Sensex, Nifty updates on 1 February 2024: The Indian stock market experienced heightened volatility following the presentation of the interim Budget. The BSE Sensex fell 106.81 pts or 0.15% to close at 71,645.30 and the NSE Nifty fell 28.25 pts or 0.13% to settle at 21,697.45. Finance Minister Nirmala Sitharaman emphasized the positive transformation of the Indian economy in the last decade. Proactive inflation management contributed to keeping inflation within a manageable range. GST collections for January surged 10.4% to over Rs 1.72 lakh crore, indicating buoyant economic activity. Global markets displayed mixed trends, with US markets ending lower on Wednesday.
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- February 01, 2024 16:55
Market Update: Markets turn choppy on Budget day; Sensex, Nifty settle lower
Benchmark equity indices ended lower on the Budget day on Thursday as investors opted for profit-taking amid mixed cues.
The 30-share BSE Sensex declined 106.81 points or 0.15 per cent to settle at 71,645.30. During the day, it gyrated between a high of 72,151.02 and a low of 71,574.89.
The Nifty dipped 28.25 points or 0.13 per cent to 21,697.45. It oscillated between the day’s high of 21,832.95 and a low of 21,658.75.
- February 01, 2024 16:41
Currency Market Live Updates: Rupee rises 8 paise to settle at 82.96 after FM Nirmala Sitharaman’s presentation
The rupee appreciated by 8 paise to close at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25.
- February 01, 2024 16:27
Stock Market Live Updates: Data Pattern’s PAT up 54% in Q3, shares rise
Data Patterns (India) Ltd, the Chennai-based Defence and Aerospace electronics solutions provider reported a 54 per cent increase in net profit to ₹51 crore for the third quarter ended December 31, 2023 as against ₹33 crore for the same quarter last year. Revenue increased by 26 per cent to ₹140 crore (₹111 crore).
The company’s stock price on the NSE was trading at ₹1,949, up by 2.28 per cent.
- February 01, 2024 16:22
Stock Market Today: Budget’s fiscal metrics are notably promising, says Anand Rathi
Anand Rathi, Chairman, Anand Rathi Group:
The budget’s fiscal metrics are notably promising. The reduction of the fiscal deficit to 5.8% of GDP for the current year, down from the previously budgeted 5.9%, and the target of 5.1% for the next financial year, are commendable steps towards fiscal prudence. Additionally, the reduction in the net borrowings augur well for funds availability to Private Sector to achieve growth.
This budgetary approach, combined with the inclusion of Indian bonds in the global bond fund index, indicates a substantial scope for a reduction in yields of Govt. Securities. This is not only favorable for the bond market but also augurs well for the Indian equity market. The budget is particularly beneficial for public sector banks due to their large bond holdings, as well as for infrastructure, tourism, and logistics companies, in light of the specific announcements made. The focus on housing is particularly positive for cement and other building materials.
Additional Provisions under PMS Awas Yojana and free installation of Rooftop Solar System to 1 Crore poor people will help more and more population to move out of Poverty.
A noteworthy feature of the budget is the provision of a ₹1 trillion long-term (50-year) fund at low or no interest rate, dedicated to research and development. This initiative has the potential to be a game changer, fostering innovation in India.
In summary, this budget represents a balanced and positive approach, focusing on stimulating growth and financial stability. It achieves this through targeting investment and innovation, without resorting to being populist ahead of the forthcoming general election. The emphasis on prudent fiscal management while driving growth reflects a strategic approach in the current economic scenario.
- February 01, 2024 16:17
Stock Market today: Budget takes steps for women to excel both professionally and academically, says Vymo’s Yamini Bhat
Yamini Bhat, Co-Founder and CEO, Vymo:
“The budget has taken steady steps towards fostering an environment where women excel both professionally and academically. The allocation of 30 crore Mudra Yojana loans for women entrepreneurs will strengthen women-led micro businesses and their contribution to the economy. A 28% surge in female enrollment in higher education and stronger representation in STEM courses reflects progress in gender inclusivity. The focus on ease of living and dignity for women entrepreneurs validates the challenges they face, signaling a positive shift towards a more inclusive entrepreneurial ecosystem. Vymo applauds the various initiatives launched for the start-up community including the PM Mudra Yojana and transformative schemes like Fund of Funds and Start Up India. The one lakh crore corpus for research aligns with Vymo’s commitment to innovation, and is a boost to the private sector as they scale up research and innovation in sunrise domains.”
- February 01, 2024 16:14
Stock Market Live Updates: Support to charging infra, payment security mechanism during Budget 2024 to improve public transport, says CRISIL’s Director
Gautam Shahi, Director, CRISIL Ratings Ltd on Union Budget 2024:
“Policy measures announced in the budget such as setting up of a payment security mechanism and emphasis on increasing support to the manufacturing of charging infrastructure are steps in the right directions for improving the adoption of e-buses for public transport networks. CRISIL Ratings’ expects penetration of electric buses to double to ~8% by fiscal 2025, from ~4% in fiscal 2023.”
- February 01, 2024 16:11
Stock Market Today: Interim Budget 2024 raises hopes for real estate sector, says Arbour Investments’ Chirag Mehta
Chirag Mehta, Founder, Arbour Investments:
This year’s interim Budget presented by Finance Minister Nirmala Sitharaman for the year 2023-24, has been a welcoming move for the Indian Real Estate. The budget presented has raised hopes for the Indian Real estate sector. The capital expenditure outlay on the Infrastructure development has been a welcoming move. Whereas easing the legal provision is a need of the hour. The possibilities of High end Income group investing in the sector will undoubtedly see the shift in the completion of the successful residential & commercial project completion.
- February 01, 2024 16:09
Stock Market Today: Centrum Wealth’s CEO’s view on the Interim Budget 2024
Sandeep Das, MD & CEO – Centrum Wealth on the Interim Budget 2024:
For an interim budget, the announcements made today reinforced the Government’s resolve on fiscal consolidation and pro-growth outlays that steered away from populist spending, especially ahead of a major election. Thus, as against street expectations, the Government projected a lower fiscal deficit of 5.1% of GDP in Fy25. The 11% increase in infrastructure spending also was a welcome surprise. Support for innovation and start-ups and a significant thrust on renewable energy reflect impetus towards much needed focus areas. Finally, through lowering its borrowings, the Government has made space for the private sector to step in and take over the baton on investment spending. Overall, a welcome part of the broader vision for a ‘Viksit’, Developed and Prosperous Bharat@ 100 by 2047.
- February 01, 2024 16:08
Stock Market Live Updates: SBM Bank India’s Treasury Head Mandar Pitale on Budget 2024
Mandar Pitale, Head- Treasury, SBM Bank India:
“Today’s Union Budget has further strengthened the Government’s commitments towards long-term social and infrastructure developments ensuring continuity in growth story. 11.1% increase in Capital outlay for next year (3.4% of GDP), coupled with the multiplier impact due to past increases, will continue to act as a catalyst for economic growth and employment creation. The revised fiscal deficit number of 5.8% of GDP for current fiscal, 5.1% of GDP for the next fiscal with a sustained focus on targeting a number below 4.5% of GDP by FY 26 shows a commitment towards Fiscal prudence. The trend witnessed in the recent past along with these projections shows Government approach of under promising and over delivering on Fiscal front. Actual fiscal consolidation progress is expected to be much stronger. This is a major positive for interest rate markets.
The Gross (INR 14.13 Lac Crore) and Net (INR 11.75 Lac Crore) borrowing numbers are below market expectations partially attributable to the active and passive investment flows from overseas investors due to index inclusion. Likelihood of FY 25 maturing Central Government securities held by RBI (an estimated number of about 1 Lac Crore) getting switched directly with Government might also have been factored into these numbers. A large dividend estimated to the tune of INR 1.5 Lac Crore from RBI and other PSUs will contribute significantly to revenue augmentation. INR 1 Lac crore interest-free loan for 50-year tenor will address to much-needed long-term financing needs for scaling up research and innovation in upcoming essential technological verticals. This budget is getting accolades from market as Judicious, Non-Populistic and Visionary Budget”.
