Govt aims to boost seafood exports to Rs 1 lakh crore/year; to strengthen foundation of fishery sector
Union Minister Rajiv Ranjan Singh announced plans to boost annual seafood exports to Rs 1 lakh crore from Rs 60,000 crore. He highlighted the government's efforts in the fishery sector, including infrastructure development and technological improvements. The government aims to strengthen the sector's foundation over the next five years for overall national growth. Key Points
Economic TimesICICI Prudential Life Insurance gets a Rs 429 cr GST demand notice from Maha govt
In a stock filing, ICICI Prudential said the GST demand includes Rs 208.02 crore, Rs 200.22 crore in interest, and Rs 20.80 crore in penalties. Key Points
Business TodayFPIs turn net sellers; sell shares worth Rs 21,201 crore in Aug
From August 1 to 17, FPIs withdrew a net amount of Rs 21,201 crore from equities. So far this year, FPIs have invested Rs 14,364 crore in equities, the data showed. Key Points
Business TodayIndusInd Bank gets RBI nod to set up mutual fund asset management business
IndusInd Bank has been granted permission by the Reserve Bank of India to invest equity capital into this new venture. Despite this development, IndusInd Bank's shares dropped by 1.07% to Rs 1,349.60 on the NSE. The bank continues to show financial growth. Key Points
Economic TimesByju’s strikes a deal: will insolvency relief by NCLAT hold against billions debt claims?
Byju Raveendran may be breathing a sigh of relief after the National Company Law Appellate Tribunal (NCLAT) halted insolvency proceedings and approved a settlement between the BCCI and Byju's. However, the decision has raised serious questions about the state of insolvency proceedings in India. Key Points
Business Today
Ahead of Market: 10 things that will decide stock action on Tuesday
The NSE Nifty 50 and the BSE S&P Sensex settled little changed at 24,836.1 and 81,355.84 points, respectively. Both benchmarks had risen 0.4% to all-time highs earlier in the session. Key Points
Economic TimesIndiGo Q1 result: Profit falls 12% to Rs 2,729 crore; revenue rises 17%
The profit after tax (PAT) for the quarter was Rs 2,728.8 crore, down from Rs 3,090.6 crore in the same period last year. Key Points
India TodayAdani Ports gets a rating upgrade from ICRA
The company's upgrade follows a Bloomberg report that revealed plans to significantly increase investment in its southern India trans-shipment container port to Rs 100 billion. This ambitious move aims to attract some of the world's largest ships, according to sources familiar with the matter. Key Points
Economic TimesM-cap of 7 of top-10 most valued firms jump Rs 1.72 lakh crore; TCS steals show
Market capitalisation of TCS surges Rs 62,393.92 crore to Rs 15,14,133.45 crore. The combined market valuation of seven of the top-10 most valued firms jumped... Key Points
The Tribune IndiaQuant Mutual Fund's AUM reaches all-time high of Rs 94,000 crore
Quant MF, under Sebi investigation for front-running, reported record-high AUM and NAV by July 12, 2024, exceeding Rs 94,000 crore. Despite recent outflows, AUM remains robust, conveyed to investors via mail clarifying ongoing Sebi scrutiny. Key Points
Economic Times
Madhya Pradesh projects revenue surplus for FY25. Budget focuses on women, culture, industry & infra
Revenue surplus has been estimated at Rs 1,700 cr. Water resources, women & child development, MSME, cow welfare & happiness departments see major hikes in outlay. No new taxes announced. Key Points
ThePrintAllied Blenders and Distillers shares list at 14% premium over issue price
Allied Blenders, post IPO debut, saw a 14% premium. The company holds 8% IMFL market share in India. Revenue grew by 9% and profit after tax by 50%. Facing financial volatility, it expanded the product portfolio with a strong brand presence. Key Points
Economic TimesGautam Adani drew Rs 9.26 crore salary in FY24, lower than his executives, industry peers
Adani, 61, drew salary from only two out of the 10 companies in his ports-to-energy conglomerate, annual reports of the 10 listed entities of the group... Key Points
The Tribune IndiaGautam Adani's executives took home a higher pay than India's second richest man
Adani's earnings are significantly lower than those of telecom magnate Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T Chairman S N Subrahmanyan, and Infosys CEO Salil S Parekh. Key Points
Business TodayAhead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 and S&P BSE Sensex opened at all-time highs, rising about 0.3% each, before closing with the Nifty down 0.18% to 23,516 and the Sensex up 0.05% to 77,337. The MACD indicator signals bullish momentum for Hitachi Energy India, Axis Bank, Force India, Ingersoll-Rand India, and JITF Infralogistics. Key Points
