Expresso Business and Finance News Highlights of the Week on 28 June 2024

The past week has been eventful in the world of business and finance, with several key developments taking place across various sectors. Here are some of the highlights from the week of 28 June 2024:

1. Labour Welfare and Employment Index: The government is set to introduce a new "Labour Welfare and Employment Index" (LWEI) that will rank states and union territories based on parameters such as employment, labour welfare, social security coverage, and productivity. This move aims to promote healthy competition among states and improve the ease of doing business. The index is expected to be unveiled in the coming weeks and may be announced by Finance Minister Nirmala Sitharman in her Budget speech.

2. Wipro Workforce Decline: IT giant Wipro reported a significant decline in its female workforce, with the number of female employees dropping to 68,231 in fiscal year 2024 from 90,721 the previous year. This decline is part of a broader reduction in Wipro’s overall workforce, which saw a year-on-year decrease of 24,516 employees. The trend of declining female workforce numbers is also observed in other industry players like Infosys and Tata Consultancy Services.

3. CarTrade Tech Shares Drop: Shares of CarTrade Tech witnessed a 3% decline as a significant block deal took place on the National Stock Exchange (NSE). Highdell Investment and MacRitchie Investments Pte were reported to have initiated the block trade, involving a substantial portion of CarTrade Tech’s equity. The stock reached an intraday low following the block deal.

4. Residential Property Sales Decline: Infotech hubs like Pune, Hyderabad, and Bengaluru are experiencing a decline or flat growth in residential property sales in the current quarter. Hyderabad and Pune saw the highest decline among the top cities, while sales remained stagnant in Bengaluru. Experts attribute this trend to factors like elections, previous launches, and a sluggish second quarter.

5. E-Rupee Usage Decline: India’s digital currency, the e-rupee, has seen a significant decline in usage, dropping to one-tenth of its peak in December. The Reserve Bank of India initiated a pilot for the e-rupee in 2022, but daily transactions have plummeted to around 100,000 from 1 million. The ongoing transactions are mainly driven by banks disbursing benefits to their employees via the e-rupee.

6. Adani Group Investment Plans: The Adani Group announced plans to invest Rs 1.3 trillion in FY25 across its businesses, with a focus on the airport and green energy sectors. The group aims to raise equity capital and refinance debt for these projects. The CFO dismissed Sebi notices to group firms as "trivial" in nature.

7. UltraTech Cement Acquisition: UltraTech Cement board approved the acquisition of approximately 23% equity stake in India Cements, with plans to acquire 7.06 crore shares at Rs 267 per share. The total cost of acquisition is estimated at Rs 1885 crore.

These developments reflect the dynamic nature of the business and finance landscape in India, with companies and government entities making strategic moves to navigate the evolving economic environment.