News

 *Financial News Bulletin Dt.18th January ,2024*

Ahead of the interim Budget presentation in Lok Sabha on February 1, RBI Monetary Policy Committee (MPC) member Ashima Goyal Wednesday suggested that the government can contemplate imposing income tax on rich farmers to bring about fairness in the taxation structure in the country

-Mint

The media arm of India's Adani Group on Wednesday said it increased its stake in IANS India by subscribing to fresh shares issued by the news agency worth 50 million rupees ($601,801).

-Business Line

Among India's start-up elite, many are feeling the financial squeeze, handling loans from lean equity times. It's not just a wake-up call for the industry but also signals a looming debt inferno ahead

-Business Today

Google announces mass layoffs in ad sales team.Earlier this week, Google announced the layoff of hundreds of employees as a part of the company’s ongoing efforts to reduce expenses.

-Business Today

BSE's Sensex crashed 1628.01 points, or 2.23 per cent, to settle at 71,500.76. NSE's Nifty50 plunged 460.35 points, or 2.09 per cent, to end the day at 21,571.95 for the day.

-Business Today

Adani Group to invest Rs 50,000 cr over next 10 years in setting up 1 GW data centre in Maharashtra.The MoU was signed in the presence of Maharashtra CM Eknath Shinde and Adani Group Chairman Gautam Adani at WEF 2024 in Davos.

-Business Today

Global ratings agency Fitch affirmed India’s long-term foreign currency issuer default ratings at ’BBB-’ with a stable outlook, but flagged that the country’s weak public finances were the ”largest constraint” to the rating.Fitch expects the federal government to achieve its fiscal deficit target of 5.9% of gross domestic product in fiscal year 2024 from 6.4% in fiscal year 2023 but said the goal to reduce that deficit to 4.5% by fiscal year 2026 will be challenging.

-Business Today

The IT sector is currently experiencing a challenging period due to an industry slowdown. However, despite these challenges, the IT services sector remains a popular choice for students embarking on their careers. The IT sector provides some of the most lucrative employment opportunities. However, the sector has faced criticism for the lack of growth in entry-level salaries. For quite some time, college graduates and entry-level employees have raised concerns about the stagnant starting salaries for newcomers in IT firms.

-Business Today

The rupee slipped 1 paisa to settle at 83.13 (provisional) against the US dollar on Wednesday amid massive selling in domestic equity markets and a strong greenback overseas.

-Business Line

India's State Bank of India's chairman, Dinesh Khara, believes a clampdown on unsecured loans is necessary to curb unhealthy growth in individual borrowing. The bank's chairman cited the annual expansion of retail loans at about 30% as a sign of heating up. The Reserve Bank of India has asked banks to increase buffers for some consumer loans to ensure healthy growth.

-Economic Times

The government is working on finalising a proposal to double the insurance cover under its flagship Ayushman Bharat health scheme to Rs 10 lakh to ensure that serious diseases like cancer and transplants that entail more expenditure are supported by it, official sources said on Wednesday. An announce ment to this effect is likely to be made in the interim Union Budget on February 1, the sources told PTI.

-Economic Times

Jio Financial Services is introducing Device as a Service (DaaS) as a corporate financing model, allowing companies to lease devices instead of buying them to enhance cash flow and IT fleet management. The company, a carve-out from Reliance Industries, aims to create a new market model for consumer devices by offering finance and operating leases for assets like airfiber, phones, and laptops.

-Economic Times

Reserve Bank of India Governor Shaktikanta Das on Thursday said the Indian economy is likely to hit a record growth rate of 7% in the next fiscal, adding that the inflation is steadily moderating and the central bank is confident of achieving the 4% target at the earliest, PTI reported

-Economic Times

The Directorate General of Civil Aviation (DGCA) has imposed a penalty of Rs 30 lakh each on SpiceJet and Air India, whereas, the BCAS has slapped a fine of Rs 1.2 crore on IndiGo Airlines.

-Money Control

S&P BSE Sensex   71500.76

NIFTY 50                 21571.95

NIFTY Bank            46064.45

BSE Bankex            52020.27

USD/INR                         83.13