CATEGORIES

Brokers stare at losses as Adani stocks remain shaky

ADANI ENTERPRISES RECOVERS AFTER 25% FALL; GROUP FACES RATING REVIEWS, GOVT SCRUTINY

IMF giving Pakistan tough time, says PM Sharif

PAKISTAN PRIME MINISTER Shehbaz Sharif on Friday said the International Monetary Fund (IMF) was giving Islamabad a tough time on the bailout, reported Geo News.

SBI posts highest quarterly profit

STATE BANK of India (SBI) on Friday posted a 68% yo-y jump in net profit for the three months ended December to ₹14,205 crore, its highest quarterly profit, on the back of a fall in its provisions and boost in interest income.

iPHONE MAKER SEES RECORD REVENUE IN OCT-DEC: Apple numbers bear fruit in India

APPLE ON FRIDAY said it achieved record quarterly revenue in India during the October-December quarter, posting double-digit growth. This comes even as the iPhone maker reported a drop in its overall quarterly revenue for the first time in three-and-a-half years.

All's well with banks: FM, RBI

Govt has nothing to do with Adani issue: Minister Pralhad Joshi

PROMOTER COMMITS TO BRING IN FUNDS: Govt to convert Vi's ₹16,133-cr dues into equity

Promoters have put in ₹4,900 cr so far; need to raise ₹20,000 cr more

'50-55% Of Taxpayers May Shift To New Regime'

A DAY AFTER presenting the Budget for 2023-24, finance minister Nirmala Sitharaman said growth was the predominant focus from Day 1 when she and her team sat down to prepare the last full-year Budget ahead of Lok Sabha elections.

Adani Row Rocks Parliament: Both Houses Adjourned Amid Opposition Protests

BOTH HOUSES OF Parliament could not function on Thursday as the Opposition demanded a discussion on allegations levelled by USbased short seller Hindenburg Research in a report on the Adani Group.

HNIS SWEAT OVER MARKET-LINKED DEBENTURES: Googly on capital gains leaves experts stumped

THE MARKETS CHEERED the Budget announcement of not to tinker with capital gains tax, but a proposal to tax income from market-linked debentures (MLDs) as short-term capital gains has come as a rude shock.

ECB raises rates by 50 bps

THE EUROPEAN CENTRAL Bank raised interest rates by 0.5% on Thursday and explicitly signalled at least one more hike of the same magnitude next month, reaffirming it would stay the course in the fight against high inflation.

Aditya Birla Capital Q3 net rises 27%

ADITYA BIRLA CAPITAL on Thursday reported a 27% year-on-year increase in its consolidated net profit to ₹530 crore for the third quarter of FY23, led by improvement in core operations.

Citigroup stops margin loans against Adani securities

CITIGROUP'S WEALTH ARM has stopped accepting securities of Gautam Adani's group of firms as collateral for margin loans as banks ramp up scrutiny of the tycoon's finances following allegations of fraud by short seller Hindenburg Research.

Transactions via UPI rise to 8.03 bn in Jan

TRANSACTIONS ON THE Unified Payments Interface (UPI) hit 8.03 billion in January, National Payments Corporation of India (NPCI) said in a tweet.

HDFC net profit rises 13% in Q3

HOUSING DEVELOPMENT FINANCE Corporation (HDFC) on Thursday reported a 13% year-on-year increase in its net profit for the three months ended December 31 to ₹3,691 crore.

ACCELERATED SELLING LIKELY IN SUCH BONDS FPIs stare at increased tax outgo on debt investment

The government had introduced the lower tax rates in 2013

High premium policies won't attract wealthy taxpayers now

With income from such policies now taxable, the tax advantage is lost

BRAND CONSISTENCY: Keeping it fresh

Why Cinthol remains relevant after 70 years

Biz class for Turkish Airlines flyers only: IndiGo

INDIGO'S MAIDEN WIDE-BODY service plying on the Delhi-Istanbul route is offering business class but only to customers who book tickets through its codeshare partner Turkish Airlines. Flyers booking through the Indian company's sales channel won't have the option of flying business class, clarified the Gurugrambased, the country's largest carrier.

