UPS Financial News

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While everyone is keenly awaiting the interim Budget 2024, there is an array of expectations around personal income tax which include provisions relating to exemptions, rebates and long-term capital gains, or LTCG.  There is some chatter around the unification of capital gains tax for all financial assets such as equity and debt, but we must wait until Feb 1 before we can put these speculations to rest.

interim budget, as seen in the past few decades, has whetted interest in how Finance Minister Nirmala Sitharaman is going to structure it. Read our full Budget 2024 coverage here Coming right before the Lok Sabha elections, an interim budget is an effective vehicle on which an incumbent government's poll priorities can ride. Being a top national event, it gets a lot of eyeballs and remains in the public mind as the responses and debates it generates in different quarters echo for several days. It is the last big government event before elections to please chosen voter segments. On the face of it, the BJP-led NDA government at the Centre seems to be free of the kind of pressures, or promises, an interim budget can generate for a ruling party facing elections just a few months later. It has scored surprising victories in three key states just last month which many see as a strong voter endorsement for the coming Lok Sabha elections, especially when the opposition's alliance has yet to take a potent shape.

G20 summit held under the chairmanship of India in New Delhi amply demonstrated India’s growing stature in the world arena in terms of its role and influence in various global fora. The G20 was a meticulously planned year-long event culminating into the Summit in September 2023.

insurance cover under its flagship Ayushman Bharat health scheme to Rs 10 lakh to ensure that serious diseases like cancer and transplants that entail more expenditure are supported by it, official sources said on Wednesday. An announcement to this effect is likely to be made in the interim Union Budget on February 1, the sources told PTI. The Union health ministry is also planning to double the beneficiaries to 100 crore under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to include Kisan Samman Nidhi recipients, construction workers, non-coal mine workers and ASHA workers in the next three years. «In order to ensure that serious illnesses requiring expenditure of more than Rs 5 lakh such as transplants and high-cost cancer treatments etc. are also covered under AB PMJAY, the ministry is working on finalising a proposal to increase the cover amount from Rs 5 lakh per family per year to Rs 10 lakh per family per year from 2023-24 onwards,» the sources said. The increase in coverage to Rs 10 lakh per family per year and increase in beneficiary base to 100 crore individuals will involve an additional allocation of Rs 12,076 crore per annum, the sources stated.

A continued dull show on the margin front in the December quarter (Q3FY24) caught HDFC Bank Ltd’s investors off-guard. Remember, Q2’s muted margin was understandable as the quarter was the first one post the merger with HDFC Ltd. Thus, when the bank clocked net interest margin (NIM) on total assets of 3.4% in Q3, flat sequentially, investors punished the stock, taking it down by nearly 7% on Wednesday.

Adani Group, through its portfolio of companies, will invest Rs 12,400 crore in Telangana, the company said on Wednesday. The Chief Minister of Telangana, Revanth Reddy, and the Chairman of the Adani Group, Gautam Adani, signed an agreement at the World Economic Forum in Davos. Adani Enterprises Limited (AEL) will invest over Rs 5,000 crore in a 100 MW data centre, which would be powered by renewable energy, over the coming 5-7 years. "AEL will work closely with local MSMEs and startups to develop a globally competent supplier base for the project.

Bitcoin did not move much but clutched near the $42,800 mark, whereas Ethereum was comfortable above $2,550 levels amid the jittered sentiment for the digital token market. «On the last day, traders opted for profit booking, causing Bitcoin to come close to the $42,000 mark. However, a rapid bullish phase took over, pushing the price up to $43,500 before settling just below $43,000. Bitcoin's next challenge is at the $43,918 resistance level, while the preceding support level stands at $42,510,» said Edul Patel, CEO of Mudrex. Other top crypto tokens were trading mixed, with minor changes, on Wednesday. Solana, XRP, Cardano, Dogecoin, and Chainlink were trading in the green, while BNB, Polkadot, Tron, Toncoin, Polygon, and Internet Computer were in the red.

