Business News Highlights: Stock Market Closes Higher; Sensex Up 182 Points, Nifty Over 23,450
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In the previous trading session on Thursday, both primary equity indicators, the Sensex and Nifty, concluded with slight upticks following earlier peaks. The BSE Sensex reached an all-time high of 77,145 before settling at 76,811, marking a gain of 204 points. Meanwhile, the NSE Nifty50 closed at 23,399, up by 76 points, having reached a peak of 23,481 during the day.
Furthermore, following an eight-month hiatus, the GST Council, led by Finance Minister Nirmala Sitharaman, is scheduled to convene on June 22. The forthcoming session is anticipated to address several crucial matters, possibly including a reevaluation of the 28 per cent GST levied on the online gaming industry. "The 53rd gathering of the GST Council is slated for June 22, 2024, in New Delhi," revealed the GST Council Secretariat in a statement shared on X.
Saurabh Agarwal, Tax Partner at EY, said, "The Council is likely to reach conclusions on matters pertaining to the Goods and Services Tax (GST) that necessitate legislative modifications, including the taxation of online gaming activities and the designation of a date for the mandatory implementation of Input Service Distributor (ISD) provisions. The larger issues with reference to relief on secondment, foreign BO - HO issue, rate rationalisation are likely to be taken up in the next GST council which will happen after June."
In addition, the Insurance Regulatory and Development Authority of India (IRDAI) has declared that policy loans will be obligatory for all life insurance savings products, offering policyholders a vital liquidity alternative. In a circular listing regulations related to life insurance policies, IRDAI has extended the free look duration to 30 days from the former 15 days. This extension provides policyholders with sufficient time to scrutinise and grasp the terms and conditions of their policies.
"This is an important step in the series of reforms taken up by the insurance regulator with the interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," said IRDAI.
Minda Corp Partners With Taiwanese Firm For Local Sunroof Production In PVs
Minda Corporation, an auto components manufacturer, announced on Friday the signing of an agreement to establish a joint venture with Taiwan's HSIN Chong Machinery Works Co. This venture aims to manufacture sunroofs for passenger vehicles domestically. The partnership, structured as a 50:50 collaboration, is geared towards localising the production of sunroof and closure technology products.
Labour Secretary Sumita Dawra Leads EPFO Reform Review Meeting
Sumita Dawra, the Secretary of Labour and Employment, lauded the recent initiatives undertaken by the Employees' Provident Fund Organisation (EPFO) to streamline claim settlements and reduce rejections, according to an official statement released on Friday. Dawra, who chaired a review meeting on EPFO reforms on Thursday, emphasised the importance of close collaboration among officials to fortify the effectiveness of the social security system.
The statement further elaborated that EPFO is currently in the process of modernising its application software, transitioning to a Universal Account Number (UAN)-based single accounting system for each member, and automating process flows with minimal human intervention to expedite claim settlements.
Stock Market Close: Sensex Settles 182 Points Up, Nifty Above 23,450
Indian benchmark indices concluded the trading session positively on Friday, marking a notable milestone as Nifty reached a new record peak. The Sensex closed higher by 181.87 points, reflecting a 0.24 per cent increase, settling at 76,992.77. Similarly, the Nifty saw an uptick of 66.70 points, or 0.29 per cent, closing at 23,465.60. Among the stocks traded, 2177 registered gains, 1598 experienced declines, while 106 remained unchanged.
India's May Exports Show Robust 9% Increase
India's merchandise exports saw a notable increase of 9 per cent in May 2024, reaching $38.13 billion compared to $34.95 billion in the corresponding month last year, according to government data released on Friday. Concurrently, imports also experienced growth, rising by 7.7 per cent to $61.91 billion from $57.48 billion in May 2023.
India's Diversity Hiring Surges By Over 30% In 5 Years
India is blazing a trail in Diversity, Equity, and Inclusion (DE&I) hiring, as recent data reveals a significant surge of 30 to 35 per cent in diverse recruitment over the last five years despite persistent macroeconomic challenges. This noteworthy trend encompasses the inclusion of LGBTQIA+, women, and persons with disabilities.
Notably, NLB Services, a global technology and digital talent solutions provider, has also noted a distinct uptick of 10-15 percent specifically in LGBTQIA+ hiring within the past 3-4 years.
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