US may drop 25% tariffs on Indian goods
India and the US have resumed their trade talks after a hiatus. This time, the focus is on the additional 25% penal tariffs imposed on certain Indian goods by the US on account of India importing Russian oil. India stands firm that a deal might not happen if these additional tariffs are not revoked.
Chief Economic Adviser V. Anantha Nageswaran this week hinted that the U.S. could decide to take back there by the end of November, hinting at a cheer for Indian exporters. For Indian businesses, this means the textile, leather, gems, and shrimp industries could see easing duties and better access to US markets.
Gameskraft Scandal Rocks Online Gaming
The online gaming sector was jolted by a shockwave this week as fraud conducted by Ramesh Prabhu, CFO of India’s fastest-growing gaming startup, Gameskraft came to light.
The CFO of the Bengaluru-based startup has allegedly siphoned off ₹270 crore from company funds, all to bet it on futures and options in a personal capacity. Prabhu is now facing charges of forgery, cheating, and criminal breach of trust.
This incident has rattled the gaming industry, which is already under pressure of new restrictions and a ban on real money gaming.
Festive Cheer: Maruti Suzuki Slashes Car Prices
The automobile sector gave a reason to cheer this week as Maruti Suzuki announced a price cut for several of its entry-level models.
The company has cut prices after GST rate cut and in time for the festive season. Starting September 22, customers can save around ₹41,000 to ₹1.3 lakh on Maruti’s hatchbacks and compact SUVs.
Fed Cuts Rates, Markets laud
The U.S. Federal Reserve announced a 25 basis point cut in interest rates, a move which is aimed at boosting consumption and borrowing in the American economy.
This rate cut gave a boost to Indian markets as well as the benchmark indices, Sensex and Nifty both jumped across two-month highs and ended up with around 1% gain this week.
Urban Company’s Blockbuster IPO
Adding to investor excitement, home services startup Urban Company made a stunning entry on the Dalal Street.
The company’s share is listed at ₹162, a staggering premium of 57% above the issue price of ₹103. Shares continue on the uptrend, making the investors happy with their IPO bet.
The strong debut of Urban Company’s IPO highlights the growing faith of investors in India’s startup story.
Google hits $3 trillion milestone
Google’s parent Alphabet crossed a new milestone in the trillion-dollar club and became the fourth company to cross the $3 trillion market capitalization mark, joining Apple, Microsoft, and Nvidia.
A US court ruling that protected its Chrome and Android businesses gave the stock a 4% boost, helping it close at $3.05 trillion. For investors worldwide, the milestone cements Google’s place among the most powerful companies in modern history,
