1) Reality check
Illustrations: Chaitanya Dinesh Surpur
The year 2024 was a year of contrasts for stock markets in India. Overall, Indian markets saw a massive rally in the first half, with corporate earnings holding up despite a slowing top line and domestic institutional investors providing the cushion. The second half was the exact opposite. In October, the Nifty posted a 5 percent correction in a month, the first time since Covid, while earnings disappointed as margin tailwinds faded and growth concerns rose. India gave up its emerging markets outperformance, and foreign institutional investors aggressively sold Indian stocks. With weak corporate earnings, soft local currency, geopolitical crises, and a new US government policy on the horizon, how will the 2025 vibe look for the markets? Here are some suggestions made by experts.
2) A year of IPO gold rush?
Photo Imaging: Chaitanya Dinesh Surpur
After unprecedented fundraising via initial public offerings in 2024 following a slowdown in the previous year, primary markets are set to be roaring in 2025 too. Investors are expected to show increasing willingness to allocate capital toward IPOs as markets are emerging from election-related uncertainties. A clutch of 29 companies have already received Sebi’s approval to raise a cumulative ₹46,250 crore via IPO. Another ₹1.18 lakh crore worth of IPOs are waiting for approval to go public. Read on if you want to know the sectors to look out for, if the valuations are right, and which IPOs are generating the biggest buzz.
3) Formula for success
Rajeev Juneja, Vice Chairman and MD, Mankind Pharma Image: Amit Verma
Ramesh Juneja resigned from his job at the pharma company Lupin in 1983. In 1984, Juneja started a formulations business called Bestochem in Meerut, Uttar Pradesh. It was a partnership venture. But a decade later, he withdrew from the enterprise and started Mankind Pharma with his younger brother Rajeev. Their goal was to make high-quality, affordable medicines. A lot has changed since then: Mankind is today a formidable listed Indian pharma player, with a turnover of ₹10,335 crore in FY24 and a market capitalisation of ₹121,193 crore. How did the Junejas reach this milestone? What were the hurdles? Have they reached the goal they set out to achieve? We have some answers.
Discover
1) Advocating for yourself
Meenakshi Dagar, CFO, Lenovo India Image: Nishant Ratnakar for Forbes India
Being empowered profoundly shaped Meenakshi Dagar’s career at Lenovo India, where she joined in 2015. For the past three years, she has been the chief financial officer and, alongside, has been leading the company’s diversity, equity and inclusion agenda. Dagar believes that systemic changes and organisational efforts apart, the ultimate drive for change must come from women themselves. In conversation with Forbes India, Dager speaks about the poor representation of women in leadership positions in finance, involving men in gender conversations, improving women’s workplace participation, and more.
2) Digital Data Protection Rules 2025
Image: Shutterstock
The Ministry of Electronics and Information Technology recently published the long-awaited Draft Digital Personal Data Protection Rules, 2025. According to the press release, these draft rules “seek to protect citizens’ rights in accordance with the DPDP Act, while achieving the right balance between regulation and innovation, so that the benefits of India’s growing innovation ecosystem are available to all citizens and India’s digital economy.” But despite the sixteen-and-a-half-month wait for these rules, experts have criticised them for being “vague” and “lacking clarity”. So what needs to change? They have some suggestions as officials from the ministry collect feedback on the draft.
3) Artist, not commodity
2024 was possibly one of the stellar years for Rajkummar Rao. He gave four performances — Srikanth, Mr & Mrs Mahi, Stree 2, and Vicky Vidya Ka Woh Wala Video. He received critical acclaim for Srikanth, which is not a novelty for Rao, who is known to deliver such stories with ease, and saw the biggest box office success of his career with the sequel to the 2018 horror-comedy Stree. Rao completed 15 years in the Hindi film industry and, all this time, has always walked the talk when it comes to taking independent cinema and the mainstream hand-in-hand. In conversations with Forbes India, the National Award winner talks about internal conflicts, what money means to him, and the ‘year of Rajkummar Rao’. Tune in.
4) Turning point
A workers loads a Maruti Suzuki Fronx car model on a train at the Maruti Suzuki Hansalpur plant, some 80 km from Ahmedabad Image: Sam Panthaky / AFP
After the high of 2023, the Indian auto sector saw some moderation in 2024. Sales weren’t in high gear, with total domestic passenger vehicle sales between April and November growing marginally at 1 percent. Of this, car sales fell 12 percent during the period, while utility vehicle sales grew by 12.9 percent. Entry-level vehicles have been becoming more expensive, even as the rural economy sees a downturn, leading to a decline in sales at the lower end of the spectrum. Despite that, the country’s premium vehicle segment is expected to thrive and lead the growth charts. The same goes for SUVs, which account for more than 60 percent of the country’s vehicle sales. Is the auto sector gearing up for a turning point in 2025?
