April 17, 2024

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INCOME TAX

15
Apr

Notification No. 38/2024 (Delhi)
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961

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INDIAN ECONOMY

Moderation in inflation likely to continue

For almost the entirety of FY24, inflation has stayed below RBI’s upper limit of 6%, with the latest figure for February at 5.1%. FY24 Average inflation has been 5.4% vs. 6.8% in FY23. Core inflation has trended lower for a year now, with various measures of core inflation being around 3.5%, a multi-year low....

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Merchandise trade deficit in March stands at $15.6 billion, shows data

India's merchandise exports declined marginally in March to $41.68 billion, while for the entire 2023-24 it dipped 3.11 per cent to $437.06 billion, as geopolitical issues continued to hamper global shipments. Imports, too, declined 5.98 per cent to $57.28 billion in March, taking the trade deficit to 15.6 b...

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Government imposes port restrictions for exporting essential commodities to Maldives

Amid tensions between Maldives and India, the Directorate General of Foreign Trade on Monday issued a notification imposing port restrictions for export of essential commodities to the island nation during the fiscal year 2024-25. The notification, issued under the Foreign Trade (Development & Regulation) ...

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India will decide policy step once impact of Iran-Israel conflict understood

The Indian government will take a policy decision to mitigate any effect on its trade from the conflict between Iran and Israel after it has fully understood the impact, the country's trade secretary said on Monday. ...

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India's electronics exports increase 23.6% to $29.12 billion in FY24

India exported electronics goods worth $29.12 billion in 2023-24 (FY24), up 23.6 per cent compared to a year ago, even as the country’s total exports contracted 3 per cent. According to commerce department officials, the top five export market of electronics good are — the US, United Arab Emirates, Netherland...

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India rate cuts 'off the table' in 2024/25: Morgan Stanley

"We believe that improving productivity growth, rising investment rate, and inflation tracking above the target of 4%, alongside a higher terminal Fed funds rate, warrant higher real rates," economists Upasana Chachra and Bani Gambhir wrote. ...

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Major impact from West Asia turmoil not likely: Government

Amid growing concerns among exporters over heightened tension in West Asia, government on Monday said it was keeping a close tab on the situation and will step in if problems arise. Commerce secretary Sunil Barthwal, however, suggested that there was unlikely to be a major impact based on the current reading...

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Consumption story gets a facelift as rural demand shows promise

Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. ...

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MARKET & FINANCE

From SBI to Quant, smallcap schemes witness easing of stress levels

Few of the smallcap schemes like that of State Bank of India (SBI), Axis and Quant showed improvement on the liquidity front in the latest round of stress tests. On an average, the number of days required to sell 50 per cent of the smallcap fund portfolio declined slightly in March for the top 12 schemes to ...

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India set to exit FY24 with a GDP of $3.6 trillion; Tata Consumer, Birla Corp top bets

India is set to exit FY24 with a GDP of USD 3.6 tn and an underlying growth of 7.6%+. Capital markets signed off FY24 with a stellar 29%/60%/70 % returns in Nifty/Nifty Midcap 100/Nifty Smallcap 100. India’s market cap has reached $4.4tn, making it the fifth largest in the world. India’s capital markets ha...

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PE funding in real estate falls in the last five years

The total value of private equity deals in the real estate sector declined over the past five years to $3.67 billion in FY24, due to reduced activity by foreign investors. This marks a 16% year-on-year drop from $4.36 billion recorded in FY23, according to an Anarock report. Average deal sizes also decreas...

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MF Stress Test Round 2: Have top small-cap funds improved their liquidity positions?

The second round results revealed that small-cap funds would need 13.7 days on an average, to liquidate 50 percent of their portfolios, almost similar to the category average of 14 days that was disclosed a month ago ...

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RBI likely selling dollars via state banks to cap rupee’s losses: Report

The Indian central bank was likely selling dollars via state-run banks on Tuesday to curb the rupee’s losses spurred by a selloff in Asian equities and currencies, four traders told Reuters. The rupee was at 83.50 to the U.S. dollar at 9.42 a.m. IST, down from 83.45 in the previous session. The currency sl...

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GLOBAL CORPORATE

Goldman Sachs Q1 results: Profit jumps 28% on investment banking strength

Goldman Sachs' profit rose 28% in the first quarter, buoyed by a recovery in underwriting and dealmaking that boosted its investment banking unit, it reported on Monday. Profit rose to $4.13 billion, or $11.58 per share, for the three months ended March 31, compared with $3.23 billion, or $8.79 per share, ...

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US to grant Samsung up to $6.4 billion for chip plants

The United States on Monday announced grants of up to $6.4 billion to South Korean semiconductor giant Samsung to produce cutting-edge chips in Texas. The award is the latest from the US government as it looks to revive the country's chip manufacturing industry, especially high-end semiconductors. President...

