BUSINESS
DGCA greenlights Air India, IndiGo's aircraft imports
Minister of State for Civil Aviation, Gen V.K. Singh (retd), in a written reply, told the Rajya Sabha that the details of the aircraft approved for import by the DGCA are enclosed as an annexure, but information regarding the cost of acquisition of these aircraft, being of commercial nature between the airline and the Original Equipment Manufacturers (OEMs), is not available.
Government hikes windfall tax on crude petroleum, diesel; applicable from August 1
It has also increased the windfall tax on diesel to Re.1 per litre from zero. According to a gazette notification, these changes will come into effect from August 1 onwards. The windfall tax on petrol however will continue to be at ‘nil’, the notification said. Similarly, SAED on jet fuel or aviation turbine fuel (ATF) will also continue to be at ‘nil’.
Walmart buys Tiger Global’s remaining Flipkart stake for $1.4 bn
Walmart purchased Tiger Global’s remaining holding in Flipkart to further cement its control of the Indian e-commerce giant.
Buoyancy in markets fulled by sustained FPI investments
Results have been a mixed bag. The buoyancy in the markets is spearheaded by FPIs who have been pouring money into the markets on a sustained basis. Barring a brief period when they were selling in India to buy stocks in China, the situation has now reversed completely.
Foreign portfolio investments fell sharply to (-) Rs 40,936 cr in 2022-23 from Rs 2,67,100 cr in 2020-21
In fact, if the FPI inflows for the last three years are any reflection, they had recorded negative inflows in 2021-22 also, according to finance ministry figures. FPI inflows had entered the negative zone, as they stood at (-) Rs 1,22,241 crore in 2021-22. However, in 2022-23 the FPI inflows further fell to (-) Rs 40, 936 crore.
Russian stock market hits 17-month high as oil prices surge
The index was 0.7 per cent higher at 3008.61 points on Friday. Since the beginning of 2023, the MOEX has increased by about 40 per cent. The stock market has demonstrated consistent growth since a collapse following the announcement of partial mobilisation in September, 2022.
High likelihood of correction in equity markets over next few months
To a query whether the uptrend in the Indian stock markets would continue or come to an end, Suman Chowdhury, Chief Economist and Head --Research told IANS: “The Nifty (NSE 50 index) has yielded a return of 77.4 per cent over the last three years and even if one excludes the impact of the recovery from the pandemic, the one year return on Nifty is at 14.5 per cent.”
No proposal to curb retail participation in derivative markets, says SEBI
SEBI said currently, for trading in the derivative segment, SEBI Circular dated December 3, 2009 (now incorporated under Master Circular for Stock Brokers dated May 17, 2023) prescribes that the stock broker shall have documentary evidence of financial capability for all clients.
Markets to remain volatile with new high looking difficult currently
At the end of the week, BSESENSEX lost 524.06 points or 0.79 per cent to close at 66,160.20 points while NIFTY lost 98.95 points or 0.50 per cent to close at 19,646.05 points. The broader markets saw BSE100, BSE200 and BSE500 lose 0.15 per cent, gain 0.14 per cent and 0.29 per cent respectively. BSEMIDCAP was up 2.07 per cent while BSESMALLCAP was up 1.18 per cent.
In 6 years of GST regime, Rs 27,426 crore of tax evasion detected, only Rs 922 crore recovered
These 5,000-odd cases have led to the detection of Rs 27,426 crore of GST evasion. However the recovery has only been worth of Rs 922 crore in the past six years. These figures pertain to the period between July 1, 2017 (commencement of GST regime) and June 30, 2023.
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