Market and Business News

The Indian stock market witnessed a strong rally today, with all major market indices closing at historic highs. The Sensex managed to cross the 72,000 mark while the Nifty touched a new high of 21,675 points. Bank Nifty has also managed to touch new highs. At the end of today's trade, the BSE Sensex closed up 701 points at 72,038 and the NSE Nifty closed at 21,647 points up 206 points. Present in the sector In today's trade, banking stocks rallied by over 600 points on buying and Bank Nifty touched a new high of 48,347. The Bank Nifty rose 1.17 percent or 557 points to close at 48,282 points. Apart from this, the stocks of auto, IT, metals infra, consumer durables, healthcare sectors have seen a surge. While, oil and gas, energy sector stocks continued to decline. Mid-cap and small-cap stocks have seen gains in today's trade as well. Out of 30 Sensex shares, 27 closed higher and 3 closed lower. While 40 out of 50 shares of Nifty closed with gains and 10 with declines.

- This communication is a facility made available to taxpayers by: Income Tax Department New delhi date. 27 December 2023, Wednesday The Income Tax Department recently sent some information to the taxpayers regarding some transactions. The Income Tax Department has clarified this through a post on social media. The tax department clarified that it is not a notice sent to taxpayers but an advisory. Which has been referred in the matter wherein the disclosures made by the taxpayers in their income tax returns do not match with the information made available by the reporting unit. The Income Tax Department told the taxpayers that this communication is a facility made available to the taxpayers. They are being informed of the information available with the Income Tax Department regarding the transactions made by the taxpayers during the financial year of the reporting unit which has made the details of these transactions available to the Tax Department. Some references have come to th...

i Dt. 26 December 2023, Tuesday The Income Tax Department has released the form for filing returns for the year 2024-25 even before the end of the financial year 2023-24. The department has made several changes in the return form this time. Apart from this, taxpayers have to be careful about some things before selecting and submitting the IT-Return form. The Income Tax Department has released the Income Tax Return Form for the financial year 2023-24 and assessment year 2024-25. The department said that the new tax regime has been defaulted from the current financial year. It means that now the tax payers will have to calculate the tax using a new method. If the taxpayer chooses the old method, he has to fill the form as per the new method. If a taxpayer does not opt ​​for any method, then he has to calculate the tax as per the new method. But if the taxpayer wants to save tax on his savings and investment, he has to choose the old option himself. The change will be regarding tax e...

Mumbai: The year 2023 is going to be a memorable one for the country's mutual fund industry. Assets under management (AUM) of the mutual fund industry crossed the Rs 50 trillion mark in December, industry sources said. The AUM stood at Rs 49.04 trillion at the end of November. The end of December figure will be announced by the Association of Mutual Funds in India (AMFI) in January. Sources added that the recent rally in the market has provided support for AUM crossing the Rs 50 trillion mark. Systematic Investment Plan (SIP) is becoming a buzzword in the mutual funds industry. At the end of 2017, the AUM number which was Rs 21.26 trillion has increased by 135 percent to Rs 50 trillion at the end of 2023. In this period, Sensex has increased by 100 percent from the level of 34057 and has crossed 70,000. Along with the AUM, the number of investors in the capital market through mutual funds has also increased tremendously. Sources further said that the number of mutual fund folio...

The central government introduced FAME-1 (Faster Adoption and Manufacturing of Electric Vehicles) scheme in 2015 with the aim of making people adopt electric vehicles in the country, then in 2019, FAME-2 was announced by extending the duration of the scheme. However now the FAME-2 scheme will end in March-2024. After that, there is a possibility of extending the scheme for another year. A budget of Rs.10,000 crore was allocated in the budget for the current FEMA-II scheme. This scheme includes two-wheeler, three-wheeler, four-wheeler. Demand to launch FEMA-3 scheme of FICCI According to media reports, it is being speculated that other revisions may be made in the next budget after the finance ministry approves the extension of the FEMA scheme. Recently Federation of Indian Commerce and Industry (FICCI) sought to launch FAME-3 scheme. FICCI also submitted a proposal to the Ministry of Heavy Vehicle Industry for this. In the proposal, it is estimated that 30 thousand crore rupees will...

