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US regional banks shares surge after Bill gross says they have hit bottom
Shares of a handful of U.S. regional banks popped on Thursday after famed bond investor Bill gross said the danger in investing in them had passed. Key Points
ReutersIndia's lower fiscal deficit target a 'surprise' - ICRA's Nayar
India's budget surprises with lower-than-expected fiscal deficit target, deviating from expectations of a fiscal-centric approach, according to the chief economist of credit rating agency ICRA. The government aims to reduce fiscal deficit to 5.1% of GDP, lower than the expected 5.3%. gross borrowing is planned at 14.13 trillion rupees, lower than the anticipated 15.60 trillion rupees, as the government plans to repay maturing debt through the Goods and Services Tax compensation fund. The Reserve Bank of India is expected to cut rates in August or October depending on monsoon conditions. Key Points
Economic TimesAverage gross income for individual taxpayers rises 56% in 8 years
The Central Board of Direct Taxes (CBDT) disclosed that in the assessment year 2021-22, the average gross total income of individual taxpayers to ₹7 lakh, as compared to ₹4.5 lakh in the assessment year (AY) 2013-14. According to CBDT's analysis of income-tax returns, the top 1% of individual taxpayers experienced a 42% increase in their average gross total income, while the bottom 25% saw a 58% increase. Key Points
Economic TimesGovt may prune FY25 fiscal gap target to 5.3-5.4% on slower capex
India's fiscal deficit target for FY25 is expected to decrease significantly in line with post-Covid consolidation plans, potentially dropping to a range of 5.3-5.4% of GDP from the current year's 5.9%. Despite a slowdown in capital asset investments, gross market borrowing is anticipated to remain high, with estimates for FY25 around ₹15.3 lakh crore. The reduction in the fiscal deficit target is attributed to a slower pace of capital expenditure, providing room for consolidation. The government is committed to lowering the fiscal deficit to below 4.5% of GDP by FY26. Key Points
Economic TimesDorsey-led Block reports rise in second-quarter revenue
Block Inc (SQ.N) reported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop. Key Points
Reuters
India's growth slowed to 4.4% in Oct-Dec, says govt data
India's October-December gross domestic product (GDP) was below Reuters forecast of 4.6%. Key Points
Hindustan TimesGST collection in September rises 10 pc to Rs 1.62 lakh crore
New Delhi [India], October 1 (ANI): The gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore, official data from the Ministry of Finance showed on Friday. The monthly revenue is 10 per cent higher than the collection the same month the previous year. It is the fourth time […] Key Points
ThePrintBox office heroes: These Indian movies of 2023 have entered ₹100-crore club
Indian film industry had a successful year in 2023 with multiple movies crossing the Rs. 100 crore mark worldwide. Key Points
mintGST mop-up grows 12.5 per cent to over Rs 1.68 lakh crore in February
Average monthly gross collection for current fiscal stand at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in last fiscal. The GST collection in February grew... Key Points
The Tribune IndiaOdisha's GST collections rise 12.90 pc on-year in Dec
Bhubaneswar, Jan 1 (PTI) Odisha’s gross GST collections increased by 12.90 per cent on-year to Rs 4,351.42 crore in December 2023, officials said on Monday. The state had collected gross GST revenue of Rs 3,854.29 crore in the corresponding month of 2022, they said. The progressive gross GST collection during the 2023-24 fiscal (till December) […] Key Points
ThePrint
Reliance Industries Q2 Results: Net profit rises 30% YoY to Rs 19,878 crore
RIL's gross revenue rose 1.2% YoY to Rs 255,996 crore. During the quarter, the company's EBITDA margin rose 390 bps to 17.5%. Key Points
Economic TimesIndia's direct tax collection up 18% YoY as of October
India's gross direct tax collection for the period from April 1 to October 9 increased by 17.95% to Rs 11.07 lakh crore, according to the Ministry of Finance. Net collections were 21.82% higher than the same period last year, reaching Rs 9.57 lakh crore. Refunds totaling Rs 1.50 lakh crore were issued during this period. Key Points
Economic TimesHDFC Q4 Results: Profit Rises 20% On Higher Core Income
Gross non-performing asset ratio for the lender fell by 31 basis points sequentially from 1.49% to 1.18%. Key Points
BQ PrimeIDFC First Bank Q4 net profit up 134% y-o-y to Rs 803 crore in Q4
As on March end, the bank’s gross non-performing asset ratio stood at 2.51%, lower than 3.70% a year ago. Key Points
