The Indian government is considering reintroducing a concessional corporate tax rate, possibly at 18%, in the 2025 Union Budget, after phasing it out in 2024, in response to requests from India Inc leaders, according to sources citing CNBC-TV18. The earlier rate was 15% for new domestic companies. The proposal is under active consideration by the government.
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The Indian rupee ended 18 paise lower on January 16 due to a sharp jump in Brent crude prices, rising dollar index and outflows from foreign investors. The domestic currency ended at 86.5500 against the dollar against a close of 86.3625 in the previous session. The dollar index, which tracks the US currency's value against six of its major peers, rose to 109.113.
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PSU Banks shares surged on January 16, with 📌Punjab & Sind Bank leading the rally, up 12.3% to Rs 52, following a 147% YoY jump in Q3 net profit. Other banks, including 📌Indian Bank, 📌Bank of India, and 📌Bank of Baroda, also saw significant gains. The rally in share prices pushed Nifty PSU Bank sectoral index up by over 156 points or 3% to 6,307.60.
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