Finance Secretary: "No Conscious Discrimination" Regarding the Center-States Funds Row

According to TV Somanathan, the finance secretary, financial allocations to states—whether through tax devolution or money from federally sponsored welfare programs—are determined by consistent rules that prohibit discrimination. She made this statement in an exclusive interview with NDTV. The remarks made by Mr. Somanathan coincide with a day after a heated argument between Congress MP Adhir Ranjan Chowdhury and Finance Minister Nirmala Sitharaman over claims that non-BJP states are "deprived of (financial) dues.""In the operation of the Finance Ministry as regards funding to states, we go by formulae that have been laid down by the Finance Commission... we have not discriminated, for or against, any state government," Mr. Somanathan explained today, emphasizing what the Finance Minister had stated.There doesn't seem to be any intentional discrimination, but I won't get into the political aspects."   He stated that the distribution of GST, or the sharing of tax revenue, is based on percentages established by the Finance Commission and examined by the Comptroller and Auditor General. Bengal and Punjab, among other states, have regularly claimed withholding dues. This issue has been contentious for years. He emphasized that these were immutable and that funds were disbursed in accordance with the guidelines; yesterday, Ms. Sitharaman reiterated this and added that she was unable to modify them "as per my whims".   According to Mr. Somanathan, the distribution of funds for the center's sponsored schemes is also based on predetermined percentages: 60-40 for "mainstream" states and 90-10 for northeastern or hill states.   We disburse money in percentages, so long as the prior installment was used, the funds will be disbursed. Thus, I can state unequivocally that the Finance Ministry is nondiscriminatory. I am unable to comment on the complaints that some states may have regarding the Finance Commission's percentages.However, we have followed the Finance Commission's recommendations exactly," Mr. Somanathan stated.   In response to a query regarding the conflict between the center and the ruling Trinamool Congress of Bengal—wherein Chief Minister Mamata Banerjee staged a protest event last week to demand the state's "dues"—the Finance Secretary informed NDTV that the Prime Minister's Office had emphasized that Bengal receive its fair share.

IndiGo Q3 profit more than doubles to Rs 2,998 crore

IndiGo’s parent InterGlobe Aviationon on Friday reported more than doubling of its profit after tax to Rs 2,998.1 crore in the three months ended December 2023, as it remained profitable for the fifth straight quarter. In the year-ago period, the profit after tax stood at Rs 1,422.6 crore. “For the third quarter of financial year 2024, we reported a profit after tax of 30 billion rupees with a profit after tax margin of 15.4 per cent. With these 5 consecutive quarters of profit we continue to recover from the losses of Covid and have now become net worth positive again,” IndiGo CEO Pieter Elbers said in a release. The company’s total income in the third quarter of the current fiscal rose to Rs 20,062.3 crore from Rs 15,410.2 crore in the same period a year ago. “For the quarter, our passenger ticket revenues were Rs 171,572 million, an increase of 30.3 per cent and ancillary revenues were Rs 17,600 million, an increase of 23.8 per cent compared to the same period last year,” the release said.IndiGo is the country’s largest airline.  

Infra focus, fiscal prudence are positives for street

The interim Budget on Thursday maintained the government’s focus on infrastructure development while surprising the street with its fiscal deficit target. In an election year, the government resisted the temptation to announce populist measures. For Financial Year 2024-25 (FY25), capital expenditure (capex) was hiked 17 per cent to Rs 11.1 trillion. In FY24, capex was hiked by 33 per cent. The fourth straight hike is expected to take the capex to gross domestic product (GDP) ratio to 3.4 per cent in FY25 compared to 3.2 per cent in FY24.   ICICI Direct Research said capex growth is on a high base of the last four years and has tripled in that period, resulting in a multiplier impact on economic growth and the moderation in the interim Budget was on expected lines. The key takeaway was the aggressive fiscal deficit target of 5.1 per cent for FY25 compared to the market expectation of 5.5 per cent. The government said it is on course to hit the sub-4.5 per cent number for the metric by FY26. Its expectations are based on higher tax collections, dividends from the Reserve Bank of India and public sector companies, and control on expenditure.  With the fiscal deficit in check, the government’s market borrowing in FY25 is expected to be Rs 14.1 trillion compared to Rs 15.4 trillion in FY24. HSBC said small savings have played an important role in funding the fiscal deficit. The savings funded 27 per cent of the fiscal deficit in FY24 compared to 23 per cent in FY23.   However, India Ratings and Research said the system-wide capex growth hinges on continued recovery of state spending (up 42 per cent year-on-year in the first eight months of FY24) and hope of acceleration in tentative recovery in private sector capex. The states account for two-thirds of overall capex. In a flat market on Thursday, the Nifty PSU Bank Index was the biggest gainer among sectoral indices by jumping 3.1 per cent. Among other sectors, sentiment was also positive in the logistics space as the three largest listed companies by market capitalisation registered gains between 1-5 per cent.  The interim Budget announced a new housing scheme for the middle class as the ongoing Pradhan Mantri Awas Yojana (Grameen) aims to build crores of new homes. The proposals for housing and infrastructure development are expected to boost the real estate and building materials sectors. However, the Nifty Realty and the building materials companies ended in the red. The interim Budget did not have major measures in the consumer space. Consumption is weak, especially in rural India, as indicated by corporate earnings for the last few quarters. The Budget doesn’t provide any near-term solution for quick revival for consumption, said Motilal Oswal Financial Services.  

