Luxury carmaker Audi India recorded a 33% increase in retail sales at 7,027 units for the fiscal year ended March 31, 2024. Despite supply challenges, the company remains optimistic about the industry’s potential to surpass 50,000 cars in 2024. Audi India’s pre-owned car business vertical also achieved a 50% growth in FY 23-24.
After posting losses in the past six sessions, benchmark equity indices closed higher on Friday, led by banks on strong earnings and IT stocks on cooling inflation in the US. The market capitalisation of all listed companies on BSE surged by Rs 4.54 lakh crore to Rs 310.58 lakh crore. JP Morgan upgraded India to ‘Overweight’ from ‘Neutral’ as it recommended investors to use the near-term correction/dip as an opportunity to add and leverage on a positive historical seasonality to the general election. Markets rejoiced on softening of the US bond yields on Thursday. Asian markets rose on Friday after blockbuster earnings from tech giants Amazon and Intel. Asian currencies were mostly higher aided by an improvement in risk appetite. Buying action returned in most sectors with significant gains in the Nifty Bank. The consecutive six-day correction has brought the markets in oversold territory. Valuations which were at premiums are now at a fair price according to experts and offer buying opportunities to investors and traders.
India ranks fourth in the world in terms of scaleups, with 429 startups having received over $50 million in VC investment. The Scaleup Report by Startup Genome reveals that India surpasses the UK in total VC investment and cumulative tech value investment. The report emphasizes the importance of startups tailoring their products and services to global markets, and highlights the high rate of scaleup success when startups focus on their domestic market. Global connectedness and certain entrepreneurial practices are also identified as key factors for scaling.
Marriott International is set to achieve over $1 billion in revenue in India this year, with a 56% increase in revenue per available room compared to 2022. President Rajeev Menon believes India’s strong domestic market and rebound in international travel have contributed to the company’s success. With plans to add 50 more hotels in India by the end of next year, Marriott sees the country as a decades-long growth story.
