Market and Business News

Multinational companies are willing to invest then why the need to increase financial incentives... In another attempt to boost electronics manufacturing in the country, the Union Cabinet has approved the Production Linked Incentive (PLI) scheme for information technology (IT) hardware. A budget provision of Rs 17,000 crore has been made for this scheme. For the earlier version of the scheme, the government had allocated Rs. 7,325 crore had been provided. The objective of the scheme is to encourage the production of laptops, tablets, personal computers and advanced computing devices. The duration of this scheme has also been increased from four years to six years. In the earlier version of the scheme, an average incentive of 2 per cent was given. Which has now been increased to 5 percent. Additional incentives will be given to companies using local ingredients. Altogether, the incentive from all these provisions can amount to 8-9 percent of sales. With some changes in the plan, the

- Sales Tax - Soham Mashruwala Appeals are provided for under the GST Act. After the order is passed, the first appeal lies after the first appeal and then the appeal before the Hon'ble Tribunal under Section 112 against the specific order. In such a case if relief is not obtained even after the order is passed Hon. An appeal can be filed before the Gujarat High Court. Hon. Provision for constitution of Tribunal is made under Section 109 of GST Act. At present the Tribunal has not been constituted under the GST Act. From time to time in various cases Hon. High Court or Hon. An application is made to the Supreme Court. Regarding its composition and structure. Hon. Supreme Court in Madras Bar Association Vs. Union of India [wpc no. 804 of 2020) the Tribunal Reforms Act 2021 was brought by the government. After that the 47th meeting of GST Council was held at Chandigarh in which various Hon. A GOM (Group of Ministers) has been constituted to constitute a tribunal taking into conside

- Antenna - Vivek Mehta. - Efforts to prevent money laundering in the name of sending money abroad: The business of package tour operators will be affected. Government of India is also trying to increase tax revenue by curbing unaccounted transactions. Yes, the government does not care if the tax payer's misery increases. Finance Minister Nirmala Sitharaman's provision for TCS-tax collection at source in the budget is one such provision. Yes, with effect from July 1, 20 percent more TCS will have to be paid for foreign travel and remittances to relatives and friends living abroad. A new provision has been introduced through the budget for the year 2023-24, in case a person takes an educational loan from a financial institution and sends a foreign remittance, the amount to be remitted is Rs. If it is more than 7 lakhs, it has been made mandatory to pay 0.5% TCS. Secondly, if someone sends money abroad for education and medical treatment without taking an education loan, in s

- Chart Indication - Ashok Trivedi The BSE index (close 62501.69 on 26-05-23) is bullish from a low of 61251.70. Currently, the 12-day average is 61735.76, the 48-day average is 61769.95, and the 200-day average is 59624.97. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought on daily and weekly basis as well as neutral position on monthly basis. Possibility of 62530 above 62563, 62770, 63180, 63583. 62000, 61900 support is considered as low. Balakrishna Industries (closing price Rs.2469.20 on 26-05-23) is bullish from the bottom of 1908.90. Currently, the 12-day average is 2277.22, the 48-day average is 2144.42, and the 200-day average is 2094.96. Daily and weekly MACD are bullish. Shows overbought on daily and weekly basis and neutral position on monthly basis. Above 2494 to 2555, 2618, 2681 possibility. Above which more sangin sudars are seen. Below 2363, 2300 is considered support. Berger Paint (closing price Rs.647.10 on 26-05-23) is bullish from the bottom of

A total turnover of Rs.4,00,324.91 crore was recorded in 50,28,970 trades in various commodity futures, options and index futures on the country's leading commodity derivatives exchange during the week of May 19 to 25, with commodity futures accounting for Rs.1 ,18,431.9 crores and the share of options was Rs.281569.31 crores. During the week under review, 9,69,543 trades worth Rs.71,733.58 crore were transacted in precious metals futures in gold and silver. Among gold futures, gold June futures opened at Rs.59,766 per 10 grams at the beginning of the week, touched an intra-day high of Rs.60,490 and a low of Rs.59,363 during the week, falling by Rs.263 at the end of the week at Rs.59,460. had arrived Against this, Gold-Guinea May Contract 8 per gram fell by Rs.264 to Rs.47,847 and Gold-Petal May contract by 1 gram fell by Rs.27 to Rs.5,978. Gold-mini June futures fell by Rs.265 to Rs.59,493 per 10 grams. In silver futures, silver July opened at Rs.72,336 per kg at the beginning

