Various news paper

 *Financial News Bulletin Dt.24th December,2023*

**

Gujarat government on Friday allowed alcohol consumption at hotels/restaurants/clubs offering “Wine and Dine” in Gujarat International Finance Tec-City (GIFT City). Liquor access permit will be given to all the employees/owners working in the entire GIFT City in Gandhinagar, stated a notification that gains importance as Gujarat is a dry state.

-Business Today

Ahead of Christmas and New Year's, liquor shops across Uttar Pradesh will remain open till 11 pm on 24th and 31st December, said the Excise Department of Uttar Pradesh government on Saturday.

-Business Line

Over a year after Omicron, India is witnessing another virus wave triggered by JN.1, a sub-variant of the coronavirus. JN.1 has been classified as a "variant of interest" by the WHO because of "its rapidly increasing spread". The number of active Covid-19 cases in India has crossed the 3,000- mark and one death was reported in Kerala.

-Business Today

The National Financial Reporting Authority on Friday came out with its inspection reports of BSR & Co, Deloitte Haskins & Sells, SRBC & Co and Price Waterhouse Chartered Accountants, which revealed certain audit lapses by each of the four audit firms. 

-Business Today

Sebi takes first step to introduce instant settlement in Indian stock market. As per the Sebi consultation paper, an optional T+0 settlement cycle (for trades till 1:30pm) is envisaged in Phase 1 with settlement of funds and securities to be completed on the same day by 4:30pm; Phase 2 will see instant settlement for all trades done till 3:30pm

-Business Today

FinMin's economists call for urgent reform of credit ratings.The economists from the North Block believe that enhanced transparency may lead to the use of hard data, potentially resulting in credit rating upgrades for a significant number of sovereigns.

-Business Today

Centre releases Rs 72,961 cr as tax devolution to states ahead of festivities, New Year.This installment is in addition to the tax devolution installment due to the states on January 10, 2024, and the installment of Rs 72,961.21 crore already released on December 11, 2023.

-Business Today

Rajnish Kumar, the former State Bank of India (SBI) Chief and current Chairman of Mastercard India, said that when it comes to gathering money, nobody can compete with banks. However, he said, they don't know how to deploy that money, which is where fintechs can play a role.

-Business Today

World Bank provides $300 million loan to Tamil Nadu to help 21 Urban Local Bodies. The loan will be from the World Bank body International Bank of Reconstruction and Development. The World Bank’s Board of Executive Directors has approved a new program to support Tamil Nadu and provide around 2 million people with more and better access to water and sewerage services in cities.

-Business Line

All six members of the monetary policy committee (MPC) flagged food inflation as a concern, prompting them to unanimously vote for continuing with the pause in policy repo rate at their last meeting, according to the minutes of the meeting released by RBI. RBI Governor Shaktikanta Das noted that moving forward, while food inflation has receded from the highs seen in July, it remains elevated.

-Business Line

RBI may cut rates if global central banks turn dovish. We expect 10-year Indian government bond yields to gravitate lower, given that inflation is within range and the demand for G-secs is strong, says Sandeep Yadav, Head-Fixed Income, DSP Mutual Fund.

-Business Line

Tamil Nadu coastal areas brace for heavy rain next week, forecast predicts spreading down South. Fairly widespread to isolate heavy rain may return initially to coastal areas of Tamil Nadu before spreading to other parts of the adjoining parts of the South Peninsula, as easterly winds begin to straighten out yet again after a similar act earlier last week dumped heavy rainfall over Thoothukudi, Tenkasi and Kanniyakumari districts.

-Business Line

The Finance Ministry on Friday asked heads of public sector banks to monitor and review the top 20 Insolvency and Bankruptcy Code cases as part of their bad assets management. During a meeting with managing directors and CEOs of public sector banks (PSBs), Financial Services Secretary Vivek Joshi asked them to review the top 20 cases monthly for their resolution.

-Economic Times

RBI MPC members vow to take battle against inflation ahead.India's headline retail inflation rate surged to 5.55 percent in November due to the combination of an unfavourable base effect and a rise in prices of key food items.

-Money Control

ISRO plans to launch India’s first International Space Station by 2028, says S Somanath.Somnath affirmed, “India is poised to establish its very own 'Bharat Space Station' during the Amrit Kal.”

-Business Today

IMF’s projection of govt debt exceeding 100% of GDP by FY28 is ‘misconstrued’: Finance ministry.In a statement, the finance ministry said that several other countries are expected to perform worse than India on the debt front.

-Business Today

Infosys loses $1.5-bn AI contract inked with global company in Sept.The $1.5 billion deal with an unnamed global company for AI solutions was to be spread out over 15 years.

-Business Today

India's standard time was known in the world some 300 years ago. However, Paris started to set the time and later, it was adopted by the British, who considered Greenwich the Prime Meridian: MP CM Mohan Yadav

-Business Today

India vigilant as JN.1 Covid-19 subvariant emerges with 22 confirmed cases.In anticipation of potential challenges posed by the JN.1 subvariant, individual surveillance protocols have been implemented across various states, emphasising preparedness and cautionary measures.

-Business Today

Mutual fund investors flex muscle, beat FPI inflows hands down.Retail investors pour in Rs 3.31 lakh cr through MFs, much higher than FPI inflows of Rs 1.64 lakh cr.

-Business Line