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Indonesia is facing a significant economic crisis, highlighted by a 20.2% increase in mass layoffs across various sectors, resulting in 78,000 job losses in 2024 alone. The manufacturing sector, once a cornerstone of the economy, has seen its contribution to GDP plummet from 32% in 2002 to just 18% in 2024, signaling a troubling trend of premature deindustrialization. Analysts urge the government to implement swift fiscal and monetary incentives to combat the economic downturn.
Edtech firm Physics Wallah has revamped its leadership in preparation for an initial public offering (IPO). The company has appointed three independent directors: Nitin Savara, Rachna Dikshit, and Deepak Amitabh, while Prateek Boob's title has been updated from executive director to wholetime director for a five-year term starting February 12, 2025.
Flipkart has implemented a new pricing policy that restricts sellers from setting their product listing prices, allowing the platform to determine final prices after applying discounts and fees. Sellers have raised concerns that this change may violate Indian FDI norms and could lead to anti-competitive practices, as it complicates price parity across platforms. Despite these allegations, Flipkart claims the policy aims to enhance seller profitability and reduce order cancellations caused by price fluctuations.
Zomato's shares have experienced a significant decline, falling over 5% and dropping below the INR 200 mark. This downturn reflects ongoing challenges in the market as investors react to the company's performance and broader economic conditions.
UBS Group has acquired shares in 29 companies, including Fortis Healthcare, Max Financial Services, Reliance Industries, Blue Star, and Hyundai Motor India, for a total of Rs 1,938 crore through open market transactions. Notable purchases include Rs 164 crore in Fortis Healthcare and Rs 144 crore in Max Financial Services. Following the acquisitions, shares of Fortis Healthcare, Blue Star, and Reliance Industries experienced declines on the National Stock Exchange.
Nifty is currently at 23,200, while Sensex has dropped by 650 points, with Zomato, Adani Ports, and Tata Steel being the top losers. In a significant development, a Memorandum of Understanding has been signed with Technopark to establish a World Trade Centre in Thiruvananthapuram, aiming to create approximately 1.5 million sq. ft. of infrastructure, including a business hotel and IT office spaces for MNCs.
Indian equity markets closed lower on January 3, with the Sensex dropping 720.60 points to 79,223.11 and the Nifty falling 184 points to 24,004.75. Tata Motors and Nestle India were the top gainers, while Zomato and HDFC Bank led the losses. Market sentiment remains cautious amid concerns over slowing growth and foreign fund outflows.
Zomato has surpassed Hindustan Unilever (HUL) and Nestle in the Sensex, achieving a weightage of 2.77%. This milestone reflects Zomato's growing prominence in the market as it continues to gain traction among investors.
On December 12, a significant defense deal was signed to bolster India's military capabilities, aligning with the 'Aatmanirbhar Bharat' initiative. The stock market saw notable movements, with three NSE stocks surpassing their 200-day moving average, while Zomato faced an ₹803 crore GST demand. Additionally, the Cabinet Committee on Security approved a project for 100 K-9 Vajra howitzers, impacting L&T stocks.
On Monday, traders are advised to consider strategies for Zomato, IRFC, Castrol India, Jindal Stainless, EMS, and Punjab National Bank. Additionally, there is an option to receive push notifications for relevant content and transaction updates.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
indonesia faces economic crisis as mass layoffs surge across sectors
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