BUSINESS
Massive capex push buoys infra, cement, steel stocks on B-Day
The shares of infrastructure company Larsen & Toubro rose over 4 per cent, whereas realty major DLF rose over 3 per cent. Steel maker JSW Steel rose nearly 4 per cent, whereas the Steel Authority of India rose 5 per cent. In the cement space, Shree Cement rose 5 per cent, ULtraTech Cement 4 per cent, Ambuja Cement 4 per cent, and The Ramco Cements over 3 per cent. The stocks of Housing finance company Aavas Financiers rose 6 per cent.
Indian space sector targets Rs 219 cr revenue from launch services
The space sector also targets a revenue of Rs 11 crore from sale of remote sensing data and data products. As per the budget papers presented to the Parliament on Tuesday by Finance Minister Nirmala Sitharaman, the DoS is targeting to complete two test rocket launches for the prestigious Rs 10,534.5 crore Gaganyaan, India's human space mission, during FY23.
'Zero Sum budget', Rahul Gandhi slams Modi govt
Rahul Gandhi tweeted, "M0di G0vernment's Zer0 Sum Budget!" In his tweet, Rahul Gandhi deliberately put the figure 'zero' instead of the letter 'O', criticising the Budget in totality. He further said, "Nothing for the Salaried class, Middle class, The poor & deprived, Youth, Farmers and MSMEs." Earlier, Congress Chief Spokesperson Randeep Singh Surjewala said, "India's salaried class & middle class were hoping for relief in times of pandemic.
Budgetary Lifeline: ECLGS to be extended till March 2023
Besides, ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore. Notably, the additional amount is being earmarked exclusively for the hospitality and related enterprises. In her Budget speech to Parliament, Finance Minister Nirmala Sitharaman said: "Emergency Credit Line Guarantee Scheme (ECLGS) has provided much-needed additional credit to more than 130 lakh MSMEs."
Rs 60K cr allotted for 'Har Ghar Jal', 3.8 cr households to benefit
Nirmala Sitharaman said, "Measures have included programmes that have provided housing, electricity, cooking gas and access to water." Giving more details, the Finance Minister said that the current coverage of 'Har Ghar Jal' and 'Nal Se Jal' is 8.7 crore, out of which 5.5 crore households were provided tap water in the last 2 years itself.
Rs 2.37 cr provision for direct payment of MSP
"The procurement of wheat in Rabi 2021-22 and the estimated procurement of paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes (LMT) of wheat and paddy from 163 lakh farmers. A whopping Rs 2.37 lakh crore will be credited as direct payment of minimum support price (MSP) value to their accounts," Finance Minister Nirmala Sitharaman announced in her Budget speech.
The welfare focus in Union Budget 2022-23
Under the PM Awas Yojana, 80 lakh houses are to be completed in 2022-23. The PM-DevINE scheme seeks to fund infrastructure and social development based on felt needs of the North East India. The Aspirational Blocks Programme is for development of lagging blocks of aspirational districts while the Vibrant Villages Programme is targeting development of villages on the Northern Border left out from the development gains.
Adani Ports' net profits decline 6% in Q3FY22, revenue up 1%
In the same quarter last fiscal, the net profit was Rs 1,577 crore. The company's consolidated revenue during the quarter grew one per cent to Rs 3,797 crore, as compared to Rs 3,746 crore in the same period last fiscal. EBITDA fell two per cent during the quarter to Rs 2,431 crore. During Q3FY22, cargo volumes were subdued due to higher commodity prices and disruptions in the supply chain.
Taxpayers can file updated I-T returns within two years
She said this would give the taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment. She pointed out that currently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
Union Budget to create new opportunities for people: Modi
"This will further open the green job sector. This year's Budget not only solves the contemporary problems but also ensures a bright future for the youth," he said. The Prime Minister added that the quest for modernity and technology in every sphere of life through steps such as drones for farmers, Vande Bharat trains, digital currency, 5G services and National Digital Health Ecosystem will hugely benefit our youth.
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