India's Prism Johnson posts a net profit of Rs 1.78 crore in Q3 FY 24
Thu, Feb 1, 2024 5:54 PM

India's Prism Johnson posts a net profit of Rs 1.78 crore in Q3 FY 24

India's Prism Johnson, a building materials maker, reported a profit for the third quarter due to government spending on construction projects ahead of elections. Net profit was 17.8 million rupees, a turnaround from last year's loss. Revenue rose 3% and cement sales grew 6.8%. This trend was observed in other cement companies as well, leading to Prism Johnson's stock climbing 1.5%.

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Union Budget 2024 evokes mixed reactions among India’s EV startup industry
Thu, Feb 1, 2024 5:50 PM

Union Budget 2024 evokes mixed reactions among India’s EV startup industry

Indian EV startups applaud the government's efforts towards promoting cleaner transportation, but express disappointment over the reduction in customer incentives and lack of clarity on subsidy schemes like FAME III. The focus on developing charging infrastructure and transitioning public transportation to EVs is seen as a major boost for the sector, with hopes for further policy support.

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Low defence budgets and poor force planning!
Thu, Feb 1, 2024 5:50 PM

Low defence budgets and poor force planning!

A vote on account is an interim budget that could be an indication of things to come when the actual budget is passed late this year, post the general elections. As things stand, the interim budget presented by Finance Minister Nirmala Sitharaman has hiked the defence outlay, up from Rs 5.94 lakh crore to Rs 6.2 lakh crore.

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EV insurance covers to gain on budget push to battery making!
Thu, Feb 1, 2024 5:47 PM

EV insurance covers to gain on budget push to battery making!

Aiming to go net zero emission by 2070, the government has stepped up the focus on expanding the electric vehicle (EV) ecosystem and charging infrastructure in the country during the Budget 2024 announcements. The push for greater adoption of electric vehicle will benefit general insurance companies offering insurance covers for electric vehicles, whose penetration target has been set.

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Govt’s Rs 50,000 cr divestment plan to not have any impact on PSUs!
Thu, Feb 1, 2024 5:47 PM

Govt’s Rs 50,000 cr divestment plan to not have any impact on PSUs!

The government’s divestment plan worth Rs 50,000 crore for FY24-25 will not have any impact on the public sector companies going ahead, said veteran investor Madhusudan Kela. In an interaction with Moneycontrol post the Interim Budget, MK Ventures' co-founder Kela was answering a question on whether the divestment target will cause any value erosion in PSUs.

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Regulatory nod for US spot bitcoin ETF options may take months: Report
Thu, Feb 1, 2024 5:31 PM

Regulatory nod for US spot bitcoin ETF options may take months: Report

Approval for options on new spot bitcoin ETFs in the U.S. could take months due to dual regulatory engagement, potentially leading to risk management issues for investors and hindering innovation in the crypto industry. The delay is not uncommon for options tied to physical commodities, with approval taking up to three years in the past. It may still be several months.

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Applying the 3Cs of Budget 2024 to your financial plan
Thu, Feb 1, 2024 5:30 PM

Applying the 3Cs of Budget 2024 to your financial plan

The Interim budget 2024 focused on control, continuity and confidence. The government aims to control spending, maintain tax rates, and build confidence for re-election. These principles can also be applied to personal financial planning - controlling deficits, continuing with investment strategies, and having confidence in achieving goals. There were no changes in tax rates or surcharge.

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Rupee ends higher against US Dollar post fiscal deficit target cut
Thu, Feb 1, 2024 5:27 PM

Rupee ends higher against US Dollar post fiscal deficit target cut

The Indian rupee strengthened against the US dollar for the third day in a row, closing at 82.98 per dollar on February 1. This was attributed to the government's announcement of cutting the fiscal deficit target in the budget, presented by FM Nirmala Sitharaman. The deficit target for FY25 was reduced to 5.1% of GDP and for FY24 to 5.8% from 5.9%.

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BharatPe ropes in former FairMoney MD Rohan Khara as CPO
Thu, Feb 1, 2024 5:21 PM

BharatPe ropes in former FairMoney MD Rohan Khara as CPO

BharatPe, a Peak XV Partners-funded unicorn, has appointed Rohan Khara as its new Chief Product Officer. In this role, Khara will lead product development and innovation across the company's subsidiaries, reporting to CFO and interim CEO Nalin Negi. Khara brings eight years of experience in building financial services products for fintech startups in India, Indonesia, and Nigeria.

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Fiscal prudence vs populist pomp FM chooses best
Thu, Feb 1, 2024 5:18 PM

Fiscal prudence vs populist pomp FM chooses best

In a world where citizens are often swayed by populist measures, especially ahead of elections, India's recent interim Budget emerges as a refreshing outlier. Defying widespread expectations of major taxation overhauls and announcements of new government schemes, the Budget steered clear of radical changes, holding its ground as a pragmatic vote-on-account.

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Hyundai Motor to supply Italy's Iveco with new electric van for Europe
Thu, Feb 1, 2024 5:17 PM

Hyundai Motor to supply Italy's Iveco with new electric van for Europe

Iveco Group and Hyundai Motor have struck a deal for the South Korean group to supply a fully electric light commercial vehicle to the Italian truck and bus maker, expanding an existing partnership agreement, they said on Thursday. As part of a collaboration started in 2022, Hyundai Motor is already helping Iveco developing its hydrogen fuel cell eDAILY FCEV van and E-WAY FCEV city bus.

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Nifty Bank outperforms on Budget Day! May face resistance around 46,500.
Thu, Feb 1, 2024 5:16 PM

Nifty Bank outperforms on Budget Day! May face resistance around 46,500.

The Nifty Bank outperformed the benchmark indices on the Budget Day on Thursday. The index rose nearly 200 points to close at 46,188, while the Nifty50 closed below 21,700 levels.Stocks that led the rally for Nifty Bank include names like PNB, Bank of Baroda, Axis Bank, SBI, and HDFC Bank.The Nifty Bank managed to hold on to the gains but may face some resistance around its next hurdle placed.

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Budget offers lower borrowing plan, 10-year bonds suffer 8-month!
Thu, Feb 1, 2024 4:54 PM

Budget offers lower borrowing plan, 10-year bonds suffer 8-month!

India's 10-year bond yield fell 8 basis points, making its steepest fall in the last eight months, after the government surprised with a lower-than-expected borrowing programme in its Union Budget for FY25. The 10-year bond yield ended at 7.07 percent, down 8 basis points, its maximum fall since May 3, 2023, from its previous close of 7.14 percent.

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Private capex already picking up in India: Prashant Jain of 3P Investment
Thu, Feb 1, 2024 4:54 PM

Private capex already picking up in India: Prashant Jain of 3P Investment

Private capex is already picking up in India because order books and order backlogs of engineering companies have been growing at a fairly decent pace, said Prashant Jain, of 3P Investments in a conversation with Moneycontrol. His comments come after Finance Minister Nirmala Sitharaman indicated a scaling up of private capex this year. Presenting the Interim Budget on February 1.

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Seafood exporters hail budget steps to enhance aquaculture productivity
Thu, Feb 1, 2024 4:54 PM

Seafood exporters hail budget steps to enhance aquaculture productivity

India’s seafood exporters welcomed measures for aquaculture announced by Finance Minister Nirmala Sitaraman in the interim budget for FY25 presented in Parliament on February 1. The minister said implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to enhance aquaculture productivity to 5 tonnes per hectare from the existing 3 tonnes, double exports to Rs 1 lakh.

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