FM Sitharaman has defended the new tax changes from the budget, while also promising that the govt is committed to keeping the spending spree going. From the markets, the Sensex and Nifty wrapped up the budget week on a high note, hitting new record highs. The icing on the cake: it’s the 8th week of gains in a row, the longest winning streak we have seen in 7 years.
Meanwhile, the word on the Street is that Ola Electric's IPO is set to kick off on August 2 and the company’s valuation is expected to be a bit over $4 billion. On the earnings front, India’s biggest airline, Indigo had a stellar first quarter with revenues up by 17%. But, private lender IndusInd Bank didn’t quite hit the mark, with profits slipping for the first time in over five years. Pharma major Cipla posted a solid performance, beating expectations with a 6% jump in revenue.
Budget Open House: Taxes have not been increased because I want more money, says FM Sitharaman
Days after presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman said that taxes have not been increased because the government wants more money but to ensure all asset classes are treated similarly.
"Taxes have not been increased because I want more money… The decision is based on the idea that every asset class has to be treated similarly," Sitharaman said at an industrial interaction ‘Budget Open House’ organised by The RP Sanjiv Goenka group in partnership with CNBC-TV18.
The remarks come after the Budget 2024 proposed for income tax rates on capital gains to be revised under the new regime.
Sensex, Nifty hit record high at the end of the Budget week
The equity benchmark indices BSE Sensex and NSE Nifty closed at record highs on Friday (July 26), driven by broad-based gains across multiple sectors. The Nifty index surged to an intra-day record high of 24,861 before closing at 24,835, marking a gain of 429 points. Meanwhile, the Sensex also soared, climbing 1,293 points to close at 81,333.
Midcap stocks stole the spotlight with the Midcap Index recording its largest one-day gain in nearly two months, skyrocketing by 1,026 points to 57,768. The Nifty Bank closed in the green with a gain of 407 points to 51,296. From the Sensex basket, Bharti Airtel, Wipro, Tata Steel, JSW Steel, ITC and HCL Technologies were the major gainers.
IndiGo Q1 Results | Net profit declines 12% to ₹2,729 crore but revenue up 17%
Interglobe Aviation Ltd, which runs low-cost airline IndiGo, on Friday (July 26) reported a 12% year-on-year (YoY) decline in net profit at ₹2,729 crore for the first quarter that ended June 30, 2024.
In the corresponding quarter, Interglobe Aviation posted a net profit of ₹3,091 crore, the company said in a regulatory filing. The company's revenue from operations increased 17% to ₹19,571 crore as against ₹16,683 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA rose 4% to ₹5,160 crore in the first quarter of this fiscal over ₹4,975 crore in the corresponding period in the previous fiscal.
IndusInd Bank’s Q1 net profit rises 2%, falls short of estimates
IndusInd Bank has announced its earnings for the first quarter of FY24. The bank reported a net profit of ₹2,171 crore for Q1 FY24. This figure represents a modest 2.2% increase compared to ₹2,123.6 crore in the same quarter last year.
IndusInd Bank saw its NII rise by 11.1% year-on-year, reaching ₹5,408 crore compared to ₹4,867 crore in the same quarter last year.
The gross Non-Performing Assets (NPA) amount increased to ₹7,127 crore from ₹6,693.4 crore in the previous quarter.
Cipla Q1 profit tops estimates on North America sales boost; shares rise 6%
Drugmaker Cipla Ltd. reported a 18% year-on-year rise in net profit at ₹1,177.64 crore, which was higher than the CNBC-TV18 poll of ₹1,086.6 crore. The company posted a profit of ₹995.7 crore in the same quarter a year ago.
The company's topline was almost in-line with estimates of ₹6,774.6 crore. It's revenue from operations stood at ₹6,693.94 crore in the quarter, up from ₹6,329 crore in Q1 of FY24. It was higher by 6% on a YoY basis.
Ola Electric IPO issue likely to launch on August 2, anchor book set to open on August 1: Sources
Bhavish Aggarwal-led Ola Electric's IPO issue is set to open on August 2 and close on August 6, people in the know told CNBC-TV18.
The anchor book is set to open on August 1, sources said. The company's shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on August 9, the sources said.
Tata Group's market capitalisation surpasses $400 billion, boosted by TCS and Tata Motors
Tata Group became the first Indian conglomerate to race past a combined valuation of $400 billion on Friday. The salt-to-software group has 26 companies listed on the bourses, and they have added a whopping $100 billion over the last year.
From June lows, the aggregate market capitalisation of the group has increased by 15.4%, which stood at $401 billion (₹33.6 lakh crore) as of Friday’s close.
With a market capitalisation of $190 billion, Tata Consultancy Services (TCS) contributes 47% to the group’s valuation. Shares of India's largest IT company climbed to a record high of ₹4,422.45 on Friday.
Relief for SpiceJet: Supreme Court rejects Kalanithi Maran's plea against arbitral award
In a relief for SpiceJet, the Supreme Court on July 26 dismissed media mogul Kalanithi Maran’s plea challenging the Delhi High Court’s decision against an arbitral award in his favour.
SpiceJet welcomed the Supreme Court’s decision and said that the Supreme Court’s dismissal of Maran's appeal vindicates their position in this prolonged legal battle. Following this victory, SpiceJet plans to pursue a refund of ₹450 crore, as outlined in their previous press release.
This refund, along with other significant steps to raise new funds, is expected to bolster the airline’s financial position and support further expansion, the airline further added.
Pairs Olympics: These 78 Indian athletes will be spotted during the opening ceremony
While PV Sindhu and Sharath Kamal will have the honour of carrying the Indian tri colour during the Opening Ceremony of the Paris Olympics, there will be 76 other athletes from the Indian contingent who will be spotted during the event.
Flag-bearers: PV Sindhu (badminton) and Achanta Sharath Kamal (table tennis).
Archery: Deepika Kumari and Tarundeep Rai.
Boxing: Lovlina Borgohain Table Tennis: Manika Batra Tennis: Rohan Bopanna, Sumit Nagal and Sriram Balaji.
US Presidential Election: Top Democrats, including Obama and Clintons, rally behind Kamala Harris
President Joe Biden has formally endorsed Vice President Kamala Harris as his successor in the 2024 presidential race, announcing his withdrawal from the campaign and pledging his full support for her candidacy. Former President Barack Obama and former First Lady Michelle Obama also threw their weight behind Harris's bid for the presidency on Friday.
Here are the additional prominent figures lending their support
ITC hotels demerger to be completed in 6 months, could list by the end of 2024: Sanjiv Puri
Diversified conglomerate ITC on Friday (July 26) said the demerger of the hotel business is on track and should be completed in the next six months.
Addressing the media post the company's Annual General Meeting (AGM), ITC Chairman and Managing Director (CMD) Sanjiv Puri said the listing of the hotel business should happen in the timeframe of 15-18 months that the company alluded to at the time of announcing the demerger last year. Given those timelines, Puri hinted towards the possibility of the hotel business getting listed by the end of this year.
MHI extends electric mobility promotion scheme for two more months
The Ministry of Heavy Industries has extended the temporary electric vehicle scheme for a further two months. The Electric Mobility Promotion Scheme (EMPS) was launched on 1 April 2024 with an outlay of ₹500 crore.
The EMPS was initially planned for only four months, following the expiry of the FAME II scheme in March, as the new FAME scheme could only be announced post-elections. Sources indicate that the extended EMPS will have an outlay of ₹274 crore for the additional two months.
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2024-07-26T16:40:13Z dg43tfdfdgfd