Finance minister Nirmala Sitharaman announced duty exemptions on capital goods used in manufacturing lithium-ion batteries to boost domestic production essential for electric vehicles and mobile phones. The move aims to reduce costs, accelerate India's EV transition, enhance manufacturing capacities, and create high-value jobs in the sector.
Related news
FM Nirmala Sitharaman emphasized the importance of maintaining fiscal responsibility in public finance, highlighting the need to balance borrowing with sustainable growth. She warned against excessive debt, citing long-term implications, and praised the collaborative efforts in the GST Council to generate revenue responsibly.
Several brokerage houses issued recommendations on various stocks. Motilal Oswal recommended buying Kirloskar Oil Engines, while ICICI Securities suggested buying PVR Inox, Sun TV, and Zee Entertainment. InCred Equities favored Persistent Systems, and Emkay Global gave mixed recommendations on metal stocks, selling Hindalco but buying Nalco and Vedanta. JM Financial recommended buying Piramal Pharma.
Restaurants are upset with Swiggy and Zomato for launching standalone apps, Snacc and Bistro, which deliver quick meals using customer data, moving beyond their role as marketplaces. Restaurants plan legal action, citing unfair competition, while expressing concerns about potential customer migration to private-label products sold on the new apps.
Indian stock markets witnessed a significant rally, adding Rs 7.85 lakh crore to investor wealth, after the US suspended additional tariffs on India for 90 days. The BSE Sensex surged by 1.77%, and the NSE Nifty gained 1.92%, driven by broad-based optimism across sectors, particularly commodities, consumer durables, and utilities.
In March, GST collections increased by 9.9% to Rs 1,96,141 crore, with a significant rise in import-related revenue. Despite a resilient economy and strong consumer spending, the slower growth in domestic collections may lead to increased government monitoring and scrutiny to address potential tax leakages.
ICICI Bank reported a 15% rise in standalone net profit to Rs 11,792 crore for Q3 of FY2024, compared to Rs 10,272 crore in the same period last year. Total income rose to Rs 48,368 crore, with improved asset quality as gross NPAs dropped to 1.96%.
A recent CII survey shows optimism in the Indian economy, with 75% of companies finding the environment favorable for private investments. 97% of firms plan to increase employment in FY25 and FY26, with anticipated wage growth and personal consumption boosts. India's 'Viksit Bharat' vision by 2047 depends on creating quality jobs.
Nissan faces a potential bankruptcy within the next year due to a 70% profit plunge and a $60 million loss. The company plans a $3 billion restructuring, including 9,000 job cuts and production reductions. A potential merger with Honda is being considered as a solution to navigate the challenging automotive market and bolster its struggling electric vehicle offerings.
Tax laws determine a person's residency status based on their stay in India. To ease compliance for non-resident taxpayers, introducing thresholds for tax residency certificates, relaxing norms for Form 10F, facilitating tax payments and refunds, and easing e-verification processes are suggested measures.
Indian markets experienced a significant downturn in April, with BSE-listed companies losing Rs 11.30 lakh crore due to escalating US-China trade tensions and subsequent tariff announcements. Although the US temporarily suspended tariffs, uncertainty persists, impacting investor sentiment. Experts anticipate a potential market rebound in the second half of FY26, contingent on improved corporate earnings and stabilised global conditions.