- February 01, 2024 16:04
Stock Market Today: Budget sustains focus on Energy Transition initiatives, says Bain and Company’s Sachin Kotak
Sachin Kotak, Partner at Bain & Company, on the energy sector after Interim Budget 2024:
Sachin Kotak, Partner, Bain & Company: “The Budget has sustained focus on the Energy Transition initiatives. Given that it’s an Interim Budget before the elections, the Budget, while not going aggressive on announcements, has ensured continued steer with right nudges. Notable announcements are with respect to rooftop solarization and mandatory blending of CBG in PNG and CNG, which can significantly boost the market size for these businesses in the immediate future and help build momentum. Another interesting scheme to watch out for will be related to bio-manufacturing and bio-foundry – there is substantial potential for bio-plastics, bio-polymers in India, and it will help us move ahead in this nascent but rapidly developing global industry. Viability gap funding for Offshore wind is a step with the right intent; however, the industry will need more to harness the full potential of the segment. Similarly, the budget makes several other right mentions like a push for E-buses, setting up of coal gasification and liquefaction capacity, and doubling of spend on the National Green Hydrogen Mission. All positive signs, however, we expect more to be there in the main July budget and are looking forward to it.”
- February 01, 2024 16:01
Stock Market Today: Prudence takes over populism in this Budget, says Prabhudas Lilladher’s Amisha Vora
Amisha Vora, Chairperson & Managing Director, Prabhudas Lilladher Group on the Interim Budget 2024:
“Normally in an election year, we generally see a populist budget. However, the Honorable Finance Minister has put the growth in clear perspective with prudence taking over populism in this budget. It outlines development that will be all-round, all-inclusive, and all-pervasive towards making India a Viksit Bharat by 2047. FY23-25 interim budget has carried forward Govt focus on Net zero by 2070 (Rooftop Solarisation, Non fossil fuel, E vehicles), 11% higher capex allocation (18% effective increase) , higher allocation for PM Awas, MNREGA, Aquaculture and Tourism. Fiscal situation seems to be in fine shape with CAD at ~1% of GDP and fiscal deficit at 5.8% of GDP with next year target at 5.1% of GDP. FY25 assumptions of 11.5% growth in GST and 11.7% in corporate tax and 13% in income tax look reasonable. There has been no change in corporate and Income tax rates. Total debt has been lower than earlier estimates and FY25 gross markets borrowings with increased private capex will continue to provide growth capital and momentum to the economy. In a nut shell interim budget just ensures strong fiscal discipline and continuity of policies”.
- February 01, 2024 15:59
Budget Today: ₹1 lakh cr R&D allocation during can act a catalyst in innovation journey, says Dr Reddy’s Chairman Satish Reddy
- February 01, 2024 15:53
Stock Market Today: Rites’ Q3 net profit falls to ₹119 cr; declares interim dividend of ₹4.75 per equity share
Rites has declared an Interim Dividend of ₹4.75 per equity share.
Its standalone net profit for the quarter ended Dec 2023 stood at ₹118.57 crore as against ₹131.52 crore in December 2022.
- February 01, 2024 15:51
Stock Market Today: Panacea Biotech’s subsidiary PBPL receives OAI inspection notice from USFDA
Panacea Biotec Pharma Limited (PBPL), a Panacea Biotech subsidiary, has received a communication from the USFDA indicating the inspection classification as “Official Action Indicated” (OAI). The OAI classification implies, inter-alia, that the USFDA expects further corrective actions and may withhold approval of any pending product applications or supplements in which this facility is listed till the outstanding observations are resolved.
- February 01, 2024 15:41
Stock Market live Updates: Sensex falls 107 pts, Nifty below 21,700
The BSE Sensex fell 106.81 pts or 0.15% to close at 71,645.30. The NSE Nifty fell 28.25 pts or 0.13% to settle at 21,697.45.
- February 01, 2024 15:38
Stock Market Live Updates: Ashok Leyland sells 15.9 k units in January, shares rise
Ashok Leyland has sold 15,939 units of vehicles in Jan 24, including exports, as against 17,200 units in Jan 2023.
Shares closed at 174.70 on the NSE, down by 0.68%.
- February 01, 2024 15:36
Stock Market Today: Budget focused on poor, women, youth and farmers: ICRA’s Ashwini Kumar
Ashwini Kumar, Head- Market Data, ICRA Analytics, the wholly owned subsidiary of ICRA Ltd:
“The Interim Budget announced by the Union Finance Minister, Nirmala Sitharaman on Thursday, has prioritised focus on the poor, women, youth, and farmers to drive the country forward. This is expected to support India’s growth in the long term.
The central government has set a lower target for gross and net borrowing during the next financial year (2024-25) over the current fiscal even while it foresees a high tax mop-up and remains committed to resuming fiscal consolidation. The government has estimated gross borrowing of Rs 14.13 lakh crore and net borrowings of Rs 11.75 lakh crore in 2024-25, both of which are lower than that in 2023-24.
Following this lower-than-expected target for borrowings, the country’s 10-year benchmark yield fell as much as eight basis points to 7.0511% on Thursday. The bond yields are likely to witness some softness in the short-term.”
- February 01, 2024 15:32
Stock Market Live: Budget hails for economic development and narrows the fiscal deficit to 5.1%, says Geojit’s Saji John
Saji John, Research analyst, Geojit Financial Services:
“Overall, the budget hails for economic development and narrows the fiscal deficit to 5.1% in the next financial year. The government intends to let the private sector run with a capex growth of 11% for the upcoming fiscal year while modernising the rail network and port links to boost tourism, increase logistics efficiency, and reduce costs. The government has allotted Rs. 8,500cr and Rs.600cr for solar and national green hydrogen, respectively, to emphasize the usage of renewable energy. Further, adoption of e-buses for public transport and strengthening e-vehicle ecosystems through backing infrastructure providers for production and charging.”
- February 01, 2024 15:21
Stock Market Live Updates: Lupin rises after USFDA approves its ANDA for Dronedarone
Lupin has received approval from the USFDA for its Abbreviated New Drug Application for Dronedarone Tablets USP, 400 mg. The product will be manufactured at Lupin’s Goa facility.
Shares traded at ₹1,512.55 on the NSE, up by 0.48%.
- February 01, 2024 15:16
Stock Market Today: Union Budget reflects a realistic set of measures to drive growth, says ICICI’s Pankaj Pandey
Pankaj Pandey, Head of Retail Research, ICICI Direct:
“The Interim Budget has relied on capex-led socio-economic growth template while ensuring the fiscal prudence. The government has effectively leveraged the direct benefit transfer to deliver multiple social benefit schemes focussing on GYAM (Gareeb, Yuva, Annadata and Mahila). Capex spending remains one of the focus areas of the government with capex allocation growth of 11.2% YoY in FY25BE to ₹ 1.1 lakh crores. We highlight that capex growth is on high base of last 4 years wherein it has tripled resulting in huge multiplier impact on overall economic growth and thus moderation in capex growth is largely on expected lines. The capex to GDP is pegged at all time high of 3.4% (vs. 3.3% in FY24).
On the fiscal front, the glide path on reducing fiscal deficit has been complied with fiscal deficit likely to go down to 5.1% in FY25E vs. 5.8% in FY24. Medium term target of 4.5% fiscal deficit by FY26 is also on track.
The union budget has also further boosted Indian debt market outlook given the impending global bond index inclusion. Lower than anticipated fiscal deficit and gross borrowing puts debt market in sweet spot besides making the proposition attractive for banks specially PSUs.
To sum up, the Union Budget reflects a realistic set of measures to drive growth in Amrutkaal.”
- February 01, 2024 15:13
Share Market Live Updates: Alembic Pharmaceuticals commences operation at its South Sikkim facility
Alembic Pharmaceuticals has commenced operations in a phased manner at its manufacturing facilities at Namthang, South Sikkim. The facility is to be fully operational within a month, the company said in its stock exchange filing.
The stock traded at ₹957.20 on the NSE, down by 0.34%.
