Mon, Jul 1, 2024 1:21 PM
JB Chemicals zooms 9% after Kotak Equities initiates coverage with 'buy'
A Flip by Riya Sharma
The upcoming Union Budget 2024 is expected to introduce or modify tax deductions, influencing financial planning for millions of Indians. Current deductions, such as Section 80C's ₹1.5 lakh limit, may be increased or rationalized to simplify the tax structure or increase revenue. New deductions for areas like mental health or sustainable living are also being suggested.
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Fixed deposits (FDs) offer income certainty and capital protection, making them attractive to new and conservative investors, ideal for short-term goals and emergency funds. Top banks currently offer competitive interest rates, with SBI offering up to 5.4%, PNB up to 5.3%, Bank of Baroda up to 5.4%, Canara up to 5.35%, HDFC up to 5.5%, ICICI up to 5.35%, and Axis up to 5.3%.
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HDFC Bank shares surged 4% to a record high of ₹1,794 per share after its US-listed shares rallied 4% overnight. Technical analysts set target prices between ₹2,100 to ₹2,150, with a strong support level at ₹1,650. The stock is expected to outperform other private banks, with potential inflows of $3-4 billion due to an increase in its MSCI index weightage, leading to a 4-6% upside in the stock.
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