Business News Highlights: RBI To Hold First MPC Meet Of FY25, Markets To Observe Domestic And Global PMI Data
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The stock markets settled in green as the previous trading week ended. In the last trading session of the 2023-24 fiscal year, the markets exhibited bullish behaviour due to robust buying amidst positive global cues. The S&P BSE Sensex closed the session at 73,651, climbing over 650 points, while the NSE Nifty50 stood at 22,327 as markets settled for the day, up by over 200 points.
In the week ahead, investors will keenly observe global developments and take cues from macroeconomic trends. Domestically, the HSBC Manufacturing PMI data for March will be released for India in the first half of the week and the Services PMI numbers are scheduled to be revealed on Thursday.
The first policy meeting for the 2024-25 fiscal year by the Reserve Bank of India will be held on April 3, 2024. The banking regulator will hold discussions regarding the interest rate decision in its monetary policy committee meeting and will announce its decision on rates on April 5, 2024.
Globally, investors will also observe the speech from Federal Reserve Chair, Jerome Powell, to be delivered on Wednesday. Further, other officials from the Fed will also be delivering speeches in the week. This will help provide insight into the interest rate decisions ahead.
On the macroeconomic front, the US is set to reveal its S&P Global Manufacturing PMI numbers, along with construction spending for February, and total vehicle sales for March data in the first half of the week. The Services PMI numbers for March, the balance of trade (Feb), and the unemployment rate for March will be revealed in the latter half of the week.
Manufacturing and services PMI figures along with the household spending data for February are scheduled to be released by Japan in the week. China will also see the release of its manufacturing, services PMI data, and current account final figures for Q4-2023 in the week.
Bharti Airtel Group Firm, Telesonic Networks, Receives Penalty Worth Over Rs 2 Lakh
Bharti Airtel Group company, Telesonic Networks, received a penalty worth Rs 2,19,873 for alleged irregularity in filing claims for input tax credit, a regulatory filing revealed. The official document stated that the firm received the penalty for the claims filed during the 2018-19 fiscal year and it received the order on March 30, 2024. The firm added that it will be taking appropriate action to fight the penalty.
Panasonic Group To Make Lithium Ion Batteries In JV With Indian Oil
Panasonic Group and Indian Oil Corporation will manufacture cylindrical lithium-ion batteries in a joint venture to cater to the growing demand for batteries of two and three-wheel vehicles and energy storage systems in the Indian market. Panasonic Energy Co Ltd, a firm from the Japan-based MNC entered into a binding term sheet agreement with the oil firm, the Japanese group said via an official statement on Sunday.
Zomato Gets Tax Notice Worth Rs 23.26 Crore
Zomato said on Sunday that it received a tax demand, interest, along with penalty worth Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The food delivery firm said that the it received the order for the 2018-19 fiscal year amd will be appealing the same before the authorities.
CBIC Issues Guidelines For Central And State GST Officers
The Central Board of Indirect Taxes and Customs (CBIC) announced that the GST field officers will need approval from their zonal principal chief commissioners to begin a probe against any major industrial houses or MNCs and impose duty on goods/services for the first time. The CBIC also said that in the instance of a taxpayer facing investigations from both the state GST and DGGI officers on different issues, the principal commissioner will take into consideration the feasibility of only one of the offices to follow on all the cases related to the taxpayer.
Additionally, the authority said that in starting a probe into a listed company or PSU, the central GST officers will now need to issue official letters, rather than summons, to the designated officer, providing details about the reasoning behind the probe and asking for documents within a reasonable time period.
RBI To Set Up Digital India Trust Agency To Combat Cyber Fraud
The RBI is looking into setting up a Digital India Trust Agency (DIGITA) to curb cyber fraud and keep a check on illegal lending apps. Applications not carrying a 'verified' seal from the DIGITA will be rendered unauthorised, reported PTI, citing sources.
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