Budget offers lower borrowing plan, 10-year bonds suffer 8-month steepest fall of 8bps

India's 10-year bond yield fell 8 basis points, making its steepest fall in the last eight months, after the government surprised with a lower-than-expected borrowing programme in its Union Budget for FY25. The 10-year bond yield ended at 7.07 percent, down 8 basis points, its maximum fall since May 3, 2023, from its previous close of 7.14 percent. The government announced Rs 14.13 trillion in the fiscal year starting April 1. A Moneycontrol poll estimated around Rs 15-16 lakh crore for the fiscal year 2024-25, with net borrowing estimated at Rs 11.50-11.75 lakh crore. The net borrowings, adjusted for maturities, are planned at Rs 11.75 trillion for the next fiscal year, according to Finance Minster Nirmala Sitharaman. Analysts said the borrowing programme is lower than expected as India prepares for big foreign inflows on global index inclusions. In FY24, the Centre declared the gross market borrowing at Rs 15.43 lakh crore, marking an 8.6 percent increase from the borrowing in 2022-23. "While the net borrowings for FY25 are in line with our expectations, lower-than-expected gross borrowings possibly could be attributed to the government utilising its surplus from the GST compensation fund (a public fund) to pay off their debt for FY25 to RBI or market participants, leading to a difference of Rs 1.24 trillion between actual total redemption and the (lower) market loan redemption taken in the budget.  

The defense budget for 2024–2025 is estimated to be ₹ 6.21 lakh crore in the interim budget.

The government on Thursday unveiled an ambitious plan for "deep-tech" technologies in the military sphere and modestly raised the defense budget from ₹ 5.94 lakh crore to ₹ 6.21 lakh crore for 2024–2025.  A sum of ₹ 1.72 lakh crore was allocated to the military for capital expenditures, which primarily comprise the acquisition of new weaponry, aircraft, warships, and other military hardware, in the interim Union budget that Finance Minister Nirmala Sitharaman presented in Parliament. The budgetary allotment for capital expenditure in 2023–2024 was ₹ 1.62 lakh crore.The finance minister also announced that a new scheme will be launched for strengthening deep-tech technologies for defence purposes and to expedite 'atmanirbharta' or self-reliance in the area.The Ministry of Defence (Civil) will receive ₹ 15,322 crore, the defense services will receive ₹ 2,82,772 crore, and defense pensions will receive ₹ 1,41,205 crore. The total revenue expenditure has been estimated at ₹ 4,39,300 crore. Amounts ₹ 40,777 crore and ₹ 62,343 crore, respectively, have been set aside for aircraft and aero engines and "other equipment" in the capital outlay for defence services. ₹ 23,800 crore has been allocated for the naval fleet, while ₹ 6,830 crore is for projects involving naval dockyards. The Indian Air Force incurred the largest capital outlay of ₹ 57,137.09 crore in the budget for 2023–24. This amount comprised ₹ 15,721 crore for the purchase of aircraft and aero engines and ₹ 36,223.13 crore for other equipment. For 2024–2025, the Army's revenue expenditure is estimated to be ₹ 1,92,680 crore, while the Navy and Indian Air Force will receive ₹ 32,778 crore and ₹ 46,223 crore, respectively.The overall defense budget allocation, according to Dr. Laxman Kumar Behera, Associate Professor at the Jawaharlal Nehru University's Special Centre for National Security Studies, is modest overall and reflects the government's priorities for the military.   "The allocations did not show any lack of commitment to the armed forces," he stated to PTI.Additionally, Dr. Behera characterized the ₹ 10,000 crore increase in capital expenditure outlay as a "healthy sign".         

