Mumbai-based Fino Payments Bank posted a net profit of Rs 22.8 crore in the Oct-Dec quarter, with a 19 percent year-on-year increase. The bank's average deposits grew by 42% and it has applied for an SFB license with RBI. The bank's board has also approved a proposal to transition into an SFB. A committee has been formed to explore corporate restructuring. Shares closed 1.30% higher at Rs 331.20.

The Indian finance minister proposed measures to promote electric vehicles, including supporting manufacturing and charging infrastructure and launching a scheme for bio-manufacturing. This aims to strengthen the EV ecosystem and contribute to green growth. India has set a goal of 30% EV adoption by 2030 to balance economic growth with environmental responsibility.

Indian government plans to increase capital spending by 11% for 2024-25, amounting to Rs 11.11 lakh crore or 3.4% of GDP. This has resulted in a boost to economic growth and job creation due to three-fold increase in capital expenditure in the last four years. Additionally, Indian airlines have placed orders for 1,000 new aircraft.

ISMA estimates that India's sugar production will decrease by 10% to 330.5 lakh tonnes in 2023-24, mainly due to lower output in Maharashtra and Karnataka. The government has only allowed a diversion of 17 lakh tonnes for ethanol production, which could result in a net sugar production of 313.5 lakh tonnes.

The budget 2024Interim Budget 2024 does not change standard deduction limit of Rs 50,000 allowed to salaried individuals and pensioners in the previous financial year. This means that the tax break of Rs 50,000 from salary and pension income will continue for the upcoming financial year. Additionally, family pensioners will also continue to receive a standard deduction benefit of Rs 15,000.

Finance Minister Nirmala Sitharaman has not announced any changes in the tax rebate under Section 87A of the Income-tax Act for the financial year 2023-24. This means that individuals will continue to receive a tax rebate of Rs 12,500 under the old tax regime and Rs 25,000 under the new tax regime. However, filing income tax returns is mandatory for both regimes if gross taxable income exceeds.

The finance minister did not make any changes to the Section 80C limit during the interim Budget 2024 speech. The limit remains at Rs 1.5 lakh for individuals investing under this section for FY2023-24 and FY2024-25. Various investments and expenditures are specified under this section, allowing individuals to claim a maximum deduction of Rs 1.5 lakh from their taxable income.

Mankind Pharma on Wednesday said its consolidated net profit increased 55% to Rs 460 crore for the third quarter ended December 2023. The company had posted a net profit of Rs 296 crore in the October-December quarter of the last fiscal. Its revenue from operations rose to Rs 2,607 crore in the period under review from Rs 2,091 crore in the year-ago period, Mankind Pharma said in a statement.

Reported Standalone quarterly numbers for Remi Edelstahl Tubulars are: Net Sales at Rs 28.35 crore in December 2023 up 13.18% from Rs. 25.05 crore in December 2022. Quarterly Net Profit at Rs. 0.06 crore in December 2023 up 116.16% from Rs. 0.39 crore in December 2022. EBITDA stands at Rs. 1.35 crore in December 2023 up 55.17% from Rs. 0.87 crore in December 2022.

Reported Standalone quarterly numbers for Chennai Ferrous Industries are: Net Sales at Rs 19.33 crore in December 2023 down 51.91% from Rs. 40.19 crore in December 2022. Quarterly Net Profit at Rs. 0.74 crore in December 2023 up 112.62% from Rs. 0.35 crore in December 2022. EBITDA stands at Rs. 1.01 crore in December 2023 up 60.32% from Rs. 0.63 crore in December 2022.

The Finance Minister has announced withdrawal of all outstanding disputed direct tax demand up to Rs 25,000 in her budget speech. The announcement has been made to provide the ease of living of the taxpayers. This move will benefit 1 crore tax payers as per the speech.As per the Budget 2024 speech, Moreover, in line with our Government’s vision to improve ease of living and ease of doing.

Dabur India's Burman family has bought a 3.6% stake in Religare Enterprises for Rs 277 crore on the NSE, increasing their ownership to 24.77%. Meanwhile, Mahesh Udhav Buxani sold a 1.37% stake in Religare for Rs 106 crore. The four entities of the Burman family have been approved by the CCI to acquire a total of 31.27% stake in REL.

Industry stakeholders, including tech startups and venture capital funds, are pushing for a framework and eligibility norms from the Indian government to allow Indian companies to directly list on overseas stock exchanges. This move would enable Indian companies to access global capital and tap into specialized investors in new markets.

Paytm was affected by major business restrictions after RBI's action against Paytm Payments Bank (PBBL). The worst-case scenario could result in a loss of Rs 300-500 crore on their annual earnings. However, the company is taking immediate steps to comply with RBI's directions and is expecting to continue improving their profitability.

In the October-December quarter, IRB Infrastructure Developers Ltd reported a 32.49% increase in net profit to Rs 187.42 crore, with total income rising to Rs 2,077 crore. The company's expenses also rose to Rs 1,783 crore. Its private InvIT associate was awarded two projects in Madhya Pradesh and Rajasthan.