Electronic Financial News

NEW DELHI : As the tax filing season kicks off again, many individuals are questioning whether they need to file their income tax return (ITR) for financial year 2024 (FY24). This uncertainty often arises because employers have already deducted tax on salaries or banks have deducted tax at source (TDS) on interest or pensions. Others may believe their income is too low to require filing.

Personal loans can be both beneficial and detrimental to financial planning. Let's go more into both the positive and negative aspects.

₹201.4 on 10 May. The recent fall notwithstanding, a major reason for the rise lies in the very fast growth of the company’s quick commerce business, which delivers vegetables, groceries and other products—from lipsticks and pen drives to floral bouquets and branded kurtas—in a matter of minutes. In 2023-24, the adjusted revenue of the company’s quick commerce business grew by 186% to ₹2,302 crore.

counter-space weapon into the Low Earth Orbit by Russia last week has turned the spotlight on a race that is developing in outer space between different countries. War is not just fought on Earth but has now expanded to cyberspace and outer space. This was demonstrated by Russia during its invasion of Ukraine. A cyber-attack crippled the defense forces in Kyiv and other European capitals that were dependent on a communication satellite.

₹153-161 a share. The Aimtron Electronics IPO will become available for subscription to investors om Thursday , 30 May, 2024 and will close on Monday 3 June 2024.Aimtron Electronics Initial public offering (IPO) is a fresh issue of 54.05 lakh shares and Aimtron Electronics plans to raise ₹87.02 crore through the issue.

Indian government's capital spending, recovery in private consumption and investment are expected to help carry forward the economic momentum post-elections, S&P Global Market Intelligence said Monday. The global research firm further noted that policy focus will likely remain on strategic sectors, like renewables, electronics, textiles, digital infrastructure, logistics, food production and services. “These sectors drive Indian macroeconomic stability and growth, are of relevance to climate policy and energy transition, and support domestic employment. The parties also widely consider further development of these sectors to be beneficial for India’s foreign policy objectives,” it said.

Astra Microwave Products zoomed 14.25% in today's early morning trade to record a new lifetime high of ₹914 apiece following the company's announcement of its best performance on both a quarterly and full-year basis in terms of revenue and profitability.For Q4FY24, the company reported a revenue of ₹354 crore as compared to ₹258 crore in Q4FY23, with 76% of the total revenue attributed to India and the remaining 24% to exports. PAT for Q4FY24 stood at ₹54 crore, a 315% YoY increase from ₹13 crore in Q4FY23.

online consumption across segments such as electronics, wearables and beauty products, as flagged by multiple listed companies and industry trackers. For the fourth quarter, logistics firm Delhivery said its express parcel shipments, a proxy for ecommerce delivery volumes, declined 13% sequentially to 176 million.

electronics manufacturing industry is urging the government for a ₹30,000-₹35,000 crore production-linked incentive (PLI) scheme for components and sub-assemblies, along with capital expenditure backup to support surging exports of mobile phones and other electronics. «The incentive scheme is needed to support growing demand for electronics components to the tune of $75-$80 billion by 2026, and $300 billion by 2032 to support $300 billion worth of electronics products manufacturing by 2026 and $1.2 trillion by 2032,» the India Cellular & Electronics Association (ICEA), which represents top smartphone brands and manufacturing companies, said. The scheme's objective is to boost domestic value addition, especially in mobile phone manufacturing to 35-40%, from 18% now, said ICEA, adding component manufacturing should run parallel to the development of semiconductor ecosystem, currently underway in India. «In confronting its burgeoning semiconductor demand, we must recognise the emergent necessity to pivot from heavy reliance on imports towards fostering an indigenous semiconductor ecosystem, underpinned by localised PCBA operations, focused circuit design, and deepened value addition across product manufacturing,» the industry body said.

