Effective October 1, 2024, tnew TDS rates, including reductions for certain payments will come into effect. The Finance Bill has approved the following changes to the TDS rates, which will come into effect from October 1, 2024:
Small finance banks are currently offering competitive interest rates on one-year fixed deposits, with Jana and Ujjivan Small Finance Banks leading at 8.25%. Investors should however be mindful of DICGC insurance limits and potential risks.
From October 1, 2024, Indian stock market investors will encounter revised transaction fees from BSE and NSE, increased securities transaction tax on futures and options trading, and new taxation rules for share buybacks.
Several companies like Hyundai Motor India, Swiggy, and NTPC Green Energy plan to launch IPOs in the next two months to raise about Rs 60,000 crore. This surge is driven by favorable macroeconomic conditions and sector-specific factors. More than 30 IPOs across various sectors are anticipated by December.
The production linked incentive (PLI) schemes have garnered investments of Rs 1.46 lakh crore till August, with projections to reach Rs 2 lakh crore soon. This initiative has boosted production, sales, and employment in key sectors such as electronics and pharmaceuticals. Commerce Minister Piyush Goyal held discussions with industry leaders for further enhancements.
Eight of the top-10 most valued companies saw a combined market valuation increase of Rs 1,21,270.83 crore last week, driven primarily by Reliance Industries. This surge paralleled a significant rally in benchmark equity indices. In contrast, ICICI Bank and Hindustan Unilever faced declines in their market valuations.
L&T Semiconductor Technologies plans to manufacture its designed semiconductor products within two years, aiming to establish chip manufacturing plants after reaching a revenue threshold of USD 50 million to USD 1 billion. Currently, they are forming teams for about 15 different products and have signed an agreement with IBM for advanced processor design.
According to the Reserve Bank of India, fossil fuels will cease to dominate India's electricity generation by the end of this decade. Renewable energy is projected to surpass 50% of global electricity production. The report highlights the necessity for increased investment in low-carbon energy, aiming for a fully decarbonized global energy system by 2050.
The Government has lifted the ban on international exports of non-basmati white rice, implementing a minimum export price of $490 per tonne. Originally imposed to enhance domestic availability, the ban has been revoked effective immediately. The Directorate General of Foreign Trade confirmed this policy amendment, which will remain in effect until further notice.
Foreign Portfolio Investor (FPI) investment in Indian equities reached a record high this week with net investments of Rs 23,659.55 crore. September marked the highest FPI inflow this year at Rs 57,359 crore. The surge is driven by US Fed's interest rate cuts and growing confidence in India's economic growth.
NLCIL has produced 1,234 crore units of green power, reducing carbon dioxide emissions by one crore tonne. The company aims for a renewable energy capacity of 10,000 MW by 2030. It has formed subsidiaries for asset monetisation and clean energy initiatives with significant projects in Tamil Nadu, Rajasthan, Gujarat, and Assam.
The income tax department will deny TDS credit and flag your ITR if it detects discrepancies between the TDS information reported in your return and that provided by the deductor. Ensuring accurate and consistent TDS data is crucial to avoid issues with the tax authorities. According to some experts, typographical errors in the PAN submitted by the taxpayer or recorded by the deductor can lead to incorrect reflection of TDS.
The US FDA has approved Bristol Myers Squibb’s oral medicine, Cobenfy, for treating schizophrenia in adults. This is the first new type of medication in decades that alleviates symptoms without common side effects. Available by late October, the drug will cost $1,850 monthly before insurance and rebates.
Russia plans to expand its Baltic Sea ports to boost agricultural exports by 50% by 2030, reducing reliance on risky Black Sea routes amid conflict with Ukraine. New markets in Latin America and Africa are being targeted. Recent port launches are expected to significantly increase grain export capacity.
AstraZeneca Pharma India has received approval from the Central Drugs Standard Control Organisation to import Durvalumab for sale and distribution. The drug, combined with chemotherapy, treats resectable non-small cell lung cancer without specific genetic mutations. Lung cancer remains a significant cause of mortality in India, highlighting the importance of this development.
Commerce Minister Piyush Goyal announced that India's dairy sector will remain protected from duty concessions in Free Trade Agreements due to its sensitivity involving small farmers. Recent agreements with Switzerland, Norway, and Australia exclude dairy concessions. Despite a dip in bilateral trade, India and Australia aim to double their trade volume to USD 100 billion.
