Budget 2024: Nasscom seeks lighter taxation environment for tech industry
The Union Budget should increase eligibility thresholds under safe harbour provisions from current levels of up to Rs 200 crore in international transactions to Rs 2,000 at least, according to the National Association of Software and Service Companies (Nasscom), which represents India’s $200 billion technology industry.
Safe harbour rules or conditions relieve taxpayers from obligations typically imposed under the Transfer Pricing Regulations introduced in 2001. Read more
Block deal: CE Info Systems drops 6% as promoter likely sells 1% stake
Shares of CE Info Systems dropped by 6 per cent at Rs 2,271 per share on the BSE in Wednesday’s intraday trade. The stock price has corrected 14.3 per cent from its 52-week high of Rs 2745, touched on June 21, 2024. The stock had hit a 52-week low of Rs 1,164.30 on July 05, 2023.
The recent downturn in stock price, however, came after the company’s promoter and managing director, Rakesh Kumar Verma on Wednesday sold 6.1 lakh shares, representing a 1.1 percent stake in the company, according to reports. Read more
Govt bond yields seen steady with focus on global index inclusion
Indian government bond yields are expected to be largely unchanged in early trade on Wednesday, as investors continue to remain focused on foreign flows ahead of the inclusion of Indian debt in a global index on Friday.
Sanghi Industries slips 6% after promoters offload 9.9 mn equity shares
Sanghi Industries stock slipped up to 5.8 per cent at Rs 96.50 on the NSE in Wednesday’s early morning deals. This came after the company’s promoters on Tuesday, scheduled an offer for sale (OFS) to divest up to a 3.52 per cent stake in Sanghi Industries, setting the floor price at Rs 90 per share for June 26-27.
This price reflects a discount of nearly 12 percent compared to the company’s previous closing price of Rs 102. The OFS will open for non-retail investors on June 26 and for retail investors on June 27, as per the company’s filing to the exchange. Read more
Banks seek clarification on RBI’s credit card network choice guidelines
The Reserve Bank of India’s directive requires banks and non-banking financial companies to provide this choice both at the time of issuance and renewal. This directive will take effect from September 6, 2024. Read more
DEE Development makes robust debut, lists 67% higher over its issue price
DEE Development listing: DEE Development Engineers made a robust stock market debut on Wednesday, with its shares getting listed at Rs 339, a 67 per cent premium over its issue price of Rs 203 on the National Stock Exchange (NSE). On the BSE, the stock of the piping solutions company listed at Rs 325, 60 per cent higher against its issue price.
Post listing, DEE shares moved higher to Rs 357, quoting 76 per cent higher over the issue price on the NSE and BSE. Nearly 12 million shares have, collectively, changed hands on the NSE and BSE till 10:02 AM. In comparison, the Nifty 50 was down 0.09 per cent at 23,699. Read more
Vedanta’s shares dip 7% after large block deal; promoter likely seller
Shares of Vedanta dipped 6.5 per cent to Rs 424.50 on the BSE in Wednesday’s intra-day trade after over 2 per cent equity of the company changed hands via block deals.
At 09:19 am; as many as 98.15 million shares representing 2.64 per cent of total equity of Vedanta changed hands on the BSE, the exchange data shows. The names of the buyers and sellers could not be ascertained immediately. Read more
Asian shares shaky as investors wary before US inflation data, yen lurks
Asian stocks stuttered in choppy early trade on Wednesday as markets braced for a key US inflation reading, while the yen lurked just shy of 160 per dollar level, keeping traders on alert for another round of intervention by Japanese authorities.
Risk sentiment was also capped as hawkish comments from Federal Reserve officials kept near-term US rate cut expectations in check in a boost to the dollar. Read more
Time Technoplast zooms 5% on bagging additional order of Rs 55 cr from IOCL
Time Technoplast stock jumps: Shares of Time Technoplast soared as much as 5.49 per cent to hit an intraday high of Rs 349.60 per share on Wednesday.
The uptick in share price came after Time Technoplast announced that it has secured an additional order for supply of Type-IV LPG composite cylinders from Indian Oil Corporation Limited (IOCL). Read more
