Ahead of the Union Budget, Indian equity indices rose with Sensex up 250 points and Nifty50 up 55 points. The government projects 6.5%-7% growth. UltraTech Cement, Suzlon Energy, and Adani Ports gained while HCL Tech fell. Gensol Engineering won a solar project bid. The budget aims to boost job creation and consumption. Sectors like Nifty Auto also rose.
Indian banks are increasingly resorting to short-term borrowing, utilizing certificates of deposit, to bridge a funding gap driven by strong loan growth and slower deposit accumulation. As a result, the outstanding amount of these certificates surged to 4.3 trillion rupees ($51.4 billion) in the fortnight through July 12. This marks the highest level since June 2012.
Derivatives of consumption especially in the rural areas or beyond the metros that is something that we were watching for, that is something we were positioned for also. We have switched much of our auto positioning as an example over the past four to six quarters from four-wheelers to more to CVs and to two-wheelers.
Budget 2024 key announcements for common man: Nirmala Sitharaman's Union Budget 2024 may give some relief to the middle-class with tax adjustments and GST changes in the first full budget o the Modi 3.0 government.
Union Budget 2024 Highlights: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 today, her seventh consecutive budget, surpassing Morarji Desai's record. The budget is expected to focus on income tax reforms and enhancing business ease. Key highlights include a capital expenditure of Rs 11.1 lakh crore for the next fiscal year and a plan to reduce the fiscal deficit to 5.1% of GDP.
Indian Navy Chief Admiral Dinesh K. Tripathi is set to visit Mumbai today to assess the damage following a fire on the INS Brahmaputra. The multi-role frigate, undergoing refit, suffered significant damage and is now listing heavily. While the fire was contained by the ship's crew and local firefighters, the ship remains tilted. An inquiry is underway, and efforts are being made to locate a missing sailor. Defence Minister Rajnath Singh has instructed Admiral Tripathi to address the incident and its aftermath.
West Bengal Governor C V Ananda Bose has requested Chief Minister Mamata Banerjee to provide a report regarding her statement offering "shelter" to vulnerable individuals from violence-stricken Bangladesh. The Raj Bhavan emphasised that matters related to accommodating individuals from foreign countries fall under the jurisdiction of the Union government. The Governor has asked for a comprehensive report under Article 167 of the Constitution to clarify the basis for the announcement and ensure adherence to constitutional protocols.
Citi maintains buy on GAIL, raising target to Rs 250 (from Rs 230) on higher gas business valuation and 5% CAGR in volume FY24-27. Also, buy on Exide with TP up to Rs 630 (from Rs 560), expecting stronger demand and improved margins from better product mix.
India's economy is projected to grow at a rate of 6.5% to 7% in the current financial year, ending in March 2025. This projection is lower than the 7.2% forecast by the country's central bank and the 8.2% growth achieved in the previous year. Private economists and rating agencies have also revised their estimates upward to 6.8% to 7.2%.
I think there is a role the industry can play and if there are tax reforms that can help that process, that would be welcome. And in terms of equity, we play a big role in terms of long-term wealth creation for investors and so any tax proposals that help that process will also be, to my mind, a welcome step for the industry.
Indian market’s volatility expected on Budget 2024 day. Nifty future down 0.05% to 24,517; India VIX up 4.18% to 15.44. Max Call OI at 25,500, Put OI at 24,000. Range predicted 24,200-25,000. Nifty Bank positive at 52,280. Taparia advises 24,500 support for upward trends. Experts recommend SBI, Reliance, Dabur for F&O and cash market.
Budget 2024 at a Glance PDF: India's Finance Minister Nirmala Sitharaman will present Modi 3.0's first Budget today. Expectations are high for income tax benefits with focus on fiscal prudence. Budget is expected to set roadmap for Viksit Bharat by 2047. Allies Chandrabu Naidu and Nitish Kumar have demanded increased funds for their states. Key expectations include boosting consumption demand, welfare spending, and cutting fiscal deficit aim for 2025.
An Israeli operation in Khan Yunis, Gaza, killed 70 people and wounded over 200, according to Gaza's health ministry. The strike followed Israel's warning of forceful action to curb rocket fire. Thousands fled after the Israeli army's temporary evacuation order, including from the Al-Mawasi humanitarian zone. Israel targets Hamas, aiming to destroy the group. Prime Minister Netanyahu, under pressure for a truce, is visiting Washington for talks. The ongoing conflict has resulted in heavy casualties and a severe humanitarian crisis in Gaza.
Union Budget 2024 Key Numbers: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai's record of six. The budget is anticipated to focus on changes in the income tax structure and enhancing the ease of doing business in India. At 11 am, Sitharaman will unveil the full budget for 2024-25, the first under the Modi 3.0 government, on the Parliament floor. Key announcements and the government's economic outlook will be closely watched.
Union Budget 2024: Finance Minister Nirmala Sitharaman is poised to unveil the Union Budget 2024, continuing its emphasis on infrastructure. Industry experts await the budget eagerly to gauge its impact across sectors and its alignment with broader policy objectives.
Union Budget 2024 Cheaper Costlier List: As Nirmala Sitharaman prepares to present Union Budget 2024, taxpayers are eager to learn about potential changes in the affordability of goods. The Interim Budget in February saw no significant alterations under Sitharaman's guidance.
Budget 2024 Key Takeaways: Does Finance Minister Nirmala Sitharaman have enough ammo to deliver a budget for the ages, or will it be a regular, mundane middle-path document unable to rise above the push and pull of coalition politics? Will Modi give in to the demands of capricious allies, or will he stand his ground and get the big policy guns out? We shall have all our answers in some time from now.
As India's Finance Minister Nirmala Sitharaman will present the full Union Budget FY24-25 today, various brokerage firms have presented their views on some of the sectors that will be in focus in this year's budget session. According to the brokerages, sectors like automobile, defence, railways, real estate, and power will remain in focus. Here is a list of key sectors that will be focussed in the Union Budget 2024:
Finance Minister Nirmala Sitharaman is set to present the Union Budget for the seventh time, with expectations for changes in income tax structure and business ease. Residents across India hope for reduced petrol prices and inflation control. The budget announcement is eagerly awaited for its impact on the economy.
As the budget presentation approached, the flood of memes highlighted the hopes, fears, and scepticism of the middle class. While the actual budget details would soon be revealed, the online community had already made their mark, ensuring that the lead-up to the Union Budget 2024 was both entertaining and thought-provoking.
Budget 2024: Budget has been crucial given the kind of spending that the Government of India is doing in certain sectors and it has a direct impact on the stock market, which discounts every single statement and is reflected in prices.
