Tag: budget

MARKET UPDATE: Sensex at 59,700 level, down 6 points while the Nifty50 at 17,590

MARKET UPDATE: Sensex at 59,700 level, down 6 points while the Nifty50 at 17,590
Thursday, February 2, 2023
Indian benchmark indices were volatile today(2 February 2023), after falling nearly 1 percent in opening deals, as news flow around Adani group weighed on the sentiment, while positive reaction to the Union Budget capped losses. The S&P BSE Sensex was quoting at 59,700 level, down 6 points, while the Nifty50 was at 17,590. UPL, Adani Enterprises, Adani Ports, HDFC Life, Apollo Hospitals, Bajaj Finance, ONGC, and HDFC were off lows, and are now down up to 5 percent. Read more

MARKET UPDATE: Sensex was up over 400 points to quote at 59,986 while the Nifty50 was hovering above the 17,800-mark

MARKET UPDATE: Sensex was up over 400 points to quote at 59,986 while the Nifty50 was hovering above the 17,800-mark
Wednesday, February 1, 2023
Indian equity markets were holding their gains ahead of the Union Budget presentation at 11 AM today(1 February 2023). The S&P BSE Sensex was up over 400 points, or 0.7 percent, to quote at 59,986. The Nifty50, meanwhile, was hovering above the 17,800 mark. Union Finance Minister Nirmala Sitharaman will present Budget 2023 in Parliament today, the last full Budget of the Modi government in its second term. This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. Read more

MARKET UPDATE: Sensex rose 100 odd points to eventually turn flat at 59,488 while the Nifty50 was around the 17, 630 mark

MARKET UPDATE: Sensex rose 100 odd points to eventually turn flat at 59,488 while the Nifty50 was around the 17, 630 mark
Tuesday, January 31, 2023
Opening Bell: Indian frontline indices started today's( 31 January 2023) trade on a flat note as investors looked forward to the pre-budget Economic Survey for 2023-24, which will be tabled in the Parliament later today. The BSE Sensex rose 100 odd points to eventually turn flat at 59,488, while the NSE Nifty index was around the 17, 630 mark. The survey is likely to peg the domestic GDP growth at 6-6.8 percent for 2023-24, according to a Reuters report. It could see growth at 6.5 percent for 2023-24 under the baseline scenario, which would be the slowest in three years. Read more

The good and bad of Budget 2022 for investors, companies & common man

The good and bad of Budget 2022 for investors, companies & common man
Wednesday, February 2, 2022
The Union Budget 2022 is a mixed bag for India's investors, companies, and the common man. Some measures introduced in the Budget would make for good news to them, while some of them can be seen as coming pain points for these sections. Budget 2022 made no change to the existing income tax structure, leaving the common man and some other sections disappointed. There, however, were steps that could turn out to be a major boost for the economy as a whole, going forward. In a budget without any remarkable good news for the individual, the announcement of the upcoming central bank digital currency (CBDC) garnered some attention from Investors. Also, this financial year, a surcharge on long-term capital gains (LTCG) will be capped at 15 percent, a rule that will be applicable to all assets. Until now, it applied only to listed equity shares and units of the equity-oriented fund. Read more

The budget focuses on the next few years and the thrust has been in infrastructure modernisation: experts

The budget focuses on the next few years and the thrust has been in infrastructure modernisation: experts
Tuesday, February 1, 2022
The government has done a fantastic job of managing growth and providing the money for Capex in the Budget 2022 proposals according to analysts. They have raised more resources than was expected. The government’s fiscal management in these two years of the Covid pandemic has been phenomenal. The thrust of the Budget has been in infrastructure modernisation. All this will have a multiplier effect on job creation and economic growth. That said, another good thing is that the tweak(s) in the tax rates have been minimal. Even the long-term capital gains tax across asset classes has been capped at 15 percent. The message that the government wants to convey through this is that the tax regime is stable and does not warrant much change. This is one thing that the markets and all investors will like. All this will help investors commit big money. Read more