Economic Times
Assets worth Rs 1.56 lakh crore monetised in 2023-24 as against the target of Rs 1.8 lakh crore under NMP:
According to NITI Aayog, the government has monetized assets worth Rs 3.85 lakh crore in the first three years under the National Monetisation Pipeline (NMP) while the four-year target under the plan, ending in 2024-25 is Rs 6 lakh crore. Key Points
Economic TimesM-cap of 5 of top-10 most valued firms jumps Rs 85,582 crore; LIC biggest gainer
Reliance Industries remainsthe most valued firm in the pack of top-10 companies, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, SBI, LIC, Infosys, Hindustan Unilever... Key Points
The Tribune IndiaFinance Ministry announces additional Rs. 1.39 lakh crore tax devolution to states for June
New Delhi [India], June 10 (ANI): Finance Ministry has announced the release of an additional installment of tax devolution to states for June 2024, in a move to support state finances and spur economic development. The total amount released to states for June now stands at Rs 1,39,750 crore. This decision aims to provide states […] Key Points
ThePrintFiscal deficit may fall below revised estimate of 5.8%
The Indian government's fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ₹27,000 crore. The fiscal deficit in absolute terms is pegged at ₹ 17.3 lakh crore. Direct tax receipts are expected to exceed revised estimates by about Rs 14,000 crore, while indirect revenues, including customs and excise duty, by Rs 13,000 crore. Key Points
Economic TimesGlenmark Pharmaceuticals outlays Rs 700 crore capex plan for FY25 to boost growth
Operationally, Glenmark is targeting an EBITDA margin of approximately 19 percent. The company is also eyeing a double-digit profit after tax (PAT) margin while focusing on sustainable financial performance to provide value to stakeholders. Key Points
Business Today
Go First crisis: EaseMyTrip’s Nishant Pitti withdraws bid for beleaguered airline
The move comes weeks after the DGCA de-registered 54 GoAir aircrafts, impacting valuation of the defunct airline. The now defunct airline owes its creditors more than Rs 6,200 crore. Key Points
Business TodayGoFirst loses a suitor as EaseMyTrip's founder Nishant Pitti withdraws bid
EaseMyTrip's CEO, Nishant Pitti, announced the company's decision to withdraw its bid for airline GoFirst, citing a focus on their core strengths. This move comes after the Delhi High Court's recent order allowing lessors to deregister and repossess Go First's planes, which impacted hopes of favorable valuation for the defunct airline's creditors. Previously, Pitti's EaseMyTrip, along with SpiceJet promoter Ajay Singh, had jointly bid for Go First. Key Points
Economic TimesNephro Care India aims to raise Rs 35-40 cr via IPO
Kolkata, May 24 (PTI) Kidney care provider Nephro Care India Ltd on Friday said it aims at raising Rs 35-40 crore through an initial public offering (IPO), the majority of which will be utilised to complete its multi-speciality hospital near Kolkata. The IPO will comprise a fresh issuance of 45.84 lakh equity shares with a […] Key Points
ThePrintIndia may raise FY25 CPSE dividend target in full budget
The finance ministry is set to increase CPSE dividend estimates by Rs 5,000 crore to approximately Rs 53,000 crore for the current fiscal year in the full budget to be presented in July. This adjustment reflects improved dividend forecasts based on updated financial data. Dividend receipts for 2023-24 totaled Rs 63,000 crore. Key Points
Economic TimesAutomobile, pharma, tourism sectors expected to grow at rapid pace: PM Modi
Automobile, pharma, tourism sectors expected to grow at rapid pace: PM... Key Points
The Tribune India
HCLTech Q4 results: Net profit up marginally to Rs 3,995 crore
IT services firm HCLTech announced its Q4 results for FY24 at Rs 3995 crore increasing by 0.35%. Key Points
India TodayRiding on record sales, Maruti’s Q4 profit jumps 48% to Rs 3,878 cr
The country’s largest passenger carmaker Maruti Suzuki India Limited on Friday reported the highest-ever net profit of Rs 3,878 crore for the... Key Points
The Tribune IndiaAutomobile, pharma, tourism sectors expected to grow at rapid pace: PM Modi
Automobile, pharma, tourism sectors expected to grow at rapid pace: PM... Key Points
The Tribune IndiaSix of top-10 valued firms take Rs 1.40 lakh crore hit in mcap; TCS, Infosys biggest laggards
The market valuation of TCS tanked by Rs 62,538.64 crore to Rs 13,84,804.91 crore. The combined market valuation of six of the top-10 valued firms eroded by... Key Points
The Tribune IndiaDirect tax collections exceed estimates in FY24; jump 18 per cent to Rs 19.58 lakh crore
