Market and Business News

New delhi date. 01 February 2021, Monday Finance Minister Nirmala Sitaram has provided one more opportunity to the country's power distribution companies (DISCOMs) to come out of weakness. The finance minister has announced an improvement plan of Rs 2,06,8 crore in the budget to allow the discoms to sit. The finance minister has devised a scheme for discoms in conjunction with the results this year. Discoms under financial strain have been given a further five years to sit. Earlier attempts were made to seat the discoms through the Uday scheme, but the scheme has not been particularly successful. According to the scheme announced in the budget, discoms have been given a period of five years to set up structures, install prepaid smart meters, feeder separation and upgrade existing systems. Over the next five years, Discoms will have to improve its finances and operations. There are also plans to remove the monopoly of private or government power suppliers in most parts of the c

Mumbai, Ta. 01 February 2021, Monday Finance Minister Nirmala Sitharaman's budget has been welcomed by the country's industry and is expected to accelerate reforms. The budget is also said to be bold in many ways. Anil Agarwal, executive chairman, Vedanta Resources, said in a tweet that major projects such as strategic disinvestment in two public sector banks and one insurance company and emphasis on infrastructure would accelerate growth. With this budget of the Finance Minister in times of unprecedented economic stress, India will be able to move up in the new world order. Proposals like special focus on infrastructure, disinvestment of public sector undertakings, increase in FDI limit in insurance are welcome, said Harsh Goenka, Chairman, RPG Enterprises. "There are no negative proposals in the budget, which is a big thing to improve the mood," said Kiran Majumdar Shaw, executive chairperson of Biocon. The proposal to reduce the import duty on gold from 12.50

(Gujarat News Office) Mumbai, Ta. 01 February 2021, Monday Silver prices rose sharply in the Mumbai jewelery market today. While gold prices remained soft. Silver prices in the world market jumped to close at ડો 60 an ounce, setting a new record after 2014. Meanwhile, in the budget presented in India today, the import duty on gold and silver has come down to 18.50 per cent from 19.50 per cent, but the overall duty burden has come down to 2.5 per cent with agri-infra cess of 2.5 per cent, market analysts said. Meanwhile, the finance minister has reduced the import duty on gold dome bars from 11.5 per cent to 8.50 per cent, while Silver Dot has reduced the import duty on bars from 11 per cent to 8.10 per cent. However, two and a half per cent agri infra cess has been imposed on Dore Bars for these two precious metals. Experts were counting on a reduction in gold and silver smuggling in the country as import duty on India has come down. Meanwhile, there was news of rising prices in the

New delhi date. 01 February 2021, Monday India's Purchasing Managers' Index (PMI) for the January manufacturing sector has seen rapid growth on rising demand and output. The pace of job cuts also slowed in January, the PMI report said. The pace of cuts in employment has been at a ten-month low. The manufacturing Nikkei PMI, which stood at 6.50 in December, was at 6.30 in January. A PMI above 60 is called an extension of that area. The PMI has been above 50 for the sixth consecutive month in January. The January PMI has been at a three-month high. The new orders-related sub-index has been the highest since October, indicating strong growth in demand. Companies are also increasing production, suggesting an expansion of capacity in the short term, according to a report by IHS Markets, which prepared the index. The successful launch of the coronavirus vaccine in India is expected to boost demand by most rating agencies. Despite the increase in demand and production, companies

New delhi date. 01 February 2021, Monday In the budget for the next financial year, the money allocated to the finance minister for capital expenditure is the highest in the last one decade. In the current budget, 12.51 per cent of the budget has been allocated for capital expenditure as compared to 12.5 per cent last year. Capital costs include the cost of erecting buildings for road and health services. While salaries, interest payments etc. paid to government employees are included in the revenue expenditure. The share of capital expenditure in the total budget has been declining in recent years. In the previous financial year 2006-07, the share of capital expenditure in the total budget was 16.50 per cent. In FY2030, the share fell to 19.18 per cent, the lowest in ten years. The Corona epidemic has hit capital spending in the current financial year. Expenditure on new projects declined by 3.50 per cent to Rs 0.3 trillion in the quarter ended December 2020. In the December 2015

