Experts Financial News

Sensex fell 247 points to settle at 65,629 points, while Nifty declined 46 points to end at 19,624 points. Stocks that were in focus included names like Persistent Systems, which rose 2.26%, Dabur, which gained 1.22%, and LTIMindtree, whose shares jumped 6% on Thursday. Here's what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today. Persistent Systems — Buy In the daily chart after making multiple lows around 4650, price has given a sharp upside rally to make an all time high of 6035 odd levels. Volumes were on rise as buyers were having full control on price.

Supreme Court Thursday held that the lower 5% withholding tax on dividend income of companies was not available to all Organisation for Economic Co-operation and Development (OECD) countries just on the most favoured nation (MFN) basis. A bench led by Justice Ravindra Bhatt held that international treaty practices are not enforceable in India unless the government notifies them, a ruling that experts said will have wide ramifications for the industry. «The decision of the apex court will have wide repercussions for the industry and could result in millions of dollars of additional tax revenue for the government,» said Amit Maheshwari, tax partner, AKM Global, adding that it could also entail reopening of past cases in form of fresh action by tax authorities. The top court set aside a 2021 Delhi High Court ruling that allowed Nestle SA, Concentrix Services, Steria and others a concessional withholding tax rate of 5% on dividend income from their Indian arms, extending the MFN clause in the OECD. The court also made it clear that preferential treatment given to a country under a double taxation avoidance agreement did not automatically get extended to other member countries unless the earlier treaty with them was amended. Experts said other countries could also revisit the position on benefits under these treaties.

JSW Steel, Paytm, Hindustan Zinc Shares of JSW Steel, Paytm, and Hindustan Zinc will be in focus as the companies will announce their second quarter results. Zomato Japanese tech giant SoftBank, through its affiliate SVF Growth Singapore Pte, is likely to sell 1.1% stake in food delivery company Zomato through block deals on Friday. Read more: Here's the trade setup for today's session HUL FMCG major Hindustan Unilever Ltd (HUL) has reported 4% growth in its standalone net profit at Rs 2,717 crore for the second quarter. The company's sales rose 4% year-on-year to Rs 15,027 crore. ITC ITC Ltd reported 10% growth in net profit for the quarter ended September to Rs 4,927 crore.

HUL), considered a proxy for broader consumer sentiment in the country, reported a 4% increase in both net profit and sales in the September quarter, saying the market was gradually recovering as inflation is no longer a concern. This revival, however, is largely led by urban markets, the company said. Demand in rural areas has fallen on a two year basis although the pace of decline has reduced significantly over both sequential and from a year earlier, it said. Volumes rose 3% in the second quarter, indicating three-fourths of its growth was driven by demand instead of price rise.

Liquid funds, which are usually a favoured avenue amongst debt mutual funds for corporates to park short-term cash, have seen hefty outflows as the Reserve Bank of India's resolve to tighten banking system liquidity conditions has exacerbated cyclical outflows at the end of the half-year. Data released by the Association of Mutual Funds in India (AMFI) last week showed that liquid funds witnessed net outflows worth ₹74,176 crore in September — the highest for any category within debt oriented schemes. The overall net outflow for the debt schemes in September was at ₹1.01 trillion, the data showed.

bond yields surged to a 16-year high on Thursday to within sniffing distance of the psychological 5% mark, causing jitters in the global stock markets already edgy over the escalating West Asia conflict. The rising US yields along with a stronger dollar can raise India Inc's overseas borrowing and debt-servicing costs, though economists say India's strong fundamentals offer protection.

NEW DELHI : Average fees charged by resolution professionals (RPs) and other consultants involved in insolvency and bankruptcy have declined by as much 70% during the past two years due to competition among professionals and tightening of rules by regulators, market participants said. Back in 2017, when the Reserve Bank of India (RBI) published the ‘dirty dozen’ list of 12 large accounts against which the newly introduced Insolvency and Bankruptcy Code (IBC) would be used, the consultants were charging as much as ₹1-2 crore for each case.