Refunds of Rs 3.79 lakh crore issued in FY 2023-24 showing an increase of 22.74 per cent, says CBDT. India’s net direct tax collections surged by a... Key Points
The Tribune IndiaHDFC Bank Q4 net profit grows to Rs 17,622 cr
Mumbai, Apr 20 (PTI) HDFC Bank on Saturday reported a 2.11 per cent growth in consolidated net profit to Rs 17,622.38 crore for the March 2024 quarter against Rs 17,257.87 crore in the preceding December quarter. On a standalone basis, the country’s largest private sector lender reported a net profit of Rs 16,511.85 crore compared […] Key Points
ThePrintAmit Shah, wife invested nearly 60% of their wealth in stock markets — these are their big bets
ThePrint analysed data from the affidavit Shah filed with EC. Apart from the equity market, Shah and his wife also have investments in small savings schemes, gold, and mutual funds. Key Points
ThePrintJio Financial Q4 results: Net profit surges by 6% to to Rs 311 crore
Jio Financial Q4 results saw an increase of 5.72% from the previous quarter's net profit of Rs 293.82 crore in Q3 FY24. Key Points
India TodayAutomobile, pharma, tourism sectors expected to grow at rapid pace: PM Modi
Automobile, pharma, tourism sectors expected to grow at rapid pace: PM... Key Points
The Tribune IndiaIndia Inc CXOs’ pay packets are getting fatter
CEO compensation in India Inc is on the rise, with median pay reaching Rs 9.3 crore in FY24. The average CEO compensation has surged to Rs 13.8 crore, up 40% from previous levels. About three out of every four CEOs in India now earn more than Rs 5 crore, the survey has found. CEOs earning more than Rs 20 crore in target total compensation has doubled over the last four years. Every second CEO had a target compensation of more than Rs 10 crore in FY24, compared with every third CEO in FY20. Key Points
Economic Times
Stocks in news: HDFC Bank, IndusInd Bank, Ultratech, Bajaj Finance, Prestige Estates
HDFC Bank reported a 55.4% year-on-year (YoY) growth in its gross advances to Rs 25.08 lakh crore for the quarter ended March. On a sequential basis, the gross loans rose by 1.6%. Key Points
Economic TimesCrew box office collection day 7: Tabu, Kareena Kapoor, Kriti Sanon film dips further, earns just over ₹2.5 crore
Crew box office collection day 7: The film has minted over ₹43 crore so far. Kareena Kapoor, Tabu and Kriti Sanon feature in the film. | Bollywood Key Points
Hindustan TimesAhead of Market: 10 things that will decide D-Street action on Friday
Equity indices reach record highs driven by financials and IT stocks. Analysts note support levels, while global markets show mixed sentiments. MACD signals active stock movements as market breadth favors bulls. Key Points
Economic TimesUnion IT minister Rajeev Chandrasekhar declares Rs 680 taxable income for FY 2021-22 in poll affidavit
Indian IT Minister Rajeev Chandrasekhar declared a taxable income of Rs 680 for FY 2021-22 in his nomination for the Thiruvananthapuram Lok Sabha seat. His income sharply declined from Rs 10.8 crore in 2018-19 to Rs 5.6 lakh in 2022-23. He disclosed movable assets of Rs 9.26 crore and immovable assets valued at Rs 14.4 crore. Chandrasekhar is contesting against Congress's Shashi Tharoor and CPI's Pannian Raveendran, with polling starting on April 26. Key Points
Economic TimesHDFC Bank Q4 Update: Gross advances jump 55% YoY to Rs 25.08 lakh crore; deposits rise 26%
HDFC Bank reported a 55.4% YoY growth in gross advances to Rs 25.08 lakh crore. Domestic retail loans saw a significant increase. Deposits reached Rs 23.80 lakh crore, including CASA deposits at Rs 9.09 lakh crore. Key Points
Economic Times
Pre-market action: Here's the trade setup for today's session
The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal. Key Points
Economic TimesCrew box office collection day 6: Tabu, Kareena Kapoor, Kriti Sanon's film witnesses dip, earns just over ₹3 crore
Crew box office collection day 6: The film has minted over ₹40 crore so far. Crew is a story of three women set against the backdrop of the airline industry. | Bollywood Key Points
Hindustan TimesVodafone Idea board meet on April 6 to mull preferential issue of equity shares
This comes after the telecom operator on Tuesday received shareholders approval to raise Rs 20,000 crore through equity linked instruments. Besides raising funds via equity, the cash-strapped operator is also engaging with its lenders for tying up debt funding. Key Points
Economic TimesShareholders approve Vodafone Idea’s Rs 20,000 crore fundraising plan
On February 27, the companys board approved the proposed fundraising plan. With shareholders approval in place, the company expects to complete the equity fund raise in the current quarter. Key Points
Economic TimesBharti Hexacom IPO opens for subscription today. Should you bid?