- February 01, 2024 15:09
Stock Market Today: Major gainers and losers
Major gainers on the NSE at 3 pm:
Maruti (4.72%); Cipla (2.71%); Power Grid (2.58%); SBI Life (2.46%); HDFC Life (2.19%)
Major losers:
L&T (-2.32%); Ultratech Cement (-2.25%); Dr Reddy’s (-2.20%); JSW Steel (-1.92%); Titan (-1.85%)
- February 01, 2024 15:08
Market Update: 1,773 stocks advance, 2,014 stocks decline
Stocks advanced on BSE at 3 pm on Feb 1, 2024, were 1,773 against 2,014 stocks that declined; 136 stocks remain unchanged. Total stocks traded were 3,911. The number of stocks that recorded a 52-week high was 451, and those that hit a 52-week low was 19.
- February 01, 2024 15:07
Share Market Today: Wheels India falls 1% after incorporating new subsidiary in US
Wheels India has incorporated a wholly-owned subsidiary in the name of ‘WIL USA Inc.’ in the State of Delaware, USA.
Stock trades at ₹651 on the NSE, down by 1%.
- February 01, 2024 15:06
Stock Market Live Updates: Aditya Birla Capital falls on Q3 results
Aditya Birla Capital reported standalone net profit for the quarter ended December 2023 at ₹25.58 crore as against net loss of ₹0.85 crore in December 2022 quarter.
The stock traded at ₹169.90 on the NSE, down by 0.70%.
- February 01, 2024 15:01
Market Update: Sensex falls 4.93 pts; Nifty above 21,700
The BSE Sensex fell 4.93 pts or 0.01% to 71,747,18. The NSE Nifty was down 4.60 pts or 0.02% to 21,721.10.
- February 01, 2024 14:51
Share Market Today: Maruti Suzuki rises after selling over 1.9 lakh units in January
Maruti Suzuki India, in Jan 2024, sold a total of 199,364 units. Total sales in the month include domestic sales of 170,214 units, sales to other OEM of 5,229 units and exports of 23,921 units.
Maruti Suzuki stock rose 4.88% on the BSE, trading at ₹10,680.
- February 01, 2024 14:48
Stock Market Today: Jindal Steel falls after Bimlendra Jha resigns as MD
Jindal Steel & Power Limited has informed the exchange regarding resignation of Bimlendra Jha as managing director of the company w.e.f. January 31, 2024.
Stock traded at ₹741.60 on the NSE, down by 2.05%.
- February 01, 2024 14:42
NSE Today: Major that stocks hit a 52-week high
Major stocks that hit a 52-week high on the NSE:
India Tourism Development Corporation (16.84%)
Ratnaveer Precision Engineering (14.10%)
KPI Green Energy (8.73%)
Godrej Consumer Products (7.77%)
Motherson Sumi Wiring India (7.53%)
- February 01, 2024 14:40
Stock Market Today: Budget conveys continuity and ensures no negative surprises, says Ladderup Wealth Management’s MD
Raghvendra Nath, MD, Ladderup Wealth Management’s reaction on the Interim Budget 2024:
“The interim budget for FY24-25, in line with expectations, sets a fiscal deficit target of 5.1% of GDP, reflecting the government’s commitment to fiscal prudence and consolidation. This positions the country to achieve the 4.5% fiscal deficit target by FY25-26. A noteworthy 11% increase in capex spending to ₹11.1 lakh crore for FY24-25 is expected to drive economic growth. Additionally, the decision to waive disputed direct tax demands ranging from ₹10,000 to ₹25,000 until 2009-10 provides relief to taxpayers. Overall, the budget conveys a message of continuity and ensures no negative surprises.”
- February 01, 2024 14:37
Stock Market Live Updates: Swastika Investmart’s MD Suni Nyati’s post-interim budget view
Post- interim budget view from Mr. Sunil Nyati Managing Director of Swastika Investmart LTD:
While the budget itself contained minimal surprises, it reflected the government’s commitment to fiscal prudence and tempered expectations. Unsurprisingly, the market showed muted reaction, choosing to prioritize upcoming earnings reports and global developments as drivers of stock- and sector-specific outperformance. For Nifty, the key resistance zone lies at 21800-21850; a break above this level could pave the way for a new all-time high. Conversely, immediate support sits at 21500, with 21200 providing the next safety net.
- February 01, 2024 14:35
Stock Market Today: Adani Enterprises rises 1.43% after posting Q3 results
Adani Enterprises has reported its standalone net profit for the quarter ended Dec 2023 at ₹718.46 crore as against ₹269.71 crore in Dec 2022 quarter.
Stock rose by 1.43% on the NSE, trading at ₹3,186.80
- February 01, 2024 14:34
Stock Market Live Updates: Govt presents a prudent budget, resists populism, says Motilal Oswal’s MD
MD & CEO, Motilal Oswal Financial Services Ltd. on the budget:
“The government has presented a very prudent Budget/Vote-On-Account for FY24-25. In an election year where stakes are very high, the government has resisted the temptation, once again, for populism and instead shown excellent strategic sense by opting to continue on the path of fiscal consolidation.
The government is building in a 10.5% nominal GDP growth for FY25, a healthy 12% growth in revenue receipts. However spending growth is just 6%, within which revenue spending is expected to grow just 3% while the more productive capex spending is expected to grow 17% to INR 11.1 Trillion.
The government’s commitment to a 4.5% Fiscal Deficit by FY26 is indeed commendable. Towards that effect, it has pencilled in a fiscal deficit of 5.1% for FY25, better than most economists’ estimates. This augurs well for overall economic credit creation as indeed for inflation and private capex revival.
The 17% increase in Capital Expenditure allocation on the back of a 3x increase over FY19-24 (from INR 3 trillion to INR 9.5 Trillion) indicates the continued thrust of the government towards infrastructure creation and driving the private investment cycle.
What is a bit of a dampener, however is lack of any big push for consumption. Consumption has been weak, especially in Rural India, as indicated by corporate earnings for last few quarters. The budget doesn’t provide any near-term solution for quick revival for consumption.
I continue to remain bullish in the medium to long term.”
- February 01, 2024 14:28
Stock Market Today: Expect stainless steel to be looked upon after govt’s degradation of railways, says Synergy Steels’ Director
Metals & Mining Industry (Stainless Steel): Mr. Anubhav Kathuria, Director, Synergy Steels Ltd:
“I see certain key factors in this budget. While the Hon’ble FM did not provide import duties-related measures, which the stainless-steel industry will eagerly look for in the full-budget due later, key policy announcements, including two crores more houses under the PM-Awas Grameen yojana, a new housing scheme for the middle-class, as well as the conversion of 40 thousand railway bogies to Vande-Bharat standards is expected to contribute to demand for various stainless-steel products in the medium-to-long term.
“The Government’s announcement for the conversion of 40 thousand Railway bogies to Vande-Bharat standards is a positive-step towards the upgradation of the railways. In this regard, we expect stainless steel to be looked upon as the metal of preference. Stainless steel coaches comparatively enable a host of benefits, including energy-efficiency due to weight-reduction, strength of rakes, and corrosion-resistance in context of coastal routes etc. Furthermore, the domestic availability and environmental friendliness of the alloy are further added benefits.”
- February 01, 2024 14:25
Stock Market Today: India Cements stock falls after ED searches Chennai office
India Cements clarified in an exchange filing that certain officials of the “Enforcement Directorate” visited its corporate office in Chennai on 31.01.2024 and 01.02.2024 and conducted a search to find out if any irregularities concerning “FEMA”.
Stock tumbles by 6.16% on the NSE, trading at ₹245.30
- February 01, 2024 14:23
Stock Market Live: Budget projects India strongly with focus on socio-economic upliftment, says Dhaval Ajmera
Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd on the Interim Budget:
“The budget showcases a strong projection of India’s journey from developing to a developed nation, with multiple announcements focused on the socio-economic upliftment of the masses under the PMAY scheme through a strong development of real estate and infrastructure. The announcement of a housing scheme dedicated to middle-class citizens will empower the masses to shift to buying from renting, thus elevate the overall standard of living across the country. The Metro Rail and Namo Bharat expansion will influence the rapid spread of urbanization, thus leading to creation of micro-markets in and around metro cities.