India’s Crypto Industry Misses Mention in FM’s Budget 2024 Speech, No Change in Taxes

"Social media platforms have been inundated with posts from the Indian crypto and Web3 industries pleading with the government to ""ReduceCryptoTax"" for days now. In the interim budget speech she gave to the parliament on Thursday, February 1, India Finance Minister Nirmala Sitharaman did not even bring up the cryptocurrency industry, despite the outcry. Members of the industry feel a little ignored and let down by this. The business community does not, however, give up hope that the elected government's finalized budget may undergo some modifications following the conclusion of India's general elections later this year.   During her hour-long speech, Sitharaman stated that no tax changes are being implemented at this time.   ""We believe crypto and virtual digital assets can be a force multiplier in achieving 'Viksit Bharat' by empowering individuals at the grassroots level,"" WazirX vice president Rajagopal Menon said in response to the development. Given that India is at a turning point in the cryptocurrency revolution, provisions for long-term financing of domestic crypto projects will benefit both digital public infrastructure and the PM's goal for ""Anusandhan"" (research). We anticipate that these developments will be taken into consideration by the government in addition to our current requests for a reduction of TDS rates to 0.01 percent and an offset of trader losses." The hashtag #ReduceCryptoTax has been trending on X in India since last week, and thousands of posts have called for an update to the country's crypto tax laws. India implemented a 30 percent tax on all cryptocurrency profits in July 2022, in addition to imposing a one percent tax deduction on each cryptocurrency transaction. Industry insiders claim that this tax structure has caused a decline in cryptocurrency-related activity in India, which has resulted in the migration of Web3 talent and businesses to countries with more hospitable tax regimes. Numerous cryptocurrency companies in India have even declared layoffs, citing a decline in users and inquiries about the industry.The three demands from the cryptocurrency community were anticipated to be addressed in this budget: carrying forward losses, similar to stock gains, and flexible tax slabs with a TDS reduction from one percent to 0.01 percent on each transaction.However, these recommendations from the cryptocurrency industry have not been taken into consideration for this interim budget. The finance minister did make an announcement about a plan to provide a 50-year interest-free loan of Rs. 1 lakh crore to assist India's youth, which is seen favorably by the crypto community.      

Board Appointments Announced by Lazard, Inc., Effective February 1, 2024

With effect from February 1, 2024, Lazard, Inc. announced the appointment of former PayPal CEO Dan Schulman and former US Chairman and Managing Partner of the Americas for Ernst & Young to its board of directors. As the CEO of PayPal, Dan Schulman, an accomplished executive and board member, oversaw the company's metamorphosis to completely change the way consumers transfer and manage money. At the moment, he is a member of the boards of Verizon Communications and Cisco Systems.Previous executive positions include CEO and President of Priceline Group, President at Sprint Nextel Corporation, Group President at American Express, and founding CEO of Virgin Mobile USA. Additionally, Mr. Schulman worked with AT&T for eighteen years, holding a number of positions, including President of the Consumer Markets Division. In addition to being vice-chair of the Economic Club of New York, he is on the boards of the Cleveland Clinic and the Council on Foreign Relations.He graduated from Middlebury College with a B.A. and New York University with an M.B.A. Stephen R. Howe Jr. is a highly esteemed CEO, member of boards, and specialist in corporate governance, audit, and financial services. He worked for Ernst & Young for 35 years. From 2012 to 2018, he guided the company to double-digit yearly growth in his most recent position as US Chairman, Managing Partner for the Americas, and a member of the Global Executive Board.Leading the Financial Services sector practice and managing client service teams for international financial institutions were among the previous positions held by the firm. At the moment, Mr. Howe is a member of the Royal Caribbean board. He is a member of the Liberty Science Center Board, the Peterson Institute for International Economics Board, and the Carnegie Hall Board of Trustees.  