Infra, construction stocks rally upto 8 percent after govt aims to expand national highway

Infra, construction stocks rally upto 8 percent after govt aims to expand national highway
Tuesday, February 1, 2022
Infrastructure and construction stocks gained higher intraday on February 1, after Finance Minister Nirmala Sitharaman in her Budget speech said the Union government aims to further grow highway networks in the country by 25,000 km in FY23. PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods through Rs 20,000 crore financed by the govt to speed up this project," the FM said in her Budget speech in the Parliament. The government is also going to add more Vande Bharat trains, she said. Execution of national highway projects has been one of the highlights of the Narendra Modi-led government, and companies will hope for higher tendering activity from the National Highways Authority of India (NHAI) in the next financial year. Read more

Closing Bell: Sensex gains 848 points, Nifty at 17576.85

Closing Bell: Sensex gains 848 points, Nifty at 17576.85
Tuesday, February 1, 2022
At Close, the Sensex was up 848.40 points or 1.46% at 58862.57, and the Nifty was up 237.00 points or 1.37% at 17576.80, as investors gave a thumbs up to pro-growth Budget 2022. Finance Minister Nirmala Sitharaman on Tuesday unveiled a Budget that aims to boost growth amid continued disruption from Covid-19 and rising inflation. Tata Steel was the top gainer, followed by Sun Pharma, IndusInd Bank, Larsen & Toubro, and Ultratech Cement. Mahindra & Mahindra was the top drag, followed by Power Grid Corporation, State Bank of India, and NTPC were the other top laggards. About 1683 shares have advanced, 1583 shares declined, and 98 shares are unchanged. The BSE MidCap index closed with a gain of 1 percent while the BSE SmallCap index ended 0.9 percent up. Among sectors, auto and oil & gas indices ended in the red, while bank, capital goods, FMCG, pharma, IT, realty, and metal indices rose 1-5 percent. BSE midcap and smallcap indices gained 1 percent each. Read more

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am
Tuesday, February 1, 2022
Finance Minister Nirmala Sitharaman will present her fourth Union Budget in Parliament at 11 am today(1st February 2022) in a paperless format. The Budget speech will be keenly watched by both domestic and foreign investors, various interest groups like farmers, crypto Investors, anxious middle class, and corporate entities, besides parliamentarians. Ahead of the Budget presentation, Sensex jumped over 700 points. led by gains in IT and banking counters. Clarity on cryptocurrency sops to real estate, and the abolition of STT would be on top of investor radar. Read more

MARKET UPDATE:Sensex up 589 points at 58,603, while Nifty at 17,486, higher by 146 points

MARKET UPDATE:Sensex up 589 points at 58,603, while Nifty at 17,486, higher by 146 points
Tuesday, February 1, 2022
The Indian benchmark indices jumped higher at open today (1st February 2022) and were up 0.9 percent ahead of the Budget. The BSE Sensex was up 589 points at 58,603, while the NSE Nifty was at 17,486, higher by 146 points. Among the Sensex-30 shares, IndusInd Bank, ICICI Bank, HDFC twins, Infosys, Sun Pharma, Kotak Bank, Axis Bank, Bajaj Finserv, Ultratech Cement, L&T were the top gainers, up between 1-2 percent. On the Nifty, Britannia was the additional gainer, up 2 percent. On the flip side, Dr. Reddy's was the sole loser on the Sensex, while BPCL, IOC, ONGC, and Tata Motors were the Nifty losers, down between 1-3 percent. Read more

Winter session issues may hit the Budget session also; FM to present Eco Survey today