In the pursuit of economic resilience, the Interim Budget also charts an ambitious course, unveiling a capital expenditure of Rs 11.1 lakh crore for FY25. With a prudent 11.1% rise in infrastructure spending, the budget echoes a commitment to aligning growth estimates. In addressing the pressing issue of deteriorating infrastructure, India’s imperative lies not in reduction but in a substantial increase in investment—a pivotal step towards a robust and sustainable future.
From a broader perspective, the First Develop India – FDI initiative will further propel development and infrastructural growth, adding significant value to job creation, emergence of new micro-markets, strengthening purchasing power, ultimately boosting the housing demand across India. “
- February 01, 2024 14:18
Stock market Live Today: V-Guard Ind posts standalone net profit for the quarter ended December 2023 at ₹46.62 crore, stock trades up at ₹303.90 on NSE
V-Guard Industries reported standalone net profit for the quarter ended December 2023 at ₹46.62 crore as against ₹35.82 crore in the corresponding quarter ended Dec 2022.
Stock trades at ₹303.90 on the NSE, up by 3.93%
- February 01, 2024 14:16
Stock market Live Today: BCPL Railway Infrastructure inks pact for EPC project under Alipurduar and Rangiya Division of N.F. Railway, stock surgea by 4.97%
BCPL Railway Infrastructure Limited has signed an agreement for execution of an Engineering, Procurement and Construction (EPC) project under Alipurduar and Rangiya Division of N.F. Railway. Worth ₹526.62 million
Stock surged by 4.97% on the BSE, trading at ₹137.25
- February 01, 2024 14:15
Stock market Live Today: Interim Budget 2024 quotes from Axis Mutual Fund
Ashish Gupta, CIO, Axis AMC: “While we did not expect any major announcements in this budget, the lower fiscal deficit coupled with higher capex outlay will aid continued momentum of India growth story. Both of these moves are enablers for a pickup in private capex cycle.”
Raghav Iyengar, CBO, Axis AMC: “Bringing down fiscal deficit, higher capex and people focused, inclusive development will go a long way in boosting India’s long-term growth story.”
Shreyash Devalkar, Head Equity, Axis Mutual Fund: “It’s more an affirmation of the intent of the government, the capex outlay has been increased which is a positive. The government’s focus on infrastructure and housing will create a multiplier effect on the economy, maintaining a fiscally prudent budget.”
Devang Shah, Co-Head, Fixed Income, Axis Mutual Fund: “Lower fiscal deficit and lower gross market borrowings are a positive for debt markets.”
Ashwin Patni, Head Products & Alternatives, Axis AMC: “Given the backdrop, no significant announcement was required. It just focused on continuity.”
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- February 01, 2024 14:14
Stock market Live Today: Dr. Lal Path Labs Ltd. has declared 2nd interim dividend of ₹12 per equity share for FY 2023-24, shares trade up at ₹2,518 on NSE
- February 01, 2024 14:13
Stock market live today: Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company on Interim Budget
Budget 2024 is a Holistic Budget exemplifying fiscal prudence and encompassing all the imperative sectors despite electoral compulsions. This budget gives credence to government’s unwavering resolve to adhere to the fiscal consolidation glide path, especially after having delivered robust growth-oriented budget in the last 3 years. The vision under Vikasit Bharat by 2047 and top 4 priorities laid out with respect to empowering Poor, Women, Youth and Farmers will go a long way in manifesting the long- term growth story of India. It is high on optics, low on spending impact as fiscal consolidation remains its paramount focus. The key announcements on power sector coupled with new energy, railways, defense, affordable housing is indeed encouraging. While optically 11% capex growth seems lower than 30% avg growth seen in the last 3 years, but it yet sticks to 3.4% of GDP, which is indeed credible as it would continue to give the requisite infra led push to sustain the growth momentum. Clearly the budget lacks any consumption and populus measures and is thus a departure from the previous pre-election Vote on Accounts. Fiscal consolidation focus, and low market borrowing reinstates the focus on macro-stability. With lower capex growth being the new reality , markets are likely to align to the pragmatic approach of the government and we reckon more policies being elaborated in July 2024 Budget. Bonds are likely to be in a favorable spot through 2025, thanks to the strong Fiscal prudence and lower borrowing pressures coupled with supportive FII flows with global bond inclusion. Overall, the government has dexterously done a fine balancing act between adhering to fiscal prudence and giving requisite support to growth, despite being a Pre-Election Budget.
- February 01, 2024 14:12
Stock market Live Today: Orient Electric to pay interim dividend of ₹0.75 per equity share, posts net profit of ₹24.33 crore in December quarter
Orient Electric has declared an interim dividend of ₹0.75 per equity share. The company reported a net profit for the quarter ended Dec 2023 at ₹24.33 crore as against ₹32.56 crore in Dec 2022.
Shares rise by 2.49% on the NSE, trading at ₹214.25.
- February 01, 2024 14:11
Stock Market Live Today: Nifty PSU Bank stocks at 6,425.50, up by 2.45%
Major gainers of such stocks:
PSB (4.03%)
Indian bank (3.91%)
Union Bank (3.72%)
IOB (3.67%)
- February 01, 2024 14:10
Stock market Live Today: George Alexander Muthoot, MD, Muthoot Finance, on Interim Budget
FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth and prioritizing focus on four key sections of the economy – the poor, women, youth and farmers. We believe the FM’s focus on higher outlay for infrastructure will help in boosting the broader economy and in the long term will boost investment activity. The government’s support to MSMEs, women entrepreneurs and the agricultural sector aptly aligns with our aim to provide credit support to MSMEs, small business owners, farmers and women entrepreneurs thereby addressing their economic needs. FM’s focus on addressing housing challenges by building two crore additional homes under the PM Awas Yojana-Grameen is certainly positive for boosting the housing sector. While inflation has been a concern globally, FM’s focus on staying on the path of fiscal prudence in the interim budget, will surely be an enabler for stable interest rate scenario in the economy and bodes well for the overall financial sector.
- February 01, 2024 14:09
Stock market live today: Rahul Sharma Head Technical and Derivatives Research, JM Financial Services on Interim Budget
“As expected, VIX has cooled off after the budget event which primarily has been a non-event for most of the market except PSU Banks and Auto stocks which have seen most of the buying action. Nifty still trades near to its resistance area of 21,750 – 21,800 along with dominant shorts in index futures from FII’s. Bulls have to clear this area for any further action on the upside. Supports placed at 21,450 and 21,200”
- February 01, 2024 14:08
Stock Market Live Today: Raymond net profit for the quarter ended December 2023 at ₹161.09 crore as against ₹82.70 crore in Dec 2022 quarter, stock up 1.90% on NSE
- February 01, 2024 14:07
Stock Market Live Today: Atul Garg, MD, GRM Overseas on Interim Budget
“The integration of mandis into the Electronic National Agricultural Market signals a monumental step towards inclusive growth for our farmers. The government’s unwavering support for ‘Anna Datas’ through schemes like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcases a commitment that resonates with the agricultural backbone of our nation.
The emphasis on value addition and income enhancement, as exemplified by schemes like Pradhan Mantri Kisan Sampada Yojana and PM Formalization of Micro Processing Enterprises Yojana, is truly uplifting. These efforts are not just about economic benefits; they represent a profound investment in the prosperity of our farming communities.
The focus on post-harvest activities and the promotion of private and public investments demonstrate a holistic approach to the agricultural sector’s development. As we look ahead, the expansion of Nano DAP application and the Aatma Nirbhar Oilseeds Abhiyan instill confidence, aligning with our aspirations for a self-reliant and thriving agricultural landscape.”
- February 01, 2024 14:06
Stock Market Live Today: Karthick Jonagadla, Smallcase Manager & Founder, Quantace Research Smallcase, on Interim Budget
Finance Minister Nirmala Sitharaman’s Interim Budget 2024 is a strategic blueprint guiding India towards the ambitious goal of a $5 trillion economy. It notably targets a fiscal deficit reduction to 5.1% from the anticipated 5.3%, signifying a commitment to aggressive fiscal consolidation. This, along with a reduction in FY25 gross borrowing to ₹14.13 trillion, indicates a promising trajectory for economic stability, benefiting the general populace by potentially easing inflation and enhancing public welfare.
