The World Opinion

Category: Economy

  • Budget 2024: India Inc Expects Govt To Focus On Six Key Taxation Points | Personal Finance News

    New Delhi: Though there has not been any official announcement on Budget dates, expectations are high that  Finance Minister Nirmala Sitharaman will present the annual annual financial statement before Parliament in July.

    EY has prepared the expectation deck for the upcoming budget, wherein it has highlighted expectations from several counters regarding on tax policies, compliance, dispute resolution mechanisms and more.

    EY in its report has highlighted 6 key demands on taxation from India Inc. 

    1. Relaxation from Angel tax provisions

    Certain class of persons such as Foreign Portfolio Investors, companies listed on recognized stock exchanges etc should be exempted from angel tax.

    As they are already subject to stringent regulations and have a lower risk of circulating unaccounted money.


    2. Relook at Significant Economic Presence (SEP) provisions

    SEP should be removed from Income tax Act in light of new Pillar One framework.

    Alternatively, suitable guidelines should be issued to clarify the methods for determination of profits attributable to SEP


    3. Timely disposal of rectification petitions and orders giving effect

    The digitisation of the process for the will bring in transparency and accountability.

    The additional interest of 3% p.a. u/s. 244A(1A) may also be extended to delayed disposal of rectification applications


    4. TCS on Employee Stock plans

    Employee contributions towards ESOP/ ESPP programs of their employer’s should be carved out of the TCS provisions

    Alternatively, suitable amendments should be made to enable employers to consider the TCS credit available to the employees while determining the TDS liability on the salary income.


    5. Buy-back distribution tax (BBT)

    BBT should be exempted in case of listed shares wherein buy-back is under ‘open market through stock exchange’ method as it results in double taxation in hands of the company (as BBT) and shareholders (as capital gains or business income) 


    6. Encouraging employment generation

    The monthly remuneration limit to avail tax deduction may be enhanced from the current level of Rs 25,000 to Rs 1,00,000 to give boost to employment at higher levels.

  • Stocks In Spotlight 27 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Markets settled at their fresh all-time high levels on Wednesday. Sensex rallied 620.73 points or 0.80 percent to end at new closing peak of 78,674.25 while Nifty surged 147.50 points or 0.62 percent to close at 23,868.80.

    Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, “The domestic benchmark index, Nifty, opened on a flat note and after initial dip index has witnessed strong buying interest. Consequently, the index achieved a new record high of 23,889.90, ultimately concluding the day positively at 23,868.80. Technically, the index broke out of the short-term consolidation zone of 23,330-23,670 in yesterday’s session, and today it found support near the breakout point of 22,670. Based on this breakout, the rally may extend towards the 24,000 level. Therefore, it is advisable to adopt a buy-on-dips strategy for Nifty. On the downside, 23,670 will serve as immediate support for the index”.

    Meanwhile, ahead of the market opening today, as per Zeebiz Bharti Airtel, Titan, LTIMindtree, LTTS, Bharti Hexacom, are a couple of stocks that will likely be in focus today.

    1. LTIMindtree

    LTIMindtree has informed the regulator that AM Naik, Non-Executive Chairman of the Company will relinquish his office. Further, the Board of Directors at its meeting has approved appointment of SN Subrahmanyan, Non-Executive Vice-Chairman, as the Non-Executive Chairman of the Company with effect from June 27, 2024.

    2. Titan

    Titan stock will trade ex-dividend today. The Board of Directors at its meeting held on 3rd May 2024 recommended a Dividend of 1100 percent at Rs 11.00 per Equity Share of Rs 1 each for the Financial Year ended 31st March, 2024.

    3. Bharti Airtel

    Airtel has said that it has acquired 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 crore Spectrum secured for 20 Years. Airtel added that it has successfully renewed spectrum that was expiring in 2024 along with additional spectrum purchase to bolster its mid band holding across the key circles.

    4. Telecom Stocks: Bharti Hexacom 

    Bharti Hexacom Ltd, a subsidiary of Bharti Airtel, has acquired 15 MHz with an outlay of Rs 1,001 crore.

    5. Supreme Petrochem

    Supreme Petrochem shares are slated to trade ex-dividend on Thursday.  The company has recommended  final dividend rate of Rs  7.

  • MCA Denies Clean Chit To Byju’s In Financial Fraud Case, Confirms Ongoing Probe | Companies News

    New Delhi: The Centre clarified on Wednesday that an investigation by the Ministry of Corporate Affairs has not cleared edtech firm Byju’s of financial fraud, confirming that the investigation is still ongoing.