The Automated Deposit cum Withdrawal Machine (ADWM) is a specialized ATM that allows customers to deposit cash into their accounts using their ATM or debit card.
Latest FD rates: The revised fixed deposit rates by Bank of Baroda, Axis Bank, IndusInd Bank, Federal Bank, and Karnataka Bank cater to both general citizens and senior citizens with tenures from 7 days to 10 years. These changes are effective from early to mid-September 2024.
The Securities and Exchange Board of India (Sebi) has levied a Rs 9 lakh fine on BGR Energy Systems for non-compliance with disclosure norms and market regulations. Violations included delayed financial statement uploads, failure to disclose related party transactions, and non-reporting of CIRP applications within the required period, prompting regulatory action.
The Delaware Supreme Court has confirmed that Byju’s is in default on a $1.2 billion loan, allowing US lenders to take control of its unit, Byju’s Alpha. The court validated the lenders' move to appoint Timothy Pohl as sole director, emphasizing that Byju’s must be accountable for its defaults.
The Biden administration proposes a rule to block the sale and import of Chinese- and Russian-made hardware and software for connected vehicles, aiming to bolster US security against hacking threats. The ban targets vehicles with external communication systems, citing risks of foreign interference. Public comments are invited for 30 days post-publication.
The National Company Law Tribunal has issued a notice to SpiceJet based on a plea by Techjockey Infotech Pvt Ltd, which claims a default of Rs 1.2 crore. SpiceJet is facing multiple insolvency petitions and has raised Rs 3,000 crore through share sales to settle its liabilities with creditors.
India is investigating Netflix for alleged visa violations, tax evasion, and racial discrimination in its local operations. The investigation follows a government email to former Netflix executive Nandini Mehta, who is also pursuing a lawsuit against the company in the US for wrongful termination and discrimination. Netflix denies all allegations.
Travelers at several Indian airports are facing lounge access disruptions as Dreamfolks Services Ltd has abruptly suspended its services. Adani Airport Holdings Ltd is working with banks to restore these services quickly. Meanwhile, lounges at Adani-operated airports are accepting major debit and credit cards from other providers. AAHL manages seven airports, soon adding Navi Mumbai International Airport.
Vodafone Idea has awarded contracts worth Rs 30,000 crore to Nokia, Ericsson, and Samsung for network equipment over the next three years. This move is part of a larger Rs 55,000 crore capital expenditure plan aimed at expanding 4G coverage and enhancing capacity. The company seeks to improve customer experience and support data growth.
Tata Motors has entered into a partnership with ESAF Small Finance Bank to provide financing solutions for its commercial vehicle customers. Initially targeting small and light commercial vehicles, the collaboration will eventually encompass Tata Motors' entire commercial vehicle range. This initiative aims to foster entrepreneurship and job creation in first-and last-mile logistics throughout India.
RBI Governor Shaktikanta Das has achieved a balance between stabilising the rupee and letting it weaken to support India's export goals. The RBI's foreign-exchange reserves have increased significantly, drawing in foreign investment and reducing the current account deficit. This strategy has made the rupee one of Asia's least volatile currencies, preparing India for external economic shocks.
Salesforce is set to expand its innovation hubs in Bengaluru and Hyderabad, emphasizing talent acquisition across locations. The company's Indian workforce has grown to approximately 13,000 over two years. Salesforce has partnered with AICTE for internships and is venturing into the public sector by establishing a government division.
Vodafone Idea and Indus Towers experienced substantial declines in their share prices following the Supreme Court's dismissal of their pleas to correct alleged errors in adjusted gross revenue calculations. Vodafone Idea's stock plunged by 19.60%, while Indus Towers' shares dropped by 8.86 per cent. Bharti Airtel saw a slight increase in its stock price despite earlier losses.
US Federal Reserve Meeting: The US Federal Reserve has cut interest rates by 50 basis points, the first reduction in over four years, aiming to reverse restrictive economic conditions. Policymakers expect further rate cuts, targeting a range of 4.25%-4.50% by year-end as inflation nears the 2% goal and unemployment rises.
Pfizer Inc has inaugurated its first commercial analytics centre in Mumbai, India. This global capability centre will serve Pfizer's international markets outside the US, employing data analytics and AI to improve patient outcomes. The initiative is part of Pfizer’s strategy to modernize marketing and boost sales effectiveness across 140 international markets.