Key highlights include a focus on indigenous oilseed development to curb the hefty ₹1.5 trillion annual import bill on cooking oil, aligning with the ‘Bharat’ ethos of self-sufficiency. The budget also introduces a housing scheme for the middle class, a significant move towards fulfilling the quintessential Indian dream of homeownership.
Healthcare initiatives are expanded under the Ayushman Bharat scheme, now encompassing Anganwadi workers and helpers, reflecting the government’s dedication to foundational economic sectors. However, maintaining status quo on tax rates, including import duties, might temper taxpayers’ expectations for relief.
In essence, the budget envisions a ‘Viksit’ Bharat by 2047, a narrative of empowerment and multifaceted economic development. It’s an invitation for investors and the public to engage in Bharat’s story, set to define 2024 and beyond as a time of ‘golden moments’ and unparalleled growth.
- February 01, 2024 13:43
Stock Market Live Today: Narinder Wadhwa, National President of CPAI on interim Budget 2024
“The Interim Budget 2024-2025 signifies a landmark commitment to fiscal discipline, highlighted by a projected GDP of 5.1%. This stance is set to buoy the bond market and fortify banks’ mark-to-market valuations. With Capex outlays increasing by 12% to 11 lakh crore and sunset tax laws extended to March 2025, the economic landscape gleams with promise. Initiatives to address post-harvest distress in agriculture, rural development, and the Rooftop Solar scheme underscore a transformative journey towards inclusive growth and sustainability.”
- February 01, 2024 13:41
Stock Market Live Today: Hitesh Chauhan of H2 Investment smallcase on interim Budget 2024
“The fiscal deficit in 2024-25 is estimated to be 5.1% of GDP. The gross and net market borrowings through dated securities during 2024-25 are estimated at 14.13 lakh crore and 11.75 lakh crore, respectively. Both lesser than that in 2023-24. This budget clearly demonstrates that under promising and over delivery. This budget is fantastic from Stock Market perspective.”
- February 01, 2024 13:40
Stock Market Live Today: Ashish Kumar of Stoxbazar on interim Budget 2024
‘Messaging Aimed at Elections’: A closer look at the white paper comparing 2014-15 with present achievements and its implications for the upcoming elections.
‘Tax Relief for 10 Million’: Withdrawal of pending tax demands up to ₹25,000 till 2009-10 and ₹10,000 till 2014-15 to benefit a significant number of taxpayers.
‘Steadfast on Income Tax’: No changes in income tax, signaling government confidence and stability in the interim budget.
‘Fiscal Discipline Surpasses Expectations’: A positive surprise with a fiscal deficit of 5.8%, beating expectations and setting a target of 5.1% for 2024-25.
‘Productive Spending on Cap-Ex’: A welcomed 11% increase in capital expenditure to around 11.1 lakh crore, emphasizing productive spending.
‘Green Initiatives for Energy’: Rooftop solarisation to benefit 1 crore households, offering up to 300 units of free electricity and potential savings of Rs. 15,000 – Rs. 18,000.
‘Empowering Electric Vehicles’: Opportunities in entrepreneurship and employment through the promotion of electric vehicle charging infrastructure.
‘Boosting Post-Harvest Activities’: Government commitment to private and public investment in post-harvest activities, including storage, supply chains, processing, marketing, and branding.
‘Holistic Maternal and Child Health Care’: Integration of various schemes under one comprehensive program for maternal and child health care.
- February 01, 2024 13:40
Stock Market Live Today: Sandeep Sabharwal of Sohan Lal Commodity Management
The impetus given to post-harvest activities in the interim budget is a welcome step. It is a positive move to encourage private-public partnerships and address the diverse ambits of post-harvest agricultural logistics, including storage, supply chain as well as primary and secondary storage. We also endorse the government’s renewed focus on women empowerment to transform India’s rural socio-economic landscape. In addition to the 1 crore women already coming under the purview of Lakhpati Didis, the government now intends to incorporate 3 crore new Lakhpati Didis under the scheme, and we hope it transforms several lives in the Indian agri space across the rural parts of the country.
- February 01, 2024 13:39
Stock Market Live Today: Tube Investments posts ₹157.50 crore standalone net profit for Q3
Tube Investments of India reported its standalone net profit for the quarter ended Dec 2023 at ₹157.50 crore as against ₹137.71 crore in Dec 2022.
Shares trade at ₹3,869.30 on the BSE, down by 0.75%.
- February 01, 2024 13:38
Stock Market Live Today: Murthy Nagarajan of Tata Asset Management on interim Budget 2024
The Fiscal deficit of 5.1 and total gross borrowing is Rs 14.13 Lakh crores, the total net borrowing is at Rs 11.75 Lakh crores. The Nominal Growth in expected to be 10.5 % and tax revenue growth is expected to grow by 11.93%, which is a conservative estimate. The total non-tax revenue has been budgeted at Rs 1.53 Lakh Crores same as last year. The numbers look realistic as the assumption are realistic. The capital expenditure is targeted at Rs 11.11 lower than market expectation of Rs 12 Lakhs. The Finance minister stated they want to get fiscal deficit below 4.5 % in 2025-26. This is anti-inflationary budget in an election year as the fiscal deficit is reduced from 5.8 percent to 5.1 percent.. The finance ministry is clearly aiming for rating upgrade with aggressive fiscal deficit reduction target as we are at investment grade rating. The ten-year yield have come down to 7.05 to 7.08 levels from 7.15 levels. Further drop in yields is expected due to flows from foreign institutional investors and expectation of India’s rating upgrade.
- February 01, 2024 13:38
Stock Market Live Today: Ravi Subramanian of Shriram Housing Finance on interim Budget 2024
“Though the FM has not raised the cap on the affordable housing segment, the government’s focus on middle-class housing by announcing a scheme to help them buy or build their own houses will boost the country’s housing sector and home loan market. The higher allocation to PM Aavaz Gramin will also be beneficial for the rural housing segment. The measures will also stimulate the core sector output demand and rural jobs. Overall, it is a growth-oriented Budget, which is planning to spend 3.4% of the GDP for capital expenditure. It is an 11.5% hike compared to the previous year. I hope that the government’s greater emphasis on rooftop solar, green energy, MSMEs, food processing industries, Rs 1-lakh crore innovation fund, railway economic corridors, aviation, tourism and medical education will further stimulate growth and it will hasten the economic activities across sectors.”
- February 01, 2024 13:37
Stock Market Live Today: Kamdhenu appoints Vinod Kumar Gahlaut as Senior GM
Kamdhenu Ltd informed that Vinod Kumar Gahlaut has been appointed as Senior General Manager w.e.f February 1, 2024.
Shares trade at ₹562.55 on the BSE, up by 0.05%
- February 01, 2024 13:36
Stock Market Live Today: Tata Motors records sales of 86,125 vehicles in January 2024
Tata Motors Limited sales in the domestic & international market for January 2024 stood at 86,125 vehicles, compared to 81,069 units during January 2023.
The stock trades at ₹586.75 on the NSE, up by 0.47%.
- February 01, 2024 13:35
Stock Market Live Today: Budget 2024: Railway corridors mooted to improve efficiency, reduce cost, accelerate GDP growth
Indian Railways through three upcoming Railway corridors – the energy, mineral and cement corridor, the port connectivity corridors, and the high traffic density corridors – will look to improve efficiency and reduce cost, Finance Minister Nirmala Sitharaman said.
- February 01, 2024 13:34
Stock Market Live Today: Budget 2024: Indian Bonds rally as government lowers borrowings
The government announced a lower-than-expected bond sales program for the next fiscal year, as the nation prepares for big foreign inflows on global index inclusion. Bonds rallied.
- February 01, 2024 13:28
Stock Market Live Today: SML Isuzu reports 71.3% YoY growth, sells 1,320 units in January 2023-24
SML ISUZU Ltd has recorded sale of 1320 units of cargo and passenger vehicles in Jan 2023-24, as against 771 units in 2022-23.
Stock surged by 5.44% on the NSE, trading at ₹1,455.95
- February 01, 2024 13:22
Stock Market Live Today: HUDCO shares hit 52-week high as FM announces 2 cr more homes under PMAY
Shares of state-owned HUDCO jumped 6 per cent in the mid-session trade on Thursday after Finance Minister Sitharaman announced building 2 crore more houses for the rural poor in the next five years.