Maharashtra and Karnataka states, a leading industry body said on Wednesday. Maharashtra's sugar production fell to 5.1 million tons from 6.09 million tons, while Karnataka's production dropped 12.7% to 3.1 million tons, the National Federation of Cooperative Sugar Factories said in a statement. Production in the northern state of Uttar Pradesh rose 14.8% to 4.61 million tons as mills started operations early there, it said. India has decided to allow mills to divert up to 1.7 million tons of sugar for ethanol production, government and industry officials said last month, as New Delhi aims to reduce disruptions in its ambitious biofuel programme. With Prime Minister Narendra Modi set to face elections in a few months, India, which is highly sensitive to food inflation, is likely to ban sugar exports, the first restriction on exports since 2016.

Godrej Consumer Products Ltd. traded at Rs 1110.75 on BSE at 01:06PM (IST) on Wednesday, down 1.04 per cent from previous close. The scrip quoted a 52-week low price of Rs 885.1 and a high of Rs 1207.0.

Jubilant Foodworks Ltd. traded 0.99 per cent up at Rs 535.45 at around 01:22PM (IST) on Wednesday. The stock had closed at Rs 530.2 in the previous session.

Amit Chadha, MD & CEO, L&T Technology Services, says “I would like to confirm to you that the highest growth that we have had in the last two quarters has been from Europe. Our North America region has also grown in both these quarters and then has been ROW. And I would like to confirm that that is the case for quarter three as well.” Let us begin by talking about the overall growth rate because that has slowed from the 6% plus that we saw per quarter 8 to 9 quarters ago to about 1%. Are you confident that this is the bottom and hence a sharp reversal can be seen in Q4? Amit Chadha: You want to do the math and you look at 17.5% to 18.5%, you will realise the asking rate is about 4%. I am confirming to you that Q4 will be a good quarter and that is how we are reaffirming our guidance. And I have confidence based on the deals that we have won, based on some of the deals in play that we will be there as we move forward. I am extremely excited about the kind of opportunity that exists for engineering services with India Inc. globally. So I am fairly comfortable at this stage.

In Wednesday’s trading session, the following five stocks witnessed a build of fresh long positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh long position or not.

stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not.

Jai Balaji Industries have given exceptional returns to their investors in the last 1 year. The stock has delivered phenomenal returns surging over 1845 percent to ₹1,046.90 from ₹53.8 in January 2023. This implies that an investment of ₹10,000 in this penny stock in January 2023 would have turned into ₹1.94 lakh now.

Mint. The fund will support fintech, consumer, and B2B platforms, especially those with liquidity needs for inventory build-up, receivables, and book debts, Murali said. “By creating these two sleeves of debt options for founders, we want to ensure founders are able to meet their short - medium term needs to create strong enterprise value".

LONDON — U.K. inflation unexpectedly nudged upwards to 4% year-on-year in December, fueled by a rise in alcohol and tobacco prices.

Asian Paints is likely to post a mixed bag performance during the quarter ending December. The paint demand as per analysts though was satisfactory during festival month of November, nevertheless lost steam thereafter. The monsoon pattern remined erratic and was not supportive for huge pick up in demand during the quarter.

is it time for investors to turn cautious? Here's what experts say. Pranav Haridasan, MD and CEO at Axis Securities, noted that the IT sector has led the Nifty rally this month because of decent results backed by cheaper valuations. However, the recent upswing warrants a certain degree of caution as, many times, such sharp rallies do not sustain.

This sale caters specifically to the needs of esports professionals and gaming aficionados, providing access to top-tier gaming mice, which are essential for competitive gaming. These devices, known for their precision, ergonomic design, and customizable features, significantly enhance gaming performance and experience. This year's sale features a diverse selection of gaming mice from renowned brands, each boasting unique attributes like adjustable DPI settings, programmable buttons, and RGB lighting to suit various gaming styles and preferences.

Investor confidence is on the rise, buoyed by expectations of interest rate cuts by the US Federal Reserve in 2024, which has eased concerns about a severe global economic downturn. The latest survey by BofA Securities reveals a significant shift in sentiment: 79% of investors now foresee either a 'soft' or 'no' landing for the global economy in 2024, marking a nine-month peak in optimism.