Budget 2024 For a few hours of Budget presentation, preparations start 6 months in advance know why

Union Budget 2024: On Thursday, February 1, 2024, Finance Minister Nirmala Sitharaman is scheduled to deliver the Interim Budget 2024. Every budget includes some items that address the needs of various government agencies, states, union territories, and citizens from all walks of life in India. For those in business and the salaried class, it is one of the most anticipated occasions of the year. During their potentially multi-hour speech, the finance minister makes several significant announcements. But it takes six months to develop the budget that is presented in a few hours. Are you aware of the reason? Be aware of thisInterim Budget 2024: What can we expect when Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 on February 1, 2024? A member of the salaried class for tax breaks; an entrepreneur for programs that support entrepreneurs; an experienced businessman for regulations that can protect their company or boost their earnings.For this reason, most Indians pay attention to the significant statements made by the finance minister during their annual speech. These announcements contained in the budget speech could be made in a few minutes or several hours. However, the preparation time for a speech that lasts only a few hours is about six months.Interim Budget 2024: On February 1 at 11 a.m., Union Finance Minister Nirmala Sitharaman is scheduled to read the Interim Budget 2024 in the Parliament. The Interim Budget, which will implement the major decisions taken by the Center, is the focus of attention. Prior to the Lok Sabha elections, the departing government presents the interim budget during the budget session. After winning the Lok Sabha elections, the newly formed government then presents the comprehensive budget.In addition to discussing the government's accomplishments since 2014, FM Sitharaman's Interim Budget is anticipated to look ahead to Amrit Kaal in 2047. Similar to the previous interim budget, the Budget 2024 paper is anticipated to provide historical context, assess the current situation, and outline plans for the future. A summary of the government's anticipated revenue and outlays through the formation of the next government is the primary purpose of the interim budget. A comprehensive budget, on the other hand, addresses every facet of government funding, including receipts and outlays as well as allocations and policy declarations. A full-year budget outlines the nation's economic course for the whole fiscal year and acts as a strategic plan. The financial data for the transitional phase is provided by the interim budget.The timeline for presenting an interim budget is identical to that of the Union budget during a regular fiscal year. The Interim Budget has grown in importance for the ruling administrations in recent years as a tactical instrument for national elections. It enables them to outline the ruling party's economic strategy and provide justification for reelection.Some significant modifications were announced by former FM Piyush Goyal in the most recent interim budget: > Earnings up to Rs 5 lakh are exempt from income tax; individuals with gross incomes up to Rs 6.5 lakh are exempt from paying taxes if they invest in authorized stocks and provident funds. The TDS level on interest on bank and post office deposits was raised from Rs 10,000 to Rs 40,000. The TDS barrier on rental income was increased from Rs 1.8 lakh to Rs 2.4 lakh. The standard tax deduction for salaried individuals was raised from Rs 40,000 to Rs 50,000. I-T will process returns in a day.> In the following two years, all tax return verification will be completed electronically without involving the taxpayer. a bundle of Rs.The 74-page report, "The Indian Economy: A Review," authored by Chief Economic Advisor V Anantha Nageswaran, was delivered by the NDA administration this year. It provided an assessment of India's economy and outlined difficulties for the upcoming fiscal year. "This is not the Department of Economic Affairs' Economic Survey of India. Following the general elections, it will take precedence over the entire budget. The paper titled "Indian Economy–A Review" stated, "This review offers a brief sketch of the outlook for the economy in the coming years and takes stock of the state of the Indian economy and its journey over the last ten years." Following the presentation of the Interim Budget, a vote-on-account is held by the Parliament. This clause enables the government to secure parliamentaryA complete budget and an interim budget are comparable. One significant distinction is that it covers forecasts for a shorter time frame instead of the whole fiscal year. Without requiring a formal discussion, Parliament can pass a vote-on-account that just addresses spending.  

Google parent Alphabets share price drops 6 percentas ad revenue declines and capex increases.