Mumbai: The year 2023 is going to be a memorable one for the country's mutual fund industry. Assets under management (AUM) of the mutual fund industry crossed the Rs 50 trillion mark in December, industry sources said. The AUM stood at Rs 49.04 trillion at the end of November. The end of December figure will be announced by the Association of Mutual Funds in India (AMFI) in January. Sources added that the recent rally in the market has provided support for AUM crossing the Rs 50 trillion mark. Systematic Investment Plan (SIP) is becoming a buzzword in the mutual funds industry. At the end of 2017, the AUM number which was Rs 21.26 trillion has increased by 135 percent to Rs 50 trillion at the end of 2023. In this period, Sensex has increased by 100 percent from the level of 34057 and has crossed 70,000. Along with the AUM, the number of investors in the capital market through mutual funds has also increased tremendously. Sources further said that the number of mutual fund folio...

Mumbai: The thirteen-year-old Free Trade Agreement (FTA) with the Association of Southeast Asian Nations (ASEAN), signed in August 2009 and effective since 2010, will be reviewed in February. India intends to insist on modernizing the agreement. A delegation of Asian countries is expected to visit India in February. The ten-member ASEAN also includes Dar es Salaam, Thailand, Malaysia, Vietnam, Singapore, the Philippines, Indonesia, Cambodia, Laos and Myanmar. Every provision of the existing FTA will be reviewed afresh. These provisions are thirteen years old and there is a need to renew the agreement now that foreign trade has undergone sweeping changes, said an official of India's commerce ministry. Imports of laptops, IT hardware, telecom equipment, stainless steel products etc. from ASEAN countries to India have increased. Sources of the Ministry of Commerce said that there has been an increase in the import of these goods since the last 6 months. There is an increase in imp...

Ahmedabad: The current year has seen an improvement in raising funds through rights issue. In the year 2023, 11 companies raised Rs 7,168 crore through rights issue, which last year 10 companies raised Rs 3,884 crore. A rights issue is a mechanism available to listed companies to raise funds by offering new equity shares to existing shareholders. New shares are usually offered at a discount to the current market price to encourage investors to subscribe. If an existing investor does not wish to participate in the rights offering, other investors have the option to divest their shares. Companies usually use a rights issue when the promoter group wants to retain its stake. Promoters invest their own money, so it helps send a positive signal to investors. However, in recent times, Qualified Institutional Placement (QIP) has gained priority for raising funds in listed companies. Fund raising through rights issues has been weak over the years due to several macro issues, bankers said. ...

Mumbai: Despite heavy tax collection, the country's fiscal deficit at the end of the current financial year has increased to 6 percent from the budget estimate, according to a rating agency report. While presenting the budget for the current financial year, the fiscal deficit was expected to be 5.90 percent. The report of the agency claims that the deficit will increase as a result of high expenditure on employment guarantee scheme and some subsidies including food. This expenditure is expected to increase to Rs 57360 crore against the budget provision of Rs 44000 crore under subsidy for nutrient based fertilizers. The amount provided in the budget has been exhausted by the end of October itself. Apart from this, against the provision of Rs 60,000 crore under MNREGA scheme for employment, Rs 79,770 crore has been spent under this scheme so far. The government is expecting an increase of 17.20 percent to Rs 24.50 lakh crore, which was estimated to increase by 11.70 percent to Rs...

Mumbai: Despite heavy tax collection, the country's fiscal deficit at the end of the current financial year has increased to 6 percent from the budget estimate, according to a rating agency report. While presenting the budget for the current financial year, the fiscal deficit was expected to be 5.90 percent. The report of the agency claims that the deficit will increase as a result of high expenditure on employment guarantee scheme and some subsidies including food. This expenditure is expected to increase to Rs 57360 crore against the budget provision of Rs 44000 crore under subsidy for nutrient based fertilizers. The amount provided in the budget has been exhausted by the end of October itself. Apart from this, against the provision of Rs 60,000 crore under MNREGA scheme for employment, Rs 79,770 crore has been spent under this scheme so far. The government is expecting an increase of 17.20 percent to Rs 24.50 lakh crore, which was estimated to increase by 11.70 percent to Rs...

