Govt earmarks Rs 3,500 crore for PLI Auto, Components scheme for FY 2024.
Thu, Feb 1, 2024 8:43 PM

Govt earmarks Rs 3,500 crore for PLI Auto, Components scheme for FY 2024.

The domestic auto industry, especially electric vehicles (EV), got a major fillip in the interim budget presented by the Finance Minister Nirmala Sitharaman on February 1. Apart from announcing its plans to expand and strengthen the electric vehicle (EV) ecosystem in the country by supporting manufacturing and charging infrastructure, the government increased the budget outlay for automakers.

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Temasek Holdings exits PB Fintech; sells entire 5.42% stake!
Thu, Feb 1, 2024 8:42 PM

Temasek Holdings exits PB Fintech; sells entire 5.42% stake!

Singaporean sovereign wealth fund Temasek Holdings sold its 5.42% stake in Policybazaar's parent company, PB Fintech, for Rs 2,425 crore through open market transactions. The shares were disposed at an average price of Rs 992.8 apiece and US-based Capital Group acquired them. PB Fintech reported a net profit of Rs 37.2 crore for the third quarter, with a jump in revenue from operations of 42.7%.

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Growth pattern shows all sectors of economy are revving up, says FM!
Thu, Feb 1, 2024 8:42 PM

Growth pattern shows all sectors of economy are revving up, says FM!

India's finance minister Nirmala Sitharaman stated that the country's economic growth is picking up speed in all sectors, with a new "buoyancy" in growth. This is different from past patterns where only certain sectors would see growth at a time. Now, all sectors are contributing to the economy's growth, boosted by the drive of Indian consumers and their positivity.

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These 39 Group-A shares made fresh life highs on Budget day.
Thu, Feb 1, 2024 8:41 PM

These 39 Group-A shares made fresh life highs on Budget day.

Markets slightly dipped after Budget announcements, with Nifty closing at 21,697. PSU banks performed well, while banking, auto, and energy stocks saw gains. Several stocks, including Maruti and HDFC Life, experienced a price-volume breakout. EV and green energy sector stocks also trended, with Suzlon and Gensol Engineering seeing increases.

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US stocks open higher after Fed-driven selloff
Thu, Feb 1, 2024 8:40 PM

US stocks open higher after Fed-driven selloff

Wall Street rebounded with higher opening numbers on Thursday after the previous session's selloff, caused by the Fed's announcement of no immediate interest rate cuts. Economic data and Big Tech earnings are now in focus, with the S&P 500 up 0.32%, Nasdaq Composite up 0.59%, and Dow Jones Industrial Average up 0.07%.

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Neglect of health and education across budgets is self-defeating
Thu, Feb 1, 2024 8:39 PM

Neglect of health and education across budgets is self-defeating

Budget 2024 is a continuation of previous government budgets, with a focus on increasing capital expenditure but neglecting urgent needs in the social sector like health and education. Despite a target of 2.5% GDP spending on health, the allocation for health has remained stagnant. Vacancies in government health facilities are high.

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Bank of England keeps interest rates unchanged at 5.25%
Thu, Feb 1, 2024 8:38 PM

Bank of England keeps interest rates unchanged at 5.25%

On Thursday, the Bank of England voted to keep interest rates at 5.25%, with three members split on the policy decision. Governor Andrew Bailey said that they need to see more evidence of inflation falling to their target before lowering rates, and that policy will need to remain restrictive for now. Inflation is forecasted to briefly return to the target in the second quarter of this year.

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Momentum for railway, defence in India Budget
Thu, Feb 1, 2024 8:12 PM

Momentum for railway, defence in India Budget

Highlights Rail capex up 1.9 percent Three rail corridors for energy, minerals, and cement More trains to be upgraded to Vande Bharat standard Defence allocation broadly unchanged The government has broadly maintained its capital allocation, including that for defence and railways, despite adhering to the fiscal glide path. Post Covid, railways have been in the limelight, attracting attention.

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Ashok Leyland total vehicle sales decline to 15,939 units in January
Thu, Feb 1, 2024 8:04 PM

Ashok Leyland total vehicle sales decline to 15,939 units in January

In January, Ashok Leyland's total vehicle sales dropped by 7%, with a decline of 8% in MHCV sales and 7% in LCV sales. The company sold 15,939 units compared to 17,200 units in the same month last year. This decrease is attributed to a decrease in demand for both medium and heavy commercial vehicles as well as light commercial vehicles.

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Housing, Renewable Energy, PSU Banks among stocks that gained!
Thu, Feb 1, 2024 8:04 PM

Housing, Renewable Energy, PSU Banks among stocks that gained!

The Interim Budget for 2024 did not have any major announcements, disappointing the equity market. However, there were some sector-specific measures that brought gains for certain stocks. Housing finance companies saw a rise due to the government's push for affordable housing and renewable energy companies also gained with the announcement of assistance for rooftop solar systems.

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3 Systematic Plans In Mutual Funds: SIP, SWP And STP
Thu, Feb 1, 2024 8:03 PM

3 Systematic Plans In Mutual Funds: SIP, SWP And STP

Mutual funds are a popular investment option for individuals looking to grow their wealth while managing risks. Systematic Investment Plan (SIP), Systematic Withdrawal Plan (SWP), and Systematic Transfer Plan (STP) are common strategies investors use to navigate the dynamic world of mutual funds. Each strategy has its own benefits and considerations.

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Experts hail budget push to promote iconic tourist centres!
Thu, Feb 1, 2024 6:54 PM

Experts hail budget push to promote iconic tourist centres!

Experts have hailed the government move to offer long-term interest-free loans to states to promote iconic tourist centres, saying that this will help boost development and, in turn, spur credit growth. Finance Minister Nirmala Sitharaman made the announcement as part of the Union Budget speech for FY25 on February 1.

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ED searches India Cements offices in FEMA probe
Thu, Feb 1, 2024 6:53 PM

ED searches India Cements offices in FEMA probe

File PhotoCHENNAI: The Enforcement Directorate has conducted searches at the offices of leading Chennai-based cement manufacturer-- India Cements Ltd.-- as part of a foreign exchange violation investigation, official sources said on Thursday. The searches were launched on Wednesday at two office premises of the company in Chennai and one in Delhi.

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Interim Budget 2024: A roadmap for inclusive development!
Thu, Feb 1, 2024 6:52 PM

Interim Budget 2024: A roadmap for inclusive development!

The 2024-25 Interim Budget outlines a roadmap for inclusive development and economic resilience. Key sectors like housing, infrastructure, and transportation receive significant attention, promoting economic growth and addressing societal needs. Initiatives like Pradhan Mantri Awas Yojana, PM Gati Shakti, and affordable housing continue, while capital expenditure increases by 11.1%.

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Penny Stocks To Watch Out On Friday – February 02, 2024
Thu, Feb 1, 2024 6:51 PM

Penny Stocks To Watch Out On Friday – February 02, 2024

In today’s market session, both the Sensex and Nifty closed in the red, with the Sensex Index down by 0.15% and the Nifty-50 Index by 0.13%. Due to the budget announcement today, throughout the session, there was significant volatility in the market, while the index remained muted during the day and some more changes are expected.

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