Author: Kushal Dixit

India’s Forex Reserves reach $600B, 5-month high, India’s foreign exchange reserves have surged to a 15-month high, reaching $609.02 billion as of July 14, 2024. This significant growth is attributed to revaluation gains from a weaker U.S. dollar and reduced U.S. Treasury yields. The Reserve Bank of India’s strategic interventions and steady foreign investments have stabilised the rupee and bolstered the reserves. This robust forex reserve position provides India with a crucial cushion against external economic shocks and ensures greater economic stability and confidence in the country’s financial outlook. India’s Forex Reserves Reach a 15-Month High As of July 14,…

NSE’s Special Pre-Open Session: RIL & Jio Financial, Jio Financial Services will be included in the Nifty 50 and other indices at a fixed price until its official listing on exchanges. Upon listing, the dummy symbol will be replaced with an actual symbol, and JFS will be part of the index temporarily. However, it will be removed from all indices after the third day of trading at the market-determined price. NSE’s Special Pre-Open Session for RIL on July 20 The National Stock Exchange of India (NSE) NSE’s Special has scheduled a special pre-open session for Reliance Industries Limited (RIL) on…

OLA Advances Plan for IPO: Electric Scooter Surges as Ola Electric Mobility Pvt. is reportedly mulling over an earlier initial public offering (IPO) due to the remarkable success of its electric scooters in India. The company, led by founder Bhavish Aggarwal, initially intended to wait several years before going public. However, the overwhelming response to their electric scooters, capturing a significant 38% market share, has prompted a potential acceleration of their IPO plans. Strong Market Response Drives Accelerated IPO Plans Ola Electric Mobility, supported by prominent investors such as SoftBank Group Corp. and Tiger Global Management, has witnessed an exceptional…

Credit Cars Spending and The number of credit cards in circulation in India has surged, with over 5 million new cards issued since January. Recent data from the Reserve Bank of India reveals that the total number of credit cards has hit a record-breaking 87.4 million. This significant increase in Credit Card Spending indicates a growing acceptance and usage of credit cards among individuals in the country. Credit Card Spending Reaches Record High in May In May of the current year, credit card spending in India reached a record high of Rs 1.4 lakh crore, surpassing the previous high of…

Avoid ITR Mistakes: Accurate Reporting and Eligible Deductions Save Taxpayers from Penalties and Legal Action. Stay Compliant to Prevent Tax Evasion Charges. Importance of Accurate ITR Filing to Avoid ITR Mistakes Accurately reporting income and claiming eligible deductions in your income tax return (ITR) is of utmost importance to ensure compliance with tax regulations and avoid potential legal trouble. Filing your tax return requires providing an accurate account of your income and claiming deductions and exemptions based on applicable tax laws. Wrongfully claimed deductions can result in ITR Mistakes penalties and even criminal charges. Tax authorities have the right to…

Setback for Elon as Tesla’s plan to enter the Indian market “as soon as humanly possible” after CEO Elon Musk’s meeting with Prime Minister Narendra Modi in the US doesn’t seem to be receiving significant support. Despite initial praise from Musk, the electric car company is facing challenges in gaining traction in India. Finance Ministry Denies Duty Waivers for Tesla poses setback for Elon The Finance Ministry of India has made it clear that it is not considering any duty waivers for Tesla, which has significant implications for the company’s plans to enter the Indian market.This decision comes after Tesla CEO…

Federal Bank

The 50th GST Council meeting brought forth a significant announcement for the online gaming industry, as the council decided to levy a 28% Goods and Services Tax (GST) on online gaming, horse racing, and casinos. This decision poses a setback for online gaming companies operating in India. GST’s Impact on Gaming. GST Council Imposes 28% Tax on Online Gaming The Goods and Services Tax (GST) Council recently decided to levy a 28% tax on online gaming in India. The tax applies to the total amount of money collected by gaming companies from players and includes both games of skill and…

Utkarsh Small Finance Bank, based in Varanasi, announces its ₹500 crore IPO, set to open on July 12 and close on July 14. Anchor investors can begin bidding from July 11. Utkarsh Small Finance Bank IPO Details Utkarsh Small Finance Bank, headquartered in Varanasi, Uttar Pradesh, is preparing to launch its initial public offering (IPO) to the public. The IPO is scheduled to open for subscription on July 12 and will conclude on July 14. Prior to the public subscription, anchor investors will have the opportunity to participate in an auction on July 11. The bank expects the allotment of…

Bajaj Finance shares soar 8%, marking their largest daily gain in almost a year. The stock reaches a near two-year high, closing at ₹7,868 apiece on the NSE, up 7.3% from the previous close. This surge extends the stock’s winning streak to six consecutive sessions. Bajaj Finance Reports Strong Q1 Performance Bajaj Finance, a subsidiary of Bajaj Finserv, has recently released its business update for the first quarter of the fiscal year 2024. The company’s shares witnessed a significant surge, reaching a near two-year high and posting their biggest single-day gain in almost a year. This positive momentum was fueled…