#Latestnews⚡️CompanyValueChange%ChangeUS dollar and oil surge, stocks fall on Trump tariffsThe dollar surged, oil jumped and equity markets turned red after US President Donald Trump made good on his threat to impose tariffs on the exports of Canada, Mexico and China.
The yields on US Treasuries gained while stock futures slumped, and an index of Asia-Pacific shares also dropped in response to the punitive measures taken against some of America’s biggest trading partners. The Canadian dollar sank to its weakest since 2003, with euro and Mexican peso also posting losses.Read hereTrump Tariffs: Samvardhana Motherson, Sona BLW shares fall up to 8% on Mexico concerns India’s auto ancillary stocks like Sona BLW Ltd. and Samvardhana Motherson Ltd. have declined up to 8% on Monday in light of US President Donald Trump imposing a 25% tariff on goods from Canada and Mexico on Saturday, February 1.These tariffs will take effect from 12:01 AM US time on Tuesday. The US has also imposed a 10% tariff on China.Brokerage firm Elara Securities wrote in a note that auto component exports from India to Mexico form 3% of the total exports of $21.2 billion, amounting to $656 million. “Our industry interactions suggest these could be mainly metallurgical components like forgings and casting products,” the brokerage said.Out of the US sold vehicles, the ones produced in Mexico contribute the highest for companies like General Motors, Toyota and Volkswagen. Nearly 30-40% of vehicles sold by the first two and nearly 60% sold by Volkswagen in the US are produced in Mexico and Canada.Read hereRupee crosses 87-mark against dollar for the first time: Key factors behind the declineThe Indian rupee breached the 87 per dollar mark for the first time on Monday (February 3), weakening from Friday’s (January 31’s) close of 86.61/$. The decline came amid rising global trade tensions after US President Donald Trump imposed fresh tariffs on Mexico, Canada, and China.Trump’s executive orders imposed a 25% tariff on Mexican and most Canadian imports and a 10% tariff on Chinese goods. Mexico and Canada retaliated, while China warned of countermeasures.The offshore Chinese yuan, which rupee traders track, declined 0.54% to 7.3585 per dollar, adding pressure on emerging market currencies.The US dollar strengthened against major peers, and US Treasury yields rose.The rupee’s slide followed these developments, with traders watching for further cues from global markets.Read hereRVNL, IRFC shares fall another 8% as railway stocks continue seeing selling pressureShares of state-run railway companies, Rail Vikas Nigam Ltd. (RVNL), Indian Railway Finance Corporation (IRFC) Ltd. IRCON International Ltd. and RailTel Corporation Ltd. are down up to 5% on Monday, February 3, as the selling pressure in these stocks continued post the Union Budget presentation on Saturday.The Budget documents showed on Saturday that the allocation to the railways sector has remained unchanged for the railways sector at ₹2.55 lakh crore for financial year 2026. The allocation for financial year 2025 was also at ₹2.55 lakh crore.The fall in these stocks today can also be attributed to a general negative sentiment across the global equity markets after US President Donald Trump sparked fears of a tariff war post the imposition of tariffs on Canada, China and Mexico on Saturday night.Read here#PersonalFinance????Gold prices drop 1% after hitting all-time high: Key trends and outlookGold prices fell nearly 1% on Monday, February 3, 2025, after reaching an all-time high in the previous session. The decline occurred as the US dollar strengthened amid escalating global trade tensions.Spot gold dropped to $2,776.05 per ounce, down from Friday’s (January 30’s) record peak of $2,817.23 per ounce.US gold futures also decreased to $2,810.80 per ounce.The US dollar index hovered near a three-week peak, making greenback-priced gold more expensive for foreign buyers.In India, gold prices slipped by ₹10 to ₹84,480 per 10 grams in major cities.The yellow metal hit an all-time high of ₹84,490 per 10 grams on Saturday (February 1).Read hereBudget 2025: How new TCS rates will affect your foreign travel and remittances
The Union Budget 2025 has raised the threshold for tax collected at source (TCS) on remittances under the Liberalised Remittance Scheme (LRS). The limit has increased from ₹7 lakh to ₹10 lakh. This change will affect those sending money abroad for travel, education, and other expenses.How this affects foreign travelIf your international travel expenses exceed ₹10 lakh in a financial year, TCS will apply. Currently, TCS rates for foreign travel are:5% on amounts above ₹10 lakh20% on amounts above ₹7 lakh for other remittances (except education and medical expenses)This means higher upfront costs for those spending heavily on overseas trips.Read here#Dailydata???? #TechTalks????Budget 2025 | Custom duty cuts, tax reforms to boost domestic electronics production: Ashwini VaishnawThe Union Budget 2025 has introduced three key reforms aimed at strengthening India’s electronics and semiconductor manufacturing ecosystem, Union IT and Railways Minister Ashwini Vaishnaw said on Saturday.Speaking after Finance Minister Nirmala Sitharaman’s Budget presentation, Vaishnaw highlighted the rationalisation of custom duties, taxation reforms on permanent establishments, and improved warehousing facilities for electronic manufacturing inputs as critical measures that will boost domestic production.Read hereDeepSeek app holds top global spot in downloads, led by IndiaDeepSeek’s AI assistant topped the list of most downloaded mobile apps across 140 markets, with India accounting for the largest percentage of new users.The reasoning artificial intelligence chatbot rose to the No. 1 spot on Apple Inc.’s App Store on January 26 and has held that position globally since, according to Appfigures data that excludes third-party app stores in China. India contributed 15.6% of all downloads across platforms since its launch, the data showed.Since its release earlier in January, the free DeepSeek app has drawn both awe and consternation for its apparent competitiveness with world-leading AI bots at a fraction of the cost. The explosive growth and interest in DeepSeek rocked stock markets worldwide as its success seemed to suggest popular AI apps could be developed without enormous investments in hardware.Read here#startupsworld????️Budget 2025: Amitabh Kant calls ₹20,000 crore innovation push a game-changer for startupsIndia’s G20 Sherpa, Amitabh Kant, discussed the significance of replenishing the startup fund of funds with ₹10,000 crore in Budget 2025. In an interaction with CNBC-TV18. Kant noted that this is expected to catalyse innovation through risk-sharing with venture capital funds.Additionally, a ₹20,000 crore allocation for innovation and the creation of a dedicated fund for deep tech development aim to bolster India’s startup ecosystem and generate employment opportunities.On February 1, Finance Minister Nirmala Sitharaman announced plans to establish a new ₹10,000 crore corpus for the Startup India initiative.She further proposed doubling the credit guarantee for startups from ₹10 crore to ₹20 crore, with the guarantee fee reduced to 1% for loans across 27 key sectors aligned with the government’s vision of a self-reliant India under ‘Aatmanirbhar Bharat.’Read hereZepto launches 10-minute returns and exchanges on app Quick commerce platform Zepto has launched 10-minute returns and exchanges on the app, CEO Aadit Palicha announced in a social media post. The feature will be available on the app’s order history page where the consumer can get a product they didn’t like picked up instantly.“After launching these new categories last year, electronics, apparel, beauty, toys, and general merchandise have grown to thousands of crores of annualised sales on Zepto. It’s now time to take the customer experience and growth to the next level by launching 10-minute returns and exchanges,” Paalicha wrote.Exchange and returns will be allowed for orders within 1, 3 or 7 days, depending on the category.Read hereWe’ll see you tomorrow with another 11:11
