Business News Highlights: Markets To Observe Q3 Earnings, Macro Trends, Foreign Investors
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The retirement fund body, Employees’ Provident Fund Organisation (EPFO), revealed on Saturday that the interest rate on employees’ PF was decided at 8.5 per cent for the FY24, indicating the highest rates in three years. Now, the body’s recommendation will be forwarded to the Finance Ministry for approval, the labour ministry said.
The interest rate marked the highest seen in three years, reported PTI. Earlier in March 2023, the retirement fund body increased the interest rate on EPF marginally to 8.15 per cent for 2022-23, while the same stood at 8.10 per cent in the preceding 2021-22 period.
In 2022, the official body reduced the interest rate on EPF for the 2021-22 period to 8.1 per cent. This marked the lowest rates since 1977-78, when the EPF interest rate stood at 8 per cent.
In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the positive territory after trading without much gains amid volatility. The S&P BSE Sensex climbed 167 points to close at 71,595, while, the NSE Nifty50 settled marginally higher at 21,783, up by 65 points.
Earlier in the week, the RBI held its Monetary Policy Committee (MPC) meeting, with Governor Shaktikanta Das as the chair. The Governor informed that the central bank has kept the interest rates unchanged at 6.5 per cent. The decision was in line with the analysts’ expectations and also marked the sixth consecutive time that the repo rate was untouched.
Further, the banking regulator kept the standing deposit facility (SDF) at 6.25 per cent and projected the Gross Domestic Product (GDP) to grow at 7 per cent in the forthcoming fiscal year 2024-25, against the growth of 7.3 per cent logged in the current financial year. The projection for average retail inflation was 5.4 per cent in the current fiscal, while the same for FY25 stood at 4.5 per cent. The MPC is scheduled to meet next on April 3, 2024, for a period of 2 days.
Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, IRCTC, Siemens, VIP Clothing, Muthoot Finance, and Senco Gold are scheduled to release their earnings in their week.
Direct Tax Collection At Rs 15.60 Lakh Crore In FY24 So Far
Net direct tax collection in the current fiscal year increased by 20 per cent to touch Rs 15.60 lakh crore, on a year-on-year (YoY) basis, the Central Board of Direct Taxes (CBDT) revealed via a statement. The tax collected also marked 80 per cent of the revised Budget estimates for the 2023-24 fiscal year. Gross collections stood at Rs 18.38 lakh crore in FY24, up to February 10, 2024, up by 17.30 per cent against the amount collected in the corresponding period a year earlier.
MedPlus Health Services Aims To Increase Revenue By 60% In 2-3 Years
MedPlus Health Services is looking to increase revenue from the company by 50 to 60 per cent in the next two to three years. The retail pharma firm currently generates 12 per cent revenue from its stores in the country.
Indian Biogas Association Seeks Rs 30,000 Crore Investment For Compressed Biogas Plants
Indian Biogas Association proposed an investment worth Rs 30,000 crore towards machinery and equipment regarding biomass supply to compressed biogas plants to facilitate 12 MMTA of LNG import reduction.
Gold Plus Glass Industry Files Preliminary IPO Papers With SEBI
Gold Plus Glass Industry Ltd submitted preliminary papers with the Securities and Exchange Board of India (SEBI) to garner funds via an initial public offering (IPO). The fresh issue includes equity shares worth Rs 500 crore and an offer-for-sale (OFS) of up to 1.56 crore shares by promoters and investor shareholders, the firm’s draft red herring prospectus (DRHP) revealed on Saturday.
IndiGo Flight Misses Taxiway While Landing At Delhi Airport
An IndiGo aircraft missed the taxiway while landing at the Delhi airport on Sunday morning, resulting in blocking one of the runways for 15 minutes, reported PTI citing sources. The flight was coming in from Amritsar and went to the dead one of one of the runways at the Indira Gandhi International Airport (IGIA).
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