Financialexpressgross direct tax collection grows 20% to Rs 19.68 lakh cr, crosses revised estimates target
It was observed that the gross collection has exceeded the revised estimates (RE), established on February 1 by Rs 2.41 lakh crore, which is 16.97 per cent. This was due to the boost in personal income tax collection. Key Points
India Today
ITR filings climb up by 90% in nine years to 6.37 cr in AY 2021-22: Govt
The income tax department reported that individual taxpayer I-T returns increased by 90% in 9 years to 6.37 crore in the 2021–2022 fiscal year, suggesting a larger taxpayer base. As many as 7.41 crore returns for AY 2023–24 have been filed thus far during the current fiscal year, including 53 lakh first-time filers. Key Points
Economic Timesgross direct tax collections up 16.8 pc so far in 2023-24
New Delhi [India], January 11 (ANI): Direct tax collections so far in the financial year 2023-24 have risen 16.77 per cent to Rs 17.18 lakh crore (in gross terms), data put out by the Ministry of Finance said on Thursday. Direct tax collection, net of refunds, stood at Rs 14.70 lakh crore, which is 19.41 […] Key Points
ThePrintTesla's margin falls as it boosts discounts to drive demand
Tesla's (TSLA.O) gross profit margin dropped to a four-year low in the second quarter after Chief Executive Elon Musk doubled down on a price war with rival automakers, but sales and profit still beat Street expectations. Key Points
ReutersMeta India’s gross ad revenue swells 13% to Rs 18,300 crore in FY23
Meta's India arm earns ad revenue by selling ad inventory on Facebook, Instagram, and Messenger. Along with Google, Meta has been one of the biggest beneficiaries of the shift in ad spending from traditional platforms to digital. Key Points
Economic TimesPSU bank stocks rally in a muted market. Why are bulls rejoicing?
Yields on government bonds slumped after Finance Minister Nirmala Sitharaman pegged the gross and net market borrowing for FY25 at Rs 14.13 lakh crore and Rs 11.75 lakh crore, respectively. Most experts had pegged the gross market borrowing to be a little over Rs 15 lakh crore. Key Points
Economic Times
gross borrowing to be pegged at Rs 15.3 lakh crore for FY25; fiscal deficit at 5.5%: SBI Research
The government plans to reduce gross borrowing to Rs 15.3 lakh crore in FY25, targeting a fiscal deficit of 5.5% of GDP. SBI researchers believe that net market borrowing will be around Rs 11.7 lakh crore, resulting in gross borrowings of Rs 15.3 lakh crore after repayments. Adjustments and switches may lower the borrowing to less than Rs 15 lakh crore. Key Points
Economic TimesDasara box office collection Day 4: Nani film earns a whopping Rs 87 crore worldwide, makers reduce ticket price for Hindi audience
Dasara box office collection Day 4: Nani movie Dasara is now eyeing the Rs 100 crore milestone. So far it has earned Rs 87 crore globally. Here's how much it minted in India. Key Points
The Indian ExpressBroadway Box Office: 'The Phantom of the Opera' achieves weekly gross of $3 mn; all 29 productions earned
Last week, a combination of Broadway's classic and contemporary productions resulted in a nearly 20% increase in total box office revenue, with 'The Phantom of the Opera' achieving its highest weekly gross of $3 million, and The Jonas Brothers generating $1.6 million in revenue from their five-concert residency. Key Points
Economic TimesBond yields slump as government cuts market borrowing plan for FY25
In the interim Budget for FY25, the government has pegged the gross and net market borrowing at Rs 14.13 lakh crore and Rs 11.75 lakh crore, respectively. Most experts had pegged the gross market borrowing to be a little over Rs 15 lakh crore. The planned borrowing for FY25 is less than that in FY24. For FY24, the government had pegged gross market borrowing at Rs 15.43 lakh crore. Key Points
Economic TimesCentre plans to borrow Rs 7.5 trillion from market in H1-2024-25
New Delhi [India], March 27 (ANI): The central government plans to raise Rs 7.5 trillion through market borrowing in the first half of 2024-25 (April-September), an official release from the finance ministry said on Wednesday. The government raises funds primarily to meet the revenue gap. Show Full Article Out of gross Market borrowing target of […] Key Points
ThePrint
India's net direct tax collection rises by 20.25% to ₹15.60 lakh crore till 10 Feb: CBDT
India's Direct Tax collections up to 10th February, 2024 show gross collections at ₹18.38 lakh crore, 17.30% higher than last year's collections. Key Points
mintET Explains: What is ASI, and what is its connection with GDP?