Wall Street was let down by Alphabet on Tuesday when the company revealed that this year it would be spending more on things like servers that fuel artificial intelligence, despite the fact that holiday-season advertising sales fell short of forecasts.After hours trading saw a 6% decline in Alphabet shares. Alphabet's dominant businesses, Google and YouTube, have been up against competition for advertising budgets from other online platforms like Facebook, Instagram, TikTok, and Amazon.com, all against the backdrop of conflicting U.S. economic indications.The company's fourth-quarter ad revenue increased to $65.5 billion from $59.0 billion the previous year, with retail sales being a bright light. Based on LSEG statistics, that fell short of analysts' average projection of $66.1 billion.According to Thomas Monteiro, an analyst at Investing.com, "Alphabet's disappointing ad revenue numbers suggest that corporations worldwide are still uncertain about the pace of interest rate cuts from global central banks."Google, the creator of the technology that laid the groundwork for the current AI boom, is engaged in conflict with two major competitors in the market: OpenAI, the company that created ChatGPT, and Microsoft, which supports it.Microsoft's Azure grew faster in the same period that Google Cloud's revenue exceeded Wall Street forecasts and growth resumed with a boost from AI.Such AI demands significant investments in data centers, servers, and research. Alphabet's capital expenditures surged by 45% to $11 billion, the biggest level in years. During a conference call with analysts, Chief Financial Officer Ruth Porat stated that this year's capital expenditures will be significantly higher than those of 2023.Technology companies have been reducing staff and shutting down non-priority initiatives in order to save expenses. According to Porat, Alphabet anticipates spending $700 million on severance-related costs in the first quarter.Google is giving its ChatGPT competitor Bard access to a potent model suite dubbed Gemini. A agreement to invest up to $2 billion in the well-known AI firm Anthropic was also made, as it attempts to lure clients away from more established cloud rivals Microsoft and Amazon. Additionally, it is giving advertisers control over Gemini to maintain their financial support for Google's search division.However, because ad purchasers may be deterred by geopolitical and economic uncertainties, AI's boost to advertising may still be some way off. Alphabet's AI initiatives are being investigated by the US, and Google is preparing to file an appeal of a significant antitrust lawsuit that it lost. Alphabet reported $20.7 billion in profit for the fourth quarter."BETTER THAN AN AGENT" During the analyst call, Alphabet CEO Sundar Pichai highlighted the advancements made with AI in various areas of the company, such as posing new queries that Google can skillfully handle. Since OpenAI's November 2022 announcement of ChatGPT, which demonstrated to the public how so-called generative AI can create fresh text and graphics with a single command, a frenzy has engulfed the technology industry. The possibility of AI "agents" managing human demands with more autonomy has also increased with advancements.When asked about Google Assistant, the company's digital assistant, Pichai stated that artificial intelligence (AI) "allows us to act more like an agent over time" and "go beyond answers and follow through for users even more." Investor interest in Google Cloud has increased as Alphabet concentrates on artificial intelligence. The segment turned a quarterly profit for the first time last year, but as clients reduced their cloud expenditure, sales growth slowed. While Google has promoted competing technologies, Microsoft has been a formidable foe, integrating AI into its cloud and productivity suite, which has long been adopted by corporations.Pichai informed investors that cloud expansion was being encouraged by generative AI. With $9.2 billion in sales for the most recent quarter, Google Cloud exceeded analyst projections of $8.9 billion. While it was less than the 32% growth in the same quarter last year, cloud revenue growth had resumed its upward trajectory from the previous quarter, reaching 25.7%. Azure, Microsoft's cloud platform, saw a 30% increase in sales, the company announced on Tuesday.LSEG data shows that Alphabet's total revenue for the quarter ended December 31 was $86.3 billion, versus projections of $85.3 billion.  

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Interim Budget 2024: Expectations for Indirect Taxation

Given that there is a high priority on increasing participation in global value chains, the expectations from this budget from an Indirect Tax standpoint could be around improving the global trade ecosystem, simplification and streamlining of compliance framework, policy measures to cultivate local competencies and exports as well as focus on simplification and certainty in tax policy. The 2024 Interim Budget is set to be presented in Parliament on February 1. Given that there is a high priority on increasing participation in global value chains, the expectations from this budget from an Indirect Tax standpoint could be around improving the global trade ecosystem, simplification and streamlining of compliance framework, policy measures to cultivate local competencies and exports as well as focus on simplification and certainty in tax policy. The Manufacturing and Other Operations in Warehouse Regulations (MOOWR) Scheme has been conceived to encourage domestic manufacturing to participate in the global value chain by offering duty deferment and location flexibility. The changes made through the Finance Act, 2023, which requires payment of Integrated Goods and Services Tax (IGST) and Compensation cess on goods stored in a warehouse for manufacturing, seem to have been an intent to restrict the benefit to customs duty other than IGST and Compensation cess. This change allows for sector-specific carve-outs and at present such a carve-out has been made for electronics and semiconductor manufacturing sectors. Such change in the scheme seems to have raised uncertainty for manufacturers with expansion plans and importing capital goods. To bolster manufacturing and to support export competitiveness, this uncertainty may be addressed in this Interim Budget. Given the intent of the GST system to have a seamless flow of credits across the value chain, degree of compliance by way of e-invoicing, and buoyant tax collections, the fragments of the erstwhile regime with respect to credit restrictions may be reconsidered. Reducing credit barriers, particularly those pertaining to infrastructure, employee-related expenditures, and construction or immovable property could perhaps benefit businesses by unlocking working capital. Like some of the erstwhile state Value Added Tax (VAT) legislations, a mechanism for allowing refund of unutilised GST input tax credits balance at the conclusion of each fiscal year could be explored, regardless of exports or refund towards inverted duty structure.   

