“Direct Tax collection, net of refunds, stands at ₹7.45 lakh crore which is 16.3% higher than the net collections for the corresponding period of last year. This collection is 52.46% of the total Budget Estimates (BE) of Direct Taxes for F. Y. 2022-23,” the finance ministry said in a statement on Sunday.
Saudi Aramco has agreed to buy a 10% stake in a Chinese oil complex for $3.6 billion, and will supply 480,000 barrels of crude oil per day to Rongsheng Petrochemical Co's refinery in Zhejiang over 20 years. Aramco will also provide a $800 million credit to Rongsheng for the purchase. The deal follows an agreement to build a refining and petrochemical complex in China’s northeast.
The Sensex rose 127 points to close at over 57,650 and the Nifty rose to 16,986, in line with positive global cues. It was the highest closing level since February 2020. Banking and financial stocks led the gains.
RBI is expected to pause their interest rate hike and the current 6.5 per cent repo rate could be the terminal rate for now, according to SBI Research. Retail inflation in India fell marginally but remained high in February 2023, leading to RBI's delicate balancing job of either looking forward or looking backwards at the January and February prints in their April policy. US Fed has been on an interest hike spree in the fight against inflation, with consumer inflation moderating in February to 6.0 per cent.
Economists are lowering their forecasts for India's current-account deficit, which is providing a tailwind to the rupee. This is due to favorable trade trends such as a drop in goods imports and strength in services exports, which is attributed to Global Capability Centres set up by large multinational corporations. This trend is expected to continue, however, global volatility and the Reserve Bank of India's aim to build back reserves could adversely impact the rupee.
Flipkart's Chief People Officer has said the company has no intention of making mass layoffs and that they do not hire in thousands. They have also not delayed onboarding freshers and will be joining in June. This is in contrast to Amazon, where over 27,000 employees have lost jobs since January.
On Monday, gold and silver prices in India witnessed a slight decline compared to the previous day. 22-carat gold per gram was Rs. 5,471 and 24-carat gold was Rs. 5,969. Similarly, the rate for silver was Rs. 73.30 per gram. Factors like volatile policies, slowing economic growth and the strength of the Rupee against US dollar determine the prices.
At the 233rd meeting of the Central Board of Trustees of the EPFO, Union minister Bhupender Yadav will lead discussions on issues including the interest rate for FY23-24, higher pension, minimum pension and ceiling wage. Issues such as improving EPFO's coverage and investments in equity instruments may also be discussed.
Elon Musk has valued Twitter at $20 billion, less than half of what he paid for it five months ago. He has also proposed a stock compensation program to employees of X Holdings and said the platform was on the verge of bankruptcy. He believes it can reach $250 billion. However, fragments of Twitter's source code were published on the development platform GitHub, raising security concerns.
From April, mutual fund investors must comply with new requirements, such as declaring a nominee or opting out, linking PAN and Aadhaar, using a one-time password for investments and revalidating KYC records. Failing to comply will lead to frozen investments and invalid KYC profiles.
First Citizens BancShares Inc has agreed to purchase $72 billion of Silicon Valley Bank's assets from the FDIC, at a discount of $16.5 billion. First Citizens has around $109 billion in assets and total deposits of $89.4 billion.
US Federal Reserve chairman Jerome Powell signalled a pause in rate hikes to limit its impact on financial turmoil in the banking industry. 563 banks have failed in the US since 2000, with the largest number during the 2008 financial crisis. The collapse of Silicon Valley Bank and Signature Bank has sent shock waves across the banking sector. Small- and medium-sized banks account for a large proportion of lending in the US, raising the risk of a recession.
In April, banks will be closed for 15 days due to a combination of festivals, second and fourth Saturdays and Sundays. RBI categorises holidays as 'national' and 'regional'. Online financial services remain functional as usual even on non-working days.
The Indian stock markets opened flat on Tuesday, with the Sensex at 57,533 and the Nifty trading below 16,950. Investors are awaiting the Union Budget 2021 to be presented on February 1.
From April 1 2023, taxpayers will be able to select between the old and new income tax regimes. The new regime provides basic exemption limit of ₹3 lakh and highest rate of 30% on annual salary of more than ₹15 lakh. There is a Section 87A rebate available and a standard deduction of ₹50,000. The Income Tax Department has launched a calculator to help taxpayers decide.
Petrol and diesel prices in India have remained steady for nine months. Prices differ from state to state based on local taxes, with petrol in Mumbai at ₹106.31 per litre and diesel at ₹94.27 per litre. Last month, the Centre slashed windfall tax on crude oil and exports, while petrol levy remains nil. Oil prices have fallen 10% this month due to global growth concerns.