- Corporate revenue rose 12 per cent but operating and net profits retreated An examination of the fourth quarter (January-March 2023) results of nearly 500 listed companies shows a drop in profits. However, companies' revenues have increased and consumption is showing early signs of improvement. Costs have increased due to inflation. Higher borrowing costs and rising wage bills are also weighing on margins. The operating income of these companies has increased by 14 percent year-on-year. Operating expenses have also increased by 13 percent, while employee related expenses have increased by 23 percent and interest expenses by 37 percent. Operating profit rose 16 percent but net profit remained more or less flat at 0.7 percent due to higher borrowing costs. If volatile sectors such as refineries, banks and non-banking financial companies are excluded from this, the results look worse. In that case, revenue is up 12 percent but operating profit is down 4 percent while net profit i

- Smile Index - Vanity - These people did like Bollywood, Notbandhi original movie was great, sequel came out weak! After the shutters of the bank fell, the farewell ceremony of two thousand notes started in the strong room. There was a lot of confusion between 200 and 500 notes on the issue of who will preside over the ceremony. Finally, as the heaviest VIP, ten coins were handed over to the presidency. Taking a dig at the one rupee coin, he said, 'In view of my position against currencies including the dollar in the international currency market, I myself humbly withdraw my candidature for the presidency.' Beno Sikko says, 'I don't want to be in the presidency. People even to this day confuse between me and the one rupee coin, but please give me a chance to thank you.' Taduki said 200 note, 'Khabdar, let my turn come for the thanksgiving ceremony. Who knows, in a short time, my departure will be arranged.' This caused an uproar in all notes and coin

SBI ranks second among the highest profit making companies in the country State Bank of India has come second among Indian companies with the highest profit at the end of the financial year 2022-23. Until now HDFC Bank was on top of this rank. Reliance Industries tops the list with a profit of Rs.66,702 crore. After this the profit of State Bank of India was Rs. 55,648 crore followed by private bank HDFC with Rs.45,997 crore. The fourth position in the list is followed by government-owned ONGC (Rs. 45,522 crore) and fifth position by Tata Group's TCS (Rs. 42,147 crore). Fiat founder Enyali family's wealth tussle in court Fiat was a global identity for Italy after World War II. The Enyali family, the founders of Fiat, is currently at loggerheads. The family's son is the chairman of Ferrari and his relatives are fighting for wealth in court. The inheritance case is likely to be decided within a month in the court of Turin, Italy. Margherita, the daughter of Fiat founder G

- People oriented Guidance - H.S. Patel IAS (Retd.) Need for adequate town planners for well-planned development of cities Continued from previous... In the previous article we learned about the medical and legal provisions regarding the municipal system in India and from the perspective of Gujarat, at present about 45% of the total population of Gujarat lives in cities and urban development authority areas. The form of migration from villages to cities is no longer limited to business opportunities, but also due to socio-economic conditions. A seminar workshop on 'Future of Cities' of Envisioning Cities organized by Gujarat Engineers and Architects Association was recently held in Ahmedabad Management Association. It discussed the planned and unplanned development and lack of infrastructure in the cities of the country, but urban problems can only be solved by presenting urban problems or exposing them through daily papers or news media. Not to be missed, for this there a

India is far from formulating a successful strategy of economic policy and integration The government's focus appears to be on increasing exports of high-value goods to high-income countries and reducing fiscal deficits. Looking at the available data, this policy seems to have met with moderate success. According to April 2023 data released on Monday, the deficit in exports of goods and services fell to a 21-month low. The figures for the financial year 2022-23 also show that despite this growth rate being less than 7 percent, exports have increased. But after studying the statistics separately and taking a long-term view, it does not seem so. India is far from formulating a successful strategy of economic policy and integration. A slight change in the demand for oil and precious stones also reduces the goods export deficit, but this cannot be the basis of stability in the external account. Export of services from the country is certainly increasing but it is not part of the gov