SpiceJet's Rs 3,000-crore qualified institutional placement has been significantly oversubscribed by investors including Tata Mutual Fund and Bandhan Bank. This demonstrates strong confidence in the airline's growth potential. The funds will help unground its fleet and settle employee dues, reflecting belief in India's expanding aviation market.
Tupperware Brands has filed for Chapter 11 bankruptcy protection due to declining sales and financial challenges. The company will seek court approval for a sale process and intends to maintain operations during the proceedings.
Sukanya Samriddhi Yojana: The Department of Economic Affairs under the Finance Ministry has issued new guidelines for Sukanya Samriddhi Yojana accounts. These include transferring guardianship to legal guardians, closing irregular accounts, and updating PAN and Aadhaar details. Post offices are directed to identify such accounts and inform holders promptly about these changes.
Gujarat Chief Minister Bhupendra Patel introduced the 'Mission 100 GW of renewable energy in Gujarat' at the RE-INVEST 2024 event. This initiative targets installing 100 GW of renewable energy by 2030, supporting India's national goals. Prime Minister Narendra Modi inaugurated the event, which includes significant international and domestic participation.
The Reserve Bank of India has stated that trading activities in some financial markets will be halted on September 18, 2024, following a public holiday declared by Maharashtra. This affects government securities, foreign exchange, money markets, and rupee interest rate derivatives. Transactions due on this date will be settled on September 19, 2024.
India has secured $386 billion from financial institutions to increase its renewable energy capacity by 2030. Union minister Pralhad Joshi highlighted commitments from states, developers, and manufacturers towards achieving a goal of 500 GW. This fiscal year, India added over 18 GW of renewable energy, with plans for significant future growth.
Sebi withdrew its September 4 press release after employees protested against alleged inaccuracies. Employees had earlier written to the Finance Minister, criticizing the management culture under chairperson Madhabi Puri Buch. Sebi stated that it will address these internal issues amicably and in accordance with high governance standards.
Oil India Limited plans to initiate drilling activities in Andaman and Nicobar offshore waters as part of its exploration efforts. CMD Ranjit Rath stressed the need for stable oil prices for effective planning. The company recorded its highest-ever drilling and production figures in 2023-24. OIL aims to produce 4 million metric tons of crude oil and 5 billion cubic meters of natural gas while committing to achieve Net Zero by 2040 through expanding its renewable energy portfolio.
Moneyboxx Finance has secured Rs 176 crore via equity shares and warrants to fuel its growth strategy. This capital will bolster the company's efforts in rural India by providing essential financial support to micro-entrepreneurs. With substantial net worth growth, Moneyboxx aims for an AUM exceeding INR 2,500 crore by FY26.
India's transition to cleaner automotive energy will encompass electric vehicles, hybrids, and plug-in hybrids. The government aims for 30% EV penetration by 2030, supported by expanded charging infrastructure. Emerging trends like software-defined vehicles and on-demand mobility services are driving OEMs to shift from hardware-focused to smart solution-driven operations.
In September 2024, Indian banks will observe closures for 15 days. As per RBI guidelines, banks also close on the second and fourth Saturdays and all Sundays. While physical banking services are unavailable, digital banking options remain accessible.
Essar Energy Transition has appointed Ruth Herbert as managing director for business development and strategic initiatives. With over 15 years in the energy sector, she will focus on identifying new opportunities and aligning projects with the evolving energy landscape. Previously, she was CEO of the UK's Carbon Capture Storage Association, where she expanded its membership and influence.
The Unique Identification Authority of India (UIDAI) encourages citizens to review and update their Aadhaar card details, especially for those who obtained their cards over a decade ago.
India and China are exploring the resumption of direct commercial flights, which remain suspended post-Covid. Union aviation minister Rammohan Naidu met with a Chinese delegation led by Song Zhiyong to discuss strengthening civil aviation ties. This discussion occurred during the second Asia Pacific conference on civil aviation hosted by India.
Honeywell has launched the 'Direct to YF Retrofitting Program' in Europe, allowing older vehicles using high-GWP refrigerants to switch to Solstice 1234yf. This initiative employs existing service tools and aims to replace R-134a, which is being phased out under Europe's F-Gas Regulation. The program offers an economical and eco-friendly alternative for servicing automotive air conditioning systems.
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