Stock Market Today: Sensex, Nifty edge higher as Budget session commences

Indian indices inched higher as trading session progressed on Wednesday ahead of the FY 2024 interim budget to be presented on February 1. Investors will keenly observe the announcements despite the interim nature of the budget. Share Market Updates: Indian benchmark indices opened near flatline on Wednesday’s trading session amid cues from the global market. BSE Sensex opened 58.60 points, or 0.08 per cent at 71,081.30 while Nifty opened 34.80 points, or 0.16 per cent at 21,487.30. However, the indices inched higher as trading session progressed on Wednesday ahead of the FY 2024 interim budget to be presented on February 1. Investors will keenly observe the announcements despite the interim nature of the budget. Observers will keep an eye on any proposals on taxation on investment in capital markets. Commentators say sentiments are running positive ahead of the anticipated budget. Voltas, M&M Financials and L&T Finance remained among top gainers and Nifty 50 Larsen, Indus Towers, Astral Ltd tanked the most. Nifty Bank traded over 1.5 per cent higher. International oil prices climbed on higher global economic forecasts and sustained tension between the US and oil rich Iran. Brent Oil Futures lost 0.22 points, or 0.27 per cent at $82.31 a barrel while WTI futures traded 0.17 points, or 0.22 per cent at $77.65 per barrel. Indian Rupee closed today’s trade 8 paisa stronger at 83.11 against the American currency. Indian currency opened flat at $83.11 vs Tuesday’s close. The US dollar index gained 0.20 points, or 0.20 per cent 103.42. Asian markets remain mixed after China posted below the expectation industrial results. Chinese manufacturing contracted in January for a fourth straight month, reflecting weak demand and a faltering recovery. Nikkei gained 0.61 per cent and Kospi fell 0.07 per cent. NASDAQ 100 futures slid 0.8 per cent after several tech companies posted Q4 results that fell below the expectations of market analysts. Shares of tech giant Alphabet tanked by 5 per cent while Apple shares fell nearly 1 per cent. Dow Jones Industrial Average ended with minor gains with 133.86 points, or 0.36 per cent at 48,467.31 while S&P 500 ended 2.96 points, or 4,924.97 lower.  

Walmart announces 3-for-1 stock split

Walmart said on Tuesday it will carry out a stock split of its outstanding shares at a ratio of 3:1, as part of its ongoing review of optimal trading and spread levels.Shares of the big box retailer rose 1% after the bell. The company said the stock split would increase the number of outstanding common stock to about 8.1 billion from about 2.7 billion.The additional shares will be payable after market close on Feb. 23, Walmart said.  Walmart announced a three-for-one stock split on Tuesday as the retailer's shares sit just below their all-time high. The company said the additional shares will be payable after the market closes Feb. 23 to shareholders of record as of the previous day. Walmart's stock will start trading on a post-split basis Feb. 26. Walmart said it chose to break up shares in part to allow more employees to buy into its stock purchase plan. The company "felt it was a good time to split the stock and encourage our associates to participate in the years to come," CEO Doug McMillon said in a statement.Walmart shares rose about 1% in extended trading. The big-box retailer thrived in the last year as many of its rivals stagnated. As the largest grocer in the U.S., it could withstand pressures on discretionary spending that tripped up competitors.Walmart's sales climbed to $160.80 billion in the third quarter, a roughly 5% increase from the previous year. The company plans to report earnings for the holiday quarter next month. The stock closed Tuesday at $165.59, shy of the all-time high of $169.94 it hit in November. Walmart shares have climbed about 5% this year.The company has done 11 two-for-one stock splits in its history. The most recent came in 1999. The stock split comes as Walmart tries to boost employee benefits and loyalty. Earlier this month, the company said it would increase store manager wages to an average of $128,000 per year and change its bonus program to make managers eligible for a bonus of up to 200% of their base salary.  

Stocks & sectors likely to benefit from 2024 Interim Budget

Companies building roads, ports and airports are on traders’ watchlist as Prime Minister Narendra Modi’s administration is set to present its last budget before the national elections. Shares linked to rural spending and state-owned firms are likely to be a focus area in Finance Minister Nirmala Sitharaman’s budget speech on Thursday, as policymakers seek ways to boost demand in the vast rural hinterland. Development of highways, tunnels and power plants is among the key focus areas for the government, which has more than doubled its capital spending over the last three years. Modi has made infrastructure building a cornerstone of his economic policy, helping India expand faster than any other major economy. The optimism seeped into the nation’s stock markets, which have advanced in all but one year since Modi first came to power in 2014. The enthusiasm has waned a bit this month, with foreign investors taking out more than $2.6 billion from local equities.The Feb. 1 budget is an interim one until a new administration takes office. It will still be keenly followed as the proposals would provide an indication on the government’s assessment of the economy, with Modi widely expected to win a third term in the elections due around April-May.   

