Experts Financial News

ITR filing: The Income Tax Department has added news schedule in Income Tax Return (ITR) form for the the assessment year 2023-24. This new schedule aims to help investors report their income from virtual assets. The name of this new schedule is Virtual Digital Assets (VDA).

dearness relief (DR) and how it will be calculated. Earlier this month, the Ministry of Finance hiked the dearness relief (DR) for the central government pensioners from 42% to 46%.

The ten-year US yields, which made a fresh 16-year high of 5.02%, shrugged off strong US data released in the week on expectations that the US Federal Reserve will keep the interest rates unchanged at its FOMC monetary policy meeting due next week. A decent auction of seven-year US bonds also helped the yields to grind lower.

Sebi has slapped fines totalling Rs 33 crore on 13 individuals, including senior officials of Sharepro Services (I) Pvt Ltd for flouting regulatory norms. The regulator levied fines in the range of Rs 1 lakh to Rs 15 crore on 13 individuals, including Rs 15.08 crore on Indira Karkera (Vice President and client manager for a number of client companies of Sharepro), and Rs 5.16 crore on Govind Raj Rao (Managing Director of Sharepro).

Buy or sell stocks: After heavy beating for the six straight sessions, Indian stock market witnessed trend reversal during Friday deals. Buying across large-cap, mid-cap and small-cap stocks helped bulls outclass bears. Nifty 50 index gained 190 points and closed at 19,047 levels, BSE Sensex went up 634 points and ended at 63,782 mark while Bank Nifty index shot up 501 points and finished at 42,782 levels.

The Prime Minister on Thursday launched the ‘Namo Shetkari Mahasanman Nidhi Yojana’. The Yojna will benefit more than 86 lakh beneficiaries of the Pradhan Mantri Kisan Samman Nidhi Yojana in Maharashtra by providing an additional amount of Rs 6000 per year to them. PM Kisan Samman Nidhi: Benefits to eligibility, important FAQs for a beneficiary answered According to the DBT Agriculture website, “For the 15th installment of Pradhan Mantri Kisan Samman Nidhi Yojana, it is mandatory for the beneficiaries to get eKYC done, otherwise they will be deprived of the benefits of the scheme.

Refex Industries have offered bumper returns to investors in the last 10-year period, surging as much as 8,500% over the decade. If an investor had put Rs 10,000 in the stock 10 years ago and stayed patient, the investment would have turned to Rs 8.5 lakh, according to an analysis by ET Markets. In the last five-year period, the shares have jumped nearly 1195% and about 611% in the past three years. Refex Industries, a smallcap company, is a specialist manufacturer and re-filler of refrigerant gases, particularly, environmentally acceptable gases that are replacements for Chloro-fluoro-carbons (CFCs). These are used primarily as refrigerants, foam-blowing agents and aerosol propellants. It has an EPS of 56.22 on a trailing 12-month (TTM) basis and the stock is currently trading at a PB of 4.22. According to the latest shareholding pattern available with the exchanges, promoters own a majority of the stake at 53.3%, while the rest of 46.6% lies with public shareholders. Among the public shareholders, mutual funds and foreign investors have no significant stake, while retail investors own a large holding of 28%. For the recent September quarter, Refex Industries' net profit nearly halved to Rs 21.4 crore from Rs 42.7 crore in the year-ago period.

Yes Bank has acquired additional shares in J.C. Flowers Asset Reconstruction (JC Flowers ARC) to reinstate the bank’s stake to 9.9% in the company, the private lender informed in its filing to the exchanges in the wee hours on Saturday. On November 28, 2022, the bank had acquired 9.9% of the equity share capital of JC Flower ARC, which fell to 5.01% as a result of certain corporate actions in JC Flowers ARC, the filing said. «In accordance with a share subscription and purchase agreement, the bank has now acquired additional shares in JC Flowers ARC so as to reinstate the bank’s stake to 9.9%,» the exchange filing said. Shares of Yes Bank ended at Rs 16 on the NSE up 0.63% on Friday. YES Bank reported a 47.4% year-on-year (YoY) growth in net profit for the quarter ended September to Rs 225 crore.

These high-growth startups, often credited as category creators, have introduced entirely new industry segments, positioning them as critical players in India's ambitious goal of reaching a $5 trillion economy by 2025 and achieving full-fledged developed nation status by 2047. Startup20 Vision that aims to empower Indian startups as the catalyst for global economic advancement" and the rapidly growing deeptech startup prospects that are fosterting the emergence of future unicorns from sunrise sectors are among the central themes in this thriving ecosystem, propelling innovation, expansion, and global economic impact. At the Delhi-NCR edition of the ET Soonicorns Summit 2023 – an Economic Times initiative to track the next frontiers of growth for the Indian startup ecosystem – Startup20 Vision and the Deeptech sector will be in focus, with a Keynote Addresses by Jeet Vijay, CEO, MEITY Startup Hub and Geetika Dayal, Executive Director.

