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DeepSeek’s founder Liang Wenfeng made waves by developing a cutting-edge AI venture for just $5.6 million, outperforming giants like ChatGPT and climbing to the top of global app charts. What’s more, DeepSeek’s ascendancy has wiped out hundreds of billions of dollars from established tech giants’ net worth.
In corporate earnings, Bajaj Auto reported a 3% rise in profits, TVS Motor saw a 5% surge in shares due to strong Q3 results, and Cipla outperformed expectations with a 7% revenue boost.
On the international front, India and China have agreed to resume direct flights after a Covid-induced pause, while the Income Tax Department conducted raids on IIFL Group over alleged tax evasion.
Meanwhile, OpenAI has contested a copyright infringement lawsuit in the Delhi High Court, calling for the dismissal of claims by book publishers.
The BJP recorded an 83% rise in annual income, largely driven by ₹1,686 crore received via electoral bonds.
On the travel front, airfares to Prayagraj for the Maha Kumbh have soared, with return tickets from cities like Chennai costing up to ₹1 lakh.
Here are the top 10 buzzing stories from markets, business, economy, and beyond.
Hardeep Singh Puri: Trump a ‘plus plus’ for energy market, India will buy oil wherever price is right
Union Petroleum and Natural Gas Minister Hardeep Singh Puri shared insights into India’s energy roadmap for 2025 during an exclusive conversation with CNBC-TV18 at the Energise India event, a precursor to India Energy Week.
Puri highlighted the nation’s approach to securing energy security, including diversification of crude oil imports and promoting ethanol blending.
“India is already importing crude from over 30 countries,” Puri said, adding that the nation will continue importing oil from wherever prices are favourable.
“We will continue importing from anywhere if the price is right,” He said while also highlighted the rising role of the US, with India already importing $20 billion worth of energy from the country.
Read more here
DeepSeek’s rise triggers Nvidia’s biggest-ever $600 billion market crash
Nvidia Corp. has recorded the largest single-day market value loss in US stock market history, erasing $600 billion as investor concerns over Chinese AI startup DeepSeek rocked the semiconductor giant. Nvidia shares plummeted as much as 17% on Monday, January 27, surpassing its previous record decline of $279 billion in September last year.
The drop rippled through the broader market, given Nvidia’s weight in major indices. The S&P 500 fell as much as 2.3%, while the Nasdaq 100 tumbled 3.6% before paring losses. According to Bloomberg data, Nvidia’s sell-offs have now triggered eight of the top ten largest one-day drops in the S&P 500 Index by market value.
Read more about it here
Bajaj Auto Q3 Results | Net profit up 3% at ₹2,109 crore, revenue grows 6%; misses estimates
Pune-based automaker Bajaj Auto Ltd on Tuesday (January 28) reported a 3.3% year-on-year (YoY) increase in net profit at ₹2,108.7 crore for the third quarter that ended on December 31, 2024.
In the corresponding quarter of the previous fiscal, Bajaj Auto posted a net profit of ₹2,042 crore. The CNBC-TV18 poll had predicted a profit of ₹2,128 crore for the quarter under review.
The company’s revenue from operations was up 5.7% to ₹12,807 crore against ₹12,114 crore in the corresponding period of the preceding fiscal, driven by strong exports, a robust domestic green energy portfolio, and another record performance in spares. However, it missed the estimated revenue of ₹12,963 crore.
More deets here
TVS Motor Q3 Results: Strong operational performance sends shares higher by 5%
TVS Motor Company Ltd. reported results that were in-line or above analyst expectations on most fronts on Tuesday, January 28. The stock surged in response to the results.
Net profit for the period stood at ₹618 crore, which was 4% higher than the same quarter last year, and marginally below the CNBC-TV18 poll of ₹657 crore.
Revenue for the quarter also increased by 10.3% from the year-ago quarter to ₹9,097 crore. A CNBC-TV18 poll had projected the figure at ₹9,135 crore.
