Provident Financial News

National Insurance Awareness Day, observed every year on June 28, reminds us of the importance of insurance. In this world full of uncertainties, a life insurance policy plays a crucial role for you in protecting your loved ones financially in case any untoward events occur during the policy period. In such an event, the insurance company pays the assured sum to your nominee, helping the impacted family manage tough times without financial stress.

Running a small business allows you to avoid paying taxes that you would not have done otherwise. Taking use of various deductions is among the most effective strategies to reduce your tax liability. Furthermore, a small business may provide large deductions for retirement plans and health-care expenses, thereby lowering taxable income.

4Thoughts Finance, a family office firm based in Bengaluru, has unveiled its ambitious plans to double its portfolio size of Rs 500 crore to Rs 1000 crore in the near future, marking a significant milestone in its growth trajectory. With an unwavering commitment to excellence and client satisfaction, 4 Thoughts Finance is poised to usher in a new era of prosperity for its clientele.

Shriram Asset Management Company (Shriram AMC) announced the launch of its growth liquid fund – Shriram Nifty 1D Rate Liquid ETF (Growth), an open-ended Exchange Traded Fund, tracking the Nifty 1D Rate Index.

NEW DELHI : As India's insurance regulator seeks to insure every citizen by 2047, the life insurance industry wants the government to add more incentives to increase penetration in the Union Budget 2024-25. The industry believes that the incentives would not only make insurance affordable, but would also facilitate long-term funds for investing in key areas of the economy. “India’s infrastructure sector is poised for a significant growth and requires a huge investment to support that growth.

HCG, India's largest speciality cancer care chain on Friday acquired controlling stake in 196-bedded Visakhapatnam-based cancer hospital Mahatma Gandhi Cancer Hospital and Research Institute (MGCHRI) for an enterprise value of Rs 414 crore. HCG will have initial 51% stake in MGCHRI, with plans to complete the acquisition of the additional 34% stake over the next 18 months. The revenue from operations of Visakhapatnam hospital for FY24, was Rs 120.2 crore with an EBITDA of Rs 42.2 crore. HCG said the acquisition is poised to significantly bolster cancer chain's annual EBITDA by Rs 3 per share and gain a leadership position with a dominant share in Vizag region.

A division bench of Justices S K Sahoo and R K Pattanaik upheld the trial court’s conviction of Shaikh Asif Ali for the rape and murder of the child under sections 302/376 of the IPC and section 6 of the Pocso Act. However, the court decided that Ali, who was 26 at the time of the crime in 2014, should be imprisoned for life, with the order specifying that the state government should pay Rs 10 lakh to the victim’s parents. Justice Sahoo, who authored the judgment, provided additional reasons for commuting Ali's death sentence to life imprisonment.

Avantel, a telecom product manufacturing company, has witnessed a sustained spike in its shares over an extended period, resulting in substantial returns for investors. After a prolonged period of stagnation, the stock gained momentum in March 2023 and has since maintained a steady upward trajectory.During this period, its share price has surged from ₹26 apiece to the current market price of ₹170, marking a significant gain of 554%.

Reliance Industries and Bharti Airtel hit their fresh all-time highs in intraday trade on Friday, 28 June, indicating investors' positive reaction to the tariff hike reports.Industry experts anticipated tariff hikes following the Lok Sabha elections due to declining revenue and margins in the sector. Companies require capital to invest in spectrum and cutting-edge technologies.Experts believe the tariff hikes are a positive step and will augur well for stock prices.

₹500-mark and jumped over 15% to touch a 52-week high of 546.15 in an overall strong market. Also, today marks the first time that Kalyan Jewellers' market cap exceeded ₹50,000 crore.

₹9.96 in June 2020 to its current trading level around ₹141.85. Similarly, over the last three years, it has seen substantial growth of 588 percent, starting from ₹20.61 in June 2021.In the past year alone, Inox Wind has continued to deliver multibagger returns, with a remarkable surge of 256 percent.

