Friday, May 7News That Matters

Business

Business

Indian Economy: Budget positions India towards its target of $5 trillion economy: USISPF | India Business News – Times of India

WASHINGTON: Applauding the annual budgetary presentation by finance minister Nirmala Sitharaman, the US-India Strategic and Partnership Forum (USISPF) described it on Monday as bold and visionary, which would launch India's economy into a growth trajectory. "We applaud India's budget. It is bold and visionary, launching the economy into a growth trajectory. The budget positions India towards its target of a $5 trillion economy," USISPF president Mukesh Aghi said. Union Budget 2021-22: Complete coverageThe Union Budget 2021-22 has taken into consideration the needs of all sectors of the economy, reflecting a robust growth plan for India to become a $5 trillion economy, he added. Increased government spending in critical areas of the economy such as agriculture, infrastructure, healthcare...
Business

Public to private: Selling 2 banks, 1 insurer – Times of India

NEW DELHI: Nearly two decades after an NDA government’s unsuccessful bid to reduce government holding in public sector banks, finance minister Nirmala Sitharaman has bit the bullet and announced a fresh plan to privatise two public sector banks. Simultaneously, a move to divest stake in one non-life insurance company enables government to target higher revenue without forsaking strategic objectives. Privatisation will reduce fiscal pressure as the Centre has been infusing capital year after year even though market valuation of government-owned banks has shrunk. Many expect a merger with a large private lender to be one of the options. An RBI-appointed panel, with government representatives, had said that well-run non-banking finance companies (NBFCs), including those owned by corporates...
Business

Street rocks as FM turns up the volume, tunes into market playlist – Times of India

NEW DELHI: Dalal Street investors gave a big thumbs-up to the FM’s Budget proposal that boosted government investments at a time when private sector players are unable to act simlarly, mainly due to Covid-induced uncertainties. According to Jaideep Hansraj, MD & CEO, Kotak Securities, the government has sacrificed fiscal deficit for growth. “No tinkering on taxes, including personal tax and a giant leap of divesting two state-run banks and opening up of the market by making way for the LIC IPO and foreign ownership in insurers have been a welcome move and the primary reason for the rise in stock market.” “The Budget rightly decided to focus on economic growth by raising expenditure and allowing for a wider fiscal deficit in these pandemic times. Importantly, a far higher spend on ca...
Business

Elon Musk Wired a Monkey’s Brain to Play Video Games, Everyone is Predicting Same ‘Planet of Apes’ Scenario

Science fictions movies, while often fiction, depict a world we wouldn't want to see. They're a message on what not to do, on where science should stop, because often consequences of that science may be devastating. Elon Musk may have missed that message.Tesla CEO and SpaceX boss and currently world's richest man, Elon Musk recently claimed that one of his startups has wired a monkey to play video games. The monkey has wires going into its brain which enables it the animal to play video games, Tesla boss Musk has said, adding that the monkey is happy.Musk also said that the videos of the wired monkey will be released in a month or so. He made the revelations while speaking on Clubhouse, a private social app where users host informal conversations."We have a monkey with a wireless implan...
Business

Fiscal Deficit: Fiscal discipline not junked, govt aims at 4.5% deficit by 2025-26 | India Business News – Times of India

NEW DELHI: The government will continue on its path of fiscal consolidation and intends to reach a fiscal deficit of below 4.5% of gross domestic product (GDP) by 2025-2026, finance minister Nirmala Sitharaman said in her budget speech. The government expects a fairly steady decline over the years. “We hope to achieve the consolidation, first, by increasing the buoyancy of tax revenue through improved compliance and, secondly, by increased receipts from monetisation of assets, including public sector enterprises and land,” Sitharaman said as she pegged the fiscal deficit for the current fiscal year at 9.5% of GDP in the revised estimate. The Centre has estimated the deficit to be at 6.8% of GDP next year and the gross borrowing from the market next year would be around Rs 12 lakh crore....
Business

Indigo Paints Makes Stellar Stock Market Debut, Lists At Premium Of 75%

Indigo Paints shares made a blockbuster stock market debut on Tuesday, February 2, 2021. The stock opened for trading at Rs 2,607, up 75 per cent from its issue price of Rs 1,490. Indigo Paints shares rose as much as 84 per cent from issue price to hit an intraday high of Rs 2,747 on the National Stock Exchange.The Sequoia Capital-backed Indigo Paints' Rs 1,170 crore-initial public offering was open between January 20-22 and company sold shares in the price band of Rs 1,488-1,490 per share. The stock was in huge demand during the three-day share sale via IPO as it was subscribed a whopping 117 times, data from National Stock Exchange showed.The IPO comprised fresh issue of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Se...
Business

Markets cheer Budget 2021: Sensex reclaims 50,000-mark, Nifty gains over 400 points

Image Source : FREEPIK.COM Markets cheer Budget 2021 Enthused over various measures announced in the Budget, Sensex on Tuesday reclaimed the 50,000-mark in the opening session while the Nifty climbed over 400 points to trade over 14,700 points. The BSE gauge Sensex was trading over 50,000 mark, witnessing a strong rally of over 1500 points or 3.16 per cent in opening deals. Likewise, the NSE barometer Nifty was higher by 447 points or 3.15 per cent at 14,728 in early trade. According to exchange data, foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,494.23 crore on Monday. Asian markets were also trading broadly higher in afternoon trade. Economists and market analysts...