Domestic benchmark indices declined on Monday triggered by weak global cues on the looming worries of contagion risks in the global banking system despite Credit Suisse’s acquisition by the UBS group. The Sensex opened marginally lower at 57,773.56 points and the Nifty at 17066.60 points.
The indices ended lower on Friday, for the second session in a row led by financial and oil and gas shares. Asset managers and life insurance companies remained in focus after the finance bill 2023 was passed in the Lok Sabha on Friday.
Market movers
Some of the top gainers this week were Adani Green Energy (up 23.92%), Aarti Drugs (up 19.39%), Anupam Rasayan India (up 14.82%), Adani Transmission (up 12.81%) and Adani Total Gas (up 15.23%).
On the other hand, some of the top losers were Sobha (down 19.92%), Easy Trip Planners (down 11.97%), Campus Activewear (down 9.97%), Indiabulls Real Estate (down 8.85%) and IRB Infrastructure Developers (down 5.98%).
The Recap
Tata-Bisleri Deal ceased: No plan to sell now, says Ramesh Chauhan
Veteran industrialist Ramesh Chauhan said that he has no plans to sell Bisleri International-his packaged water business.
The negotiations with TCPL went on for nearly four months, but the deal did not go through. He added that the company is not in talks with other parties for the deal and remained silent when he was asked if his daughter would lead the company.
About 30 years ago, the company sold its soft-drinks business to Coca Cola. This included brands such as Thumbs Up, Gold Spot, Citra, Maaza and Limca.
Hindenburg impact: Adani’s wealth down 60%; Ambani is now the richest Indian
Gautam Adani’s fortunes have suffered a severe setback after the Hindenburg report placed concerns over accounting fraud and corporate governance.
Adani lost ₹ 3000 crores of wealth every week and its overall net worth is down 60% as per the M3M Hurun Global Rich List which pegged his fortune at $ 53 billion as of mid March. Mukesh Ambani is now the richest person in India.
Airtel pips Jio in 5G roll-out, adds 30-40 cities per day
Bharti Airtel overtook Reliance Jio in 5G roll-out with the expansion of the 5G network to another 235 cities, taking its total reach to 500 cities. So far, Jio has announced the expansion of the 5G network to 406 cities.
Airtel said that it is adding 30-40 cities in its network on a daily basis. It was the first to offer 5G Services in October 2022 and it expects to expand its 5G footprint to all of Urban India by September 2023.
VoltUp and BSNL partner to set up electric vehicles battery swapping stations
Battery-as-a-Service (BaaS) startup VoltUp said that it has partnered with BSNL for setting up electric vehicles battery swapping stations in the country. Initially these stations will be set up in Gurugram, enabling an infrastructure of over 150 charging docks.
VoltUp Circle Business Head Nikhil Mathur said that space is a big constraint in cities and the availability of charging points can be challenging for e-2 wheelers and e-3 wheelers. He added that BSNL has been a pioneer in connecting consumers with technology and with this partnership, consumers can experience the transition of urban mobility to green mobility.
LTCG Benefit Scrapped on Debt Mutual Funds
According to the proposed amendments to the Finance Bill 2023, debt mutual funds are likely to be stripped off the long term tax benefit if they invest 35 percent of their assets in equity. Such funds will attract short term capital gains tax or STCG.
This will bring parity in taxation between market linked debentures and mutual funds which mainly invest in debts. Currently, such funds attract a tax of 20% with indexation benefits. However, this amendment will put mutual funds at par with fixed deposits according to experts.
Written by Simran Bafna
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