Winter session issues may hit the Budget session also; FM to present Eco Survey today
Monday, January 31, 2022
The winter session of Parliament was a washout and the way things are seen the upcoming Budget session that begins on January 31, with the President's address to both Houses of Parliament, may not be any way better. As Opposition parties reached out to each other to fine-tune parliamentary strategy, the Narendra Modi government is expected to be in the Opposition's crosshairs on issues such as the new revelations on snooping by intelligence interception company Pegasus, farm distress, management of the third wave of Covid-19, the sale of national carrier Air India, and Chinese "incursions" into eastern Ladakh. Read more

Union Budget 2022:Crypto industry waiting the passing of the Crypto Currency Bill

Union Budget 2022:Crypto industry waiting the passing of the Crypto Currency Bill
Saturday, January 29, 2022
The Union Budget 2022 is being presented at a very crucial juncture for the Indian economy and taxpayers. Covid 19 has resulted in the loss of employment or erosion of income for several personal taxpayers, increased medical expenses, and financial insecurity. Further, the fiscal stimulation measures and higher fiscal deficit have resulted in higher inflation. A major opportunity in investment for the modern generation is cryptocurrency. It is the need of the hour to Introduce clarity on the taxation of cryptocurrency transactions. Read more

Volatility in market likely to continue next week; investors to be cautious

Volatility in market likely to continue next week; investors to be cautious
Saturday, January 22, 2022
The market in India snapped its four-week winning run as benchmark indices fell about three-and-a-half percent amid rising geopolitical tensions and fear of earlier-than-expected interest rate hikes. Foreign institutional investors turned bearish again, withdrawing money from equities and moving debt. Selling was seen across sectors with IT, pharma, and some banking names leading the loss chart. According to many analysts, this volatility in the market will likely continue for a while and advised the investors to be cautious. “Along with global disturbances, the uncertainties regarding the upcoming budget will likely keep the Indian market highly volatile in the coming days,'' said an expert. Global equity markets were also volatile on the back of expectations of faster interest rate hikes by the US Federal Reserve, rise in US bond yields, higher crude oil prices, and concerns over rising inflation. Read more

Sale of two state-run banks differed to next year?

Sale of two state-run banks differed to next year?
Monday, August 2, 2021
India’s plan to sell two state-controlled banks may get deferred to the next financial year as the government is yet to seek parliament’s nod for changes in laws required to start the transaction, according to reliable sources. The Finance Ministry hasn’t finalised modalities to seek approval from lawmakers for the sale, which leaves little time for the process to be completed this year, it is said. The government will seek buyers for two state-run banks by March 2022, Finance Minister Nirmala Sitharaman had said in February, in the nation’s budget for the current financial year that began on 1st April.

Risks that may halt the current bull-run in the markets

Risks that may halt the current bull-run in the markets
Tuesday, February 9, 2021
As the Budget gave the necessary booster shot to a dilapidated Indian economy Market's wealth has been soaring at the bourses. The budget with infrastructure programs, privatisation proposals, a nod to public sector banks’ recapitalisation, and no changes in the direct tax regime, proved to be one of the “best in decades” for the economy. At the bourses, frontline indices are hitting record highs every day. With today’s gains, the S&P BSE Sensex and the Nifty50 are up over 11 percent since January 29 and have more-than-doubled since their March 2020 lows. The BSE barometer of 30 constituents hit a new lifetime peak of 51,753 today while the broader 50-share Nifty hit 15,238. From a medium-term perspective, Morgan Stanley sees the Sensex hitting the 55,000-mark by the end of 2021. Read more

Budget 2021 has heated up the bond market

Budget 2021 has heated up the bond market
Thursday, February 4, 2021
The bond market got a negative surprise on Budget day (1st Feb 2021) when the government projected its gross borrowing numbers for the next financial year at Rs 12.05 trillion, much higher than the expected Rs 10.5 trillion. To make the matter worse, the government said it would borrow an additional Rs 80,000 crore in the current financial year, too. “The Rs 80,000 crore extra borrowing for this year is especially a bolt from the blue for the bond market,” said an expert. “This is because the government has been consistently running very high cash balances lately, revenues have picked up dramatically, and even though spending has gone up, it hasn’t been tracking anywhere close to what is required to yield the revised Budget numbers.” Read more

