BUSINESS
Polycab Shares Tumble 20% Following Reports on Alleged Tax Evasion
In response to the reports, Polycab India issued a statement denying rumors of tax evasion and emphasized its commitment to compliance and transparency. The company stated that it had fully cooperated with Income Tax Department officials during the search proceedings conducted in December 2023.
Challenges Persist: Global PC Market Experiences Unprecedented Decline in 2023
This sharp downturn, considered unparalleled in the industry's recorded history, is attributed to the aftermath of the substantial surge in PC purchases driven by the COVID-19 pandemic.
Robust Growth: Direct Tax Collections Surge by 18% in the Current Fiscal Year
The net direct tax collection, excluding refunds, stands at Rs. 14.70 lakh crore, marking a substantial 19.41% surge compared to the corresponding period in the previous year. This amount accounts for 80.61% of the total Budget Estimates of Direct Taxes for the financial year 2023-24, according to the statement released by CBDT.
Reliance Industries Market Capitalization Surpasses INR 18 Trillion Milestone
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, noted that Nifty exhibited sideways trading, concluding marginally positive at 21,647 levels. This came ahead of the release of US inflation data and the commencement of the Q3FY24 earnings season on Thursday.
US Greenlights Historic Bitcoin Exchange-Traded Product (ETP) Shares
SEC Chair Gary Gensler emphasized in a statement that the approval of spot Bitcoin ETP shares should not be interpreted as an endorsement of Bitcoin.
BMW India Achieves Record Sales with 22,940 Units in 2023
Vikram Pawah, President of BMW Group India, highlighted the record-breaking achievement, noting that all three brands – BMW, MINI, and BMW Motorrad – achieved their highest-ever sales.
Inconsistent FII and DII Behavior Marks This Month's Market Trends
Vijayakumar highlighted that a potential negative trigger could be a slightly hawkish statement from the Federal Reserve, postponing the expected rate cuts that the market anticipates starting by March 2023.
Rupee Strengthens: Gains 2 Paise Against US Dollar, Now at 83.01
The sustained uptrend in the domestic equity markets contributed to the positive momentum of the Indian currency.
Global Markets Soar in Early Trading, Reflecting Strong International Trends
Among the top-performing stocks on the Sensex, major gainers included Axis Bank, Bajaj Finserv, Bajaj Finance, Reliance Industries, IndusInd Bank, and NTPC. On the flip side, Infosys, Nestle, Wipro, and HDFC Bank experienced a dip in performance.
Nifty Experiences a Pullback Rally in Recent Market Movement
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, highlighted the Nifty's smart recovery in the last hour, closing with a gain of 74 points at 21,619 levels. The sectoral performance presented a mixed picture, with notable buying activity in media, IT, metals, and consumer durable stocks.
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