ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
Macro and micro environment are becoming more challenging.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
Financial shares were among the top gainers with HDFC leading the gains.
"The fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years," Jaitley said in a Facebook post.
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
'The 2024 election results will lead to much intense targeting of Modi, more intense debates, many more breakdowns in Parliament and many more movements on the streets.' 'The results have hit Modi's standing, and the politics of the Opposition parties will be sharply focused to ensure that Modi doesn't get back his charisma of being 'invincible' with help of State power.' Sheela Bhatt looks at the political situation through the prism of 2024 Lok Sabha election results.
Markets finished lower for the sixth consecutive day as hopes of the Goods and Services tax (GST) bill being passed in the current session of the Parliament faded considerably.
It had upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms would help stabilise rising levels of debt.
... if high oil prices persist or stock prices correct sharply.
'Who has given how much money to which party, the people of India must know this fact.'
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
After the Covid-19 pandemic that derailed the economy since 2019, the Durga Puja festival in West Bengal is back with an estimated 20-30 per cent jump in festive spending. Retail sector is the key contributor to the state's Durga Puja economy which was Rs 32,377 crore in 2019, according to a British Council study conducted for the state government. Retail accounts for 85 per cent of the total puja economy and the rest is shared among pandal making, decoration, illumination, entertainment, advertisement, food & beverage and others.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
The NSE Nifty also moved up by 12 points to 8,648.35.
BSE Smallcap index outperformed the frontline indices to rise 0.6%, while the BSE Midcap was flat
The Asian markets are largely trading in the green, taking heart from a positive close on Wall Street.
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
Markets gained for the second straight session to kick-off the September F&O series on a robust note.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Sensex ended strong, Tata Steel, HUL climb higher.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
Prime Minister Narendra Modi on Monday expressed confidence that the NDA will get more than 400 seats and the BJP will win at least 370 seats in the Lok Sabha elections.
'80% of the rural and urban population don't have enough purchasing power.'
GST mop-up likely to fall in May, June after touching record levels in April and March.
India, along with Southeast Asian countries such as Indonesia, is expected to sustain growth in the medium-term in Asia region, replacing China as the key growth driver, Morgan Stanley and Nomura said in two separate reports released on Monday. While Morgan Stanley projected a 6.2 per cent gross domestic product (GDP) growth forecast for India in FY24, Nomura estimated the Indian economy to grow at 5.9 per cent in 2023. "Even with a slowing China, we expect GDP growth in Asia to sustainably outperform other emerging markets and the US. India and Southeast Asia are set to be the fastest-growing economies this decade.
'We have 750 districts across the country, and each district can create one cluster like Tirupur on any product of their choice.' 'This way, we can even have $3 trillion in exports.'
Rating agency Icra on Wednesday said while there is some evidence of the economic recovery becoming broad-based in the third quarter of fiscal 2022, it is yet to attain the durability being sought by the Monetary Policy Committee (MPC) as a precursor to policy transmission. The agency expects the real GDP to expand 6-6.5 per cent year-on-year in the third quarter of FY2022 (+8.4 per cent in Q2 FY2022). It also sees the RBI maintaining the status quo in the upcoming monetary policy review to be held in February.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products. The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. "As excise duty collection is mainly driven by diesel volumes, we might see a clear gap in the level budgeted for FY23, following the reduction in cesses on petrol and diesel in May. We are expecting somewhere between Rs 80,000 crore and Rs 1 trillion dip in excise and customs duty collections," a senior government official told Business Standard.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
The rupee fell to a two-year low of 64.84 against the US dollar.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