The state-run Housing and Urban Development Corporation (HUDCO) provides financial assistance for housing and urban infrastructure development projects.
The scrip of housing finance and infrastructure company climbed 6.14 per cent to trade at Rs 183.10 apiece on the BSE.
On the NSE, shares of HUDCO rose 6.12 per cent to trade at Rs 182.90 per piece.
The stock hit its 52-week high of Rs 189.65 apiece on BSE and Rs 189.70 per share on the NSE.
Post the Budget announcements, shares of construction company NBCC (India) advanced 4.98 per cent to trade at Rs 135.85 apiece on the BSE. The scrip gained 3.59 per cent to trade at Rs 134.10 per piece on the NSE.
During the intra-day trade, NBCC shares also hit a 52-week of Rs 139 apiece on the BSE and the NSE each.
In the mid-session trade, the 30-share BSE Sensex fell 25.46 points or 0.04 per cent to trade at 71,726.65, while NSE Nifty slipped 0.02 per cent to trade at 21,720.95.
In her interim budget speech on Thursday, Finance Minister Nirmala Sitharaman announced a scheme to help those living in rented accommodation or slums to acquire a house.
Parallely, she also announced building of 2 crore more houses for the rural poor in next five years under the continuing PM Awas Yojana (Grameen).
“Our Government will launch a scheme to help deserving sections of the middle class ‘living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses,” Sitharaman said.
“Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families,” she said.
The overall target is to construct 2.95 crore pucca houses with basic amenities by March 2024. – PTI
- February 01, 2024 13:20
Stock Market Live Today: Budget 2024: PM Modi: Today in this Budget, many significant decisions has been taken for farmers such focus on nano DAP, Atamanirbhar scheme for oil seeds
- February 01, 2024 13:20
Stock Market Live Today: Budget 2024: PM Modi: Income Tax remission scheme will benefit one crore citizens of middle class
- February 01, 2024 13:20
Stock Market Live Today: Budget 2024: PM Modi: Focus on free electricity through expansion of solarisation
- February 01, 2024 13:19
Stock Market Live Today: Budget 2024: PM Modi: Budget focuses on empowering poor and middle class citizens
- February 01, 2024 13:17
Stock Market Live Today: Post budget comment by Direct and Indirect tax experts
Ankur Gupta, Practice Leader – Indirect Tax at SW India
Although the FM (Finance Minister) stated that there are no alterations in rates for customs or GST, modifications have indeed been introduced in GST laws. The amendment will be effective once the notification is issued after finance bill receives assent from President of IndiaThese changes now mandate the acquisition of registration as an Input Service Distributor (ISD) for the distribution of credit related to input services. Consequently, the practice of cross-charging common expenses will be replaced by the ISD, necessitating companies with a nationwide presence in India to obtain ISD registration for the distribution of credit among branches. This amendment reflects a shift in the mechanism for handling credit distribution for input services within companies operating across the country.
Saurrav Sood, Practice Leader – International Tax and Transfer Pricing at SW India
No major changes in the direct tax aspect. However, timelines for certain exemptions which were expiring in March 2024 have been extended to March 2025 now. Such an extension will benefit start-ups and units operating in the International Financial Services Centre. Other than that, the budget proposes to introduce provisions to write off old tax demands up to ₹ 25,000 till AY 2009-10 and ₹ 10,000 up to FY 2014-15 as a one-time relief to taxpayers. Further, there are no announcements on Pillar 2 nor there is an inclusion of transfer pricing assessment under a faceless regime.
- February 01, 2024 13:16
Stock Market Live Today: Abhishek Banerjee of Lotusdew Wealth on interim Budget 2024
“This was a fantastic budget and the focus was on next 50 years instead of next year. Right from thinking of GIFT city as a doorway to trade 300 years later to focus on a developed Bharat. Its not difficult to imagine that most of the 1 lakh crore interest free loans will go to states that support tourism which are primarily ruled by BJP. This ensures continued capex into states where BJP is in power. Agri as expected in terms of post-agri processing, fishreries and oil seeds stood out. The path to fiscal consolidation means Indian bond yeilds will remain range bound till election. Freeing up of tax litigations dating back to 1962 to benifit 1 crore tax payers and also free up department time to persue more serious offences. Finally, the dream to own houses for most renters will once fulfilled put downward pressure on rental assets – which is a positive for redevelopment schemes and relators in general. The goal to upgrade 40000 wagons – will see demand from various wagon processing companies – which continues to feed into the positive story around railways.”
- February 01, 2024 13:12
Stock Market Live Today: Mini Nair CFO of Geojit Financial on interim Budget 2024
“Biggest strength of this budget is the fact that the fiscal deficit is set @5.1% which is significantly lower than expected. Also maintaining the focus on infrastructure development and capex is a positive factor. Plan to focus on the Rural housing program will have multiple constructive effects on the economy as many ancillary industries are linked to housing. Another positive factor is allocation of 1 lakh cr for R&D and innovation. Overall, this demonstrates continued focus on fiscal consolidation and Macro-economic development.”
- February 01, 2024 13:12
Stock Market Live Today: Tapan Singhel of Bajaj Allianz General Insurance on interim Budget 2024
“In agriculture, support for post-harvest investments, dairy farmers, disease control, and crop insurance highlights a commitment to the sector’s growth. Healthcare accessibility is set to improve with the extension of Ayushman Bharat and the plan to establish hospitals in all districts. The budget also prioritizes social security and social inclusion through initiatives that empower women, youth skill development, and renewable energy.
Furthermore, the emphasis on social inclusion ensures that marginalized populations are not left behind, reflecting the government’s dedication to reform, perform, and transform for inclusive growth and development. It addresses various sectors and challenges while emphasizing the welfare of all citizens and the country’s overall progress.”
- February 01, 2024 13:11
Stock Market Live Today: Perspective on the Interim Budget 2024 by Shishir Baijal, of Knight Frank India
The union budget presented today by the honourable Finance Minister has further strengthened the government’s commitment towards long- term social and infrastructure development. Though it is an interim budget due to the impending elections, today’s announcements by the Union Finance Minister are significant in many aspects. The 11.1% increase in infrastructure outlay which is 3.4% of GDP will further enhance the railway, roads and logistics infrastructure of the country. The three new economic railway corridors identified under the PM Gati Shakti program are massive projects with the potential to grow economic hubs and boost development of the tier-2 and tier-3 cities along their alignment. The intention to complete 2 cr housing units in the next five years will aid the ‘Housing for All’ mission of the government. Additionally, the proposed boost to housing for the middle-class living in sub-par accommodation is also a welcome inclusion. We look forward to the details of this as we expect this to have great long-term ramifications. Further, the enhanced focus on domestic tourism development will provide a fillip to the hospitality industry.”
- February 01, 2024 13:10
Stock Market Live Today: Ion Exchange dsecures ₹152.46 crore contract for North Africa project
ION Exchange in receipt of contract from Material Construction Trading FZCO, UAE for a Project in North Africa at a contract value of ₹152.46 crore plus VAT. The project is to be completed within 8 months from the date of Letter of Acceptance.
Shares up by 2.88% on the NSE, trading at ₹524.90
- February 01, 2024 13:09
Stock Market Live Today: Ranen Banerjee of PwC India on interim Budget 2024
Government has walked the path of fiscal prudence, and it is heartening to note that the fiscal deficit target for FY24, pegged at 5.8%, will be overachieved. The fiscal deficit being pegged at 5.1% for FY25 is a positive move as it will help free up space for private borrowings as they pick pace during the year, besides helping in containing inflationary pressures and supporting the bond markets. The additional allocation of INR 1.1 trillion for capex, taking it to INR 11.1 trillion, should provide continuity in the pace of infra creation and in bringing down the logistics cost in the country progressively.
- February 01, 2024 13:08
Stock Market Live Today: Vikas V Gupta of OmniScience Capital on interim Budget 2024
The most important announcement about the Railways was about the 3 new corridors.
