Business News Highlights: Markets Keenly Watch Out For Q3 Results, RBI's Monetary Policy
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Taxis along with those operating via app-based aggregators like Uber and Ola will now have to adhere to the new fare structure released by the Karnataka Transport Department, the authorities said via an order on Saturday. As such, the order will make fares across the city taxis and app based cab aggregators uniform and the revised fares are to be applicable across the state, effective immediately, reported PTI.
The Reserve Bank of India (RBI) is going to potentially continue the pause on interest rate hike in its upcoming monetary policy meeting in the week, as retail inflation remains near the higher end of the comfort zone, experts said. The banking regulator has maintained the status quo on the policy front stable at 6.5 per cent for a year now. Last in February 2023, the regulator hike the benchmark interest rate to 6.5 per cent to keep a tab on inflation. The meeting, chaired by RBI Governor, is scheduled to begin on February 6, 2024.
The draft Bill for establishing the National Financial Information Registry (NFIR) could possibly be introduced in the July session, Economic Affairs Secretary, Ajay Seth said. The official said that the aim is to build a public infrastructure for credit-related information and to ensure the correct information is available on the NFIR for the lending agencies. Seth added that the registry is almost ready and will help boost an efficient credit flow, financial inclusion, and develop financial stability, reported PTI.
Traders’ body, the Confederation of All India Traders (CAIT) advised traders to change from Paytm to other payment options for their business-related transactions, in a cautionary advisory issued on Sunday. The notice comes after the Reserve Bank of India (RBI) imposed restrictions on Paytm wallet and bank operations.
“Large number of small traders, vendors, hawkers and women are making payments through Paytm and as such RBI restrictions on Paytm could lead financial disruption to these people,” the body said, reported PTI.
Fast-moving consumer goods (FMCG) firms logged single-digit volume growth with better margins during the October-December quarter in the current fiscal year. The growth was facilitated by improving commodity inflation, although the operating environment continued to pose challenges. Some firms also registered a drop in their financial results after they shared the benefits of improvement in commodity prices with the customers by reducing the goods’ prices, in turn, impacting their gross sale numbers, reported PTI.
Cipla is planning to engage in acquisitions and inorganic partnerships in the US along with strengthening its foothold in the domestic market, the drug maker’s CFO, Ashish Adukia said in an analyst call. The firm also aims to improve its revenue in Europe and increase the margin in South Africa, reported PTI.
Paramount Cables reported a 54 per cent jump in consolidate net profit in the third quarter of the current fiscal year to Rs 22.03 crore, against Rs 14.32 crore logged in the October-December quarter in the preceding fiscal year. The growth in net profit was helped by a boost in higher income, the wires manufacturer said in an exchange filing on Saturday. The total income of the company stood at Rs 285.83 crore in Q3FY24, against Rs 221.99 crore in the corresponding quarter a year earlier.
Foreign Portfolio Investors (FPIs) inflows in the debt market in January became the highest monthly investment seen in more than 6 years at Rs 19,800 crore. At the same time, the investors dumped Indian equities worth Rs 25,743 crore during the month, official data revealed.
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Force Motors aims to invest nearly Rs 2,000 crore in the next three to four years, the automaker’s MD, Prasan Firodia, said. The firm plans to use the funds towards sustainability drive and electric vehicle development, reported PTI.
SpiceJet’s Chief, Ajay Singh, said that the airline plans to expand in the next two years and enhance connectivity between several tourist and religious destinations including Lakshadweep. The carrier also aims to operate seaplanes and is awaiting infrastructure development for water ports, Singh told PTI.
Tobacco product makers, including manufacturers of pan masala, and gutka, will be liable to pay a penalty of up to Rs 1 lakh, if they don’t register their packing machinery with the GST authorities, effective from April 1, 2024, Revenue Secretary Sanjay Malhotra said. The decision has been taken to restrict revenue leakage in the tobacco manufacturing industry, Malhotra revealed, while speaking with PTI.
India expects to mop up close to Rs 14,000 crore in GST in the upcoming fiscal year by taxing online gambling firms, Revenue Secretary Sanjay Malhotra revealed to Reuters on Saturday. The official added that in FY24, the government will garner nearly Rs 7,500 crore in tax, higher than the preceding year. Notably, the Indian government levied a 28 per cent tax on funds collected by online gaming firms from their customers on every bet, in October 2023.
The combined market valuation of eight of the top ten most valued firms soared Rs 2.90 lakh crore last week, where Reliance Industries dominated the gains. Notably, the BSE benchmark index, Sensex, climbed almost 2 per cent, or 1,384.96 points in last week. Amongst the top ten stocks, Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank, LIC, SBI, Infosys, and HUL emerged as the gainers, while, Bharti Airtel and ITC logged a decline in their valuation. Reliance Industries saw a jump of Rs 1,38,290.85 crore in their market capitalisation, which touched Rs 19,72,028.45 crore.
GST intelligence officers found fake Input Tax Credit (ITC) cases worth Rs 18,000 crore during the April to December period in the 2023-24 fiscal year, and placed 98 people under arrest regarding the cases, the finance ministry said on Saturday.
“In the current financial year (up to December 2023), 1,700 fake ITC cases involving Rs 18,000 crore have been detected and 98 fraudsters/masterminds have been apprehended,” an official statement read. The authorities found faulty cases using data analytics helped by advanced technical tools, leading to the arrest of tax evaders, reported PTI.
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.
On Saturday, several firms announced their result for the third quarter of the financial year 2023-24, including Quess Corp, Reliance Power and State Bank of India. Quess Corp reported a 27.23 per cent decline in consolidated net profit at Rs 63.88, on a year-on-year(YoY) basis. SBI logged a 35 per cent fall in standalone net profit of Rs 9,164 crore for the December quarter of FY24, again on a YoY basis.
The plunge in SBI’s profit was in line with analysts' predictions. Kotak Institutional Equities earlier anticipated a significant year-on-year decline in operating profit growth, projecting it to slip by 18.3 per cent to Rs 20,613 crore from the Rs 25,219.3 crore recorded in Q3FY23.
"We are building net interest margin (NIM) to decline around seven basis points Q-o-Q/19 bps Y-o-Y, but do see a possibility of stable performance given the structure of loan book and neglibile need for deposits to fund this growth. Operating expenses would be higher due to wage revision related costs (final settlement impact)," said Kotak Institutional Equities in its results preview report.
Paytm is likely to face more heat from the Reserve Bank of India (RBI) in the coming days. According to an agency report, the regulatory authority may consider revoking the bank's license after the February 29 deadline, while the banking arm of the fintech company is obligated to prevent customers from adding funds to their savings accounts through the widely used digital payment wallet.
Nonetheless, a conclusive decision has yet to be made, and the RBI's stance may be subject to change depending on Paytm's representation, as per the report.
Among the major earnings lined up for the week ahead include Bharti Airtel, TVS Supply Chain Solutions, Birla Corporation, FSN E-Commerce Ventures Nykaa, JK Tyre and Industries, Fortis Healthcare, and PowerGrid, among others.
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