Kerala in a bid to alleviate the state from the economic crisis as the Centre has sanctioned borrowings up to Rs 21,253 crores. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar took to social media platform X to announce financial support from the Centre to Kerala. In a post on X on Saturday, Chandrasekhar mentioned, «PM @narendramodiji's govt steps up to assist Kerala's economic crisis Government of India sanctions borrowings up to Rs 21,253 crores till December 2024.....»

self-healing attribute, potentially transforming the durability and longevity of foldable devices, adds the report.Although specific details regarding the self-healing mechanism remain scarce, Apple alludes to the incorporation of an "elastomer" layer within the display. This elastic material possesses the unique ability to stretch and subsequently revert to its original form, presenting an ideal candidate for facilitating the self-repair process.Notably, Apple envisions the self-healing process to occur seamlessly and autonomously, requiring no external intervention.

₹4.1 trillion ($49.16 billion) in FY24, marking a 17% increase year-on-year (YoY). Amid this surge, Dixon Technologies Ltd, an Indian contract manufacture, stands as the biggest success story, producing handsets for six of the top seven global brands. In this business since 2015-16, Dixon has scaled its production to 45 million smartphones and 40 million feature phones annually.

IPO rush sets up India’s equity market for another record year“The surge in IPO activity is fuelled by soaring Indian stocks, robust economic growth, and corporate earnings consistently outpacing expectations, inspiring more companies to go public. As a result, IPO market has seen a significant boost, with large corporate houses and new –age businesses like Tata Capital, Hexaware, Ola Electric, and Swiggy gearing up for their public market debuts in 2024-25," said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Pvt. Ltd.Vilas Transcore IPO opens for subscription on May 27, 2024, and closes on May 29, 2024.

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post-pandemic period, triggered by revenge shopping. Zara, the world's biggest clothing retailer, and Starbucks, the largest coffee retailer globally, saw their slowest ever sales growth in India during FY24, excluding the pandemic year. Vedant Fashions, which owns men's ethnicwear brand Manyavar, said this is the first time it has seen a weak wedding season for five quarters in a row, though a lower base will make for better sales numbers upon recovery.

Apple faced an unanticipated challenge soon after it opened two company-owned stores in India last April — many customers wanting to pay in cash — prompting the iPhone maker to install currency note counting machines in both the Mumbai and Delhi outlets. With customers continuing to stream in with wads of notes to buy mobile phones or computers, payments for 7-9% of the American firm's sales in the two stores in India are made with cash, compared to less than 1% or even nil in its stores in the US or Europe, according to people with knowledge of the matter. Unsurprisingly then, social question-and-answer website Quora is full of queries from consumers on whether they can pay in cash at Apple stores in India, they said.

Statistics Canada says retail sales fell 0.2 per cent to $66.4 billion in March, weighed down by lower sales at furniture, home furnishings, electronics and appliances retailers.

Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending

Gurugram (Haryana) [India], May 23: Benepik, a global leader in rewards and loyalty, proudly made in India announces the launch of its tech-enabled Corporate Gifting Hampers. Combining sophistication and thoughtful curation with its proprietary technology, these offerings are set to transform the way businesses build and strengthen relationships with clients, employees, and channel partners.Benepik, India’s largest Reward Gateway, has reported aggressive growth over the past two years. It works with more than 500+ enterprise customers including BFSI, Pharma, FMCG, Consumer Appliances, Market Research, Construction, EdTech, and PSUs.

India's electronics, pharma, engineering goods exports beat global trade slowdown during FY24 Meanwhile, RTE imports have grown marginally, from $304.96 million in FY2019 to $360.37 million in FY24. The FY24 figure marks a fall in imports of 13.6% from the previous fiscal year. “Reduction in imports indicates changing domestic consumption patterns, and increased local production," Srivastava said.

South Korea has unveiled a $19 billion support package to bolster its semiconductor industry, seeking to catch up with international rivals amid soaring demand for advanced chips to power artificial intelligence and other computing. The 26 trillion won ($19.03 billion) package, announced by President Yoon Suk Yeol on Thursday, focuses largely on providing financial support through state-run Korea Development Bank for chip makers and suppliers to invest in semiconductor infrastructure in the North Asian nation.