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Sensex, Nifty trade in green amid positive global cues

Sensex, Nifty trade in green amid positive global cues

The Indian stock indices opened in the green on Friday following positive cues from the global markets.

At 9:22 am, Sensex was up 350 points or 0.44 per cent at 80,592 and Nifty was up 71 points or 0.29 per cent at 24,407.

Midcap and smallcap indices were trading flat compared to largecap. Nifty midcap 100 index was up 40 points or 0.08 per cent at 54,185. Nifty smallcap 100 index was down 12 points at 16,436.

Among the sectoral indices, auto, PSU bank, private bank, financial services, metal and realty were major gainers. Pharma, FMCG and media were major laggards.

According to analysts, on the technical front, Nifty 50 continues to consolidate in a narrow range, forming a neutral candlestick pattern. On the hourly chart, a flag and pole pattern are developing, suggesting a possible bullish breakout."

GST collections surge to record high of Rs 2.37 lakh crore in April

GST collections surge to record high of Rs 2.37 lakh crore in April

India's Goods and Services Tax (GST) collections surged to a record high of Rs 2.37 lakh crore during April, which represents a 12.6 per cent increase from Rs 2.10 lakh crore in the same month last year, official figures showed on Thursday.

The increase in GST collections was driven by the higher level of economic activity and better compliance, a senior official said.

The GST revenue was Rs 2.10 lakh crore in April 2024, which was the second highest collection ever since the new tax regime came into effect on July 1, 2017.

Oil firms slash commercial LPG, jet fuel prices

Oil firms slash commercial LPG, jet fuel prices

Public sector oil companies on Thursday slashed the price of commercial LPG by Rs 14.50 per 19-kg cylinder while the price of jet fuel for airlines was cut by 4.4 per cent.

The price of Aviation Turbine Fuel (ATF) was reduced by around Rs 3,954.38 per kilolitre (1,000 litres) to Rs 85,486.80 per kl, which will come as a shot in the arm for commercial airlines such as Air India and IndiGo as fuel accounts for around 30 per cent of their operational costs.

The price cut follows a steep 6.15 per cent (Rs 5,870.54 per kl) reduction effected on April 1. These two reductions have effectively offset the price increases that occurred earlier this year.

The reduction in fuel prices comes against the backdrop of crude oil prices having fallen to a four-year low in the global market with the benchmark Brent crude hovering at around to $63 a barrel, the lowest since April 2021.

SEBI proposes demat rule for key IPO shareholders to curb physical share risks

SEBI proposes demat rule for key IPO shareholders to curb physical share risks

The Securities and Exchange Board of India (SEBI) has proposed a new rule that could make it compulsory for certain key shareholders to hold their shares in demat form before a company files for an initial public offering (IPO).

In a consultation paper, the capital markets regulator said the rule would apply to directors, key managerial personnel, senior management, current employees, selling shareholders, and qualified institutional buyers.

If approved, the proposal aims to remove risks and inefficiencies linked to physical share certificates, such as loss, theft, forgery, and delays in transfer and settlement.

Currently, SEBI’s regulations already require promoters to dematerialise their holdings before an IPO.

However, the regulator noted that many other important shareholders still hold physical shares even when a company goes public.

This creates a gap in the system and could lead to complications after listing. To fix this, SEBI now wants to expand the rule.

India-Norway ties set to enter a new phase of trust and growth: Piyush Goyal

India-Norway ties set to enter a new phase of trust and growth: Piyush Goyal

Piyush Goyal, who concluded his productive visit to Norway which is the first by a Commerce and Industry Minister from India in over 25 years, stressed that ties between the two nations are set to enter a new phase of trust and growth.

Commerce Minister held separate meetings with Norway’s Minister of Foreign Affairs Espen Barth Eide and the Scandinavian country’s Minister of Trade and Industry, Cecilie Myrseth, to discuss the implementation of the India-EFTA Trade and Economic Partnership Agreement and strengthen bilateral ties between the two countries.

“Concluded my productive visit to Norway, the first by a Commerce and Industry Minister from India in over 25 years,” said the minister on X social media platform.