Mumbai: The prices of gold and silver rose in the Mumbai jewelery market today. World market news was bullish. Market insiders said that the import cost at home has gone up as the world market has increased. In the world market today, the price of gold increased from 2053 to 2054 to 2065 to 2066 to 2062 to 2063 dollars per ounce. Silver prices in Ahmedabad market increased by Rs.500 per kg to Rs.75,500. While Ahmedabad gold prices increased to Rs.64,800 per kg at 99.50 and Rs.65,000 at 99.90 per kg. Meanwhile, behind gold, silver prices in the world market increased from 24.18 to 24.19 to 24.40 to 24.37 to 24.38 dollars an ounce. In the Mumbai bullion market today, the gold price without GST was Rs.62,600 at 99.50 and Rs.62,805 at 99.90 and Rs.62,850 at Rs.63,057. Mumbai silver prices increased from Rs.74,500 to Rs.74,750 without GST. In the currency market, the price of the dollar against the rupee increased from 83.15 to 83.22 to 83.19. In the currency market today, there was news...

Mumbai: The prices of gold and silver rose in the Mumbai jewelery market today. World market news was bullish. Market insiders said that the import cost at home has gone up as the world market has increased. In the world market today, the price of gold increased from 2053 to 2054 to 2065 to 2066 to 2062 to 2063 dollars per ounce. Silver prices in Ahmedabad market increased by Rs.500 per kg to Rs.75,500. While Ahmedabad gold prices increased to Rs.64,800 per kg at 99.50 and Rs.65,000 at 99.90 per kg. Meanwhile, behind gold, silver prices in the world market increased from 24.18 to 24.19 to 24.40 to 24.37 to 24.38 dollars an ounce. In the Mumbai bullion market today, the gold price without GST was Rs.62,600 at 99.50 and Rs.62,805 at 99.90 and Rs.62,850 at Rs.63,057. Mumbai silver prices increased from Rs.74,500 to Rs.74,750 without GST. In the currency market, the price of the dollar against the rupee increased from 83.15 to 83.22 to 83.19. In the currency market today, there was news...

Mumbai: Christmas, calendar year 2023 is coming to an end amid the overall holiday mood around the world, foreign portfolio investors, strong presence of foreign investors, local funds, domestic institutional investors today improved the Indian stock markets for the third day in a row. Local funds, maharathis, big players booked overall profit in IT stocks today except Wipro with exception, while the market remained in positive zone with buying in automobile, capital goods, metal-mining, oil-gas, healthcare, banking, consumer stocks. Funds including frontline stocks Wipro, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank, Tata Steel, Bharti Airtel, Titan Company, Power Grid Corp, Asian Paints, Nestle India, HDFC Bank lifted the Sensex by 71,471.29 to close by 229.84 points. It closed up at 71336.80. While the Nifty 50 spot index increased by 91.95 points to close at 21441.35. Auto index improved by 369 points: Hero rose by Rs.128 to Rs.4064: Mahindra, TVS Motor rose The BSE Auto I...

Raghuram Rajan Salary: Former Governor of Reserve Bank of India Raghuram Rajan disclosed about his current salary while holding the post of Governor. He said that while holding the post of Governor, his monthly salary was Rs. 4 lakh was Apart from this, he also said that the government house he got was more important than the salary he got as RBI Governor. This is the salary of Raghuram Rajan as RBI Governor Raghuram Rajan said in an interview that he does not know what the current salary of RBI Governor is, but when he held the post of Governor, he was paid Rs. 4 lakh salary was getting. He also said that the biggest advantage of holding the post as RBI Governor is the official home he gets. Which is very large and is a short distance from the country's tycoon Dhirubhai Ambani's house in Malabar Hill. The official house found is very large Regarding this official house, Raghuram said that he once calculated that if this house is sold or if the Port Authority has Rs. 450 ...

New Delhi, 26-November-2023, Tuesday Former Governor of Reserve Bank of India (RBI) Raghuram Rajan has made an important statement about the best finance minister in the country and his salary. He said that when I was the governor, I was getting a salary of 4 lakh rupees, but the salary was not a big benefit for him, the big benefit for him was the house given to the RBI governor. He has also expressed his opinion about the best finance minister in the country so far. Rajan was getting a salary of 4 lakhs as Governor During an interview on YouTube channel in a podcast, Raghuram Rajan said that he used to get a salary of 4 lakhs as RBI Governor, but the perks are more than that. He said that being the RBI Governor, he got a big house a few blocks away from Dhirubhai Ambani's house on Malabar Hill in Mumbai. Regarding the calculation of the house, Rajan said that if he sells or rents out the house, he could get around Rs 450 crore. We can pay all the top officers of RBI if they i...

