The upcoming budget in an election year may bring relief for homebuyers and benefit housing finance companies. Demands include tax sops, lower taxes on registration, and expanding the definition of affordable housing. PMAY aims to provide affordable housing to all citizens, with a 66% increase in allocation in the FY24 budget.
Open FlipAhead of Thursday's Interim Budget for FY25, railway stocks rose up to 5% as the government is expected to increase capex allocation by 15-20% over FY24. State-run RITES is a top pick, with expectations of higher allocations towards DFC, HSR networks, and private sector involvement. Sharekhan expects funds to be utilized for safety, track optimization, and rolling stock acquisition.
Open FlipGlobal gold demand decreased by 5% to 4,448.4 tonnes in 2023 due to outflows from gold ETFs and a slowdown in central bank buying. European holding saw the worst drop since 2013, while China and India showed an increase in demand. Despite record-high prices, the global jewelry market remained resilient with a 3 tonne increase in demand.
Open FlipUGRO Capital, a non-banking finance company, has received 250 crore rupees in funding from Asian Development Bank through non-convertible debentures. This is the second such funding for the company in two days. It has previously raised an equal amount from Dutch entrepreneurial development bank, FMO. The company has managed assets worth 8,363.8 crore rupees as of December 2023.
Open FlipTen group housing societies in Noida owe a total of Rs 94.6 crore in water dues, despite the Noida Authority generating revenue of Rs 94.5 crore from water bills. The Authority aims to collect Rs 120 crore in total. Notices have been sent to the defaulters and efforts are being made to collect the remaining dues.
Open FlipUPL Ltd, a major agrochemical company, is expected to report a net loss of Rs 527.80 crore in the third quarter of FY24 due to weak demand and pricing pressures. Revenue is also likely to decrease by 29%, while operating margins are expected to contract significantly. The company's high debt levels and lack of clarity on debt reduction targets remain a cause for concern.
Open Flip✅ Amid positive global cues, benchmark indices closed on a positive note today. 📢 At 3:30 PM, the Sensex improved by 612.21 points or 0.86% at 71,752.11, and the Nifty was up 203.60 points or 0.95% at 21,725.70. 📊Among sectoral, Nifty Pharma (⬆️ 2.68%) turned out to be the best performer while Nifty Infra (⬇️ 0.28%) faced some struggle.
Open FlipDabur Ltd reported a consolidated net profit of Rs 514.22 crore for Q3 FY24, a growth of 8% from the previous year. Revenue increased by 7% to Rs 3,255 crore. The company missed revenue estimates but exceeded EBITDA estimates with a growth of 9.4%. Dabur's different segments showed strong performance, with gains in market share across its portfolio.
Open FlipPVR Inox, India's largest multiplex chain, reported a 20% drop in net profit to Rs 12.8 crore due to fewer hits and decline in theatrical box office revenue. Revenue for the December quarter was Rs 1545.9 crore, lower than the previous quarter but in line with analyst expectations. Industry-wide box office collections also declined by 22%, with weak content being a major factor.
Open FlipIndia has reduced import duties for mobile phone components to 10% from 15%, helping manufacturers compete with countries like Vietnam and China. Experts say this will benefit the manufacturing and export sectors, but may not lower prices for consumers immediately. The move is expected to make India a more competitive destination for electronics manufacturing and boost exports.
Open FlipThe William O'Neil India predicts that Indian Union Budget 2024 will focus on key sectors such as automotive, aviation, insurance, real estate, pharma, infrastructure, energy, and agriculture. Key expectations include measures for promoting EV adoption, granting industry status to real estate, and higher capex in renewable energy. There may also be reductions in GST rates to boost these sectors.
Open FlipZodiac Energy traded 2 percent in the morning on January 31 after the company has entered into power purchase agreement with Uttar Gujarat VIJ Company. Zodiac Energy was quoting at Rs 271.70, down Rs 5.50, or 2 percent, on the BSE. The board of directors will meet on February 7 to consider and approve the unaudited financial results for the quarter and nine months ended on December 31, 2023.
Open FlipIndia's gold demand is expected to be subdued in Q1 2024 due to lower jewellery sales, but annual demand may rise. This could support prices but also widen the trade deficit and pressure the rupee. The CEO of World Gold Council's Indian operations predicts a breakout from India's stagnant gold demand in the next few years. Indian gold consumption in 2023 fell due to record-high prices.
Open FlipThe budgets have been focused on infrastructure development, particularly in the rail and road sectors. The Gati Shakti National Master Plan aims to improve project approvals and execution by promoting inter-ministerial coordination. However, more attention and investment is needed in areas such as road and railway safety, metro multimodal integration, streamlining railway operations, and more.
Open FlipGeneral and health insurers have joined forces to provide a 'Cashless everywhere' facility, where patients can request cashless treatment at any hospital. This will make it more convenient for customers and help insurers control fraudulent claims. The process involves the hospital meeting certain criteria and sending a cashless pre-authorization request to the insurer.
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