The Railway Sector got a very critical support with the announcement of 3 new corridors: Energy, Mineral & Cement Corridor; Port connectivity corridor; and high traffic density corridor. These 3 basically are going to ease up resources transport in the first 1 thus reducing the cost of manufacturing in the economy, the second will allow for larger exports and the third will result in decongestion and more efficiency for goods and passengers in high traffic zones
The focus on logistics and infrastructure continues with this under the PM Gati Shakti as enabling infrastructure for economic growth.
Conversion of 40,000 normal bogies to Vande Bharat is also a positive for the sector.
Overall, Large capex announcement of 11.1 lakh crore is a huge positive and continues supporting the overall enabling infrastructure theme of Amrit Kaal.
- February 01, 2024 13:07
Stock Market Live Today: Sonam Srivastava, smallcase Manager, Founder – Wright Research on interim Budget 2024
Budget 2024 brought forth several key announcements aimed at bolstering infrastructure, healthcare, and housing, alongside initiatives to support MSMEs and promote technological advancements in defense. Notably, the commitment to affordable housing through the launch of a new scheme for the middle class and the emphasis on next-generation reforms underscore the government’s focus on sustainable development and economic inclusivity. The budget’s approach to maintaining stability in tax rates while enhancing the ease of doing business reflects a strategic balance between fostering growth and ensuring fiscal prudence.
The market’s reaction to these announcements has been mixed, with positive movements in the FMCG sector, attributed to measures expected to boost consumer spending power. Conversely, railway stocks saw a decline, possibly due to concerns over the execution and immediate impact of the infrastructure projects announced. Overall, the muted market response underscores a cautious optimism, with investors looking for more clarity on the implementation of budget proposals.
Looking ahead, the effectiveness of Budget 2024 will largely hinge on the government’s ability to execute its outlined plans efficiently. The focus will be on translating policy announcements into tangible outcomes that stimulate economic growth, enhance sectoral performance, and bolster investor confidence in the Indian market’s long-term potential.
- February 01, 2024 13:07
Stock Market Live Today: Pradeep Gupta of Anand Rathi Group on Budget 2024
“The FM has continued to focus on strengthening of domestic macro factors including sustained investments in Infra, Agriculture, Domestic Tourism, and also sticking to fiscal responsibility with a lower fiscal deficit which could be music to the ears of foreign investors and impending $25 billion bond inclusion in June as lower budget deficits and pared borrowings will help bring down yields. It could possibly open the door for a ratings upgrade.
Key features of the budget are focus on infrastructure, tourism, logistics and innovation in research. All these measures will bring continuous sustainable growth of the economy. This shows the continued commitment of the existing government to move towards bringing fiscal prudence and reaching to the targeted fiscal deficit of 4.5% of GDP by FY26.”
- February 01, 2024 13:06
Stock Market Live Today: Karthik Jayaraman, Managing Director of WayCool Foods on the Interim Budget 2024
The continuity of policy in supporting food and agriculture sectors is encouraging. The new proposals of PPP Projects in post harvest management and value addition will help unlock entrepreneurship and value in the supply chain. In addition, entrepreneurs and startups are keenly looking forward to understanding the details of the proposed soft loans for R&D programs. This will help in creating explosive growth by driving innovation, and expedite reforms in sectors of national importance like food and agriculture.
- February 01, 2024 13:05
Stock Market Live Today: Major EV stocks
JBM Auto (1.14%)
Samvardhana Motherson International (1.50%)
BOSCH (0.55%)
Amara Raja Energy & Mobility (-0.70%)
Exide Industries (-1.84%)
- February 01, 2024 13:05
Stock Market Live Today: Venkatraman Venkateswaran, CFO at Federal Bank on interim Budget 2024
“The government has clearly laid out the fiscal deficit path for next two years, and this is one of the highlights of the interim budget. The tax to GDP ratio has improved which gives the confidence to spend more and is a major contributor to the glide path for fiscal deficit. Secondly the continued focus on infrastructure and affordable housing is a big positive. Overall it’s a growth-oriented budget.” – Venkatraman Venkateswaran – Group President & Chief Financial Officer at Federal Bank
- February 01, 2024 13:04
Stock Market Live Today: Trideep Bhattacharya of Edelweiss MF on interim Budget 2024
“In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India’s unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047.” – Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF
- February 01, 2024 13:03
Stock Market Live Today: Aditi Nayar of ICRA on interim Budget 2024
“The FY2024 RE has indicated a higher amount of central tax devolution compared to the BE as well as our estimate. This implies that Rs. 3.6 trillion is left to be released in Q4 FY2024 (5% higher than Q4 FY2023), which we believe provides a further downside to SGS issuance in the current quarter (indicated: Rs. 4.1 trillion, ICRA’s initial est: Rs. 3.5 trillion).”
- February 01, 2024 13:02
Stock Market Live Today: Government prioritises fiscal prudence and growth in tax assumptions in Budget, says Aniruddha Naha of PGIM India Asset Management
“The government has stuck to the path of fiscal prudence and it was a welcome surprise to see fiscal deficit revised estimates to be at 5.8% and a glide path towards 5.1% and 4.5% over the next two years. Also, growth in tax assumptions are below 12%, which is conservative and gives the government reasonable elbow room to continue its investment oriented growth plans.” – Aniruddha Naha, CIO – Alternates, PGIM India Asset Management
- February 01, 2024 13:01
Stock Market Live Today: Budget 2024 focuses on fiscal consolidation and agricultural upliftment, says Devendra Kumar Pant of India Ratings
Two broad themes of this budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct to some extent the differential benefit of the ongoing economic growth which is tilted in favor of households of upper income bracket/urban areas. The first impression from the budget speech and fiscal deficit numbers for FY24 and FY25 suggests that the government is serious about achieving the fiscal consolidation path of 4.5% fiscal deficit by FY26. The nominal GDP growth assumption and revenue buoyancy appears plausible and in line with our expectations. The net market borrowing of INR11.75 trillion in FY25 augurs well for the bond market and likely to have favorable impact on 10-yr gsec yields. – Devendra Kumar Pant, Chief Economist & Senior Director– Public Finance, India Ratings and Research
- February 01, 2024 12:59
Stock Market Live Today: A call for prudent fiscal planning and realistic expectation: Anand Mahindra
For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch. The Budget is NOT necessarily the occasion for transformational policy announcements. Those can, and should, happen throughout the year. Just as it is for all private households, the Budget is an opportunity to plan our finances prudently and with fiscal rectitude. The more we are focussed on living within our means and investing for a robust but sustainable future, the more confidence we will gain with global investors. Which is why I was pleased with today’s budget.
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Nifty Today: Railway stocks on the NSE
IRCTC (-1.06%)
IRFC (-1.51%)
RVNL (-2.87%)
Railtel Corp (-2.46%)
Ircon International (-2.34%)
Titagarh Rail (-1.55%)
Texmaco Rail (-1.55%)
- February 01, 2024 12:56
Stock Market Live Today: Sanjeev Sanyal on interim Budget 2004
No gimmicks, no populism. Conservative macro-economic management. Fiscal deficit to decline from 5.8% to 5.1% of GDP as post-Covid consolidation continues. Continued emphasis of infra capex combined with directly targeting absolute poverty with housing/health etc. #Budget2024
- February 01, 2024 12:54
Stock Market Live Today: Sudipta Roy, MD & CEO, L&T Finance Holdings on interim Budget
“By presenting a fiscally prudent Budget, the government has created conducive conditions for the private capex cycle revival. A strong push given to rural housing and agri-allied activities augurs very well for the business model of retail-oriented NBFCs. Today’s Budget will improve the international investors’ perception about India’s macro-financial stability and strengthen India’s position as one of the best investment destinations in the global space.”
- February 01, 2024 12:54
Stock Market Live Today: Pralay Mondal, MD & CEO of CSB Bank on interim Budget 2004
The budget is fully aligned to vision 2047 with GDP defined as Governance , Development & Performance on the principle of reform, perform and transform. The path to fiscal consolidation with fiscal deficit pegged at 5.1% shows government commitment to its promises . Overall a fascinating budget covering all sections of society especially towards the research and innovation initiatives by our youth.
