BUSINESS
UK Chancellor Unveils Significant Tax Reduction Aimed at Boosting Economic Growth
The focal point of this initiative is a reduction in the main rate of National Insurance from 12% to 10% starting January 2024, impacting approximately 27 million British workers.
Broadcom Seals $69 Billion VMware Acquisition, After China's Approval
Hock Tan, President and CEO of Broadcom, expressed enthusiasm about integrating VMware into Broadcom and uniting their innovative teams.
Gold Prices Surge to Three-Week High
As of Wednesday, the international market recorded a gold price of $2,000.38 per ounce, while US gold futures remained steady at $2,002.40.
RBI Governor Raises Concern Over NBFCs' High Reliance on Bank Loans
During the FIBAC 2023 conference, Das emphasized the necessity for NBFCs to diversify their funding sources, reducing their reliance on banks to mitigate the risks associated with interconnectedness.
Markets Achieving New Highs Aligned with Robust FII Inflows
The Nifty index has demonstrated a relatively flat trend over the past six weeks due to robust Domestic Institutional Investor (DII) flows, counterbalancing FII movements. Historically, strong FII inflows have correlated with market highs, a trend that's absent at present.
Small Cap Stocks Experience Selling Pressure
The BSE Small Cap Select Index dropped by 1%, with stocks like Sonata Software and Suzlon declining by 5%, while KPIT Tech, JSL, and Fortis witnessed drops ranging from 2% to over 4%.
Byju Raveendran Receives Show Cause Notice from ED Over Alleged FEMA Violation
In a statement released on Tuesday, the ED announced that an investigation was initiated based on multiple complaints regarding foreign investments received by the company and its business practices.
Finance Ministry Banks on Declining Oil Prices to Curb Inflation
India's retail inflation in October hit a four-month low, reaching 4.87%, inching closer to the RBI's targeted rate of 4%.
Mukesh Ambani Unveils Plans for Rs 20,000 Crore Investment in Bengal Over Next 3 Years
Addressing the inaugural session of the seventh edition of the Bengal Global Business Summit, Ambani outlined the sectors earmarked for this investment, emphasizing the infusion of funds into education, healthcare, and non-conventional energy.
Metal and Realty Stocks Shine as Nifty Ends on a Positive Note
Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio, highlighted the outperformance of sectors like Nifty Metal, Nifty Realty, and Nifty Pharma, exhibiting gains of 1.22%, 1.13%, and 1.03%, respectively.
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