Business News Highlights: Investors Keenly Observe Quarterly Results, Await RBI MPC Meet
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The Sensex and Nifty, the benchmark equity indices, closed in positive territory on Friday, influenced by favourable global signals following the interim Budget presented on February 1. The S&P BSE Sensex concluded the day with a gain of 440 points, reaching 72,086. Meanwhile, the NSE Nifty50 achieved a new peak at 22,127 and ultimately settled at 21,854, marking a rise of 156 points.
"The bull market at Dalal Street is thriving, fuelled by positive developments such as Wall Street's surge, a 3 per cent drop in WTI oil prices, and the promising interim Union Budget," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.
On Friday, Revenue Secretary Sanjay Malhotra stated that the government expects the average monthly GST collections for the upcoming fiscal year to rise to nearly Rs 1.85 lakh crore, compared to this year's collection of approximately Rs 1.66 lakh crore.
Nitin Gupta, the Chief of the Central Board of Direct Taxes (CBDT), revealed on Friday that the Income Tax department has collected close to Rs 4,600 crore in taxes through 56 lakh updated Income Tax returns submitted by taxpayers in the last two years.
“We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that,” said Gupta in a post-Budget media interaction.
Reliance Power, State Bank of India, IBL Finance and more companies are expected to announce results for their third quarter for the financial year 2023-24 over the weekend. In addition, the Reserve Bank of India (RBI) is scheduled to have its Monetary Policy Committee (MPC) meeting in the upcoming week.
Money Laundering Concerns Likely Led to Paytm Bank's Ban by RBI: Report
Money laundering concerns and questionable transactions involving hundreds of crores of rupees between the well-known Paytm wallet and its less prominent banking arm have prompted the Reserve Bank of India to take action against entities overseen by tech entrepreneur Vijay Shekhar Sharma, according to a news agency PTI report.
Uber Launches Eco-friendly EV Service ‘Uber Green’ In Delhi
Online cab servicing platform Uber announced on Saturday that its eco-friendly, global electric vehicle (EV) service ‘Uber Green’ is now available in the national capital. Riders using the service will now see an ‘Uber Green’ option when they open the Uber app to book any rides.
ONDC Network Starts Ticket Service for Chennai Metro
The Department for Promotion of Industry and Internal Trade introduced ticketing services for Chennai Metro on the Open Network for Digital Commerce (ONDC) platform on Friday. Chennai Metro Rail has become the first-ever metro service accessible through the ONDC network.
Reliance Power Q3 Result: Net Loss Increases To Rs 1,136.75 Crore
Reliance Power on Saturday reported an increase in its consolidated net loss of Rs 1,136.75 crore during the quarter ended December in the fiscal year 2023-24 because of increased expenses. The firm posted a net loss of Rs 291.54 crore during the same period of the financial year 2022-23, the company said in an exchange filing.
Govt Issues Security Alert For All Apple Users
The government has issued an alert to the users of Apple products in the country concerning potential data breaches and cyber threats. The Computer Emergency Response Team (CERT), a cybersecurity agency, highlighted that users of iPhones and MacBooks are at the highest risk of exploitation by hackers due to specific vulnerabilities. This poses a potential threat as hackers can readily access sensitive information and circumvent security restrictions.
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