    “There have been reports claiming that edtech startup Byju’s has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA). It is categorically clarified that such reports are factually incorrect and misleading,” the Ministry stated. (Also Read: No Jobs for Married Women In iPhone Factory In India? Foxconn Faces Discrimination Claims)

    The Ministry added that proceedings under the Companies Act, 2013, initiated by the MCA are still ongoing and no conclusions should be drawn at this stage. Byju’s, facing multiple legal battles in courts and the National Company Law Tribunal (NCLT) is attempting to raise 200 million dollars through a rights issue. However, the NCLT has prohibited the company from using any funds for now. (Also Read: Top Stocks On D-Street: Bharti Airtel, SBI, And Vedanta Among 7 In Spotlight Today)

    Byju’s is also exploring out-of-court settlements with some of its creditors. Once valued at $22 billion, the edtech company is now worth zero. Global investment giant Prosus wrote off the value of its shareholding in Byju’s, recording a loss of $493 million in its annual report for FY24. (With IANS Inputs)

  • Why Has Indian Railways Decided To Reduce Speed Of Vande Bharat And Gatiman Express — Explained | Railways News

    After the tragic the Kanchanjunga Express accident, Indian Railways has come up with the decision to reduce the speed of the high speed trains including the Vande Bharat and Gatiman Express on select routes. The speed of these trains will now reduced from the current 160 kmph to 130 kmph. 
    However, the question arises here that, will reducing the speed of high speed trains consequently reduce the number of train accidents in India? 
    As we discussed in our previous article on Train Passengers Safety– there are several reasons for deadly train accidents in India, which includes reduced work force, poor infrastructutre, lack  of signalling systems and more. Reducing speed of the trains which are meant for high-speed journeys brings us back to the basic question on its design –how can a low-speed train be categorised in high-speed genre?

    Rationale Behind Reducing Train Speed 

    According to media reports, this decision–on reducing train speed– follows a proposal from the North Central Railway to the Railway Board. 
    The proposal from the North Central Railway suggested slowing down Train No 12050/12049 Delhi-Jhansi-Delhi Gatiman Express, Train No 22470/22469 Delhi-Khajuraho-Delhi Vande Bharat Express, Train No 20172/20171 Delhi-Rani Kamalapati-Delhi Vande Bharat Express, and Train No 12002/12001 Delhi-Rani Kamalapati-Delhi Shatabdi Express. The reduction in speed aims to mitigate risks due to the failure of the Train Protection & Warning System (TPWS) on certain routes.


    The change in speed will necessitate adjustments in the operating schedules of approximately 8-10 other trains to maintain operational efficiency. On most routes, the Vande Bharat Express trains are already operating at 130 kmph, except for specific stretches like the Delhi-Kanpur sector, which are capable of supporting 160 kmph speeds.
    Shubhranshu, the former Principal Chief Mechanical Engineer of Integral Coach Factory and the man behind the Vande Bharat Express, criticized the decision. In an Interview given to the The Hindu, he said that reducing the speed due to a defunct TPWS would not effectively address the underlying safety issues. He pointed out that the Kanchanjunga Express accident involved a goods train traveling at only 45 kmph, questioning the rationale behind the speed reduction.

    Kavach Installation

    Apart from the speed reduction, Indian Railways has also fastened the intallation of Kavach- the Automatic Train Protection (ATP) system. Recently, the Minister of Railways, Ashwini Vaishnaw, has directed officials to expedite the implementation of the Kavach system across 44,000 km of railway tracks within the next five years. He emphasized the need to implement the Kavach system in a structured mission mode. 

  • Stocks In Spotlight 26 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Sensex crossed the historic 78,000 level for the first time while Nifty also breached the 23,600 mark on Tuesday.

    “Nifty has finally surpassed the 23,600 hurdle after two weeks of consolidation, reaching a new record high. We maintain a positive outlook on the index, now targeting the next milestone of 24,000. We believe the current buoyancy in banking, coupled with notable strength in IT, will dictate the trend, while other sectors may contribute on a rotational basis. Traders should align their positions accordingly and avoid a contrarian approach,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

    Meanwhile, ahead of the market opening today, as per Zeebiz HAL, Bharat Dynamics, Mazagon Dock, NTPC, Mahindra & Mahindra Financial Services, are a couple of stocks that will likely be in focus today.

    1. Mahindra & Mahindra Financial Services Limited 

    Mahindra Finance has announced that Vivek Karve, Chief Financial Officer of Mahindra & Mahindra Financial Services Limited and Financial Services Sector has tendered his resignation from the services of the Company to pursue personal, social and professional interests beyond a full-time employment.

    2. Bharat Dynamics

    Orders in pipeline in next 2-3 years is at Rs 200 crore, taking total order book as on 31 march 2024 to Rs 1,9434
    Crore. It added new orders received in FY 2023-24 is at Rs 1,793 crore.

