Budget 2024 Highlights: FM Proposes No Changes To Tax Slabs, Stock Market Closes In Red
India Budget 2024 Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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Budget 2024 Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
Finance Minister Nirmala Sitharaman is all set to table the Interim Budget for the financial year 2024-25 today. Markets, investors, and all stakeholders are awaiting to see the financial blueprint for the upcoming fiscal year. The budget being of an interim nature is not expected to include any major policy revisions, however, experts feel it will have certain changes of a populist nature.
The finance minister is scheduled to table the Interim Budget in Parliament starting at 11 am IST. Sitharaman’s address will be streamed live on the official Parliamentary channel on YouTube and can be seen on TV on the Doordarshan and Sansad TV channels. The full speech of the address will be available online on the Union Budget website/app, after the official presentation concludes.
The Budget Session began Wednesday, January 30, 2024, and will end on February 9, 2024. The session started with President Droupadi Murmu’s address in the Parliament.
In her address, the President lauded the country for its achievements. Youth power, women power, farmers, and the poor are the four pillars on which a developed economy will be built," she said.
The President also lauded India for securing a place in the top 5 economies in the world. "Our banking system today has become one of the strongest in the world. Make in India and Atmanirbhar Bharat have become our strengths today. Mobile manufacturing has increased by over 5 per cent," she said.
Investors will be keenly observing the Budget as stock markets will be indicative of the public’s response to the financial document. In the last trading session on Wednesday, the markets took cues from the upcoming Budget and attempted a recovery rally. After opening, the markets continued to trade in a positive trajectory, ahead of the President’s address in the Budget session. As of 10:09 AM, the Sensex was trading higher by over 200 points at 71,404.58, while the Nifty50 gained more than 50 points and stood at 21,590.85.
By the session’s end, the equity benchmarks settled in green. The S&P BSE Sensex rallied 613 points to end at 71,753. On the other hand, the NSE Nifty50 was settled at 21,726, up 204 points.
Titan Q3: Net Profit Rises 15% On Strong Sales In Festive Season
Titan reported a 15.3 per cent jump in its consolidated net profit at Rs 1,053 crore for the third quarter ended December 2023 in the current fiscal year, owing to strong sales in the festive season. The leading jewellery and watchmaker logged a net profit of Rs 913 crore in the corresponding quarter in the 2022-23 fiscal year. Sales increased to Rs 13,963 crore in Q3FY24, against Rs 11,167 crore in the same quarter a year earlier.
Raymond Q3 Results: Net Profit Nearly Doubles To Rs 185.39 Crore
Raymond on Thursday said that its consolidated net profit in the third quarter of the current fiscal year almost doubled to Rs 185.39 crore, due to strong growth in the real estate and branded apparel businesses. The firm logged a net profit of Rs 96.60 crore in the October-December quarter in the preceding 2022-23 fiscal year, it revealed via an exchange filing.
The revenue from operations grew to Rs 2,386.16 crore in Q3FY24, from Rs 2,188.16 crore in the corresponding period a year earlier.
Rupee Appreciates 8 Paise To Settle At 82.96 Against US Dollar
The Indian rupee appreciated by 8 paise to settle at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25. Forex traders noted that the gains were restricted by a strong dollar against major rivals overseas and subdued domestic equity markets. At the interbank foreign exchange, the domestic unit opened at 83.02 against the greenback and hit a high of 82.93 and a low of 83.03, during the session.
Stock Markets Settle Lower: Sensex Drops Over 100 Points, Nifty Closes Below 21,700
The stock markets closed in red after exhibiting volatility following the Budget 2024 announcements. The BSE Sensex closed over 100 points lower, below the 71,650 mark and settled at 71,645.30, while the NSE Nifty50 ended the session at 21,697.45, after dropping almost 30 points.
Govt Estimates Dividend Income From RBI, Public Sector Banks At Rs 1.02 Lakh Crore In FY25
The government on Thursday estimated a dividend income of Rs 1.02 lakh crore from the Reserve Bank of India and public sector financial banks in the upcoming 2024-25 fiscal year. For the current fiscal year 2023-24, the government revealed that projected dividend income stood at Rs 1.04 lakh crore, higher than the Budget Estimate of Rs 48,000 crore.
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