BUSINESS
Interim Budget Boosts Allocations for Major Infrastructure Projects to Rs 11.1 Lakh Crore, Achieves Fiscal Deficit Cut to 5.1% of GDP
The Finance Minister has reduced the fiscal deficit target to 5.1% of GDP for 2024-25, aiming for economic growth by increasing government capital expenditure on major infrastructure projects.
January Sees Manufacturing Growth Reach Four-Month High Amid Sustained Strong Demand
The Manufacturing PMI rose to 56.9 in January from 54.9 the previous month, and the services industry also saw an acceleration in activity, with its PMI rising to 61.2 from 59.0 in December.
RBI Prohibits Paytm Payments Bank from Accepting Deposits Beyond February 29
The RBI, in a statement on Wednesday, stated that withdrawal or utilization of balances by PPBL customers from various accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., will be permitted without restrictions up to their available balance. However, the bank will not be allowed to provide other banking services such as fund transfers (regardless of the name and nature of services like AEPS, IMPS, etc.), BBPOU, and UPI facility after February 29, 2024.
Jan Sees a 10.4% Surge in GST Collections, Reaching Rs 1,72,129 Crore
The government disbursed Rs 43,552 crore to CGST (Central Goods and Services Tax) and Rs 37,257 crore to SGST (State Goods and Services Tax) from the Integrated Goods and Services Tax (IGST) collection.
Burman Family Bolsters Investment, Increases Stake in Religare Enterprises to 25%
Crossing the 25% threshold is pivotal, as it empowers the Burmans to have a decisive say in key resolutions, requiring 75% shareholder approval. Notably, the Competition Commission of India (CCI) approval was obtained last week for this transaction.
Dec 2023 Witnesses 14-Month Low as Key Infrastructure Sectors Experience Slower Growth at 3.8%
Compared to the robust 7.9 percent growth in November and 8.3 percent in December 2022, the core sector, encompassing coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity, experienced a significant slowdown. The last recorded low was at 0.9 percent in October 2022.
Swiggy's FY23 Financials: Losses Expand to Rs 4,179 Cr Ahead of IPO, Revenue Surges by 45%
The cost of employee benefits also saw a notable rise, climbing by 25% to Rs 2,130 crore. Swiggy's restaurant technology platform Dineout, acquired in 2022 for approximately $150 million, generated Rs 77.5 crore in revenue but incurred an operating loss of Rs 176 crore during the financial year.
WGC Report Highlights Dip in India's Gold Demand Amidst Rising Prices
In the October-December quarter, Indian gold consumption further dropped by 4% to 266.2 tonnes. Despite increased sales of coins and bars for investment purposes, this rise was overshadowed by a notable decline in jewelry demand, according to the World Gold Council (WGC).
Microsoft Achieves Remarkable 33% Rise in Net Income as Gaming Investments Prove Successful
A significant development during this period was Microsoft's acquisition of gaming giant Activision Blizzard (NASDAQ: ATVI) on October 13, 2023. The impact of this acquisition is evident in the notable 61% surge in Xbox content and services revenue, with 55 points attributed to the influence of the Activision acquisition.
Zooom Airline Resumes Operations in India, Unveils New Routes to Ayodhya
The debut flight is set to utilize Bombardier CRJ 200ER aircraft for operations on the popular Delhi-Ayodhya route, renowned as one of the nation's premier spiritual tourism destinations, as per the airline's official statement.
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