Novo Nordisk is gearing up to test the efficacy and safety of its new weekly insulin injection, IcoSema, in India. The company has got a go-ahead from the Drug Controller General of India (DCGI) to conduct phase-III studies for the new drug which is meant to control blood sugar levels in people with type-two diabetes. IcoSema is a combination of insulin and Semaglutide. The company had presented its proposal to conduct clinical trials in April this year.

development or protecting the environment? The dice are loaded on the side of development, such as quality infrastructure, because there is a genuine need and demand for it. Besides, since development can be 'seen', it garners political dividends. But what about the environmental impact of runaway, untrammelled development? Moving away from the old 'development vs environmental protection' binary, the contours of the debate themselves are now, thankfully, changing. A recent Delhi High Court order takes a step at restoring balance in that debate, giving citizens a chance to make an informed choice between development-at-all-costs and development that keeps quality of life and environment firmly in all equations.

cabinet secretary, on Thursday, took stock of the status of the ongoing talks under India-UK free trade agreement on issues such as rules of origin, tariffs and phasing out of duties to iron out the knotty areas. According to people familiar with the development, the commerce department made a detailed presentation on the pending issues in the run-up to the finalisation of the trade pact, which is expected to be inked later this month in the presence of UK Prime Minister Rishi Sunak. “Trade negotiations with the UK are happening at a fast pace. A committee of secretaries was briefed about the pact,” said an official. Senior officials from the departments of agriculture, pharmaceuticals, food processing, finance and heavy industries took part in the meeting, a key step in the run up to inking of the trade pact. Last week, senior commerce and industry ministry officials made a presentation to the Prime Minister's Office on the agreement and the two sides are engaged in hectic negotiations. It will be New Delhi’s first such comprehensive deal with an industrialised nation that seeks to spur bilateral annual business beyond the current $20 billion. The pact will have 26 chapters.

Foreign institutional investors (FIIs) continued to pull out money from the Indian market on Thursday leading to benchmark indices falling for the second consecutive day. Higher interest rate in the US coupled with geopolitical tensions in the Middle East have kept their spirits muted for quite some time.

Here are some takeaways from an insightful debate on the profound topic of ‘what kind of growth do we need to sustain our future?’

Gold Price in India Trends and Prediction (October 2023): The retail price of pure 24-carat gold has jumped around Rs 2500 per 10 grams in the last 10 days. At the time of writing today, 24-carat Gold was selling at around Rs 60,490 per 10 grams in Mumbai as against Rs 57,980 on October 9, 2023.

Given that 3.5 million cases of tax refunds are “held up”, the Income Tax (IT) department is considering organising campaigns to assist the taxpayers, apart from proactively pursuing other means to process the refunds.

Question: What are the recent updates/ clarifications by CBDT pertaining to Form 10/10BB?

MUMBAI : At the recently concluded International Monetary Fund (IMF)-World Bank meetings in Marrakesh, officials fretted over the new trend of interest rates remaining high for a long period. Mint looks at how it will impact the world at large and India in particular. Central banks across the world have raised interest rates over the last 18 months or more to battle runaway inflation.

New Delhi: The department of telecommunications (DoT) intends to hold the next spectrum auctions within the ongoing financial year or latest by early next financial year, at the same reserve prices as the 2022 auctions for existing spectrum bands, a senior official said. “The Union cabinet had decided that there has to be auction every year.

₹1,020 crore on 20 October, as the Japanese fund plans a full exit from the food delivery business. SoftBank’s stake sale decision in Zomato follows the latter’s dramatic rise in market price over the past year. According to exchanges, over the past one year, Deepinder Goyal-founded Zomato’s price has gone up by 80% to ₹111.65 from ₹62.05.

Three weeks after a Polygon Improvement Proposal (PIP) detailed the specifications for POL, the contracts have been deployed on the Goerli testnet. This is a significant milestone towards the full implementation of Polygon 2.0. The deployment is the culmination of extensive community consultations and signifies the network's readiness for the next phase of its development.

Americans will soon have to apply for a travel authorization to visit Europe — and failing to get one may ruin your next trip.

₹50,000 tax just on interest income," says Tiwari, who did not want to be identified by her first name. Tiwari then got in touch with a certified financial planner who advised her to invest in mutual funds. “Some other people wanted me to buy savings-linked insurance products but I finally invested in mutual funds, fixed deposits and Kisan Vikas Patra for my daughter’s future," she says.