Bharti Hexacom's IPO, with strong parentage and brand, is priced at Rs 542-570 per share. Analysts recommend subscribing to the Rs 4,275 crore issue as it is available at a reasonable valuation. The company offers 5G plus services and operates in Rajasthan and the Northeast circles. Key Points
Economic Times
Bharti Hexacom's Rs 4,275 crore IPO opens on Wednesday. What GMP indicates ahead of subscription
Bharti Hexacom IPO is completely an offer-for-sale, without any fresh equity issue. The company's shares are trading with a grey market premium (GMP) of Rs 40 in the unlisted market. Key Points
Economic TimesCentre met revised tax collection targets for fiscal 2024: Government Official
The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 lakh crore as of March 17. Key Points
Business TodayGST revenue surges to ₹1.78 Lakh crore in March, second-highest collection ever
The net revenue of GST after tax refunds for March 2024 is Rs 1.65 lakh crore, which is a 18.4% growth rate when compared to the same month last year. Key Points
ThePrintAhead of Market: 10 things that will decide D-Street action on Tuesday
The blue-chip NSE Nifty 50 index was up 0.61% at 22,462, while the BSE Sensex added 0.49% to 74,014, at the close. Nifty on Monday formed a Doji candle on the daily chart with the index trying to break above the crucial overhead resistance of 22,500-22,550 levels. Key Points
Economic TimesMarch GST collection second-highest ever at Rs 1.78 lakh crore; 11.5% growth YoY
FY 2023-24 marks a milestone with total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. Key Points
Business Today
March GST collection up 11.5% YoY at Rs 1.78 lakh cr, FY24 mop-up crosses Rs 20 lakh cr
In March 2024, Goods and Service Tax (GST) collection surged 11.5% year-on-year to Rs 1.78 lakh crore, marking the second-highest since GST's inception in July 2017. For FY24, GST collection soared by 11.7% to Rs 20.14 lakh crore, with average monthly collection rising to Rs 1.68 lakh crore from the previous year's Rs 1.5 lakh crore. Key Points
Economic TimesFinance Ministry releases additional ₹3.4kcr for rural jobs guarantee scheme
MGNREGS received additional ₹3,400 crore, raising total allocation to ₹89,400 crore. Person-days exceeded targets. 10% wage hike during 8.4% growth. 'Below normal' 2023 monsoon affected work demand projections. Key Points
Economic TimesONGC energises govt kitty with ₹7,224 crore dividend
ONGC's dividend contribution to the state was almost double the ₹3,636 crore dividend by Indian Oil Corporation (IOC), nearly three times Bharat Petroleum Corporation's ₹2,413 crore, close to four times GAIL's ₹1,863 crore and about ten times Oil India's ₹737 crore.These are interim dividends and a final instalment usually comes after the companies declare annual earnings. Key Points
Economic TimesAhead of Market: 10 things that will decide D-Street action on Monday
The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa. Key Points
Economic TimesInfosys set to get Rs 6,300 crore tax refund gain
Infosys received Rs 6,329 crore in tax refunds for 11 years but faces a Rs 2,763 crore tax demand for 2022-23. Various subsidiaries also dealt with tax liabilities and refund orders, impacting the company's overall financial position. Key Points
Economic Times
PLI schemes attract over Rs 1.06 lakh crore investment till Dec; pharma sector gets major chunk
PLI schemes across sectors attracted significant investments by December 2023, notably in pharma and solar industries. While some sectors thrived, others like IT hardware, auto, and textiles faced tepid interest, prompting a review for scheme improvements. Key Points
Economic TimesMarket valuation of 7 most valued firms climbs Rs 67,260 crore; Reliance top gainer
The valuation of Reliance Industries jumped Rs 45,262.59 crore to reach Rs 20,14,010.63 crore. State Bank of India added Rs 5,533.26 crore, taking its market valuation to Rs 6,71,666.29 crore. Key Points