IndiGo’s Delhi-Baku flight takes off without ATC clearance

The Directorate General of Civil Aviation (DGCA) has off-rostered two IndiGo pilots after the airline’s Delhi to Baku flight allegedly took off on Monday night without clearance from the air traffic controller.Sources at Indira Gandhi International Airport said that IndiGo’s 6E 1803 from Delhi to Azerbaijan’s Baku at 7:38 p.m. on Monday took off without a departure clearance from the air traffic controller.The pilots of an IndiGo flight from Delhi to Baku have been removed from flying duty with the Directorate General of Civil Aviation (DGCA) investigating whether they took off without the required air traffic control (ATC) clearance.The flight to the capital of Azerbaijan departed at around 7:38 pm on January 29.IndiGo said the incident is currently under investigation and appropriate action will be taken as necessary. This comes amid a series of incidents in recent days involving IndiGo and the action taken against the airlines by aviation bodies. The Bureau of Civil Aviation Security (BCAS) had imposed a fine of Rs 1.2 crore on IndiGo after passengers were seen sitting on the tarmac and eating food while waiting for their delayed flight.Around the same time as the tarmac incident, a frustrated passenger was also caught on camera hitting the pilot of an IndiGo flight while the latter was making an announcement regarding delays.Other passengers, including actor Radhika Apte, have been sharing their harrowing experience with IndiGo for the past several weeks as they slam the airlines over cancellations, unreasonable delays and not meeting the standards.    

From February 1, You Can Send More Money Through IMPS: Key Details

The National Payments Corporation of India (NPCI) announced new changes for the Immediate Payment Service (IMPS) online bank transaction system in October 2023. As per NPCI’s circular shared in October, customers will be able to transfer up to Rs 5 lakh between bank accounts without adding a beneficiary starting February 1. The regulatory body has also asked all members to comply with the directive for initiating and accepting fund transfers via mobile number and bank name on all IMPS channels by January 31.What is IMPSIMPS is a 24x7 instant domestic funds transfer system. This online bank account transfer system has played a crucial role in transforming the financial landscape of India. To ensure both accuracy and speed, it facilitates real-time fund transfers with a deferred net settlement between banks. How this will help usersWith the new changes implemented, users will soon be able to transfer up to Rs 5 lakh using IMPS. For such transactions, users won’t need to input recipient details like mobile numbers, bank account names, account numbers or IFSC codes.The recent update is set to eliminate the need for users to input tedious beneficiary details during transactions. Users will be able to execute fund transfers with a simplified process that only requires the recipient's mobile number and bank name.  

Range Rover Evoque facelift launched in India at Rs 67.90 lakh

JLR India has launched the Range Rover Evoque facelift at a starting price of Rs 67.90 lakh (ex-showroom). Available in Dynamic SE trim only, the SUV comes with a moderate exterior update, while the interior has been tweaked significantly. The powertrain options remain same. The Range Rover Evoque facelift gets new headlamps and LED DRLs. The latest family grille design now provides a unified look across the Range Rover brand. The SUV has a coupe-like silhouette, floating roof, flush deployable door handles, and new alloy wheels. Among the exterior colour options are Tribeca Blue, Corinthian Bronze, Narvik Black and Corinthian Bronze. The new Range Rover Evoque comes with the latest-generation Pivi Pro infotainment technology, which can be accessed by a fresh 11.4-inch curved glass touchscreen. Pivi Pro supports smartphone connectivity with wireless Apple CarPlay and Android Auto. There is a wireless charging option as well. The climate, seating and audio volume controls are visible via new sidebars, featuring multi-functional sliding controls on either side. While starting a journey, drivers are presented with a pre-drive panel for fast access to commonly used features, such as window demisters, and heated and cooled seats.The Range Rover facelift is also claimed to offer one of the most sophisticated suites of camera technologies in its class with a 3D surround view, clearsight ground view and clearsight interior rearview.  There is a fresh centre console design with a new gear shifter. Additionally, there is new detailing, including Moonlight chrome on the steering wheel, centre console trim and air vents. Like before, there is a panoramic sunroof. The new Range Rover Evoque gets Cabin Air Purification Plus tech, featuring PM 2.5 filtration and carbon dioxide management. The SUV has a couple of engine options -- 2.0-litre petrol (247hp and 365Nm) and 2.0-litre Ingenium diesel (201kW and 430Nm). Both engines, with mild-hybrid electric tech, come mated with a 9-speed automatic transmission.  