As the Lok Sabha elections are going to be held next year, there will be uncertainty in the markets The first four months of calendar year 2023 have been extremely volatile for global markets. At current levels, markets have not reflected the impact of key concerns, leaving the possibility of weak domestic growth or a cyclical slowdown. In December last year, the Nifty was targeting 19,030 in calendar year 2023. Whether this is achievable now given high interest rates, inflation and a potential recession is impossible to say. According to market insiders, the macroeconomic outlook remains uncertain. We are now very close to the top of the rate hike cycle. However, if the path of inflation remains uncertain, the policy environment may be affected. Prolonged high rates could lead to a sharp recession, especially in developed markets. These large uncertainties can adversely affect the markets. However, India could emerge stronger amid this recessionary cycle, Nomura Securities sources

- Commodity Current - Jayavadan Gandhi As the rabi season is now nearing completion, the supply of agricultural produce in the state's agricultural markets is decreasing significantly. There is a slight fluctuation in grains, spices, pulses and telebia, and the demand situation is weak in the market. However, the government is pushing hard to control rising prices of spices and pulses. In terms of pulses, currents are being seen in the markets due to reduction in planting compared to last year as well as fallows. According to government reports, due to 34 percent crop cut, prices are high at 1600 to 1700 per mane and 1800 to 1900 for best quality. Prices have remained strong due to a lack of supply despite empty pipelines. Even in Urad, the market is right due to the impact on production due to droughts. Plantation in the state has been reduced by 17 percent compared to last year. With a rise in prices of 300 to 400 rupees, it is at the level of 1400 to 1600 per mane. Seeing the

Favorable conditions for privatization due to reduction in NPA ratio With the country's public sector banks now making significant profits and non-performing assets also declining significantly over the last two years, the valuations of the country's banks have increased and reports suggest that the government has taken up the issue of privatization again, believing that it is no longer a problem to proceed with the privatization of banks. have been flowing. The report said that the government is considering setting up a special committee to prepare a list of banks that can be privatized and prepare a new strategy for bank privatisation. However, another report mentions that the government will not venture into privatization before the Lok Sabha elections. Earlier also NITI Aayog had handed over the proposal of privatization of two banks to the Department of Disinvestments but no progress has been made so far. According to the new proposal, the government now seems to want t

A total turnover of Rs 5,05,182.25 crore was recorded in 64,23,740 deals in various commodity futures, options and index futures on the country's commodity derivatives exchanges during the week of May 12 to 18, with commodity futures accounting for Rs 1,09 crore. ,447.67 crores and the share of options was Rs.395480.87 crores. In precious metals futures during the week under review, 8,92,518 deals worth Rs.59,391.44 crore were transacted in gold and silver. Among gold futures, gold June futures opened at Rs.60,795 per 10 grams at the beginning of the week, during the week it hit a high of Rs.61,498 and a low of Rs.59,540 during the week, at the end of the week it fell by Rs.1,169 to Rs.59. It reached the price of 723. Against this, Gold-Guinea May Contract 8 per gram decreased by Rs.754 to Rs.48,111 and Gold-Petal May contract decreased by Rs.113 per gram to reach the price of Rs.6,005. Gold-mini June futures fell by Rs.1,128 to Rs.59,758 per 10 grams. In silver futures, silver

- Boolean Bits - Dinesh Parekh - Silicon Valley Bank's collapse, financial crisis in Europe and Swiss Credit Bank's precarious situation will influence gold prices. Gold has weakened against the white market as the dollar strengthened following the Fed's interest rate hike. Gold is quoting at an eight-week low and the price is said to be $1,975 an ounce. Dollar hits 6-week high. The dollar index rises and gold competes with the dollar and bullion is drawn to the currency as the currency strengthens. Gold prices fell on the news that US President Biden will start putting a ceiling on America's debt. America and European countries are ready to take new measures to embarrass Russia by banning Russia's oil sales and creating instability in the oil system. There is no talk of a ceasefire helping Ukraine continue its war against Russia by arming it, and the global financial situation is deteriorating while the belligerent environment persists. UBS analyst Glavany Ston