New delhi date. 01 February 2021, Monday Despite a higher-than-expected fiscal deficit, Moody's Investor Service has remained silent on the country's sovereign rating, raising doubts about achieving higher revenue and disinvestment targets projected in the budget. In the budget presented to Finance Minister Nirmala Sitaram, the fiscal deficit is projected to be 3.50 per cent of GDP at the end of the current financial year and 8.50 per cent for the next financial year. The fiscal deficit for the current financial year is projected to be seven per cent. A plan has been announced to raise Rs 15 lakh crore from the market in the next financial year. In addition, the target is to raise Rs 1.5 lakh crore through disinvestment. The Fiscal Responsibility and Budget Management Act will be amended to keep the fiscal deficit at 7.50 per cent of GDP by FY 205-2. The fiscal deficit target of 6.50 per cent in the next financial year is an attempt to balance growth and moderate deficits,

(Gujarat News Office) Mumbai, Ta. 01 February 2021, Monday In the budget presented by the Finance Minister today, various steps have been taken to increase the production of various agricultural commodities at home and to reduce the dependence on imports. And its effect was also seen on the market prices of agricultural commodities today. According to market sources, crude palm oil CPO's basic custom duty was 18 per cent on the tariff value of the Agriculture Infrastructure Development Cell in addition to the 12 per cent value, while its surcharge was 10 per cent and the tariff value was 7.5 per cent. Similarly, soyoil is showing 15 per cent on basic customs duty tariff value, 20 per cent on agri infrasel and 4.50 per cent surcharge. The basic custom duty on the tariff value of sunflower oil is 18 per cent and agri infra cess is 20 per cent and surcharge is 10 per cent. The level of customs duty on soyoil is being maintained as the new burden of agri infra cess has come against

(Gujarat News Correspondent) Mumbai, Ta. 01 February 2021, Monday The presentation of the fantastic Union Budget to Finance Minister Nirmala Sitaram today was hailed by the Indian stock markets as an extraordinary surge in stocks. After the Finance Minister had earlier signaled to present a historic budget this time around, the budget today includes a provision to promote the Self-Reliant India program, raising the FDI limit in the insurance sector from 5 per cent to 5 per cent and massively increasing government spending to bring rapid recovery to the economy. Therefore, when the reforms were introduced, the market skyrocketed the budget and led to a tumultuous rise in banking-finance stocks. Along with this, large buying in consumer durables, power-capital goods stocks as well as metal-mining, oil-gas stocks became more aggressive. The Sensex was up 216.9 points at 200.31 and the Nifty was up 3.50 points at 121.50. Sensex moves back to 30,000: Reaches 9, jumps 215 points to 200 T

New Delhi, 1 February 2021 Monday Finance Minister Nirmala Sitaram on Monday said that the IPO of Life Insurance Corporation (LIC) will come in the financial year starting April 1. The government has started the process of IPO of LIC. "In 2021-22, we will also bring LIC's IPO, for which I will make the necessary amendments this session," Finance Minister Nirmala Sitaram said in her 2021-22 budget speech. At present, the government owns 100 per cent stake in LIC. With a market capitalization of Rs 8-10 lakh crore, LIC is likely to be the largest listed company in the country. In addition, the government is planning to privatize two public sector banks and a general insurance company in 2021-22. The Finance Minister said, "In addition to IDBI Bank, we propose privatization of two public sector banks and one general insurance company in the year 2021-22. This will require legal amendment and I propose to introduce amendments later this session. Talking to media af

New Delhi, 1 February 2021 Monday The government has proposed to amend the DICGC Act. It will provide 'insurance' protection to the depositors of distressed banks up to Rs 5 lakh. The government has proposed to amend the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act to increase the insurance cover on deposits by five times to Rs five lakh. The finance minister made the announcement in his budget speech. "I will introduce amendments to the DICGC Act-1961 this session." This will rationalize these provisions. "The move will provide relief to the depositors of distressed banks at the present time," he said. DICGC is a wholly owned subsidiary of the Reserve Bank of India. It provides insurance cover on bank deposits. At present, Punjab and Maharashtra Co-operative (PMC) Bank, Yes Bank and Lakshmi Vilas Bank are in financial crisis.

