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IndiaTV Business: Google News Feed: Digest for July 16, 2024

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Budget 2024: Budget 2024: As Union Finance Minister Nirmala Sitharaman prepares to present her seventh Budget and the first full budget of the Modi 3.0 government on July 23, 2024, in the Lok Sabha, let's take a look at some of India's iconic budgets.
Insurance sector stakeholders are urging for more tax benefits under the new tax regime. Anup Rau, MD and CEO of Future Generali India Insurance Company, highlighted that the deduction limit on health insurance premiums under Section 80D has not changed in nine years, despite rising healthcare costs. Rau suggested linking the limit to inflation for automatic adjustments.
Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 Meanwhile, the Nifty was also up by 82.1 points to 24,398.05.
The Sensex and Nifty soared nearly 1% on Friday, reaching new lifetime highs driven by robust gains in IT stocks and hopes of a US Federal Reserve rate cut. The BSE Sensex jumped 622 points (0.78%) to a record closing level of 80,519.34. Intra-day, it hit an all-time high of 80,893.51, up 996.17 points (1.24%). The NSE Nifty surged 186.20 points (0.77%) to close at a record 24,502.15. During the day, it peaked at 24,592.20, up 276.25 points (1.13%).
HDFC Bank and Axis Bank have informed their combined 140 million customers about potential service disruptions this weekend due to system upgrades. Both banks are enhancing their core banking systems, which may affect online and mobile banking services temporarily.
Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Insurance sector stakeholders are urging for more tax benefits under the new tax regime. Anup Rau, MD and CEO of Future Generali India Insurance Company, highlighted that the deduction limit on health insurance premiums under Section 80D has not changed in nine years, despite rising healthcare costs. Rau suggested linking the limit to inflation for automatic adjustments.
Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 Meanwhile, the Nifty was also up by 82.1 points to 24,398.05.
The Sensex and Nifty soared nearly 1% on Friday, reaching new lifetime highs driven by robust gains in IT stocks and hopes of a US Federal Reserve rate cut. The BSE Sensex jumped 622 points (0.78%) to a record closing level of 80,519.34. Intra-day, it hit an all-time high of 80,893.51, up 996.17 points (1.24%). The NSE Nifty surged 186.20 points (0.77%) to close at a record 24,502.15. During the day, it peaked at 24,592.20, up 276.25 points (1.13%).
HDFC Bank and Axis Bank have informed their combined 140 million customers about potential service disruptions this weekend due to system upgrades. Both banks are enhancing their core banking systems, which may affect online and mobile banking services temporarily.
Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
Retail inflation in the country has surged to 5.08 per cent in June against 4.8 per cent in May, government data mentioned on Friday. Meanwhile, the Industrial production jumped to 5.9 per cent in May against 5.7 per cent expansion a year ago, the data said.

Automobile exports from India rise 15.5 per cent in Q1

Sunday 14 July 2024 06:04 AM UTC+00
Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.
Budget 2024: Startups in India are eagerly anticipating significant measures from the upcoming Union Budget. Early-stage startups are advocating for the elimination of angel taxes, while health tech startups are hopeful for enhanced funding allocations specifically targeted at their sector.
ITR Filing 2024: As the deadline for filing income tax returns (ITR) approaches, taxpayers have either submitted or are gearing up to file their ITR. The filing deadline to file the return is July 31. It's important to understand that submitting the income tax return is not the final step in the process. After submitting your return, it's crucial to verify it within 30 days. Failure to do so promptly can result in penalties, as per the Income Tax Act, 1961.
Budget 2024: The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session to achieve the goal of 'Insurance for All by 2047'. Sources indicated that the amendment bill could include provisions such as composite licenses, differential capital requirements, a reduction in solvency norms, issuance of captive licenses, changes in investment regulations, one-time registration for intermediaries, and permission for insurers to distribute other financial products.
In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions. 
SBI loan: Taking a loan from the State Bank of India (SBI), the country's largest public sector bank, has become more costly today. SBI has raised its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (bps) for selected periods. The revised rates, effective from July 15, 2024, apply across various types of loans, including home loans and car loans. This marks the second consecutive increase in lending rates by SBI, with adjustments made in both June and July. As a result, borrowers will face higher borrowing costs and increased equated monthly installments (EMIs) for customers.
India's wholesale price index (WPI) inflation soared to 3.36% in June, the highest in 16 months, primarily due to increased prices of food articles and manufactured goods. This was a significant rise from 2.61% in May and a stark contrast to the -4.18% seen in June 2023. The last peak was 3.85% in February 2023.
The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
The equity benchmark indices BSE Sensex and NSE Nifty continued their upward momentum on Monday, July 15. The Sensex climbed 146 points to settle at an all-time high of 80,665.86, while the Nifty rose 85 points to close at a record 24,586.70. Notably, the Nifty index crossed the 24,600 mark for the first time, reaching an intraday high of 24,635.
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