India's monetary and financial sectors have performed well in the first nine months of the Financial Year 2024-25 with the gross NPAs of banks now down to a 12-year low of 2.6 per cent at the end of September 2024 while their profitability improved during H1 of FY25, with profit after tax surging by 22.2 per cent year-on-year, the Economic Survey stated.

Bank credit has grown at a steady rate in the current financial year while deposits continue to exhibit double-digit growth. As of the end of November 2024, the YoY growth in aggregate deposits of scheduled commercial banks stood at 11.1 per cent, it states.

The survey highlights that sector-wise, the growth in agriculture credit as of November 29, 2024, in the current financial year was 5.1 per cent. The growth in industrial credit picked up and stood at 4.4 per cent as of the end of November 2024, higher than the 3.2 per cent recorded a year ago. Across industries, bank credit to micro, small, and medium enterprises (MSMEs) has been growing faster than credit disbursal to large enterprises. As of the end of November 2024, credit to MSMEs registered a YoY growth of 13 per cent, whereas it stood at 6.1 per cent for large enterprises.

State-owned Punjab National Bank (PNB) on Friday posted impressive results for the quarter ending December 2024 (Q3 FY25) reporting a net profit of Rs 4,508.21 crore, a 103 per cent increase from Rs 2,222.8 crore in the same quarter last year.

On a sequential basis, profit grew by around 5 per cent from Rs 4,303 crore in the September quarter (Q2 FY25).

The net interest income (NII) rose by 7.2 per cent year-on-year (YoY) at Rs 11,033 crore, compared to Rs 10,293 crore in Q3 FY24, according to its stock exchange filing.

PNB’s total income jumped 16 per cent to Rs 34,751.7 crore from Rs 29,961.65 crore in the previous year. Quarter-on-quarter (QoQ), it saw a marginal increase of 1 per cent from Rs 34,447.10 crore in Q2FY25.

Following an estimated 12-14 per cent surge this fiscal, the India’s two-wheeler industry is set to grow by another 8-10 per cent in the upcoming year, a report said on Friday.

The Crisil Ratings report added that it will surpass the previous record of over 24 million units seen in 2019 as the sales volume is expected to reach a new peak.

This growth is driven mainly by four key factors -- strong rural demand, rising urban interest in premium motorcycles, better export opportunities, and a diverse range of models, including electric two-wheelers (e2Ws), according to the report.

The Indian smartphone market’s wholesale revenue rose 9 per cent year-on-year (YoY) to hit a record high in 2024, a report said on Thursday.

Apple maintained its position as the leader in market value for the second consecutive year, and for the first time in Q4 2024, it also ranked among the top 5 brands by volume, according to Counterpoint Research.

The smartphone shipments increased to 153 million units last year despite challenges like reduced consumer demand and macroeconomic pressures toward the end of the year.

The shift toward premium smartphones played a major role in this growth. Higher-priced devices, especially those above Rs 30,000 helped boost the market's overall revenue as this segment now account for one in five shipments in the country, the report said.

Tata Consumer Products on Thursday posted a consolidated net profit of Rs 299.75 crore, with a 5 per cent decline on a YoY basis, for the third quarter (Q3) of the financial year 2024-25, against Rs 316 crore in the same period of the last fiscal.

Despite the drop in profit, Tata Consumer’s revenue from operations grew 16.8 per cent to Rs 4,444 crore in Q3FY25 from Rs 3,804 crore reported in the same quarter last year, according to its stock exchange filing.

The company stated that excluding recent acquisitions, its revenue grew by 9 per cent year-on-year (YoY).

This was driven by a 10 per cent growth in its India business, a 4 per cent increase in international business, and an 8 per cent rise in its non-branded business.

State-run Bank of Baroda (BoB) on Thursday reported a 5.6 per cent year-on-year (YoY) increase in its net profit for the third quarter of the financial year 2024-25 (Q3 FY25).

The bank's net profit stood at Rs 4,837 crore, up from Rs 4,579 crore in the same quarter last year.

The bank’s net interest income (NII), which represents the difference between interest earned and interest paid, rose by 2.8 per cent YoY to Rs 11,417 crore, compared to Rs 11,101 crore in the year-ago period.

For the first nine months of the financial year (9MFY25), Bank of Baroda’s net profit grew by 12.6 per cent to Rs 14,533 crore.

The Indian automotive sector, which contributes approximately 7 per cent to the country’s GDP, is likely to see 70 per cent workforce expansion in the second half of FY25, a report showed on Thursday.

The automotive sector is experiencing a net employment change of 8.5 per cent, with hiring momentum fuelled by growing consumer interest in electric vehicles (EVs), premium models, and high-tech, connected automobiles, said the report by TeamLease Services, India’s premier staffing solutions company.

This surge in demand is compelling companies to ramp up EV production and integrate advanced technologies, creating a robust demand for specialised roles such as robotics experts, software engineers, and supply chain managers.

A significant 70 per cent of employers in the sector plan to expand their workforce, showcasing the industry's growth trajectory and its pivotal role in the Indian economy.

Adani Enterprises Ltd (AEL) on Thursday reported a 29 per cent increase in consolidated EBITDA at Rs 12,377 crore in the first nine months of the current fiscal (FY25), driven by continued strong operational performance by Adani New Industries Ltd (ANIL) ecosystem and airports.

Consolidated profit before tax (PBT) increased by 21 per cent to Rs 5,220 crore in the same period, according to the flagship company of the Adani Group.

While revenue increased by 6 per cent to Rs 72,763 crore in the nine months of FY25, incubating businesses EBITDA rose by 77 per cent to Rs 7,674 crore.

US-based home appliances company Whirlpool Corporation on Thursday announced plans to reduce its ownership in its Indian subsidiary, Whirlpool of India Limited, to around 20 per cent by mid to late 2025.

In the early trade, the shares of Whirlpool India dropped by 20 per cent to hit the lower circuit, trading at Rs 1,262.

The company, which currently holds a 51 per cent stake, said in a stock exchange filing that it would sell shares in one or more transactions but will remain the largest shareholder even after the sale.

Whirlpool expects to generate net cash proceeds of $550 million to $600 million from this planned stake reduction.

Apple iPhones registered 7 per cent India smartphone market share in 2024, rising on robust local production and growing premiumisation trend in smaller cities, a report showed on Thursday.

On year-on-year basis, iPhones registered 23 per cent growth and iPads an impressive 44 per cent growth in the country, according to data shared by CyberMedia Research (CMR) to IANS.

“Apple's strong growth momentum in CY2024, fuelled by double-digit expansion in both iPhones and iPads, was driven by favourable tailwinds from smartphone premiumisation, alongside a robust push by Apple in domestic manufacturing and retail expansion,” said Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR).

India’s aspirational middle class is increasingly investing in premium devices, not only as lifestyle statements but also for their advanced technological capabilities.