Budget tax proposal may hit investor returns in REITS

INVESTOR RETURNS IN real estate investment trusts (REITs) could be hit after the Budget proposed to tax the repayment of debt in the hands of unit holders of REITs and InvITs as income from other sources, tax experts have said. The government said that distribution of debt repayment is not taxable for REITs and InvITs as well as the unit holder and hence, it results in dual non-taxation.

SENIOR EXECS ALSO LET GO: Byju's lays off another 900 employees

All business functions hit in third round of firing by edtech major

GST Council meeting likely this month

Setting up of appellate tribunals, online gaming to top agenda

TUHIN KANTA PANDEY, DIPAM SECRETARY: 'Stakeholders must internalise concept of privatisation'

Even though the new Public Sector Enterprises (PSE) policy unveiled in 2021 created a large pool of PSEs in both the strategic and non-strategic sectors for privatisation, the slow pace of the process has limited the government's non-debt capital receipts. The new policy has to be \"internalised\" by all the stakeholders in the government and PSES for it to succeed, department of investment and public asset management secretary Tuhin Kanta Pandey told FE's Prasanta Sahu.

'Enough fiscal cushion to deal with external shocks'

Some fiscal space has been built into the Budget FY24, to deal with higher spending requirements from external shocks, like higher outlay than budgeted for fertiliser subsidy, according to finance secretary TV Somanathan. Gross tax receipts could grow at 11%, against 10.5% budgeted, and there could be savings of about ₹50,000 crore in the 10 trillion capex budget. The government will also continue with the windfall taxes fuel products to deal with unfavourable fiscal conditions if crude prices surge, he told Prasanta Sahu in an interview.

No 2nd e-auction for RCap: NCLT

IN A RELIEF to Torrent Group, a bidder for the assets of debt-laden Reliance Capital (RCap), the National Company Law Tribunal (NCLT) on Thursday declared the proposed second e-auction a violation of the bankruptcy rules.

RBI SEEKS DETAILS FROM BANKS ON EXPOSURE: Adani market losses top $100 bn in 6 days

SHARES OF ADANI Group companies slid for the sixth straight session on Thursday with the group's combined market capitalisation (m-cap) seeing a drop of $106 billion (around ₹8.7 trillion) since the close on January 24 even as a video statement by group chairman Gautam Adani on Thursday failed to assuage investor concerns.

'Rate hikes not to hit pvt capex"

After presenting the Economic Survey for FY23, chief economic advisor CEA) VAnantha Nageswaran exuded confidence that private capex will show noticeable improvement in FY24 and asserted that elevated interest rates are unlikely to deter companies from investing. nan interview with FE’s Banikinkar Pattanayak and E Kumar Sharma, Nageswaran discounted undue fears of fiscal deficit and elevated debt burden, and stressed the need for peristing with reforms amid growing external headwinds. Edited excerpts:

NIRMALA SITHARAMAN, FINANCE MINISTER: 'Efficient spending is paying dividends'

After presenting the Union Budget, finance minister Nirmala Sitharaman interacted with mediapersons and highlighted the government’s resolve to make the exemptionless new regime an attractive option for taxpayers. She also discussed the steep hike in capex, inflation concerns and the goal to make India a 5-trillion economy, among others. Edited excerpts:

5G labs & Al push to boost use cases for enterprises

THE DIGITAL PUSH through 5G labs and centres of excellence for Artificial Intelligence (AI) has laid the ground for telecom and technology firms to develop more 5G use cases and grow their enterprise business solutions. The move is not only positive for telecom companies like Airtel and Jio but also for telecom equipment makers such as HFCL, Tejas Networks, ITI, etc.

Duty hike to have 'nominal effect' on tobacco firms

Cigarette makers would need to raise prices by only 2-3%

Changes in key norms with eye on governance

The banking industry is adopting a 'wait and watch' approach