Defence stocks mixed as FM makes no big announcements in budget
Thu, Feb 1, 2024 1:06 PM

Defence stocks mixed as FM makes no big announcements in budget

On Feb 1, the FM did not make any major announcements for the defence sector in Interim Budget for 2024-25, causing a mixed response in defence stocks. Shares of major players like HAL, BEL, and Bharat Dynamics fell slightly while Data Patterns saw an increase after a positive Q3 announcement. The budget for FY23-24 allocated Rs 5.94 lakh crore for defence, a 13% increase from the previous year.

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US hikes visa fees for various categories of non-immigrant visas!
Thu, Feb 1, 2024 1:05 PM

US hikes visa fees for various categories of non-immigrant visas!

The US has announced a sharp increase in fees for non-immigrant visas, including the popular H-1B and EB-5 visas. The new fees will go into effect on April 1 and are estimated to cost the public over $1 billion over the next 10 years. The Department of Homeland Security claims the changes will benefit both the government and visa applicants by reducing administrative burdens.

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Solar stocks jump as FM proposes aid for 1 crore rooftop systems in Budget
Thu, Feb 1, 2024 1:04 PM

Solar stocks jump as FM proposes aid for 1 crore rooftop systems in Budget

The Indian government's budget proposal to provide assistance for setting up rooftop solar systems in 1 crore households caused renewable energy stocks to rise, with Borosil Renewables being the top gainer at 5%. This program is part of the government's goal to install rooftop solar power in 10 million households under the Pradhan Mantri Suryodaya Yojana.

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Budget proposes to raise Lakhpati Didi scheme target to 3 crore
Thu, Feb 1, 2024 1:03 PM

Budget proposes to raise Lakhpati Didi scheme target to 3 crore

Finance Minister Nirmala Sitharaman on February 1 said the government plans to raise the target for Lakhpati Didi schemes from 2 crore to 3 crore. "Some 83 lakh self-help groups are transforming the rural landscape. They are an inspiration to others. Buoyed by their success, it has been decided to enhance the target for the Lakhpati Didi scheme from 2 crore to 3 crore, " Sitharaman said.

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Indian bond yields falls 8 bps after FM announces reduced borrowing
Thu, Feb 1, 2024 1:01 PM

Indian bond yields falls 8 bps after FM announces reduced borrowing

On February 1, government securities saw an 8 basis point decrease in yield after Finance Minister Nirmala Sitharaman announced lower borrowing for next financial year. This is due to a decrease in gross and net borrowing, which is lower than the current year. Inclusion of Indian bonds in global indices may attract $15-20 billion of flows next year and cause yields to fall further.

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250 BSE Smallcap index stocks more than doubled since previous budget!
Thu, Feb 1, 2024 1:00 PM

250 BSE Smallcap index stocks more than doubled since previous budget!

Small-cap stocks have consistently outperformed key benchmarks since the previous budget, with a 60% rise in the BSE Small Cap index compared to a 19% gain in the BSE Sensex. The MSCI India Small Cap Index (USD) also outperformed emerging and developed markets. This was driven by government spending announcements in sectors like power, railways, and infrastructure, leading to a broad-based rally.

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KKR raises $6.4 billion for its Asian infrastructure fund
Thu, Feb 1, 2024 1:00 PM

KKR raises $6.4 billion for its Asian infrastructure fund

Global investment firm KKR & Co, opening a new tab said on Wednesday it had raised $6.4 billion for its fund focused on infrastructure and energy-related investments across the fast-growing Asia Pacific region. New York-based KKR said the fund was the largest pan-regional infrastructure fund to have been raised for Asia Pacific.

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What leading economists expect from the budget
Thu, Feb 1, 2024 12:59 PM

What leading economists expect from the budget

Economists believe that the expectations for populist measures in the interim budget are limited due to the current political climate. There may be some minor changes, such as increasing the amount for the PM-KISAN scheme and a focus on the Pradhan Mantri Awas Yojana. However, major announcements such as tax cuts are not expected.

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Ajanta Pharma Q3 net profit jumps 56% YoY to Rs 210 crore
Thu, Feb 1, 2024 12:57 PM

Ajanta Pharma Q3 net profit jumps 56% YoY to Rs 210 crore

Ajanta Pharma reported a 56% increase in consolidated net profit of Rs 210 crore for the Oct-Dec quarter. Revenue also rose by 14% to Rs 1,105 crore and EBITDA increased by 85%. The company's Board approved a second interim dividend of Rs 26 per share. India branded generics contributed Rs 308 crore while US generics brought in Rs 252 crore of its total revenue.

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Ahmedabad civic body nets Rs 109.65 crore from two plots
Thu, Feb 1, 2024 12:57 PM

Ahmedabad civic body nets Rs 109.65 crore from two plots

AMC sells two out of eight plots for Rs 109.65 crore on the third day of auctions. Five plots were sold in total, earning Rs 298.65 crore. The highest bid of Rs 3.20 lakh per sq m was received for a coveted plot in Bodakdev, surpassing a previous record. This comes after a failed attempt in February 2023 to sell seven plots. AMC changes strategy to successfully sell plots in Vatva, Makarba,

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Mumbai real estate sees 21% YoY spike in registrations
Thu, Feb 1, 2024 12:55 PM

Mumbai real estate sees 21% YoY spike in registrations

Apartments in the range of 500 sq ft and below were more in demand, down payment The Mumbai real estate market registered a strong growth in January 2024, with an increase of 21 percent in property registrations compared to the same period in 2023. Revenue from stamp duty also witnessed an eight percent rise. Residential units made up 80% of the total properties registered.

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Budget 2024: EV stocks rally over 6% after govt's announcement!
Thu, Feb 1, 2024 12:55 PM

Budget 2024: EV stocks rally over 6% after govt's announcement!

Finance Minister Nirmala Sitharaman in her Interim Budget for 2024-25 proposed to expand and strengthen the ecosystem for electric vehicles by supporting the manufacturing and charging infrastructure. She also said that a scheme on bio-manufacturing will be launched to promote green growth. "Strengthening of EV ecosystem through greater adoption of e-buses through payment security mechanism

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Piramal Pharma swings into black with Rs 10 cr net profit in Q3
Thu, Feb 1, 2024 12:53 PM

Piramal Pharma swings into black with Rs 10 cr net profit in Q3

Piramal Pharma reported a consolidated net profit of Rs 10 crore in the third quarter ending December 2023, swinging from a net loss of Rs 90 crore in the same period last year. The company's revenue from operations also increased to Rs 1,959 crore, with a 14% YoY growth. The contract development and manufacturing business is performing well, with strong order inflows for innovative offerings.

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Jaiprakash Associates posts net loss of Rs 476 crore in Q3 FY24
Thu, Feb 1, 2024 12:52 PM

Jaiprakash Associates posts net loss of Rs 476 crore in Q3 FY24

Jaiprakash Associates, a diversified company in construction and real estate, reported a net loss of Rs 476.12 crore in Q3 of FY21, compared to Rs 314.51 crore in the same period last year. Their total income also decreased to Rs 1,558.58 crore from Rs 1,933.11 crore. The company is involved in various businesses such as cement and hospitality.

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India's core sector growth slumps to 14-month low of 3.8% in December
Thu, Feb 1, 2024 12:49 PM

India's core sector growth slumps to 14-month low of 3.8% in December

India's core sectors, including coal, crude oil and electricity, saw a growth of 3.8% in December, the lowest in 14 months. This is a significant drop from the previous month's 7.8% growth, which was later revised to 7.9%. Overall, the output for the first nine months of the fiscal year remained the same at 8.1%.

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