MARKET UPDATE: Sensex shot up over 1,400 points and reclaimed the 50,000 levels and Nifty topped the 14,700-mark

MARKET UPDATE: Sensex shot up over 1,400 points and reclaimed the 50,000 levels and Nifty topped the 14,700-mark
Tuesday, February 2, 2021
The excitement in the Indian markets continued with the benchmark indices soaring another 3 percent today(2nd February 2021) after recording their biggest Budget-day rally (point-wise) in the previous session. Besides, a firm set of global cues also spurred the bulls. Among the headline indices, the S&P BSE Sensex shot up over 1,400 points and reclaimed the 50,000 levels. The broader Nifty50 index topped the 14,700-mark. Larsen & Toubro, up 8 percent, was the top Sensex gainer, followed by HDFC Bank and HDFC, up 6 percent and 5 percent, respectively. The Nifty sectoral indices were painted green, with the Nifty Financial Services index, up 4.4 percent, leading the gainers. Meanwhile, the Nifty Bank index surged over 1,500 points in intra-day deals to 34,618, a fresh high. Read more

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit
Monday, February 1, 2021
Finance Minister Nirmala Sitharaman presented her third Union Budget in Parliament, which rests on six major heads – health and well-being, physical, financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance. The finance minister has announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam,union and Kerala. Addressing the nation after the Budget presentation, Prime Minister Narendra Modi said this year's Budget was prepared under unprecedented circumstances. He said it speaks of 'all-round development'. Read more

FM extends tax holiday, capital gains exemption for startups

FM extends tax holiday, capital gains exemption for startups
Monday, February 1, 2021
Finance Minister Nirmala Sitharaman in her third budget speech on Monday, extended the tax holiday for startups by another year to March 2022. The capital gains exemption given to startups was also extended by a year more. According to experts, since most startups are loss-making, tax holiday will have limited immediate impact on them.“In order to incentivise startups in the country, I propose to extend the eligibility for claiming tax holiday for startups by one more year to March 31, 2022…In order to incentivise funding for the startups, I propose to extend the capital gains exemption for investment in startups by one more year to March 31, 2022,” Sitharaman said. There have been many steps taken by the government to help startups, which include broadening the definition of startups, simplifying regulations, providing income tax exemptions and setting up a Rs 10,000 crore Fund of Funds run by Sidbi.

MARKET UPDATE: Sensex trading 530 points up at 46,820 levels and Nifty hovered around 13,750 level

MARKET UPDATE: Sensex trading 530 points up at 46,820 levels and Nifty hovered around 13,750 level
Monday, February 1, 2021
The markets in India were trading firm in today's(1st February 2021) late morning deals as Finance Minister Nirmala Sitharaman began her Budget 2021 speech in the Parliament. Among the headline indices, the S&P BSE Sensex was trading at 46,820 levels, up 530 points. The broader Nifty50 index hovered above the 13,750 level. IndusInd Bank rallied 7 percent and was the top Sensex gainer, followed by ICICI Bank (up 4%). Besides, Titan, State Bank of India, and HDFC rose over 1 percent, each. The majority of the Nifty sectoral indices were trading with gains, led by the Nifty Bank index, up 1.5 percent. On the other hand, the Nifty Pharma index slipped 1.4 percent. The broader markets, meanwhile, slipped into the red, with the S&P BSE MidCap and SmallCap indices down 0.1 percent, each.

