BUSINESS
Mumbai gold, diamond players react cautiously to Union Budget
World Gold Council Regional CEO Somasundaram P.R. said that while the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a right step, the hike in Agriculture Infrastructure & Development Cess has brought the overall duty to 15 per cent, same as before.
Credit Suisse stops accepting Adani group bonds as collateral for margin loans: Report
The private banking arm of Credit Suisse has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Electricity Mumbai Ltd. Previously, the bank offered a lending value of around 75% for Adani Ports notes.
Industry hails Union Budget initiatives on 5G, AI
"With the ongoing 5G rollouts in India, the government's decision to establish 100 5G application Labs is a timely move to spur innovation in developing the 5G ecosystem and India relevant use cases," said Manoranjan Mohapatra, CEO, Comviva. There is a great opportunity to combine 5G and AI to improve network speed, responsiveness, and efficiencies, he added.
Gautam Adani is no longer Asia's richest person: Forbes
According to Forbes' real-time tracker, Adani's net worth shrank by another $13 billion on Wednesday, causing him to drop to 15th place on the list of the world's richest people, after starting the day in eighth place. Adani's net worth is now estimated to be $75.1 billion, down $13 billion on Wednesday alone.
Budget strengthens fundamental pillars of inclusivity, sustainability: FICCI
"The announcements made today capture the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path. Most importantly, a historic outlay for public capex is a continuation of the heaving lifting since the time of the pandemic and will have a multiplier effect across myriad sectors of the economy besides crowding in private investment," Subhrakant Panda added.
Union Budget 2023-24: Domestic manufacturing gets push, customs duty on kitchen chimney, toys hiked
However, the budget, tabled in Parliament on Wednesday, doubled the basic custom duty on kitchen chimneys to 15 per cent, on bicycles from 30 per cent to 35 per cent, and toys and parts of toys (except electronic toy parts) from 60 per cent to 70 per cent, increasing the prices of the imported products.
From 'Bahubali' Budget to 'disappointing' one - here's how industry reacted to Budget 23-24
This is a 'Bahubali' Budget. With one arrow, multiple targets have been shot. Fiscal prudence is achieved with lower deficit and the path has been set till FY26. Consumption is supported through tax cuts. Investment outlay is enhanced.
Mixed response to Budget 2023-24 at the bourses
This even though the economists and majority of the industry captains gave a thumbs-up for the budget proposals. The Sensex of the BSE opened at 60,001.17 points, after closing at 59,549.90 points on Tuesday. Itx touched a high of 60,773.44 points and a low of 58,816.84 points.
Life insurance stocks fall up to 10% after Budget pushes for new tax regime
On BSE, LIC was down more than 8 per cent, HDFC Life was down more than 10 per cent, Max Financial was down more than 9 per cent, SBI Life Insurance was down more than 9 per cent while ICICI Prudential Life Insurance was down more than 10 per cent. Vinod Nair, Head of Research at Geojit Financial Services said life insurance players witnessed heavy selling as the Budget pushed for the new tax regime, making insurance products less appealing as a tax-saving tool.
'Budget has provided much-needed oxygen to MSME sector'
Vadodara Chambers of Commerce and Industries president Himanshu Patel, welcoming the Budget, said: "The much needed booster dose has been given by the Finance Minister for the MSME, the tax slab will definitely keep the sector floating. It suffered a major setback in 2020."
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