Gold prices in Delhi fell below Rs 79,000 per 10 grams due to low stockist and retailer demand. Silver experienced a significant drop as well. Analysts cite geopolitical uncertainties, interest rate cuts, and robust demand from central banks and high-net-worth individuals as factors for the previous surge. Thin trading volumes during the holiday period have kept prices range-bound.
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Major cryptocurrencies, including Bitcoin and ether, experienced sharp declines on Monday amid rising tariff tensions led by US President Donald Trump’s import levies on Canada, Mexico, and China. Bitcoin hit a three-week low, while ether saw its steepest drop since September. Analysts warn of further market volatility and potential economic slowdown.
The BJP-led Delhi government, under chief minister Rekha Gupta, is developing a new excise policy designed to boost revenue while ensuring transparency and avoiding societal issues. Drawing inspiration from successful excise policies in other states, the forthcoming policy aims to be "foolproof." This initiative follows the scrapping of the previous AAP government's excise policy due to corruption allegations.
The sensex saw a strong rally driven by local buying, closing 610 points higher, above the 74K mark. Over the last two sessions, it gained 1,350 points or 1.9%. Despite foreign funds selling, domestic net buying helped boost market capitalization by Rs 4.5 lakh crore.
Fugitive diamond merchant Mehul Choksi, wanted in India for allegedly defrauding Punjab National Bank (PNB) of nearly Rs 14,000 crore, has been arrested in Belgium. His legal team is contesting extradition, citing the case's political nature and Choksi's poor health, including cancer treatment and PTSD from a prior alleged kidnapping.
JK Paper, led by Harsh Pati Singhania, is streamlining its corporate structure by merging several subsidiaries with itself. This move will consolidate its packaging business and increase the Singhania family's ownership to 53%. Enviro Tech Ventures, partially owned by the family, will also merge with JK Paper after divesting its agricultural interests.
In 2024, funds raised for Indian startups fell to $2.7 billion, the lowest in four years. SoftBank and Tiger Global issued smaller follow-on checks and remained cautious. With global investors on the sidelines, local family offices and hedge funds led the investments. Analysts expect startup funding to pick up pace in the coming months.
The GST on the margin of sale for used vehicles, including electric ones, has been revised to 18%. GST is payable only on the margin between purchase price and sale price. For depreciated vehicles, GST applies only if the sale price exceeds the depreciated value. Negative margins incur no GST liability.
Macrotech Developers accused House of Abhinandan Lodha of fabricating documents to misuse the 'Lodha' brand for a Goa project. Allegations include a fake board resolution to grant brand usage. The Lodha siblings, Abhishek and Abhinandan, are in a legal dispute over the 'Lodha' name rights. House of Abhinandan Lodha is reviewing the claims.
Gas consumption in India grew by 11% annually in 2024, causing a rise in LNG imports to meet increasing demand. Sectors such as industry, oil refineries, residential, commercial, and transport saw significant growth. Heatwaves also increased gas use for power generation. This aligns with India's low-carbon economy goals but raises energy security concerns due to declining domestic production.
The New Income Tax Bill 2025 aims to simplify tax laws in India, focusing on simplifying language, reducing litigation and compliance, and removing obsolete provisions. It introduces a taxpayer's charter, merges TDS/TCS sections, and aligns terminology with international norms. Likely effective from April 1, 2026, it promises streamlined processes without major tax rate changes.