Budget 2021 LIVE: FM arrives at North Block; all eyes on high stakes Budget

Budget 2021 LIVE: FM arrives at North Block; all eyes on high stakes Budget
Monday, February 1, 2021
Finance Minister Nirmala Sitharaman will present her third Union Budget in Parliament at 11 am today. The Budget speech will be keenly watched not only by the domestic and foreign investors but also by various interest groups like farmers, anxious middle class, and corporate entities. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as at one stage economic activity came to a standstill due to the pandemic-induced lockdown. However, the economy is now in a recovery mode. On Friday,29th January 2021 the government tabled the Economic Survey 2020, which pegged India's real GDP growth at 11 percent in FY22. Meanwhile, the finance minister has promised a 'Budget like never before'. Read more

New fund to meet the public health spending target

New fund to meet the public health spending target
Monday, January 25, 2021
Due to an increased demand for a higher health care allocation, the government may set up a new fund to meet the public health spending target of 2.5 percent of GDP by 2025. Both, the Centre and states would provide for the fund to achieve the goal, the Union Budget may propose. At present, the country’s total health expenditure is 1.4 percent of GDP — much lower than many emerging economies in the world. The fund, if created, would be under the ‘Pradhan Mantri’ umbrella and will focus on both short- and long-term priorities of the sector, according to the government officials. The primary objective of the new fund will be to spend 25 percent on primary health care and the rest on infrastructure as well as research and development. It would also provide additional money to the government’s existing health care schemes such as Ayushman Bharat. Read more

Some expectation from Budget 2021

Some expectation from Budget 2021
Friday, January 22, 2021
Markets are now eyeing the upcoming proposals in the Union Budget – scheduled to be presented on February 01 – After a stupendous rally that has seen the S&P BSE Sensex more than double from March 2020 low and hit the 50,000 marks. The budget proposals may help revive Covid-19 impacted economy and lift the fortunes of corporate India as well. While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard. Growth and not fiscal prudence, experts say, should be the priority for the government now. Read more

FM Nirmala Sitharaman's upcoming budget may be unlike anything seen in the last 100 years

FM Nirmala Sitharaman's upcoming budget may be unlike anything seen in the last 100 years
Wednesday, January 20, 2021
FM Nirmala Sitharaman has described her upcoming budget as unlike anything seen in the last 100 years. Prime Minister Narendra Modi’s government has been parsimonious in pump-priming the economy, for fear of a rating downgrade to junk, and may find that kicking the can down the road is no longer an option. When Finance Minister Nirmala Sitharaman presents her budget on Feb. 1, she will not only aim to repair battered government finances and ensure demand recovers in an economy facing its worst contraction since 1952. She must also revive declining revenue and restore millions of jobs lost during the pandemic. That will be crucial to boosting consumer sentiment in a country where local demand contributes nearly 60% of gross domestic product. Read more

Budget 2021: Special facility to be available for FDI proposals worth over Rs 3,000 cr

Budget 2021: Special facility to be available for FDI proposals worth over Rs 3,000 cr
Tuesday, January 19, 2021
GOI is planning to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction, according to sources. An announcement in this regard may happen in the Union Budget, scheduled to be presented on February 1. Some strategically important foreign investors include Canada pension fund CDPQ, GIC (Singapore), the Qatar Investment Authority, Temasek (Singapore), and the Abu Dhabi Investment Authority. Most of them met Prime Minister Narendra Modi through virtual meetings in early November. It is learned that foreign investors showed faith in the government’s recent initiatives and reforms. Through this window, foreign funds would receive a response from the government within three days, so that such a proposal can be fast-tracked. Also, the window will act as a point of contact between investors and the various ministries and departments concerned.

Govt likely to target fiscal deficit at 4% of GDP by FY26

Govt likely to target fiscal deficit at 4% of GDP by FY26
Monday, January 18, 2021
The GOI is likely to lay down a road map in the upcoming Budget to reduce its fiscal deficit to 4 percent of gross domestic product (GDP) by 2025-26. This is necessary because there will be demands for expansionary policies, even in the next couple of years. This implies the government is set to deviate from the long-standing medium-term target of 2.5-3 percent of GDP as prescribed by amendments to the Fiscal Responsibility and Budget Management Act (FRBM). The government had changed the recommendations of the N K Singh Committee on fiscal consolidation and targeted bringing down the fiscal deficit to 3.1 percent of GDP by 2022-23 (FY23). However, to enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose an amendment to the FRBM Act in the Finance Bill.