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Tesla to cut over 10% of workforce in global retrenchment

Tesla Inc. will slash global headcount by more than 10%, Elon Musk wrote in an email to staff, as the carmaker grapples with a slowdown in electric vehicle demand. The chief executive officer cited duplication of roles and the need to reduce cost as reasons for the cuts in the memo seen by Bloomberg News. If...

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Joe Biden unlikely to cut Iran's oil lifeline after Israel attack

Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts. Shortly after Tehran launched its weekend attack - retaliation f...

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G42 made secret pact with US to divest from China before Microsoft deal

Microsoft Corp.’s just-announced partnership with Abu Dhabi’s G42 followed behind-the-scenes negotiations between the US government and the Middle Eastern firm, which agreed to divest from China and pivot to American technology. G42, a holding company focused on artificial intelligence, held talks with the U...

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China industrial overcapacity has peaked, EIU report says

China’s overall manufacturing overcapacity has peaked as global demand picks up in consumer sectors, the Economist Intelligence Unit said, predicting trade tensions will persist due to Chinese companies’ rising competitiveness. “We consider the worst of China’s excess industrial capacity to have already pa...

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Column-China's Iron Ore Imports Rise as Inventories Build: Russell

Iron ore has emerged as the surprise in China's first quarter commodity imports, with arrivals posting strong gains despite the gloom surrounding the key property construction sector. March imports were 100.72 million metric tons, up 3.3% from February's 97.51 million and just exceeding the 100.23 million ...

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INCOME TAX

Bombay HC holds housewife was a mere joint owner, quashes I-T reassessment order

The Bombay High Court has nullified a reassessment order against a housewife, noting that the property was purchased solely by her husband. The Income-tax (I-T) authorities, on noting a high-value transaction of purchase of property valued at more than Rs. 30 lakhs, had held that income had escaped assessment...

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Banking

Banks can't charge additional than key facts statement, says RBI

Banks and other regulated entities cannot charge additional fees throughout the loan term which are not mentioned in the Key Fact Statement without the consent of the borrower, the Reserve Bank of India said in a notification on Monday. The notification said that all new retail and MSME term loans sanctioned...

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RBI imposes restrictions on Pratapgarh-based National Urban Co-op Bank

The RBI on Monday imposed several restrictions on National Urban Co-operative Bank Ltd, Pratapgarh (Uttar Pradesh), including capping withdrawal at Rs 10,000 for customers, in the wake of the lender's deteriorating financial situation. The eligible depositors will be entitled to receive a deposit insurance cl...

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Disclose all loan fees upfront from Oct 1: RBI

In a move to boost transparency, RBI has asked all banks and finance companies to provide borrowers with a key facts statement that includes data on all fees and the annual cost of credit from Oct 1 besides basic loan information. The statement should also provide details on the policy on recovery agents, con...

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GLOBAL ECONOMY

Trade Report
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China's Q1 GDP grows faster than expected on policy support

China’s economic growth beat expectations in the first quarter, as factory output led the expansion bolstering expectations the government can hit its ambitious annual target....

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German Wholesale Prices Fall 3.0% in March

German wholesale prices fell by 3.0% in March compared with the same month last year, according to data released by the federal statistics office on Tuesday. The office offers more detailed economic data on its website....

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UK Jobs Market Cools Again but Worries Remain for Bank of England

Britain's labour market lost a bit more of its inflationary heat, data showed on Tuesday, offering some relief to the Bank of England, but stubborn underlying problems continued with wage growth still high and more people dropping...

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Pakistan Hopes to Secure New IMF Loan as Quickly as Possibly, Finance Minister Says

Pakistan Finance Minister Muhammad Aurangzeb said on Monday he would hold talks with the International Monetary Fund (IMF) during his visit to Washington and hoped to get a new loan agreement in place as soon as possible. Paki...

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INDIAN CORPORATE

Adani Green Energy posts operational capacity increase of 35% YoY at 10,934 MW during FY24

Adani Green Energy Limited on Monday announced that its operational capacity has increased by 35 per cent on-year to 10,934 MW with greenfield addition of 2,418 MW solar and 430 MW wind power plants. This, it added, includes opera...

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Jio Financial-BlackRock JV to launch wealth management, broking business

Jio Financial Services, led by Mukesh Ambani, plans to venture into the stockbroking and wealth management business through an equal joint venture (JV) with US-based BlackRock. The world’s largest asset manager is also Jio’s partn...

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Vodafone Idea to cover 40% revenue base with 5G

Vodafone Idea on Monday said the company plans to cover 40% of its existing revenue base with 5G within the next 2-2.5 years. Following an Rs 18,000 crore capital raise through a follow-on public offering (FPO), the company aims t...

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Making iPhone camera modules in India: Apple in talks with Titan, Murugappa

Apple is in talks with the Murugappa Group and Tata Group's Titan Company to assemble and produce sub-components for iPhone camera modules, according to a report in The Economic Times (ET). Currently, Apple does not have Indian s...

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