    3. Mazagon Dock Shipbuilders

    Department of Public Enterprises (DPE) has approved the proposal for grant of Navratna status to Mazagon Dock Shipbuilders Limited.

    4. Hindustan Aeronautics Ltd (HAL)

    The Board of Directors of the Company in its meeting scheduled to be held on Wednesday, the 26th June, 2024 will consider, inter-alia, the recommendation of final dividend for the financial year 2023-24.

    5. NTPC Ltd

    The Board of Directors of the Company is scheduled to meet on 29 June, to consider and approve issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/noncumulative, non-convertible debentures upto Rs.12,000 Crore, subject to approval of shareholders in the ensuing Annual General Meeting.

  • IRCTC Breaks Myths; Account holders Can Book E- Tickets For Others With Different Surnames | Railways News

     Anyone with an IRCTC account can book e-tickets for others and reports on social media regarding restrictions in booking e-tickets due to different surnames are false and misleading, a spokesperson for the railway ministry said on Tuesday.
    Responding to posts on X that claimed that an IRCTC account holder cannot book tickets from his account for others who have different surnames, the spokesperson said, “The news in circulation on social media about restriction in booking of e-tickets due to different surname is false and misleading.” The spokesperson further informed that tickets are booked on the IRCTC website in accordance with Railway Board guidelines and information regarding these guidelines is available in the public domain.

    According to the Indian Railways, one can book tickets through his personal User ID for friends, family and relatives.

    The spokesperson said up to 12 tickets per month can be booked from an individual’s account and if the account-holder is Aadhar-authenticated, he can book 24 tickets per month, provided at least one of the travellers on each ticket is also Aadhar-authenticated.
    “Tickets booked on personal user IDs are not meant for commercial sale and such an act is an offence under section 143 of Railways Act, 1989,” the spokesperson added.

  • HDFC Top 100 Fund Turns Rs 10,000 Monthly Sip Into Rs 8.30 Crore In 27 Years, Claims Company | Personal Finance News

    New Delhi: HDFC Top 100 Fund, an open-ended equity scheme predominantly investing in large-cap stocks has delivered Compound Annual Growth Rate (CAGR) of 19 percent. 

    Further, a SIP of Rs 10,000 invested systematically on the first business day of every month (total investment Rs 33.20 Lacs) in HDFC Top 100 Fund would have grown to Rs. 8.30 crores by May 31, 2024, said the company.

    Launched in October 1996, HDFC Top 100 Fund portfolio construction follows a bottom up approach to stock picking blended with top down sector and macro trend, said the company. The Fund follows a diversified style with a blend of GARP (growth at reasonable price) and value.

    “There is lot of focus on risk management with active positions being taken in a controlled manner while ensuring compliance with regulatory and internal risk guidelines. Any high conviction bets are taken after a considered evaluation of the company’s positioning in the industry and the business cycle and regularly evaluated. The portfolio is well diversified in number of stocks and the fund manager takes measured sector deviations calls vs benchmark,” the asset manager said in a release.

    Navneet Munot, MD & CEO – HDFC AMC, said, ” Sound Investment + Time + Patience has been the time-tested principle for wealth creation in equities. HDFC Top 100 Fund, which has stood the test of time bears testimony to this. Wealth creation journey of HDFC Top 100 Fund over 27 years is also a shining example of our robust research and investment processes which has helped the fund withstand multiple market cycles over the years.

    (Disclaimer: The return calculation is based HDFC Top 100 Fund’s own analysis and does not reflect the views of Zee Media)

  • Stocks In Spotlight 25 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Sensex and Nifty finished higher on Monday. BSE Sensex closed 131.18 points, or 0.17 percent, higher at 77,341.08 while the Nifty jumped 36.75 points, or 0.16 percent, to settle at 23,537.85.

    “Nifty opened gap down on Monday, influenced by global cues. After an initial knee-jerk reaction, the index recovered and traded in a narrow range. Finally, Nifty settled on positive note at 23,538. Technically, since last couple of weeks, the index is consolidating in the band of 23,330-23,670. Thus, for fresh bullish momentum, index need to sustain above 23,670-23,700 zone. If it manages to sustain above 23,700, the rally could extend towards 24,000 levels. On the downside, 23,300 will act as strong support for the index,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

    Meanwhile, ahead of the market opening today, as per Zeebiz, Amara Raja, Tata Elxsi, Voltas, ixigo, Sun Pharma, are a couple of stocks that will likely be in focus today.