“My engagements with the political and business leadership in the country give me immense confidence that our ties are set to enter a new phase of trust and growth,” he added.

Govt’s pilot survey into incorporated service sector reveals valuable operational insights

Govt’s pilot survey into incorporated service sector reveals valuable operational insights

Indian enterprises with output of Rs 500 crore and above dominate in terms of asset ownership (62.77 per cent), net fixed capital formation (62.73 per cent), gross value added (69.47 per cent) and total compensation (63.17 per cent), a pilot survey by the Ministry of Statistics and Programme Implementation (MoSPI) into the incorporated service sector showed on Wednesday.

Further, data also revealed that enterprises (having output below Rs 500 crore) account for almost 63.03 per cent of total employment and 36.84 per cent of total compensation.

Overall, 28.5 per cent of enterprises reported having additional places of business within the state.

SEBI warns investors against ‘opinion trading platforms’, cites no legal protection

SEBI warns investors against ‘opinion trading platforms’, cites no legal protection

Capital markets regulator Securities and Exchange Board of India (SEBI) has issued a strong warning to the public against using opinion trading platforms, saying these platforms operate outside its regulatory oversight and offer no protection to investors under securities laws.

In an advisory, SEBI said that some online platforms, referred to as ‘opinion trading platforms’, allow users to trade on the outcomes of yes-or-no events.

The payout depends on whether a certain event happens or not. For example, users may place trades on whether a sports team will win, or if a particular political decision will be taken.

These platforms often use financial terms like ‘profits’, ‘stop loss’ and ‘trading’, giving the impression that they are legitimate investment platforms, SEBI added.

Gold may touch $3,300 per ounce in 2025 amid global worries; INR returns outshine USD: Report

Gold may touch $3,300 per ounce in 2025 amid global worries; INR returns outshine USD: Report

Gold prices could climb to $3,300 per ounce in 2025, driven by concerns over slowing economic growth in the US, increasing geopolitical tensions, and rising fiscal deficits, a new report said on Wednesday.

This has led to renewed interest in gold as a safe investment option, especially as equity markets see corrections, as per a report by Capitalmind Financial Services Private Limited.

The report highlights that gold has proven to be a strong and reliable asset for Indian investors over the long term.

Despite its price volatility in global markets, gold has consistently delivered positive returns in Indian rupee (INR) terms.

In fact, the study points out that gold has never had a negative decade in INR, while it faced two decades of negative returns in US dollar (USD) terms.

Income Tax Department notifies ITR-1, ITR-4 forms for assessment year 2025-26

Income Tax Department notifies ITR-1, ITR-4 forms for assessment year 2025-26

The Central Board of Direct Taxes (CBDT) has notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26.

The returns for incomes earned during the financial year from April 1, 2024, to March 31, 2025, have to be filed using the new forms.

A major change in the ITR forms this year is that ITR-1 (SAHAJ) can be filed for notifying long-term capital gains (LTCG) under section 112A. This is subject to the condition that the LTCG is not more than Rs 1.25 lakh, and the income tax assessee has no loss to carry forward or set off under the capital gains head.

Earlier, ITR 1 did not have a provision to report capital gains tax. This year, taxpayers who have long-term capital gains from the sale of listed equity shares and equity-oriented mutual funds can use ITR-1 to file their tax returns.

RBI approves executive committee to oversee IndusInd Bank operations

RBI approves executive committee to oversee IndusInd Bank operations

The Reserve Bank of India (RBI) has approved the constitution of an interim committee to oversee the operations of IndusInd Bank, which will discharge the duties, roles and responsibilities of the chief executive officer (CEO) of the bank for an interim period until a permanent CEO is appointed, the bank said on Wednesday.

The move comes after IndusInd Bank’s Managing Director and CEO Sumant Kathpalia resigned from his post in connections with the derivatives accounting lapse that has eroded the private sector bank's net worth.

In a stock exchange filing, the bank informed that the committee, comprising Soumitra Sen (Head–Consumer Banking) and Anil Rao (Chief Administrative Officer), will manage the bank’s day-to-day affairs under the supervision of an Oversight Committee of the Board.

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