Top Stories | Maruti Suzuki posts in-line Q3, all eyes on Fed decision, Maha Kumbh stampede deaths, and more
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The markets are rallying, with the Nifty reclaiming 23,100 and the Sensex surging over 600 points. But concerns linger as indices remain 12% off their record highs. Meanwhile, all eyes are on the US Federal Reserve’s first interest rate decision of 2025, set to be announced today.
In corporate earnings, Maruti Suzuki met estimates with a 13% rise in profit, while Tata Motors saw a sharp 23% decline despite JLR posting record revenue. On the policy front, India is set to spend nearly $4 billion to secure critical minerals, challenging China’s dominance in the sector.
Elsewhere, the Maha Kumbh stampede has claimed at least 30 lives, prompting calls for better crowd control. And in the US, Trump’s sweeping government overhaul faces legal hurdles, with a judge blocking his funding freeze.
Stay ahead of the headlines with CNBC-TV18’s Top 10@10—your essential evening briefing.
Nifty reclaims 23,100 mark after gaining for 2nd straight day
The stock market saw broad-based buying on Wednesday, with the Nifty reclaiming the 23,100 mark after gaining for a second straight day.
The Sensex moved above 76,500, rising over 600 points today. The Nifty also gained 206 points, closing at 23,163. The bourses are down about 12% each from record high levels hit on Sept 27 and are on course for their longest monthly losing streak in 23 years.
US Federal Reserve meeting: Where to watch FOMC interest rate decision and Fed chair Jerome Powell's speech
The first repo rate decision of the US Federal Reserve in 2025 will be announced shortly today, Wednesday, January 29 with the meeting of the Federal Open Market Committee (FOMC) coming just days after Donald Trump’s inauguration as office as the 47th President on January 20, 2025.
Maruti Suzuki Q3 Results: Volume-led earnings growth meets expectations
India's largest passenger car manufacturer Maruti Suzuki India Ltd. reported results for the October-December period on Wednesday, January 29, that were in-line with analyst expectations.
Net profit for the period increased by 13% from last year to ₹3,525 crore, while a CNBC-TV18 poll had expected the number at ₹3,474 crore.
Revenue for the quarter stood at ₹38,492 crore, which is marginally lower compared to the CNBC-TV18 poll of ₹38,782 crore, and up 16% on a year-on-year basis.
Tata Motors Q3 profit slides 23% to ₹5,451 crore; JLR posts record revenue with highest EBIT margin
Tata Motors Ltd on Wednesday (January 29) reported a 22.5% year-on-year (YoY) decline in net profit at ₹5,451 crore for the third quarter that ended on December 31, 2024. In the corresponding quarter of the previous fiscal, Tata Motors posted a net profit of ₹7,025 crore, the company said in a regulatory filing.
The company's revenue increased 1.8% to ₹1.13 lakh crore crore as against ₹1.11 lakh crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted revenue of ₹1.16 lakh crore for the quarter under review.
Maha Kumbh Stampede: Death toll rises to 30, at least 60 injured, confirms UP Police
The death toll in the Mahakumbh Mela has risen to 30, with at least 60 people injured, Uttar Pradesh Police confirmed. The incident occurred between 1 am and 2 am on the occasion of Mauni Amavasya, one of the most significant bathing days of the Kumbh Mela.
During a press conference, Vijay Kiran Anand, Chief Officer of the Mahakumbh Mela, and Vaibhav Krishna, DIG of the Mahakumbh Mela, explained that the stampede was triggered when barricades set up for crowd control broke, causing pilgrims standing in long lines to fall onto others who were resting on the ground, leading to overcrowding and chaos.
Also Read: Stampede at Maha Kumbh: What caused it
Prayagraj airfares: Consumer Affairs Minister urges DGCA to intervene
Consumer Affairs Minister Pralhad Joshi has taken note of the eye-popping airfares to Prayagraj and has written to aviation regulator DGCA seeking steps to reduce "exorbitant" airfares to Prayagraj, which is hosting the Maha Kumbh Mela till February 26.
A round-trip from Chennai to Prayagraj for travel between Jan 30 to Feb 4 could cost as high as ₹1 lakh per person. The same trend is seen across other cities as well including Ahmedabad-Prayagraj where airfares could cost ₹70,000.
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The minister expressed concerns over high airfares, making it difficult for devotees to travel to the religious gathering.
India will spend $4 billion to find critical minerals, a space dominated by China
The Union Cabinet of the government of India plans to spend ₹34,000 crore ($3.92 billion at current exchange rates) on the National Critical Minerals Mission. The Budget for financial year ending March 2025 had proposed the establishment the mission to ensure domestic production, recycling and acquisition of foreign mines of critical minerals, which are used in technologies such as solar modules, wind turbines, transmission networks and batteries..
Cabinet raises ethanol prices only for C-heavy molasses, no change for B-heavy
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revision of ethanol procurement prices for public sector oil marketing companies (OMCs) for the ethanol supply year (ESY) 2024-25, which runs from November 1, 2024, to October 31, 2025, under the Ethanol Blended Petrol (EBP) programme.
Govt may opt for a revival strategy for select PSUs: Sources
Reviving Select PSUs | Sources tell CNBC-TV18 that the government is not in favour of haircuts for banks and may opt for a revival strategy in select PSUs.
Quantum Mission chief says DeepSeek rise a 'wake-up call' for India, needs an 'emergency-like' focus
Ajai Chowdhary, Chairman of the National Quantum Mission and Co-Founder of HCLTech, sounded the alarm over Chinese AI DeepSeek's meteoric rise, calling it a "wake-up call" for the country and saying that India needs to step up with an "emergency-like" focus.
“If DeepSeek can create an LLM in two years, why can't India do it?” he told CNBC-TV18.
Trump offering federal workers buyouts with about 8 months' pay in effort to shrink government
The Trump administration announced Tuesday that it is offering buyouts to all federal employees who opt to leave their jobs by next week — an unprecedented move to shrink the U.S. government at breakneck speed.
A memo from the Office of Personnel Management, the government’s human resources agency, also said it would begin subjecting all federal employees to “enhanced standards of suitability and conduct” and ominously warned of future downsizing. The email sent to millions of employees said those who leave their posts voluntarily will receive about eight months of salary, but they have to choose to do so by February 6.
Donald Trump’s freeze on grant funding temporarily halted by judge
A federal judge in Washington has temporarily blocked the Trump administration from enforcing a new directive to halt payments of federal grants, loans and other assistance to an array of programs across the country.
US District Judge Loren AliKhan ordered the pause during a hearing in Washington on Tuesday, minutes before the directive was to take effect. She said the administrative stay was not a ruling on the merits of the fight. She will hold another hearing on Feb. 3 to consider whether to order a longer-term block.
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