Finance Minister Nirmala Sitharaman announced unprecedented tax relief in the Budget to support domestic production and enhance export competitiveness. The new Income Tax Bill, addressing digital record examinations, is set for discussion during the monsoon session of Parliament, aiming to update the 63-year-old law.
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The telecom department (DoT) and companies in India used the 'International Incoming Spoofed Calls Prevention System' to block 70% of spoofed calls, reducing them from 1.5 crore to 5 lakh daily. They are now tackling scams using virtual private networks. AI tools like ASTR identified 78 lakh fraudulent connections, blocking many and leading to 365 FIRs.
India’s GST revenue collection saw a notable 9.9% increase year-over-year in March, reaching Rs 1.96 lakh crore. February witnessed a 9.1% rise in GST collections, reaching Rs 183,646 crore, driven by substantial increases in domestic revenue sources.
The Reserve Bank of India may lower policy rates by 50 bps in the first half of 2025, following a recent liquidity easing and CRR reduction. This move is expected to support growth but could temporarily impact bank earnings and asset quality. SMEs and the MFI segment may face ongoing stress.
7-Eleven's parent company, Seven & i Holdings, is exploring store sell-offs with Canadian firm Alimentation Couche-Tard (ACT) to address antitrust concerns and a potential merger. Joint efforts by financial advisors are underway to find buyers, aiming to create a feasible divestiture plan. This follows measures to counter ACT's takeover bid, previously rejected for undervaluation.
Groww, the Bengaluru-based discount stock brokerage, is planning an IPO within the next 12 months, seeking a valuation of $6-8 billion. The company aims to raise $600-800 million through the offering. This move comes as regulatory changes affect the derivatives trading space, impacting revenues of brokers like Groww and its competitor, Zerodha.
The Indian government's Production Linked Incentive (PLI) schemes across 14 sectors have yielded Rs 1.46 lakh crore in investments, generating over Rs 12.50 lakh crore in sales and 9.5 lakh jobs as of August 2024. Over Rs 4 lakh crore in exports have been achieved, with incentives exceeding Rs 6,753 crore disbursed in the last fiscal year.
In 2024, the internet and e-commerce sector led in pay across all levels, with top executives earning an average of Rs 37 lakh. Professional services, business consulting, and media closely followed. Healthcare topped senior and middle-level pay due to digital integration and job growth. Bengaluru emerged as the top talent hotspot, while Mumbai excelled in senior-level salaries. Tier-2 cities Bhopal, Mysore, and Kanpur showed impressive growth in junior-level roles.
Tesla reported lower than expected profits Wednesday but confirmed key 2025 benchmarks, saying it will return to sales volume growth and move forward with fully autonomous driving. But Tesla expects growth in 2025, saying in its earnings release that "with the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025."
ICICI Securities resolved alleged stock brokers rules violations by paying Rs 80.4 lakh to the markets regulator Sebi. The settlement followed an inspection that revealed non-compliances related to margin trading facility and other issues. A technical glitch was also reported and corrected as part of the settlement terms.
Seven of India's top ten valued companies saw their market value grow by Rs 2,10,254.96 crore due to a positive stock market trend last week. Tata Consultancy Services and State Bank of India were among the biggest gainers. Some companies like HDFC Bank experienced declines. Key global factors and economic data will influence market direction in the coming weeks.