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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

Markets were down on February 1 after the union government presented the union budget for FY24-25. Sensex was down 106.81 points or 0.15 percent at 71,645.30, and the Nifty was down 28.20 points or 0.13 percent at 21,697.50.About 1,588 shares advanced, 1,929 shares declined and 91 shares remained unchanged. Indian Overseas Bank | CMP Rs 52.1 | Shares of Indian Overseas Bank gained 6 percent.

India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed. The world's third-biggest oil importer and consumer boosted imports of Iraqi oil to offset the drop in Russian oil imports, according to the data.

India's benchmark equity indices closed in the red with NSE Nifty 50 down 0.13% and S&P BSE Sensex down 0.15%. Nifty Bank was up 0.42%, while media and metal stocks dragged down the indices. Broader indices also closed lower, with midcap stocks being hit the hardest. Meanwhile, bank stocks saw positive momentum. Technical analysts advise caution and focus on quality stocks.