Economic TimesAfter 3-hour questioning, ED arrests TMC's Shahjahan for non-cooperation
India News: Sheikh Shahjahan arrested after non-cooperative questioning. Faces 15-16 land grabbing complaints. ED seeks custody in Rs 12 crore properties attached Key Points
Times Of IndiaFPIs lap up Indian equities worth Rs 35,000 crore in March
Foreign portfolio investors were net buyers in March, with equity purchases worth Rs 35,098 crore, showing improvement from previous months. Strong buying trends were seen in various sectors. Key Points
Economic TimesIPO Calendar: Bharti Hexacom's Rs 4200 cr IPO, 10 listings to kick-off primary market activity in FY25
Kicking off the IPO market in FY25 is the mega Bharti Hexacom public offer, the sole issue next week, which plans to raise around Rs 4,275 crore. The issue opens for subscription on April 3 and closes on April 5. Key Points
Economic Times
Bad bank does two years' worth of business in one week, buys over Rs 24,000 cr of debt just before FY24 en
NARCL completed transactions of ₹24,000 crore in bank debt during FY24. It transferred road assets, including Metenere and Simplex Infrastructures. With these acquisitions, the total debt held by NARCL will almost double to Rs 48,652 crore, up from the Rs 25,000 crore acquired by the bad bank so far. However, it is still not close to the Rs 82,845-crore target set in 2022. Key Points
Economic TimesShapoorji co Afcons plans Rs 7,000 crore IPO
India Business News: Afcons Infrastructure plans Rs 19,000 crore IPO, acquired from ICICI Bank. Includes companies like Forbes & Company, Gokak Textiles from Tata Group. S Key Points
Times Of IndiaForeign investors turn net buyers in Indian stock market for second month
New Delhi [India], March 29 (ANI): Foreign portfolio investors (FPIs) have become net buyers for the second month in March in Indian stock markets. They had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024. The latest data available from the National Securities Depository Limited (NSDL) showed that […] Key Points
ThePrintRs 70,000 crore pipeline awaits IPO market in FY25, featuring some household names
Companies raised Rs 62,000 crore through initial share sales in fiscal 2024 and the pipeline looks equally strong. As much as Rs 70,000 crore worth of offerings are expected to hit the markets next fiscal with some big names in the mix. Key Points
Economic TimesProcessing charges a drag on fast-growing payments startups
Digital payment startups are facing rising payment processing charges despite revenue growth, impacting profitability. High operation costs persist due to fees charged by network operators and system maintenance expenses. Key Points
Economic TimesCentre's tax devolution to states up by Rs 2.25 lakh crore in FY24
New Delhi [India], March 28 (ANI): Total funds amounting to Rs 10.3 lakh crore have been transferred to state governments as a devolution of share of taxes by the central government, which is Rs 2.25 lakh crore higher than it had done the previous year, the Ministry of Finance said in a release on Thursday. […] Key Points
ThePrintApril-February fiscal deficit at 86.5% of revised annual target
Experts said the Centre would comfortably meet the downwardly revised fiscal deficit target for the fiscal. The fiscal deficit in absolute terms was revised down to ₹ 17.35 lakh crore or 5.8% of gross domestic product (GDP) from the earlier budget estimate of ₹17.87 lakh crore. Key Points
Economic TimesBillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue. Key Points
Economic TimesCentre's fiscal deficit at 86.5 pc of full-year target at Feb-end: CGA data
New Delhi, Mar 28 (PTI) The government’s fiscal deficit at Rs 15 lakh crore at February-end touched 86.5 per cent of the revised annual target, according to official data released on Thursday. In the corresponding period last year, the fiscal deficit — or gap between the expenditure and revenue — was 82.8 per cent of […] Key Points
ThePrint