Stock Market Live Updates: Sensex Down 200 Points, Nifty Near 24,300 As Govt Hikes STT On F&Os

Union Budget 2024 Empowers Every Section of Society: PM Modi

“This Budget strengthens every section of the society. It takes the country’s poor, village and farmer on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty. This is a budget of continuity of empowerment of the new middle class,” says PM Modi in his remarks on Union Budget 2024.

Stock Market Live: Govt Proposes To Set Up E-Commerce Hubs To Promote Exports

The government on Tuesday announced the setting up of hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode.

Finance Minister Nirmala Sitharaman said that these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof.

“To enable MSMEs (micro, small and medium enterprises) and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in PPP mode,” she said.

Commerce Secretary Sunil Barthwal has recently said that a regulatory framework to push the country’s exports through e-commerce medium is expected to be ready by September.

(With PTI inputs)

Govt Proposes to Enhance Import Duty By 5 Pc on Telecom Gear Motherboard

The government has proposed to increase import duty on motherboards, technically called printed circuit boards, by 5 per cent in the Union Budget 2024-25 to boost domestic telecom gear manufacturing.

“To incentivise domestic manufacturing, I propose to increase the BCD (Basic Customs Duty) from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment,” Finance Minister Nirmala Sitharaman said.

The increase in basic customs duty for telecom PCB assembly comes with the exemption of critical minerals that are used in the manufacturing of communication equipment.

Stock Market Live Updates: Copper Futures Slip on Muted Demand

Copper futures on Tuesday fell 1.31 percent to Rs 806.15 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange, copper contracts for August delivery eased by Rs 10.70 or 1.31 percent to Rs 806.15 per kg in a business turnover of 8,330 lots.

Stock Market Live Updates: Aluminium Futures Fall on Low Demand

Aluminium prices on Tuesday declined Rs 1.05 to Rs 214.10 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market.

On the Multi Commodity Exchange, aluminium for delivery in August fell Rs 1.05 or 0.49 per cent to Rs 214.10 per kg in 3,456 lots.

Stock Market Live Updates: Zinc Futures Down On Muted Demand

Zinc prices on Tuesday fell 1.84 per cent to Rs 253.15 per kilogram in the futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for August delivery traded Rs 4.75 or 1.84 per cent lower at Rs 253.15 per kg in 1,248 lots. Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Union Budget 2024 Aligned With CII Recommendations: Hero Enterprise Chairman

Stock Market Live Updates: Gainers And Losers After Union Budget 2024

Stock Market Live Updates

CII President Hails Union Budget For Growth Focus, Key Economic Interventions

“Growth-oriented, commendable Budget; it has dealt with a number of very important interventions in the economy, to accelerate the growth rate. It has touched very important areas of skilling, agriculture, MSME… It also looked at the areas where reform is required at this stage,” CII President and ITC Limited MD Sanjiv Puri was quoted as saying by PTI.

NSE CEO Gives Union Budget A Perfect 10 For Focus On Employment, Infrastructure

On Union Budget 2024, Ashish Chauhan, CEO of NSE and ex-CEO of BSE says, “I would give 10/10 to this Budget. It is a very focused Budget for employment generation and with a focus on infrastructure development…”

Students Welcome Govt's Rs 10 Lakh Loan Support For Higher Education

Govt Announces Import Duty Exemption for 25 Critical Minerals, Including Lithium

Finance Minister Nirmala Sitharaman announced in her budget speech on Tuesday an import duty exemption for 25 critical minerals, including lithium. India has been exploring avenues to secure supplies of lithium, a crucial raw material used in electric vehicle batteries

Stock Market Live Updates

Jewellery Stocks Surge After Govt Cuts Basic Custom Duty on Gold, Silver

Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.

On the BSE, the stock of Senco Gold zoomed 6.16 per cent to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49 per cent to Rs 313.90 and PC Jeweller jumped 5 per cent to trade at Rs 74.16 — also its upper circuit limit.

Tax Hikes On Futures And Options Align With Economic Survey, Regulatory Concern

The tax hikes on futures and options are in line with the government’s concerns expressed in the economic survey and the markets regulator’s worries over the increase in speculative trading, said Sunil Gidwani, partner at tax firm Nangia Andersen.

Stock Market Live Updates: Centre Hikes Taxes On Equity And Derivatives Trading Gains

The Central government raised the tax rate for equity investments held for less than one year to 20% from 15% and for shares held for more than 12 months to 12.5% from 10%, Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday.

The government also increased the tax on transactions in equity derivatives segment to 0.02% and 0.01%. The Indian stock market declined after the announcements, which analysts said could have a negative impact on the markets in the short term.

Stock Market Live Updates

Stock Market Live Updates: Govt to Abolish Angel Tax on Investments in Startups

Minister Nirmala Sitharaman on Tuesday announced abolishing angel tax for all classes of investors in startups. In her Budget speech, she also announced various changes with respect to tax rates for e-commerce players and certain financial instruments in the context of long-term capital gains.

“First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said. The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them.

FM Proposes Increase in STT Rates for F&O, Introduces Tax on Share Buyback Income

Finance Minister Nirmala Sitharaman on Tuesday proposed significant changes affecting investors during her budget speech today. She announced a hike in Securities Transaction Tax (STT) rates on Futures and Options (F&O) transactions and introduced taxation on income received from share buybacks.