Business News Highlights: RBI To Hold First MPC Meet Of FY25, Markets To Observe Domestic And Global PMI Data

Business News 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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Business News 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.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.

31/03/2024 18:07:43

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. 

31/03/2024 17:03:08

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. 

31/03/2024 16:28:10

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. 

31/03/2024 15:03:15

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. 

31/03/2024 14:01:04

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. 

31/03/2024 13:04:14

BoI Hikes Interest Rate By 10 Basis Points

The Bank of India (BoI) said that it is increasing the lending rate by 10 basis points, in turn, making loans more expensive. The public lender said that the new rates will be effective from April 1, 2024. 

31/03/2024 12:02:45

M-Cap Of 7 Of Top 10 Valued Firms Climbs Rs 67,259.99 Crore, Reliance Leads Gains

The collective market valuation of seven of the top ten most valued firms jumped by Rs 67,259.99 crore last week, amidst a positive trend in domestic equities. Amongst the firms, Reliance Industries reported the largest gains in its valuation, along with SBI, LIC, and ICICI Bank among other gainers. On the other hand, TCS, Infosys, and Bharti Airtel emerged among the losers in the week. 

31/03/2024 11:00:47

Interest Rates On Savings Schemes Remain Unchanged For Next Quarter

The government announced that it is maintaining the interest rates on Small Savings Schemes unchanged for the April-June quarter of the 2024-25 fiscal year. Typically, these rates are announced by the officials every quarter.

Read More | Govt Keeps Interest Rates Unchanged For Savings Schemes For Q1FY25

31/03/2024 09:57:47

IndiGo Announces New Direct Flights Between Abu Dhabi And Kannur

IndiGo announced that it will now operate new direct flights between Abu Dhabi and Kerala's Kannur district from May 9. Vinay Malhotra, Head of Global Sales, IndiGo, noted, "With the addition of these flights, the airline will operate 56 weekly flights to Abu Dhabi from 8 cities in India, promoting travel, trade, and tourism between the two countries."