Business News Highlights: Markets To Clock Global Trends, Domestic Data, Investors Sentiment In The Week
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
PM Narendra Modi announced a subsidy of Rs 100 on LPG cylinders on Friday. Sharing his decision on X, he said, "By making cooking gas more affordable, we also aim to support the well-being of families and ensure a healthier environment. This is in line with our commitment to empowering women and ensuring ‘Ease of Living’ for them." Union Minister Hardeep Singh Puri further informed on Saturday that the subsidy extension will be applicable for 2024-25.
India clocked a rise in open access solar capacity by 6.66 per cent in 2023 at 3.2 gigawatt (GW), helped by factors like reduced module cost, a report by Mercom Capital revealed. The report stated that cumulative installed solar capacity touched 12.2 GW in December 2023 and the open access solar capacity addition stood at 3 GW in 2022.
India and the European bloc (EFTA), made up of Norway, Switzerland, Iceland, and Liechtenstein, finalised negotiations for the free trade agreement and are all set to sign the pact tomorrow. The discussions around the trade pact, titled, the Trade and Economic Partnership Agreement (TEPA), have been going on since January 2008.
Prime Minister Narendra Modi launched developmental projects worth Rs 17,500 crore in Assam, to strengthen the health, oil and gas, railway, and housing sectors in the state.
The government instructed four major industries to give information about products, service centres, and warranty conditions in an attempt to mitigate the rise in consumer complaints recently. Consumer Affairs Secretary, Rohit Kumar Singh, conducted a meeting with the major stakeholders from the four sectors, namely, automobile, consumer durables, mobile and electronics, and farming equipment. The official urged the entities to come abord the Right to Repair Portal India, set up to help and boost providing necessary repair-related information to the consumers.
Apple restores Fortnite maker Epic Games' developer account in compliance with the EU's new antitrust regulation. Tim Sweeney, CEO, Epic Games, informed that the iPhone maker permitted the app store's launch after an inquiry by the EU. A spokesperson for Apple confirmed the reinstatement of Epic Games' account, stating that this decision was taken after the game developer agreed to follow Apple's platform policies.
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The Indian Banks’ Association and bank employee unions collectively agreed to implement an annual wage hike of 17 per cent, effective from November 2022, the All India Bank Officers’ Confederation informed on Friday.
Music streaming firm, Spotify, announced that it will hike its subscription prices in France, in response to a new tax. The firm issued a statement and said, "While Spotify worked very hard to encourage the government to avoid adding this tax, unfortunately they decided to move forward," reported Reuters.
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Background
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 remained closed on Friday to observe the holiday for Mahashivratri. Trading activities in derivatives, equities, currency derivatives, SLBs, and interest rate derivatives remained inoperational for the day.
In the last trading session on Thursday, the key benchmark indices, Sensex and Nifty, closed the session on a muted noted after experiencing a tumultuous day, and hitting fresh peaks during opening. As the session ended, the Sensex stood 33.40 points higher at 74,119.39, while the Nifty climbed 20 points to settle at 22,493.50.
The government announced on Friday that it will be revising the TDS norms to allow exemptions on certain payments made to units of 14 sectors in the IFSC, applicable from April 1, 2024. It stated that this decision was being undertaken to reduce the burden of tax compliance. The Central Board of Direct Taxes (CBDT) issued a notification and informed that no TDS will be deducted for payments made to units in sectors like FinTech, banking, finance companies, credit rating agencies, fund management entities, insurance intermediaries, and investment banking.
The government also informed on Friday that it has made revisions in the competition law regarding mergers and acquisitions to help ease the regulatory burden of the Competition Commission of India (CCI). The authorities raised the existing financial limits prescribed under Section 5 of the Competition Act by 150 per cent, and also increasedthe thresholds of the Small Target Exemption, a notification issued by the Corporate Affairs Ministry revealed.
Equity mutual funds also maintained their positive momentum in February and clocked an inflow of Rs 26,866 crore in the month, representing the highest monthly influx in 23 months. This flow was driven by a huge interest in thematic funds and launch of new fund offerings (NFOs). The inflow in January stood at Rs 21,780 crore.
Systematic Investment Plan (SIP) also saw an increase in popularity, as monthly SIP contributions hit a fresh peak of Rs 19,186 crore in the period under review , against Rs 18,838 crore logged in the preceding month, official data from the Association of Mutual Funds in India (AMFI) revealed.
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