New Delhi, 1 February 2021 Tuesday Before the budget, Chief Economic Adviser Krishnamurti Subramanian said the budget would show Cheteshwar Pujara's patience and Rishabh Pant's aggression, but that did not happen. Pant remained on non-strike, with Finance Minister Nirmala Sitharaman relying on Pujara's style. There was great hope on this big budget but now it doesn't seem to be coming true. Saving will be played and when the pitch is worn they will see Rishabh Pant batting, but the finance minister preferred to play by saving. Not even trying to wipe the sweat of tax payers, hoping that the limit of income tax exemption on investing in Standard Deduction 80C National Pension Scheme would go up to at least Rs 50,000, noting that the number of income tax filers has increased despite the coro virus. . The salaried class hoped that in an aggressive mood like Rishabh Pant, Sitharaman would give a big relief in income tax so that the salaried income would increase and the

New delhi date. 01 February 2021, Saturday There is good news in this budget for people buying a home. The government has extended the additional tax exemption available under Section 80EEA of the Income Tax Act for one year. The government gives an additional rebate of Rs 1.5 lakh on home loan interest, which was due on March 31, 2021, has been increased to March 31, 2022. The government's move will benefit first-time home buyers. If you have taken a loan of up to Rs 45 lakh before March 31, 2021 to buy a house, you can avail this deduction. There are still many types of tax benefits available on loans. If one owns a self-occupied property, one can get a rebate of up to Rs 1.5 lakh under the principal section 80C of the home loan. While interest of Rs 2 lakh is tax deductible under section 24 (B). The rebate on home loan interest was introduced in 2019. This exemption is on tax exemption on interest of Rs. 2 lakhs received under Income Tax Section 24 (B). This means that a tax

New delhi date. 01 February 2021, Monday Finance Minister Nirmala Sitharaman presented the budget for the year 2021-22 which has good news for alcoholics. The government has decided to impose a 100% cess on alcohol-related items in its next financial year. This decision of the government will increase the price of liquor. The Union Finance Minister said that Agriculture Infrastructure and Development Cess will be imposed on liquor and other items. Apart from liquor, cess has also been increased on petrol and diesel. Agro infra cess has been imposed on petrol-diesel. This can increase the price of many items. Apart from this, a cess of 2.5% has been imposed on gold and silver, 5% on special fertilizers, 1.5% on coal, lignite and petcoke.

New delhi date. Monday, February 2, 2021 Finance Minister Nirmala Sitharaman is presenting the budget on Monday. The budget is expected to provide relief to the common man suffering from the Koro epidemic, as well as increase health tensions with health services, infrastructure and neighboring countries, and the government is expected to focus on advancing economic reforms by spending more on defense. On the other hand, the day before the budget, there is good news for the government. The government's GST collection in January 2021 was a record Rs. 1.20 lakh crore, the government said on Sunday. Compared to January 2020, the government's GST revenue is Rs. 10 thousand crore has been increased. The previous record of GST collection was Rs. 1.15 lakh crore. Congress MPs protested in black clothes against the budget Congress MP Gurjeet Aujla has come to Parliament in black. Congress also boycotted the President's address. Now there is opposition from Congress MPs on the