India swiftly recovered from the Covid-19 pandemic, with employment rising above pre-pandemic levels in 2021-22, according to the latest Annual Survey of Industries (ASI). Investment growth also picked up during this period. The ASI measures industrial statistics of registered manufacturing enterprises and provides data on gross value added, output, inputs, invested capital, net income, and profits. The 2021-22 results indicated a sharp recovery in employment, with 17.2 million people employed by enterprises during the fiscal year. The ASI data helps determine the industrial sector's contribution to GDP. Key Points
Economic TimesThree state-owned non-life insurers fail to meet solvency requirements: RBI report
The Reserve Bank of India's latest Financial Stability Report reveals that three state-owned insurance companies are not meeting regulatory solvency requirements. The solvency ratio for public sector non-life insurers is sub-optimal, with three out of four recording ratios below the baseline of 150% set by the Insurance Regulatory and Development Authority of India. However, the report indicates that the solvency ratio for life insurance companies, both public and private, remains above the prescribed threshold at an aggregate level. Key Points
Economic TimesIndian Billionaires' Club expands as income-tax payers with over ₹100 crore earnings double
There is a 100 percent jump YoY in AY22, or doubling of the number of billionaires in the Indian taxpayer base. The collective salary income of these 16 individuals amounted to slightly over ₹2,569 crore. On average, each of them earned ₹160.57 crore annually Key Points
mintGDP numbers for FY24 show discrepancies of Rs 2.59 lakh crore
The National Statistical Office (NSO) has reported discrepancies in the computation of the gross Domestic Product for 2023-24, with discrepancies of Rs 2.59 lakh crore compared to Rs 3.80 lakh crore in 2022-23 and Rs 4.47 lakh crore in 2021-22. The NSO's first advance estimates of national accounts showed that the Indian economy will grow at 7.3% in 2023-24, slightly higher than 7.2% in 2022-23. Key Points
Economic Times
Why is Modi govt afraid of its own successes? Banking, stock market, GST hold the answer
Since 2014, the Modi government has been aggressively expanding access to banking services and encouraging participation in the stock market. Simultaneously, it has sought to substantially boost GST revenue. Key Points
ThePrintPrivate general insurers expand market share to 53.58% in H1'FY24
Private general insurers increased their combined market share to 53.58% in gross direct premium underwritten in the first half of the current financial year from 50.81% in the year-ago period Key Points
mintNestlé India Q3 preview: Sales growth, higher profitability to lift PAT by 20% YoY
The FMCG majors gross margin and operating margin are likely to expand both YoY and sequentially, on the back of softer raw material prices, price hikes, and operating leverage benefits. Nestlé India is scheduled to release its earnings on Thursday. Key Points
Economic TimesIndia’s gems and jewellery exports grow 2.48% in FY23
“Timely implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the commerce ministry resulted in a remarkable 17% growth in exports of plain gold jewellery in 2022-23. Indias major export markets remained the USA, Hong Kong and the UAE,” said Vipul Shah, chairman, GJEPC. Key Points
Economic TimesJapan avoids technical recession as Q4 GDP revised up to slight expansion
Japan’s gross domestic product (GDP) expanded at an annualized pace of 0.4% in the October-December quarter, the revised data by Cabinet Office reported on Monday, better than the initial estimate for a 0.4% contraction. Key Points
mint
Data correction: India's per capita disposable income put at ₹2.14 L
India's per capita disposable income is projected to reach ₹2.14 lakh in 2023-24. The government corrected the GDP data, revealing changes in gross and net national disposable income. Per capita disposable income grew 8% in FY24 and 13.3% in the previous year. gross national disposable income is expected to expand 8.9% in FY24 and 14.5% in FY23. Key Points