- Industrial guidance - Dhiru Parekh Stevia rebaudin is a type of herbal plant that originates from Peru. Stevia plants are 50 to 70 centimeters tall, multi-branched, multi-thickened. In its natural state, this plant can grow successfully at temperatures ranging from 10 to 40 degrees Celsius. Its main ingredients are based on stevioside, rebaudis, rebaudis sidec, dulcoside. These components have the ability to balance insilon. Because of that, honey can prove to be a panacea for diabetic patients. Stevia leaves contain about 25 to 30 percent sugar and stevia extract 300 times. In India, stevia is produced mostly in Karnataka, Andhra, Punjab, Madhya Pradesh and Chhattisgarh. The main aspect of stevia is that it is calorie free and sugar free. People consume more sugar in every type of food in Gujarat. In Gujarat, due to the presence of sugar in all types of food like pulses, vegetables, diabetes is increasing in people. Therefore, people in Gujarat become obese due to eating a lot o

- Global crude oil prices firm at the end of the week: dollar strong against the rupee MUMBAI: The local Mumbai jewelry market remained closed for Saturday, but the private ones waited face to face in Sonachandi. Gold prices fell below Rs 60,000 while silver was quoted higher in private. In the world market, prices closed relatively flat at the end of the week. As the decision to raise the debt ceiling in the US dragged on, fund houses were also not in a particularly risk-taking mood, indicating narrow price fluctuations. Crude oil remained flat over the weekend on expectations of rising demand and signs of slackening supply. Privately at home, the dollar was said to be strong against the rupee. The Mumbai jewelery market remained closed on Saturday but gold prices were traded privately below Friday's official close, while silver remained firm. The non-GST price of 99.90 ten grams of gold fell within Rs 60,000 to Rs 59,810 while the price of 99.50 per ten grams was Rs 59,560. T

- Prices in Divel and Castor market were seen under continuous pressure MUMBAI: The Mumbai oilseeds market witnessed a mixed weather today with the prices of various edible oils trading in one-sided narrow range. New demand was slow and trades were scattered. In the markets of Saurashtra, the price of Singoil was 1550 to 1600 per 10 kg, while the price of 15 kg was Rs. 2500 to 2550. The prices were seen to stabilize at the head of the decline. The price of Saurashtra cotton washed was Rs.825 to Rs.835. The price of Saurashtra cotton oil refined was Rs.885 and the price of soybean oil refined was Rs.880 to 885 and the price of palm oil was Rs.862. After the new arrivals of summer crops in Singdana started from Andhra Pradesh, Karnataka and Tamil Nadu towards West Bengal and Orissa, now there were signs of such new arrivals starting in Rajasthan and Gujarat as well. Now the possibility of increasing such income further was being discussed in the market. However, local demand in Singda

- Income of public sector banks increased significantly during the financial year as loan withdrawals increased Mumbai: In the financial year 2022-23, due to the good performance of the public sector banks of the country, the government is expected to receive an amount of Rs 13,800 crore as dividend from these banks. The amount for FY 2023 will be fifty percent more than the amount of dividend received under FY 2022. In the financial year 2022, the government received Rs 9210 crore as dividend. 12 public sector banks of the country are paying a total dividend of Rs 21000 crore for the financial year 2023. In terms of income and dividend, the last financial year is considered to be the best year so far for the public sector banks of the country. The combined net profit of 12 public sector banks was a record Rs 1.05 trillion in the last financial year. An analyst said that the net profit of the last financial year was 57.30 percent higher than the Rs 66,540 crore of the financial ye

- Sensex at 61888 support and Nifty at 18333... - ISGEC HEAVY ENGINEERING LTD. The share is available at a P/E of 13.51 at a price of Rs.512 against an expected full year 2023-24 EPS of Rs.37.82 and an expected book value of Rs.349. In contrast to the softness in the global markets, Indian stock markets are moving towards historic highs with strength. The U.S. is currently going through a period of uncertainty over raising the debt ceiling, which has led to caution in global markets, as China's industrial and economic growth begins to slow again and Germany slips into recession, raising concerns about inflation challenges for the global economy again. Inflation in the US over the weekend has increased the possibility of another interest rate hike in June. While amid these uncertainties, challenges, the Indian economy is progressing on the path of rapid growth and the expectation of maintaining this growth in the coming years is increasing the investment attractiveness of foreign