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Polycab tanked 20% to the day's low of Rs 3930.55 in Thursday's trade after the Income Tax department detected «unaccounted cash sales» of about Rs 1,000 crore after it recently raided the Polycab group. «Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year,» the Central Board of Direct Taxes (CBDT) said in a statement, according to a PTI report. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. The CBDT said a large number of «incriminating» evidence in the form of documents and digital data were seized during the raids. These reveal the «modus operandi of tax evasion» adopted by the group in connivance with some of authorised distributors, it said. Also Read | Tech growth woes pose risk to Dalal Street's sizzling rally «Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs 1,000 crore which are not recorded in the books of accounts,» the CBDT claimed. Polycab India, however, issued a clarification to stock exchanges calling the reports of «tax evasion by the company» as «rumours». «Polycab India denies any rumours of tax evasion by the Company circulating in the media,» the company filing said, adding that «The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec 2023.

multibagger in the last few months, then allow market data to humble you down. In the nine-month period from March 20, when Sensex and Nifty were at 52-week lows, till December-end, 88% of all stocks from the entire universe of BSE-listed counters have given positive returns.

The BSE Sensex was trading 284 points or 0.40% higher at 71,942. Nifty50 was trading at 21,706 up 88 points or 0.41% at around 9.24 am. From the Sensex pack, Axis Bank, Bajaj Finserv, Reliance Industries, Bajaj Finance, and NTPC opened in the green, while only Infosys, HCL Tech, and Wipro opened in the red. In today's trade, IT stocks will be in focus as market leaders TCS and Infosys are due to report quarterly results post-market hours, kicking off the earnings season in earnest. Among individual stocks, Polycab India opened with a 10% lower circuit amid reports that the Income Tax department found unaccounted cash sales of Rs 1,000 crore. On the sectoral front, Nifty Consumer Durables rose 1.15%, and Nifty Auto surged 0.63%.

Bajaj Finance with a target price of Rs 8650. The current market price of Bajaj Finance Ltd.

Metro Brands with a target price of Rs 1350. The current market price of Metro Brands Ltd.

Cholamandalam Investment & Finance Company with a target price of Rs 1280. The current market price of Cholamandalam Investment & Finance Company Ltd. is Rs 1231.85 . Cholamandalam Investment & Finance Company Ltd., incorporated in the year 1978, is a Large Cap company (having a market cap of Rs 100201.57 Crore) operating in NBFC sector.

Balrampur Chini, Bandhan Bank, Chambal Fertilizers, Escorts Kubota, Hindustan Copper, Indian Energy Exchange (IEX), The India Cements, Indus Towers, National Aluminium Company, Piramal Enterprises, PVR Inox and Steel Authority of India (SAIL). After moving out of the ban for a day, Zee Entertainment Enterprises (ZEEL) is back on the ban list. Delta Corp and Gujarat Narmada Valley Fertilizers (GNFC) have moved out of the ban. The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL.

Standard deduction is one of the most widely used deductions as salaried taxpayers can claim it without making any investments. There has been a longstanding demand to increase the standard deduction limit. The demand has become louder after standard deduction was made a part of the new income tax regime last year. It has been almost five years since standard deduction was revised; the previous instance was in 2019. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000? This is what experts are saying:

Sensex settled 271 points higher at 71,657 and the Nifty advanced 73 points to 21,618. Stocks that were in focus included names like HCL Tech, which rose 2.03%, Delta Corp, which jumped 2.9%, and Manappuram, whose shares declined 4.8% on Wednesday. Here's what Riyank Arora, Technical Analyst at Mehta equities, recommends investors should do with these stocks when the market resumes trading today. HCL Tech (Bullish) The stock has successfully formed a W pattern on its daily charts. Any pullback towards 1480-1485 should be a good buying opportunity for the stock, with a stop loss placed below the 1465 mark.

Some industry leaders have also been critical of the inability of corporates to groom in-house talent for top jobs, being forced to turn to external candidates. In the light of that, boards have been paying closer attention to ensure a second line of talent is ready and available for the leading roles.

Boeing jets have rekindled frustration among airlines over the planemaker's struggle to contain a series of safety and supply crises, industry officials and experts said. Alaska Airlines, which operated Friday's domestic U.S. flight, and United Airlines together have 70% of the MAX 9 fleet and have canceled hundreds of flights.

As artificial intelligence (AI) rapidly evolves, becoming more capable and accessible than ever, AI-fueled misinformation and disinformation led a ranking of global leaders' top concerns for the next two years as the 2024 election year kicks off and geopolitical conflict persists, the World Economic Forum's (WEF) Global Risks Report 2024 found.

By David Shepardson

The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy

By Rajesh Kumar Singh, Tim Hepher and Allison Lampert

Sectorally, buying was seen in consumer durables, infrastructure, healthcare, IT and metal stocks while public sector, oil & gas, FMCG and utilities saw some selling pressure. Stocks that were in focus on Wednesday include names like Network18 Media & Investment, which was up 20%, Cochin Shipyard which hit a fresh record high and closed with gains of 20% and GlaxoSmithKline Pharmaceuticals which rose more than 5%. We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout. We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view. Here’s what Anand James, chief market strategist, Geojit Financial Services, had to say:

Rotterdam, The Netherlands & Mumbai, Maharashtra, India – Business Wire IndiaIMCD N.V. ("IMCD" or "Company"), a global leading distribution partner, and formulator of speciality chemicals and ingredients, today announces the acquisition of 70% of Valuetree Ingredients Private Limited (“Valuetree") to expand its beauty and personal care footprint in India. Founded in 2005, Valuetree is a prominent ingredient supplier to the beauty and personal care market.

Capital markets regulator Sebi has kept in «abeyance» the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance. However, the Securities and Exchange Board of India (Sebi) did not clarify further. Reacting to the development, shares of Manappuram Finance plunged as much as 7.45 per cent to a low of Rs 163.40 apiece on the BSE on Wednesday.

Evify, an electric vehicle logistics firm, said it has raised $1.3 million in funding in a pre-series A round led by venture capital firms GVFL and Piper Serica Angel Fund. Existing investors We Founder Circle and IVY Growth, along with a few angel investors, also participated in the round. Founded in 2021 by logistics expert Devrishi Arora and cleantech specialist Pragya Mittal, the company is focused on electric vehicle-based logistics to transition India's direct to consumer FMCG and ecommerce last-mile delivery to electric vehicles. The firm will use the fresh funds to expand its operations across Gujarat and product innovation. The aim is to grow the existing fleet from 400 to 4,000 electric bikes by March 2025. Currently, it is operational in Surat and Ahmedabad.

will be infused into the group entity SMFG India Credit Co. The amount mopped up through the external commercial borrowing route would help to bolster the tier-I capital base of SMFG India Credit Co, formerly known as Fullerton India Credit, according to a statement on Wednesday.

Dolly Khanna raised a stake in textile maker Deepak Spinners in the December quarter. The Chennai-based investor bought a 0.18% stake or 13,000 shares in the third quarter, according to exchange data. With the additional stake, Khanna's stake in the company increased to 1.83% at the end of December 2023 from about 1.65% at the end of September 2023. The company is majority-owned by public shareholders at 54.33%, while promoters own the rest of 45.67%, according to the latest shareholding data available with the exchanges. In the public holding, there is no significant stake by mutual funds and foreign investors, but retail investors own 25%. Deepak Spinners, one of the leading textile players, makes dyed synthetic yarn.