India is discussing bilateral investment treaties with other nations to boost foreign inflows, Finance Minister Nirmala Sitharaman said on February 1 during the Interim Budget session. (Image: PTI) India is negotiating this pact with countries like the United Kingdom. These investment treaties assist in promoting and protecting investments in each other's countries.

NEW DELHI: Somany Ceramics has reported a growth of 104.01 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 23.40 crore in Q3 FY24 as against Rs 11.47 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company's net consolidated total income stood at Rs 614.95 crore.

NEW DELHI: Aptus Value Housing Finance India has reported a growth of 25.50 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 157.58 crore in Q3 FY24 as against Rs 125.56 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.The company's net consolidated total income stood.

The Interim Budget 2024 marks an important turning point for India, as it unlocks India's growth potential and creates a launchpad for the next trillion. The visionary budgetary allocation of Rs 11,11,111 crore, constituting 3.4 percent of the GDP, for expedited infrastructure expansion, under the banner of 'Viksit Bharat', signals a transformative era for the country's development.

Despite the pre-election vote-on-account budget, the government has shown credible restraint in announcing big-ticket rural or social welfare schemes. Sticking to the path of fiscal prudence, the government continues to allocate heavily towards infrastructure build-up while working on inclusive growth. Finance Minister Nirmala Sitharaman again highlighted the resolve to make India.

The government has allocated Rs 57 crore for drones and components under the PLI scheme in the interim budget of 2024, an increase of 72% from the previous year. This move aims to promote manufacturing in India and support the Atmanirbhar Bharat initiative. The full budget for FY25 will be presented after the general elections, and this allocation is expected to boost the country's manufacturing.

The domestic auto industry, especially electric vehicles (EV), got a major fillip in the interim budget presented by the Finance Minister Nirmala Sitharaman on February 1. Apart from announcing its plans to expand and strengthen the electric vehicle (EV) ecosystem in the country by supporting manufacturing and charging infrastructure, the government increased the budget outlay for automakers.

Singaporean sovereign wealth fund Temasek Holdings sold its 5.42% stake in Policybazaar's parent company, PB Fintech, for Rs 2,425 crore through open market transactions. The shares were disposed at an average price of Rs 992.8 apiece and US-based Capital Group acquired them. PB Fintech reported a net profit of Rs 37.2 crore for the third quarter, with a jump in revenue from operations of 42.7%.

India's finance minister Nirmala Sitharaman stated that the country's economic growth is picking up speed in all sectors, with a new "buoyancy" in growth. This is different from past patterns where only certain sectors would see growth at a time. Now, all sectors are contributing to the economy's growth, boosted by the drive of Indian consumers and their positivity.

Markets slightly dipped after Budget announcements, with Nifty closing at 21,697. PSU banks performed well, while banking, auto, and energy stocks saw gains. Several stocks, including Maruti and HDFC Life, experienced a price-volume breakout. EV and green energy sector stocks also trended, with Suzlon and Gensol Engineering seeing increases.

Wall Street rebounded with higher opening numbers on Thursday after the previous session's selloff, caused by the Fed's announcement of no immediate interest rate cuts. Economic data and Big Tech earnings are now in focus, with the S&P 500 up 0.32%, Nasdaq Composite up 0.59%, and Dow Jones Industrial Average up 0.07%.

Budget 2024 is a continuation of previous government budgets, with a focus on increasing capital expenditure but neglecting urgent needs in the social sector like health and education. Despite a target of 2.5% GDP spending on health, the allocation for health has remained stagnant. Vacancies in government health facilities are high.

On Thursday, the Bank of England voted to keep interest rates at 5.25%, with three members split on the policy decision. Governor Andrew Bailey said that they need to see more evidence of inflation falling to their target before lowering rates, and that policy will need to remain restrictive for now. Inflation is forecasted to briefly return to the target in the second quarter of this year.

Highlights Rail capex up 1.9 percent Three rail corridors for energy, minerals, and cement More trains to be upgraded to Vande Bharat standard Defence allocation broadly unchanged The government has broadly maintained its capital allocation, including that for defence and railways, despite adhering to the fiscal glide path. Post Covid, railways have been in the limelight, attracting attention.

In January, Ashok Leyland's total vehicle sales dropped by 7%, with a decline of 8% in MHCV sales and 7% in LCV sales. The company sold 15,939 units compared to 17,200 units in the same month last year. This decrease is attributed to a decrease in demand for both medium and heavy commercial vehicles as well as light commercial vehicles.