Lithium is a lightweight, silvery-white metal in the alkali metal group of the periodic table that stores energy in the batteries used to power our electronic devices. The importance of lithium has increased due to the development of electric vehicles and renewable energy (non-renewable energy) sectors. The fields that currently use lithium are: Butteryth Lithium-ion batteries are one of the most significant modern applications. They are used as a source of energy in a wide range of electronic devices, from smartphones to electric vehicles, due to their energy density and durability. Lithium compounds are used in psychiatric medications, particularly for the treatment of bipolar disorder. Lithium carbonate is a commonly used medication to stabilize mood and prevent manic episodes. Industrial Applications Lithium is used in the production of a variety of industrial goods, including ceramics, glass, and aluminum. It is also used in lubricants and greases. The nuclear industry uses lit...

Mumbai: The bullion market was officially closed in Mumbai jewelry market today due to Christmas. Prices were calm in the closed market. With global markets closed for Christmas and currency markets at home also closed, prices remained calm amid absence of fresh news in the jewelery market. In the world market, gold prices were last between 2053 to 2054 dollars per ounce and silver prices were 24.18 to 24.129 dollars per ounce. Meanwhile, in the Mumbai bullion market today, gold prices were trading around Rs. 99.50 per 10 grams and Rs. 62850 per 10 grams without GST, while Mumbai silver prices were trading at Rs. 74500 per kg without GST. In the Mumbai market, GST-inclusive gold-silver prices were 3 percent higher than this price. In the Mumbai currency market today, the dollar price against the rupee was trading around Rs.83.22 to 83.23. Meanwhile, there was talk in the market of increased smuggling due to the high price of gold in the country. Recently, there was news that smuggled...

Lithium is a lightweight, silvery-white metal in the alkali metal group of the periodic table that stores energy in the batteries used to power our electronic devices. The importance of lithium has increased due to the development of electric vehicles and renewable energy (non-renewable energy) sectors. The fields that currently use lithium are: Butteryth Lithium-ion batteries are one of the most significant modern applications. They are used as a source of energy in a wide range of electronic devices, from smartphones to electric vehicles, due to their energy density and durability. Lithium compounds are used in psychiatric medications, particularly for the treatment of bipolar disorder. Lithium carbonate is a commonly used medication to stabilize mood and prevent manic episodes. Industrial Applications Lithium is used in the production of a variety of industrial goods, including ceramics, glass, and aluminum. It is also used in lubricants and greases. The nuclear industry uses lit...

Software and Technology.. Software as a Service (SAS) and cloud base software delivery models were widely used in applications on the Internet. Microsoft, Google, Adobe led to the demand for cloud based solutions. Because of this, the demand for cloud base technology has increased and the business of this sector can reach 232 billion dollars by 2024. Global Tourism.. After getting rid of Kovid, people were ready to travel. Tourists from many travel destinations started to emerge. In 2023, the global tourism industry reached 2.3 trillion dollars. Its annual growth was 13.9 percent. When Corona struck, the income of global tourism decreased by 40 percent. Now that the fear of Corona is gone, people have gone out and people prefer Singapore and Greece. Renewable Energy Carbon reduction campaigns are underway in the world. Renewable energy is becoming an excellent solution for that. The companies which are involved in solar power, wind power, battery technology etc. have created a de...

Software and Technology.. Software as a Service (SAS) and cloud base software delivery models were widely used in applications on the Internet. Microsoft, Google, Adobe led to the demand for cloud based solutions. Because of this, the demand for cloud base technology has increased and the business of this sector can reach 232 billion dollars by 2024. Global Tourism.. After getting rid of Kovid, people were ready to travel. Tourists from many travel destinations started to emerge. In 2023, the global tourism industry reached 2.3 trillion dollars. Its annual growth was 13.9 percent. When Corona struck, the income of global tourism decreased by 40 percent. Now that the fear of Corona is gone, people have gone out and people prefer Singapore and Greece. Renewable Energy Carbon reduction campaigns are underway in the world. Renewable energy is becoming an excellent solution for that. The companies which are involved in solar power, wind power, battery technology etc. have created a de...