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Cipla Q3 Results: US sales beat expectations, while revenue, margin grow from last year
Shares of drugmaker Cipla Ltd. surged to the day’s high, gaining as much as 4% after the company’s December quarter results. The results were a beat across parameters.
Revenue for the quarter stood at ₹7,073 crore, which is a 7% growth from last year and also higher than the CNBC-TV18 poll of ₹6,870.2 crore.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 14% year-on-year to ₹1,989 crore, which was also higher than the CNBC-TV18 poll of ₹1,748 crore.
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India, China agree to resume direct flights
Nine months after reportedly rejecting China’s call to resume passenger flight services between the two countries, India on Monday, January 27, agreed in-principle to reestablish air connectivity with its East Asian neighbour.
The in-principle agreement to resume flight services between the two countries, which are suspended since 2020 after the Covid pandemic, was taken during the two-day visit (January 26-27) of foreign secretary Vikram Misri to Beijing, as per Ministry of External Affairs.
“The meet also agreed in principle to resume direct air services between the two countries; the relevant technical authorities on the two sides will meet and negotiate an updated framework for this purpose at an early date,” as per the Ministry of External Affairs.
Read more here
I-T dept conducts search operations at IIFL over alleged tax evasion
The Income Tax (I-T) Department is conducting search operations at the office of IIFL Group. According to CNBC-TV18 sources, these searches are linked to allegations of tax evasion. The raids reportedly began early this morning and are ongoing across multiple floors of the 360 ONE WAM (formerly IIFL Wealth) building in Kamala Mills.
Searches are also being conducted at various locations related to the IIFL Group.
The IIFL Group, known for its wealth and asset management services, has not yet issued an official statement. However, IIFL Capital has re-scheduled board meet to consider third quarter results “due to certain exigencies”.
Full story here
OpenAI asks Delhi High Court to throw out book publishers’ copright lawsuit
OpenAI has asked the Delhi High Court to dismiss a plea from a coalition of Indian and global book publishers accusing the company of copyright infringements. The tech giant argues that its ChatGPT service solely uses publicly available information, according to legal documents.
The case, initiated last year by news agency ANI, will be heard in New Delhi on Tuesday and could significantly influence the legal landscape for artificial intelligence in India, which is OpenAI’s second-largest market by user count.
More inputs here
BJP’s annual income rose by 83% in 2023-24, got ₹1,686 crore via electoral bonds
The Bharatiya Janata Party’s annual income for the financial year 2023-24 was ₹4340.5 crore. The income rose 83% from ₹2360.8 crore in 2022-23. The saffron party received ₹1685.6 crore via electoral bonds, as per the BJP’s latest annual audit report filed by the Election Commission.
In 2022-2023, the party got ₹1,294.14 crore in the form of electoral bonds, forming 61% of the total contributions.
The donations to the BJP shot up 87% from the previous year to touch ₹3,967.14 crore. The voluntary contribution to the ruling party was pegged at ₹2,120.06 crore in 2022-2023.
More deets here
₹1 lakh for a round trip: Airfares to Prayagraj soar despite govt’s nudge
For devotees, the spiritual significance of the Maha Kumbh is unparalleled, but the financial burden of travelling to Prayagraj is proving to be a challenge for many. Airfares and accommodation rates continue to soar, with businesses seizing the opportunity to maximise profits during this once-in-a-lifetime religious event.
A round trip from Mumbai to Prayagraj, scheduled between January 30 and February 4, can cost up to ₹60,000—significantly higher than usual. The situation is similar for flights departing from Delhi, where fares match those from Mumbai. However, the real shocker is for travellers from Chennai, where return airfares can reach an eye-watering ₹1,00,000.
To put this into perspective, this amount—or even slightly more—could fund an all-inclusive short trip in a three-star hotel to popular international destinations such as Vietnam, Bangkok, or Malaysia.
Details here
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