A rebound in stocks was driven by significant gains in technology giants Tesla and Nvidia, helping the 'Magnificent Seven' megacaps rise over 1%. Despite a weak US consumer confidence report causing a brief dip, experts forecast a likely Santa Claus rally this year. Thin trading marked the holiday-shortened week's start, with volumes down by around 20%.
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NSDL reported a 29.82% growth in consolidated net profit for Q3 2024, reaching Rs 85.8 crore. The depository's total income rose by 16.2% to Rs 391.21 crore. NSDL is set for an IPO after receiving SEBI approval, involving an offer for sale of over 5.72 crore equity shares.
The Finance Act, 2020 introduced a more complex tax residency determination for NRIs and PIOs, reducing the stay threshold from 182 to 120 days based on India-sourced income. Experts argue it complicates compliance without significant revenue benefits, potentially deterring economic activity and investment in India.
The Centre is preparing a 23-point template for reforms and deregulation to simplify business operations, focusing on areas like land, labor, utilities, and permits. A taskforce led by cabinet secretary TV Somanathan is considering single window clearance, reducing inspections, and extending permit validity. Proposed changes aim to ease land use regulations, flexible labor laws, and better working conditions for women.
A parliamentary committee will review the new Income Tax bill introduced by Finance Minister Nirmala Sitharaman. This bill aims to simplify the existing tax code by reducing the number of sections and word count significantly, and removing obsolete provisions, while establishing clear administrative frameworks and roles.
Gold prices remained steady at Rs 76,650 per 10 grams and silver at Rs 97,260 per kilogram on March 8. Gold April futures closed at Rs 85,820, and silver May futures ended at Rs 97,280. Analysts predict volatility due to upcoming US economic data. Gold trading is expected between Rs 84,000 and Rs 86,500.
Dr Krishna Ella, co-founder of Bharat Biotech, has been awarded the prestigious INSA India fellowship for 2025 for his significant contributions to vaccine technology and biotechnology. His work led to the development of India’s first indigenous Covid-19 vaccine, Covaxin. Bharat Biotech, established in 1996, has delivered over nine billion vaccine doses worldwide.
Shares of Standard Glass Lining Technology Ltd closed with a nearly 17% premium against the issue price, debuting at Rs 176 on the BSE, with a valuation of Rs 3,258.70 crore. The IPO saw a 182.57 times subscription with proceeds for debt repayment, investments, and acquisitions.
Sebi has rejected Digvijay Gaekwad's application to make a competing offer for Religare Enterprises, citing insufficient proof of financial resources and non-compliance with a Supreme Court order. This clears the path for the Burmans, who are the largest shareholders, to gain control of the company.
Union minister Jitendra Singh announced that India's space sector has attracted over Rs 1,000 crore investment recently, with space economy expected to grow five-fold to $44 billion. At the ETNOW.in Business Conclave, the need for updating Indian IT laws was highlighted, while Arunachal Pradesh governor emphasized the importance of strong border security, innovation, and infrastructure for attaining Viksit Bharat.
Brands are leveraging the Maha Kumbh Mela at Prayagraj as a significant marketing opportunity. They aim to capture consumer interest through advertisements and product sampling amidst a massive turnout. Companies are setting up booths, hoardings, and engaging in creative promotions to boost brand visibility and test new products.