BUSINESS
'Indian corporate sector begins to contribute to growth of gross fixed capital formation'
Post-pandemic economic recovery was largely driven by growth in GFCF. It grew 25.6 per cent year-on-year (YoY) during FY22 to reach Rs 67.9 trillion in nominal terms. The growth in FY22 was largely driven by household investments into real estate and central government push towards infrastructure capex while state governments and corporates lagged in terms of capex growth, the report notes.
Cash transactions dramatically spike at petrol pumps, online orders
"As per our estimate consumption demand may be frontloaded by Rs 55,000 crore. With the bank note remaining a legal tender, unlike demonetisation, consumption could see a boost. Though, RBI asked customers to deposit or exchange the Rs 2,000 notes, but it is expected that high-value amounts could move to high-value spends such as gold/jewellery, high-end consumer durables like AC, mobile phones etc, and real estate," the report said.
Direct tax collection rises 11% to Rs 3,79,760 crore
The net direct tax collection of Rs 3,79,760 crore included corporation tax (CIT) at Rs 1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 2,22,196 crore (net of refund). The gross collection of direct taxes (before adjusting for refunds) for 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of last fiscal, registering a growth of 12.73 per cent over collections of 2022-23.
Sony unhappy with Zee developments, merger may unravel
The lawyers on both sides, Shardul Shroff representing Sony Pictures Entertainment India and Economic Law Practice for Zee will be busy in the next few days as the unravelling of one of the expected biggest entertainment media mergers takes place. Whether this will lead to Damages for Reps and Warranties Breaches remains a matter of conjecture?
Chairman Emeritus and MD of large listed company diverted public money: SEBI reply to SAT in Zee matter
"In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons," SEBI said in its reply to SAT.
The market rally appears to be sustainable this time around
The highs made on BSESENSEX were at 63,384.58 points while it was 18,826 points on NIFTY. The levels on the December 1, 2022 were at 63,284.19 points and 18,812.50 points respectively. It is worth noting and highlighting that on March 20, 2023, markets had bottomed out at 57,084.91 points and 16,828.35 points.
RBI maintains a pause on rates in step with global markets - it helps
The Reserve Bank of India (RBI) earlier this month decided to maintain a pause on key policy rates for the second time in a row. While in April when the RBI had first paused the repo rates, real estate firms' shares had enjoyed good growth, mainly owing to positive sentiments among homebuyers, as the decision meant EMIs.
Solid Q4 results, return of FIIs, improving macros drive market's record surge
The market indices -- NSE's Nifty and the Sensex of the BSE -- are nearing their 52-week high points.vThe Nifty of the NSE on Friday opened at 18,723.30 and touched a high of 18,864.70. The 52-week high point was 18,887.60. Similarly, the Sensex of BSE opened at 62,960.73, touched a high of 63,520.36.
State polls may make markets nervous: Dhiraj Relli, MD & CEO, HDFC Securities
The upward trajectory is owing to a combination of factors such as good FY23Q4 corporate results, foreign institutional investors (FIIs), and also due to the domestic investor interest. "However, the markets may start getting nervous ahead of the next round of state elections due in November/December," he told IANS in an interview.
With new lifetime highs expect heightened volatility
BSESENSEX gained 758.95 points or 1.21 per cent to close at 63,384.58 points while NIFTY gained 262.60 points or 1.41 per cent to close at 18,826.00 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.65 per cent, 1.78 per cent and 1.88 per cent respectively. BSEMIDCAP gained 2.95 per cent.
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