India will not worry about missing its budget deficit target:FM Nirmala Sitharaman

India will not worry about missing its budget deficit target:FM Nirmala Sitharaman
Tuesday, December 8, 2020
Govt will not worry about missing its budget deficit target as it seeks to step up spending to support the economy, Finance Minister Nirmala Sitharaman said. The government will ensure that state-owned enterprises continue with capital expenditure, she said in an interview with Bloomberg TV. “For the present, I’m not going to allow the fiscal deficit number to worry me because there is a need, and a clear need, for me to spend the money,” Sitharaman said. India last month expanded stimulus measures to 15% of the economy to rescue companies and save jobs in an economy clobbered by a sudden lockdown in March to stem the coronavirus pandemic. That could widen the budget gap to 8% of the gross domestic product in the year to March, more the double the budgeted 3.5%.

GOI disinvestment target for FY20 may fall short by Rs 10,000 crore

GOI disinvestment target for FY20 may fall short by Rs 10,000 crore
Tuesday, March 3, 2020
The Centre is unlikely to meet its 2019-20 revised divestment target of Rs 65,000 crore because of bearish market conditions, according to official sources. With a number of offers for sale (OFS) such as NMDC, SAIL, PFC, Coal India, IRCON and Hindustan Aeronautics planned for March getting deferred, the divestment target could fall short by close to Rs 10,000 crore, government estimates suggest. The only transactions expected to go through by March 31 are the acquisition of THDC and NEEPCO by NTPC, the planned initial public offering of IRFC, and some buybacks by PSUs, it’s learned. The finmin is expecting about Rs 15,000 crore from NTPC’s acquisition of THDC and NEEPCO, and about Rs 5,000 crore from the planned IPO of IRFC, besides some buybacks.So far, the Department of Investment and Public Asset Management has mopped up about Rs 35,000 crore. The above transactions will take the disinvestment proceeds to around Rs 55,000 crore, which will be Rs 10,000-crore short of the RE.

Import duties on more than 50 items are likely to raise

Import duties on more than 50 items are likely to raise
Saturday, February 1, 2020
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, Reuters reported citing officials and industry sources. The government had identified items and decided to increase import tariffs by 5%-10% as recommended by a panel of trade and finance ministry officials. This may cause price rise of many items

Can Modi govt make Budget 2020 good for all?

Can Modi govt make Budget 2020 good for all?
Saturday, February 1, 2020
Ahead of Budget, Anurag Thakur, Minister of State, Finance said the government received suggestions from across India. "Modi govt believes in 'sabka sath, sabka vikas.' We received suggestions from across the country. The government is making efforts that this budget is good for all. "But how far this is possible? Read more

Economic Survey 2020: Subramanian takes on Subramanian for questioning India’s GDP numbers

Economic Survey 2020: Subramanian takes on Subramanian for questioning India’s GDP numbers
Friday, January 31, 2020
In the economic survey 2020, Chief Economic Adviser Krishnamurthy Subramanian has strongly countered former CEA, Arvind Subramanian's questions on the accuracy of Indian GDP numbers. Read more

Stock Market to remain open tomorrow

Stock Market to remain open tomorrow
Friday, January 31, 2020
Stock Trading on BSE and NSE will be open tomorrow to leverage special trading session on Budget Day. Modi led government has decided to present the budget on February 1 despite it being a Saturday this year. Since the government is expected to make some bold moves and relieve tax on long term capital gains, stock traders will keep a close watch on Budget day. Stock Market will be open for regular trading hours i.e. from 9:15 AM to 3:30 PM. Pre-open trade would be held normal from 9 am to 9.15 AM. There will be no settlement for tomorrow.

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