Reliance shares: After announcement of Q2FY24 results on Friday evening, Indian stock market is expected to react to its quarterly numbers on Monday. According to stock market experts, Reliance Industries Q2 results for the financial year 2023-24 has come on the expected lines and hence some upside can be expected in Reliance share price on Monday.

Swan Energy paid ₹231.4 crore to lenders, the first full tranche of payment for acquiring Anil Ambani- promoted Reliance Naval and Engineering in a bankruptcy auction, the company said in a statement to the Bombay Stock Exchange. Swan Energy had to pay its first instalment of ₹292 crore in March but was given an extension by the bankruptcy tribunal after it paid ₹100 crore to lenders, ET had reported on October 10 Swan Energy partnered with resolution applicant Hazel Mercantile Ltd through its special purpose vehicle — Hazel Infra — to acquire RNEL under Insolvency and Bankruptcy Code (IBC).

JPMorgan Chase CEO Jamie Dimon wants to sell shares currently worth about $141 million, the first such transaction since he took the helm at the Wall Street giant almost 18 years ago. Dimon and his family plan to kick off the disposal of 1 million of the lender's shares next year for financial diversification and tax-planning, according to a regulatory filing.

During the week, about 33 smallcap stocks delivered double-digit weekly negative returns with six of them losing over 15% returns. MMTC fell the most during the week at 18.4%, followed by Sterlite Tech (-17.8%), Ion Exchange (-16.7%), and Kamdhenu Ventures (15.83%). Only eight stocks in the smallcap space delivered double-digit returns. Black Box was the top gainer in the week with 20.64% returns. In the midcap segment, none of the stocks have offered double-digit gains.

JP Morgan upgraded its rating on India to 'overweight' from 'neutral' partly on the grounds that the market historically has mostly risen in the run-up to the national elections. The brokerage said India's strong economic outlook and prospects of a deeper bond market are also factors to be positive on the country's equities in the longer term. Since 1991, the Nifty has risen on six out of the eight six-month periods before the elections, said JP Morgan.

Cello World has raised ₹567 crore from anchor investors ahead of its initial public offering that opens for public subscription on October 30. The company on Friday informed the bourses that it allocated 8.75 million shares at ₹648 per share to anchor investors. Foreign and domestic Institutions who participated included ICICI Prudential, Motilal Oswal, Goldman Sachs, Nomura, SBI Life Insurance, HDFC life Insurance, BNP Paribas, All Spring Global, Morgan Stanley, TATA India Consumer Fund, Quant, CLSA Global, Aditya Birla Sun Life, Edelweiss, Reliance General Insurance, Invesco, Kotak Optimus, Bajaj Alliance and others.

Analysts are however hesitant to conclude that the bounce back will be sustained with geopolitical tensions and concerns over higher US bond yields continuing to cast a shadow over the markets. NSE's Nifty gained 190 points, or 1.01%, to close at 19,047.25. BSE's Sensex rose 634.65 points, or 1.01%, to end at 63,782.80. «The market has recovered due to a technical pullback after it was in the oversold category for the last six trading sessions,» said Dharmesh Shah, head, technical, ICICI Securities.

AMFI on Friday said the idea of introducing a new asset class, which lies between mutual fund and portfolio management services (PMS) and have flexible prudential norms, is at a «very nascent stage». «The discussion is at a very nascent stage and will go through the consultative approval process through the regulator,» the industry body said in a statement. The statement came after media reports suggested that the Securities market regulator, the Securities and Exchange Board of India (Sebi), is in the process of formulating a new high-risk mutual fund category. It was reported that the Association of Mutual Funds in India (AMFI) sought comments from asset management companies on the new mutual fund category. The proposed category is aimed at catering to investors with a high-risk appetite.

₹40 per kg to ₹80 a kg within just two weeks. Industry insiders expect prices to keep increasing until arrivals from the new Kharif crop, which is delayed by almost two months, becomes available in December. In Maharashtra’s Lasalgaon, the hub of onion wholesale trade, prices have surged by 58% in a fortnight, standing at ₹38 per kg as of Tuesday.

Tata Technologies IPO: After a gap of near two decades, Tata group is going to launch its initial public offer (IPO) in the primary market. One of the Tata group subsidiaries Tata Technologies Ltd has submitted addendum for its public issue after receiving SEBI's nod for the launch of its initial offer. Now, market is eagerly waiting for the launch of upcoming IPO.

Gold rate today: On account of Israel-Hamas war fueling global uncertainties, spot gold price hit $2,000 levels on Friday and closed at 2,006 per ounce levels. Gold future contract on Multi Commodity Exchange (MCX) for December 2023 expiry surged ₹308 per gm and ended at ₹61,260 levels on Friday.

purchasing power. Separately, manufacturers have also shifted their attention to marketing premium products that offer better profit margins, industry experts said. Most budget models in electronics have moved to ecommerce platforms.