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Here are the top stories to start your day.
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⭐ Kalyan Jewellers shines in Q3
In the December quarter, the Kerala-based jewellery chain’s revenue rose by 13% on a year-on-year basis. The company witnessed positive momentum in footfalls and revenue across all the markets, driven by strong festive demand. Also, Kalyan Jewellers’ gross margins expanded sequentially, led by the improvement in the studded segment and share of revenue from non-south markets.
⭐ Multiple bids for IDBI Bank divestment
The government said that it has received multiple expressions of interest or bids for divestment of IDBI Bank. It added that the transaction will move to the second stage now. The LIC and the government together have been looking to sell 60.7% stake in IDBI Bank. Meanwhile, shares of the bank soared 8.5% last week.
⭐ India’s GDP growth projected at 7%
India’s economy is expected to grow by 7% in the current financial year, according to the first advance estimates released by the National Statistical Office. This GDP growth projection is higher than the Reserve Bank of India’s (RBI) estimate of 6.8%. In comparison, India’s economy had grown by 8.7% in FY22.
Global markets (at 8:00 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.70% |
| Nikkei 225 (Japan) (January 06) | ▲ 0.59% |
| Hang Seng (Hong Kong) | ▲ 2.27% |
| SSE Composite (China) | ▲ 0.60% |
| Dow Jones (US) (January 06) | ▲ 2.06% |
| NYSE (US) (January 06) | ▲ 0.87% |
| Nasdaq (US) (January 06) | ▲ 2.56% |
| S&P 500 (US) (January 06) | ▲ 2.28% |
Fact of the day
Maruti Suzuki has produced 2.5 crore vehicles since it started operations in India in 1983.