    1. Amara Raja

    Amara Raja Advanced Cell Technologies Pvt. Ltd (ARACT), a wholly owned subsidiary of Amara Raja Energy & Mobility Ltd (ARE&M), one of India’s leading battery manufacturers, has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd. As part of the agreement GIB EnergyX will license Gotion’s world class LFP technology for lithium-ion cells to ARACT.  

    2. Sun Pharmaceutical Industries Limited

    Sun Pharmaceutical Industries Limited has informed the regulators that it has successfully completed the merger of Taro Pharmaceutical Industries Ltd with its subsidiary. As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates. As a result of the merger, Taro is now a private company and wholly-owned by Sun Pharma. Sun Pharma has been the majority shareholder of Taro since 2010.

    3. Tata Elxsi

    Tata Elxsi shares are scheduled to trade ex-dividend today. The company’s Board of Directors has recommended a dividend of 700% at Rs 70 per equity share of Rs 10 each, for the financial year 2023-24, subject to tax.

    4. Tata Group Stocks -Voltas

    Shares of Voltas Ltd will trade ex-dividend today. The Board of Directors had at their Meeting held in May recommended a dividend of 550% at Rs 5.50 per Equity Share of Re 1 each for the financial year ended 31st March, 2024.

    5. Ixigo

    Le Travenues Technology Ltd, which operates travel booking platform ixigo, announced an expansion of its exclusive partnership with PhonePe, India’s leading fintech platform for offering flight & bus bookings on the PhonePe app in addition to its existing train partnership. ixigo will exclusively power these travel booking options on PhonePe, integrating services from ixigo Flights for flight bookings, AbhiBus for bus bookings as well as expanding its prior partnership with ConfirmTkt for train bookings, the company said.

  • Railway Minister Ashwini Vaishnaw Evaluates Passenger Amenities And Safety Features: Details | Railways News

    Railway Minister Ashwini Vaishnaw carried out an elaborate assessment exercise of various aspects of safety and passenger amenities with top officials at the Rail Bhawan here on Monday.
    Those who attended the meeting were Railway Board Chairperson and Chief Executive Officer (CEO) Jaya Varma Sinha and Member Infrastructure Anil Kumar Khandelwal, the director general of the Research Design and Standards Organisation (RDSO) and the general managers of all railway zones and divisional railway managers from all divisions.

    According to officials who attended the meeting, several important decisions regarding the upkeep of safety equipment in trains, improvement of the food quality, deep cleaning of trains and stations and drinking water facilities were taken in the interest of the passengers.

    “To improve the reliability of the safety-related equipment, it was decided that the specifications, installation practices and maintenance practices of all key safety-related equipment would be reviewed. This would be done in workshops to be organised by the RDSO with all the manufacturers,” a senior railway official said.
    “To improve the food quality, the IRCTC and its agencies are upgrading the base kitchens at 1,000 locations. The work is in progress and it was decided that it should be completed on a war footing in the next six months,” he added.
    Other senior officials said decisions were taken to carry out deep cleaning of the pantry cars and storage areas in a target-oriented manner and also include it in the maintenance schedule so that it can be done on a regular basis.
    “To improve water availability and cleaning of trains during journeys, it was decided that cleaning and watering facilities will be increased. The time required for cleaning and watering will be factored in in the time-tables for this crucial activity,” another official said.

  • BIS Introduces New Safety Standards For Electric Vehicles; Check Details | Auto News

    The Bureau of Indian Standards (BIS), operating under the Ministry of Consumer Affairs, Food & Public Distribution, has unveiled two new safety standards for electric vehicles (EVs). These standards, IS 18590: 2024 and IS 18606: 2024, aim to enhance the safety of EVs by ensuring their critical components, particularly the powertrain, adhere to stringent safety requirements.These measures are essential for maintaining the efficiency and safety of electric vehicles, which rely heavily on reliable powertrain and battery systems.

    Coverage of Electric Vehicle Categories

    IS 18590: 2024 and IS 18606: 2024 apply to electric vehicles in the L, M, and N categories, covering a broad spectrum of EV types. This initiative marks a significant step towards reinforcing the reliability and safety of electric powertrains and batteries, which are crucial for the efficiency and security of EVs.
    Special Standards for E-Rickshaws and E-Karts
    Recognizing the increasing popularity of e-rickshaws and e-karts in India, BIS has also introduced IS 18294: 2023. This standard is specifically designed to address the safety needs of these vehicles, covering various aspects from construction to functionality. The goal is to ensure comprehensive safety measures for both drivers and passengers.

    With the introduction of these new standards, BIS now has a total of 30 Indian standards dedicated to electric vehicles and their accessories, including charging systems. This extensive set of standards is a crucial component of India’s transition towards a more sustainable, environmentally friendly, and efficient transportation system.