New Delhi, 31 January 2021 Sunday Foreign portfolio investors (FPIs) made a net investment of Rs 14,649 crore in Indian markets in January. FPIs are investing in emerging markets amid globally available liquidity. According to depository data, from January 1 to 29, FPIs traded at Rs. 19,473 crore. During this time, it withdrew Rs 4,824 crore from the debt or bond market. Thus, their net investment stood at Rs 14,649 crore. According to experts, "Corona virus epidemics have been encouraged by central banks and governments around the world, providing additional liquidity to financial markets, with foreign investors investing in emerging markets, which is also benefiting India." FPIs are still confused about the direction of the market due to uncertainty over budget proposals. Because of this they have been selling for the last few days. He said India has received the most investment from FPIs in emerging markets in November and December. For this reason, the Sensex reached

New Delhi, 31 January 2021 Sunday About 72 per cent people believe that inflation has become uncontrollable since Narendra Modi became the Prime Minister. This has come out in the survey on budget. The number of people talking about rising inflation during PM Modi's tenure is the highest ever. Compared to 72.1 per cent this time, only 17.1 per cent people in 2015 said that inflation has increased during PM Modi's tenure. In 2020, only 10.8 per cent of respondents said prices had come down, while 12.8 per cent said nothing had changed. The government's performance on the economic front has been the worst since 2014, with 46.4 per cent saying Prime Minister Modi and Finance Minister Nirmala Sitharaman's performance. On the front, it was disappointing, with only 31.7 per cent saying the performance was good. This is the worst performance of any government since Manmohan Singh became the Prime Minister in 2010. In the past year, 38.2 per cent said inflation had had the

New York, Sunday 31 January 2021 The U.S. Colliston Gazette Mail and various West Virginia newspapers have filed lawsuits against Google and Facebook. These tech companies have been accused of adopting monopolies for profit and false rituals to end competition. This is hurting the newspapers. In the first case filed by a newspaper, it was alleged that Google focused on online advertising. Google and Facebook signed a mutual agreement. In 2019, these two tech companies grabbed 50% of the total digital advertising revenue. Advertising is the primary source of newspaper revenue, and due to the agreement of tech companies, there is no way for newspapers to compete for online advertising. The Gazette Mail, which won the 2018 Pulitzer Prize for Investigative Journalism, said in the case that 25 percent of American newspapers were shut down between 2004 and 2018 due to unfair practices by these tech companies. Thousands have lost their jobs. Doug Reynolds, managing associate of Gazette

(Gujarat News Correspondent) Mumbai, Ta. Saturday, January 30, 2021 The bullish excess in stocks has finally come to an end. Foreign portfolio investors (FPIs), which have been flocking to stocks for several days, have been seen making massive profit bookings on a daily basis in the last days of January. After the new history of the Sensex in 2016, the market has declined by 200 points in the last few days and the Nifty by 1150 points. Extensive profit-booking in stocks has been seen, of course the correction was inevitable to calm the overly tumultuous rally and for the long-term health of the market. Which is seen many days later. Now a lot of people are waiting for the Union Budget to be presented next week. The finance minister worked to boost public confidence in the record market boom, signaling a historic budget this time around. But the subsequent correction is now seeing investors' confusion grow again. With the RBI's lending policy review meeting set to take place n

(Gujarat News Office), Mumbai, Ta. Saturday, January 30, 2021 New demand in the Mumbai oilseeds market was slow today. The eyes of market players were on the budget to be unveiled on Monday. Meanwhile, world market news was showing a rally. In US agricultural markets, soybean prices rose by 12 points in overnight trade, while soymeal prices rose by 3 points and cotton by 21 points. Malaysian markets were closed today due to Saturday. Meanwhile, the government has reduced the tariff value used as a benchmark to calculate the import duty on edible oils imported into India, leading to a reduction in the effective import duty on imported edible oils, market analysts said. Such tariff value of crude palm oil CPO has been reduced from ૪૯ 105 to ૩ 1,015, while that of RBD palm oil has been reduced from ૬૭ 105 to ૪૭ 105 and that of soyoil has been reduced from ૬૫ 115 to ૨૭ 115. As a result, the effective import duty on CPOs imported into the country has come down by about Rs 305 per tonne