 49,700 and 49,500. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,800, he mentioned.

In Asian markets, South Korean stocks remained nearly unchanged on Monday morning as tech gains offset losses of steel and auto shares amid concerns about the impact of Trump’s sweeping tariffs on the industries.

Meanwhile, The foreign institutional investors (FIIs) sold equities worth Rs 470 crore on February 7, while domestic institutional investors (DIIs) purchased equities worth Rs 454 crore.

New Delhi: Tech giant Meta is expected to lay off around 3,000 employees, which is about 5 percent of its total workforce, as per a leaked internal memo, reports said on Sunday, February 9.

According to the report, the memo, posted by Janelle Gale, Meta’s Vice President of Human Resources, was shared on the company’s internal Workplace forum.

The memo states that affected employees will receive an email on Monday morning informing them about their job status.

For some international employees, the layoff process will begin on Sunday at 2.30 am IST.

In the US, employees will be notified at 6.30 pm IST on Monday.

Within an hour of receiving the email, they will lose access to company systems. The email will also provide details about severance packages.

Gale acknowledged the difficulty of the situation, especially for teams losing a manager or colleague.

She mentioned that Meta offices will remain open, but employees who prefer to work remotely on Monday can do so.

Since Meta follows a hybrid work model, requiring employees to be in the office three days a week, working from home on Monday will still count as an in-person workday.

The company has not disclosed the names of the employees being laid off.

Some of these roles may be refilled in the future, but there is no set timeline.

Employees whose managers are laid off will be assigned new reporting heads.

Meta CEO Mark Zuckerberg had previously hinted at job cuts, stating that the company was raising performance standards.

Typically, Meta phases out low performers over a year, but this time, the layoffs are happening on a much larger scale based on recent performance reviews.

Meanwhile, Amazon recently laid off dozens of employees, while Salesforce cut about 1,000 jobs earlier this year.

The trend of job cuts in the tech industry continues as companies focus on efficiency and cost-cutting.

Mumbai: The market outlook for the next week of February will be guided by key factors like Delhi polls outcome, inflation data and Q3 earnings.

The announcement of the Delhi Assembly election results was another significant event as the Bharatiya Janata Party (BJP) secured a strong victory in the Assembly elections, winning 48 out of 70 seats.

Analysts believe this win could contribute to positive investor sentiment.

Macroeconomic data will be another major focus for investors. Inflation and industrial output data will be released on February 12.

January inflation is projected to drop to 4.69 per cent from 5.22 per cent in the previous month, which could influence RBI‘s next policy decision.

Meanwhile, industrial production growth is expected to slow to 4.1 per cent from 5.2 per cent.

Corporate earnings will also impact stock market movement this week.

Major companies such as Eicher Motors, Apollo Hospitals, Vodafone Idea, Hindustan Aeronautics, and Muthoot Finance will report their quarterly results.

The financial performance of these companies will shape investor confidence.

Foreign institutional investors (FIIs) continued their selling spree last week, pulling out Rs 8,852 crore from the market.

However, domestic institutional investors (DIIs) provided some stability by investing Rs 6,449 crore.

“Nifty remained volatile throughout the week but managed to close positive for the second consecutive week, sustaining above the 23,450–23,500 zone, signalling a potential bottom reversal,” Puneet Singhania, Director Master Trust Group said.

He added that the index continues to trade decisively above the critical 21-day EMA, reinforcing positive sentiment and indicating further upside momentum.

“Despite short-term volatility, the trend remains positive, supporting a ‘Buy on Dips’ strategy,” Singhania mentioned.

On the global front, several macroeconomic indicators will play a crucial role in influencing market trends.

US inflation data for January, which will be released on February 12, is expected to show core inflation at 3.2 per cent and headline inflation at 2.9 per cent year-on-year (YoY).

Any deviation from these estimates could impact the US Federal Reserve’s future interest rate decisions.

Additionally, UK GDP data and China’s inflation numbers will also be watched closely.

In the last week, the domestic equity benchmarks continued their upward momentum as the Nifty advanced by 0.33 per cent to close at 23,559.95, while the BSE Sensex rose 0.46 per cent to settle at 77,860.

Bengaluru: Karnataka Medium and Large Industries Minister M.B. Patil on Saturday announced that Defence Minister Rajnath Singh and the Leader of the Opposition in the Lok Sabha Rahul Gandhi are among the leaders expected to attend the inaugural event ahead of Global Investors Meet (GIM) – Invest Karnataka 2025 on February 11.

The GIM is scheduled from February 12–14.

Addressing media in Bengaluru, Patil said: “Distinguished leaders, including Defence Minister Rajnath Singh, Leader of Opposition in Lok Sabha Rahul Gandhi, Union Minister of Commerce and Industry Piyush Goyal, Union Minister of Consumer Affairs Pralhad Joshi, Union Minister of Heavy Industries H.D. Kumaraswamy, and Minister of State for Labour and Employment and Micro, Small and Medium Enterprises Shobha Karandlaje, are expected to attend the inauguration and participate in the summit.”

Key industrialists will join in for the inauguration, he stated.

The summit will spotlight Karnataka’s strategic position as an innovation and investment hub while fostering global partnerships across industries, he said.

Patil further announced the first-ever Invest Karnataka Awards, recognising 14 pioneering industries that have shaped the state’s industrial growth.

Special categories include Sunrise Sector Awards, celebrating advancements in aerospace and defence (public and private), auto/EVs, and biotech and life sciences, along with awards for Highest One-Time Investment and Pioneers in Global R and D. Complementing this, the Karnataka Case Study Booklet, set for launch during the awards, will highlight transformative investments and success stories driving Karnataka’s economic evolution.

Strengthening support for small businesses, the first-ever SME Awards will honour 35 plus outstanding enterprises, with special recognition for district-level excellence, women entrepreneurs, and sectoral achievements. Reinforcing Karnataka’s status as a global leader in innovation, 60-plus companies and startups will showcase disruptive technologies in manufacturing, mobility, and clean energy, featuring breakthroughs in autonomous systems, carbon nanotubes, UAVs, and advanced robotics in the Future of Innovation Expo.

In a move to further industrial expansion, the government announced the development of sector-specific industrial parks, including the Advanced Pharma Park in Kolar, a Solar Cell Park and Food Park in Vijayapura, a Drone Park in Chitradurga, and EV Clusters in Chikkaballapur and Dharwad, Minister Patil stated.

Additionally, the 200-acre Startup Park in Hubballi, poised to support more than 400 startups, and the 1,200-acre Industrial Park in Tidagundi, Vijayapura, projected to reaffirm Karnataka’s commitment to becoming a global industrial hub, he said.

Invest Karnataka 2025 will feature more than 75 marquee speakers.

Minister Patil underscored the importance of these initiatives, emphasizing that Invest Karnataka 2025 will be Karnataka’s most dynamic investment summit solidifying the state’s position as India’s premier investment and innovation destination.