- February 01, 2024 12:53
Stock Market Live Today: Adani Ports Q3 net profit soars to ₹525.49 crore; stock gains 1.15%
Adani Ports and Special Economic Zone has reported its standalone net profit for the quarter ended Dec 2023 at ₹525.49 crore as against ₹11.40 crore in the corresponding quarter ended Dec 2022
Shares rose by 1.15% on the NSE, trading at ₹1,221.50
- February 01, 2024 12:53
Stock Market Live Today: Manick Wadhwa, Director at SKI Capital on interim Budget 2024
The Interim Budget 2024 has begun on a very positive note. Finance Minister Seetharaman’s announcement of the government setting a capex target of Rs. 11.1 lakh crore for FY25 is sure to have a ripple effect across industries. AIFs can leverage the momentum by focusing on MSME investment, particularly in the infrastructure and agriculture sectors. Start-up ventures aligned with the government’s priority sectors can expect to receive significant boosts, as increasing infrastructure development creates an environment conducive to innovation and growth. The 50-year interest-free loan for a corpus of Rs. 1 lakh crore can be seen as an indispensable boon for the IT industry and sunrise sectors. We can expect the funding to bolster research and innovations, thereby improving India’s position as a global technology leader in the coming decade.
- February 01, 2024 12:52
Stock Market Live Today: Quotes on Interim Budget 2024 by Moin Ladha, Partner, Khaitan & Co.
Quote focused on Foreign Trade – “India’s entry into the Kartavya Kal has been announced with the India Middle East-Europe trade corridor which supports India’s unfettered commitment to national development and ambitious vision to transform into a developed nation by the centenary of its independence in 2047. This corridor is expected to positively impact and facilitate world trade and India’s trade in GCC region.”
Quote focused on MSME – “Keeping up with the promise of First Developed India (FDI), the 2024 Union Budget has prioritized strengthening and aiding the MSME sector to compete in the global market by meeting their investment needs, improving/ advancing the technology and liberalizing the regulatory space. With India being the hub of global trade, empowering small and medium businesses to compete in the global market was a much awaited move.”
- February 01, 2024 12:48
Stock Market Live Today: Here are the Web links of Union Budget 2024-2025
Union Budget 2024-2025: https://www.indiabudget.gov.in/doc/Finance_Bill.pdf
Budget Speech: https://www.indiabudget.gov.in/doc/budget_speech.docx
Budget Highlights (Key Features): https://www.indiabudget.gov.in/doc/bh1.pdf
Key to Budget Document: https://www.indiabudget.gov.in/doc/Key_to_Budget_Document_2024.pdf
Statements of Fiscal Policy: https://www.indiabudget.gov.in/doc/frbm1.pdf
Implementation of Budget Announcements 2023-2024: https://www.indiabudget.gov.in/doc/impbud2023-24.pdf
- February 01, 2024 12:47
Stock Market Live Today: Budget 2024: Interim Budget focuses on infrastructure; no populist measures amid election year, says Swapnil Shah of StoxBox
As expected, the interim budget did not usher any surprises with no myopic measures announced. The government continued with its focus on infrastructure and increased the capex outlay by 11% covering railways, ports and aviation sectors. The government has walked the tight rope and followed a further fiscal consolidation path by promising to manage its finances well for FY25. The government did not bow down to the populist measures in the election year and kept the tax regime unchanged. Our overall reading is that the government has shown prudence in managing the various facets of economy and remains committed to the long-term vision of making India a developed economy by 2047. – Swapnil Shah, Director-Research, StoxBox
- February 01, 2024 12:34
Stock Market Live Today: Prism Johnson Q3 net profit at ₹1.78 crore; shares down 0.47%
Prism Johnson has reported standalone net profit for the quarter ended Dec 2023 at ₹1.78 crore as against loss of ₹44.74 crore in the corresponding quarter ended Dec 2022.
Shares trade at ₹179.90 on the NSE, down by 0.47%
- February 01, 2024 12:28
Stock Market Live Today: India Cements reports Q3 net loss, stock falls 5.28%
India Cements has reported standalone net loss for the quarter ended Dec 2023 at ₹16.51 crore as against profit of ₹90.73 crore in the corresponding quarter ended Dec 2022.
Stock declined by 5.28% on the NSE, trading at ₹247.60
- February 01, 2024 12:26
Stock Market Live Today: Budget 2024: Fiscal rectitude and housing boost: Geojit strategist on interim Budget
“The hallmark of this interim Budget is its fiscal rectitude. The fact that the Government has prioritised fiscal consolidation over populism on the eve of general elections is commendable. The fiscal deficit numbers of 5.8 % in the revised estimates for FY24 and 5.1% for FY25 are better than the most optimistic expectations. This is very good news for the economy and consequently for the market. The boost to housing is another important proposal from the market perspective since this will benefit industries like cement, steel and all construction related segments.” – V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
- February 01, 2024 12:25
Stock Market Live Today: Budget 2024: Interim Budget maintains fiscal discipline, focuses on infrastructure: StoxBox Director
As expected, the interim budget did not usher any surprises with no myopic measures announced. The government continued with its focus on infrastructure and increased the capex outlay by 11% covering railways, ports and aviation sectors. The government has walked the tight rope and followed a further fiscal consolidation path by promising to manage its finances well for FY25. The government did not bow down to the populist measures in the election year and kept the tax regime unchanged. Our overall reading is that the government has shown prudence in managing the various facets of economy and remains committed to the long-term vision of making India a developed economy by 2047.
Swapnil Shah, Director-Research, StoxBox
- February 01, 2024 12:24
Stock Market Live Today: Budget 2024: SNG & Partners’ Rajesh Narain Gupta applauds Union Budget’s incentives for private sector innovation and focus on infrastructure development
Union Budget quote on behalf of Mr. Rajesh Narain Gupta, Managing Partner of SNG & Partners, Advocates & Solicitors
‘Huge incentives to the private sector for innovations by creating a new fund exceeding one lakh crore and further a deep focus on infrastructure development by increasing the overall provisions as well as steps being taken towards rural, women and farmers development are astounding steps which will accelerate India becoming a developed nation’.
- February 01, 2024 12:23
Stock Market Live Today: Budget 2024: BDO India’s Manoj Purohit: Budget strengthens crop insurance support for farmers, boosting industry penetration in rural India
Manoj Purohit, Partner & leader – FS Tax, Tax & Regulatory Services, BDO India
“The government has continued its support to farmers under the crop insurance facility and intends to further strengthen the same. This will ensure penetration and awareness around insurance in rural India thereby providing a boost to the insurance industry.”
- February 01, 2024 12:21
Stock Market Live Today: BDO India’s Manoj Purohit: Budget positions IFSCA as global capital hub; direct listing permission a positive step
Manoj Purohit, Partner & Leader, Financial Services, Tax & Regulatory Services, BDO India
IFSCA positioned as a hub for global capital participation. Recent permission for direct listing by Indian companies is a step in this direction
- February 01, 2024 12:19
Stock Market Live Today: Budget 2024: BDO India’s Siddharth Tandon: Budget focuses on airport expansion and UDAAN scheme extension for tourism and development
Siddharth Tandon, Partner, Indirect Tax, BDO India
“Expansion of existing airports and the development of new airports along with the extension of UDAAN scheme for regional connectivity would remain an area of key focus aiding tourism and development.”
- February 01, 2024 12:18
Stock Market Live Today: Budget 2024: BDO India’s Maulik Manakiwala: Budget emphasises expansion of EV charging network for increased opportunities
Maulik Manakiwala, Partner, Indirect Tax, BDO India
“In a move towards promoting a shift to Electric Vehicles (EV), the focus on expanding the EV charging network continues. This will also increase opportunities for a large number of small vendors for manufacturing, installation and maintenance of EV charging networks.”
- February 01, 2024 12:17
Stock Market Live Today: Budget 2024: Jiger Saiya, MSKA & Associates: Emphasis on Capex outlay at 3.4% of GDP to boost economic activity and support ‘Viksit Bharat’ vision
Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates – a member firm of BDO International
“The continued focus on capex outlay at around 3.4% of GDP will certainly help boost economic activity and serve the long-term vision of Viksit Bharat.”