Samsung Galaxy S24 Ultra Review: The most feature packed flagship

Over the past couple of years, Samsung has consistently launched flagship devices at the beginning of the year, and these devices often maintain their top positions in the market throughout the year. The latest addition to this trend is the Samsung Galaxy S24 Ultra, unveiled at the global 'Galaxy Unpacked' event in San Jose. After using the device for the past 10 days, it has left a positive impression. The device is priced at ₹1,29,999, slightly higher than last year's S23 Ultra. But is it worth the investment? Let's delve into the details. I have hands-on experience with previous Ultra models, including the Note series, and the S24 Ultra has made significant advancements. Samsung has slimmed down the sides for this year's model, making it a delight to hold. The titanium frame adds a touch of sophistication, and the phone feels slightly lighter compared to last year's device. On the right edge, you'll find the power and volume buttons, while the bottom edge features the lone USB-C port and a slot for the S Pen. The S Pen employs the tried-and-tested push mechanism for easy ejection, making it convenient to grab even when not directly looking at the screen. Despite its lightweight feel, the stylus appears to be durable. The S Pen is very responsive to the S24 Ultra's display. I appreciate its versatility for note-taking, colouring, drawing, and the added functionality of using the S Pen button as a remote camera shutter. The phone features a 120 Hz adaptive refresh rate and a 6.80-inch touchscreen display, protected by Gorilla Glass Armor.  Let’s just say the 6.8-inch 1440 x 3120 OLED screen is the centrepiece of the S24 Ultra. It is perfectly sharp and crisp and with the huge screen, the viewing experience is delightful. The display is exceptionally bright, providing no difficulty in reading emails and messages outdoors, even under direct sunlight. With a brightness of 2,600 nits, a 40% upgrade over the S23 Ultra, and the added protection of Gorilla Glass Armor with an effective anti-reflective coating, the S24 Ultra's screen ensures both durability and visual clarity.  

Piramal Enterprises suffers ₹2,378-crore Q3 loss due to AIF provisioning

Piramal Enterprises Ltd, the financial services arm of the Piramal Group, on Monday (January 29) reported a consolidated net loss of ₹2,377.6 crore for the third quarter that ended December 31, 2023. The exceptional loss of ₹3,339.8 crore has to do with its investments in alternative investment funds (AIFs). In the corresponding quarter last year, Piramal Enterprises posted a net profit of ₹3,545.4 crore, the company said in a regulatory filing. The company's revenue from operations declined 11.9% to ₹2,475.7 crore against ₹2,811.2 crore in the corresponding period of the preceding fiscal. The total assets under management (AUM) is up 6% quarter-on-quarter and 9% year-on-year, excluding the impact of AIF provisions. Provisions of ₹3,540 crore, taken according to RBI circular on AIF investments, led to a reduction in AUM. The company remains confident of the full recovery of the AIF investments. Interest income also fell to ₹1,931 crore from ₹2,006 crore in the year-ago period. However, the total expenses of the company stood at ₹2,414 crore against ₹2,807 crore in the same period a year ago, Piramal Enterprises said. Ajay Piramal, Chairman of Piramal Enterprises Ltd, stated, "In response to the RBI circular issued in December, we made complete provisions for our investments in AIFs, subsequently removing them from our AUM. Our confidence in the full recovery of these investments remains strong, which is evident in the positive payment record thus far. We have made substantial enhancements to our net interest margins, achieved robust fee income growth, and optimized opex (operating expense) ratios to deliver a strong core operating profit. Our commitment is to further enhance profitability by optimising operating leverage in our growth business and reducing the contribution of the legacy business." On January 27, Piramal Enterprises announced its intention to sell the entire direct investment of 20% of the fully paid-up equity share capital held in Shriram Investment Holdings Pvt Ltd (formerly known as Shriram Investment Holdings Ltd) to Shriram Ownership Trust (SOT), for a consideration of ₹1,440 crore.The transaction is subject to receipt of requisite regulatory approvals by SOT and is expected to be completed before March 31, 2024, PEL had said in a separate regulatory filing. The contribution of SIHPL in the revenue of the company for the year ende