Economic TimesFinal ONDC sellerto be liable for TCS, CBDT clarifies
In detailed guidelines, the CBDT said TCS will be collected on the gross amount charged to the customer. In case the buyer receives a discount, the TCS will be on the final invoice raised to the buyer irrespective of whether the first e-commerce operator is offering the discount or the second. The CBDT also said in case of purchase of goods which are not under the purview of Goods and Services Tax, the TDS will be applicable on the amount without including state levies, VAT or other tax. Key Points
Economic TimesNet direct tax collections rise about 20.7% so far in 2023-24
India Business News: A total of Rs 13.7 lakh crore worth direct taxes (net) have been collected so far in current financial year 2023-24, representing a 20.66 per cent inc Key Points
Times Of IndiaMSMEs’ share in exports 45.56% till Sept’23: Govt to Parliament
The share of MSME products in India's exports increased from 43.59% in FY23 to 45.03% in FY22, with a growth from 49.35% in 2020-21 to 49.77% in 2019-20. The share of MSME manufacturing gross value added (GVA) in India's manufacturing GVA also increased from 40.3% in FY21 to 40.83% in FY22. The number of MSMEs registered in India has reached 3.16 crore, with an employment record of 15.5 crore as of December 6, 2023. Key Points
Economic TimesAnimal worldwide box office day 5: Ranbir Kapoor film set to enter ₹500 cr club
Animal has already beaten Brahmastra: Part One - Shiva at the worldwide box office. It also stars Rashmika Mandanna, Bobby Deol and Anil Kapoor. | Bollywood Key Points
Hindustan Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/WMBVOAPCNBOKXDSZWNRZG5GTSQ.jpg)
India's blue-chips set to continue ascent towards new record highs
Indian shares are set to open higher on Thursday, with the benchmark indexes inching towards new record highs, as bets of U.S. interest rate cut by March 2024 have triggered foreign inflows ahead of key macroeconomic data. Key Points
ReutersIndia's Zydus Wellness profit drops on one-off deferred tax expense
Indian consumer good company Zydus Wellness (ZYDS.NS) reported a more than 30% drop in second-quarter net profit on Monday due to a one-off deferred tax expense. Key Points
ReutersESIC-run social security scheme adds over 15 lakh members in June
Gross new enrolments with ESIC from September 2017 to June 2023 were 8.60 crore. Key Points
mintWeak loans of banks to fall to 3-3.5% of gross advances by March 2025: S&P
S&P Global Ratings predicts that India's banking sector will see a decrease in weak loans to 3-3.5% of gross advances by March 2025. This decline is based on structural progress and good economic prospects supporting the financial institutions' resilience. The report estimates India's GDP will increase 6-7.1% annually in fiscal years 2024-2026, making it the fastest-growing economy in Asia-Pacific and globally. Key Points
Economic TimesMakeMyTrip returns to profit at $5.4 mn in Q4, sees ‘robust recovery’ in travel demand
MakeMyTrip's gross bookings for the fourth quarter of FY23 stood at $1,673.9 million, up 65.4 per cent from $1,012.3 million in Q4FY22. Key Points
Financialexpress
Adani Enterprises' ability to service debt improves
Adani Group's flagship company, Adani Enterprises Ltd, has improved its ability to service debt as of March 31, 2023, after its gross debt fell 7% to INR 38,320 crore, while earnings increased. The company's interest service coverage ratio rose to 3.09 compared with 2.41 a year earlier. EBITDA more than doubled to INR 10,025 crore, and the company's cash position rose 37% to INR 5,374 crore YoY. Key Points
Economic TimesChina searches for signs of economic momentum
Official figures on Tuesday are expected to show gross domestic product grew 3.9% in the first quarter compared to a year prior, according to the median estimate in a Bloomberg survey of economists. While that would be an improvement on the 2.9% expansion recorded in the October to December, it's still below the official target for full-year growth of around 5%. Key Points
Economic Times