Mobile insurance has become increasingly essential given the pivotal role smartphones play in our daily lives. With our heavy reliance on them for communication, work, and entertainment, the prospect of losing or damaging a smartphone can indeed lead to significant disruptions. 

carbon emissions should come forward and own the responsibility of providing finance to developing countries to address the climate crisis, Union Environment Minister Bhupender Yadav said on Friday. Climate finance will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) — the new amount developed nations must mobilise every year starting in 2025 to support climate action in developing countries. «Temperature rise is a global problem. IPCC reports clearly say the increase in carbon emissions is driving average global temperatures up. Countries have prepared their Nationally Determined Contributions. India has achieved its climate targets, be it in the renewable energy sector or reducing carbon emissions,» Yadav said at the India Climate Summit. «Developed countries are required to provide finance and technological support to developing countries if we need equal growth in the world. Unfortunately, this could not happen but the New Collective Quantified Goal will be the central point of the COP29 in Baku. Countries historically responsible for maximum carbon emissions should come forward,» he said.

Ajit Pawar on Friday presented the state budget in the ongoing monsoon session of the state legislature. The monsoon session is being held from June 27 to July 12 in Maharashtra.

CDSL) shares surged 15.9% on the NSE today to reach a new 52-week high of Rs 2,324.80, following the board's announcement of a meeting on July 2 to consider issuing bonus shares to eligible shareholders. “A meeting of the Board of Directors of Central Depository Services (India) Limited (CDSL/Company) is scheduled to be held on Tuesday, July 02, 2024, inter-alia, to consider and approve the proposal for issuance of Bonus Shares, if any, subject to the approval of the shareholders of the company,” said the company board in a filing to the exchanges.

Market Research Society of India (MRSI), India’s foremost industry-led market research organisation, has formed its Managing Committee for the tenure of 2024–2027. Nitin Kamat, Chief Growth and Partnerships Officer, TAM Media Research, has been elected as the new president. He takes over from Paru Minocha, Managing Director, South Asia, Insights Division, Kantar.

New Zealand has announced new immigration rules that won't let some foreign workers sponsor their dependents for work, visitor, or student visas. These regulations aim to streamline visa processes while ensuring that visa sponsors meet specific criteria aligned with New Zealand's economic and immigration priorities. Starting June 26, changes to visa regulations in New Zealand mean that individuals holding an Accredited Employer Work Visa (AEWV) at ANZSCO levels 4 and 5, without a pathway to residency, can no longer sponsor their partners and dependent children for work, visitor, or student visas. This adjustment aligns with broader revisions to the AEWV scheme earlier this year, returning conditions to those similar to the previous Essential Skills Work Visa. However, partners and dependent children can still apply for their own visas, such as the Accredited Employer Work Visa or international student visas, provided they meet the respective criteria.

Independent credit ratings provider S&P Global Ratings has joined the Monetary Authority of Singapore’s Project Guardian to explore asset tokenization.

GST fraud orchestrated across the country. Babar Khan, police said, allegedly floated fake firms based on stolen or forged ID cards to fraudulently avail input tax credit. On June 1 last year, Noida police claimed to have busted a gang suspected of orchestrating the GST fraud. The operation involved registering thousands of companies under stolen or fake identities and utilising these firms to generate e-way bills and obtain input tax credit from the govt. With the arrest of Khan, 47 people have been picked up in connection with the scam. They include residents of Delhi, Noida, Ghaziabad, Sirsa, Jaipur, Chhindwara and so on.

Section 80D of the Income-tax Act of 1961 allows for the deduction of certain medical expenses and premiums for health insurance policies from your taxes. The limit under section 80D has remained unchanged for the past several years. Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming Budget scheduled for July 2024, considering the significant rise in healthcare costs. Documents required for ITR filing: 10 documents you need to file income tax return «India faces a severe issue with inadequate insurance. When a family's primary earner passes away, the money left for the survivors to live and settle debts is usually less than nine percent of what's actually needed. Changing tax sections 80C and 80D to provide separate tax breaks for the life-threatening risk part of term life plans could help close the gap in death risk coverage and enhance social security,» said Satishwar B., MD and CEO, Bandhan Life.

Pranav Gundlapalle, Senior Research Analyst, Sanford C Bernstein, says expects private sector banks to outperform the public sector banks from now onwards, both in terms of the EPS growth numbers or even the fundamental metrics. What has not helped them from a stock price perspective has been the foreign outflows. So, with FII inflows potentially coming back, they would stand to benefit the most. What would the Indian bond inclusion in the JP Morgan Global Bond Index mean for the money market and the flows? How meaningful could it be for the interest rate environment in India?