The stock market saw minor cuts today as the Budget for 2024-25 was unveiled. Both Sensex and Nifty extended their losing streak to three sessions. Despite positive global cues, the Nifty50 closed below 24,500 after hitting an early high of 24,582.55. Profit booking in response to the Finance Minister’s hike in long-term capital gains tax from 10% to 12.5% erased gains. However, last-hour buying helped the index recover slightly, ending the day on a flat note. FMCG and consumer durables shares rallies, while realty and PSU banks tumbled.

The Indian rupee declined 5 paise to hit an all-time low of 83.71 (provisional) against the US dollar on Tuesday after the government raised tax rates on capital gains in the FY25 Budget. Indian shares ended little changed on Tuesday after falling sharply early in the day as Finance Minister Nirmala Sitharaman proposed to increase Securities Transaction Tax (STT) and long-term capital gains (LTCG) taxes in her Budget speech. “It is proposed to increase the rates of STT on the sale of an option in securities from 0.0625 percent to 0.1 percent of the option premium, and on sale of a futures in securities from 0.0125 percent to 0.02 percent of the price at which such futures are traded,” the FM said in a move that appears to aim at reining in rampant F&O trading. The long-term capital gains (LTCG) on all financial and non-financial assets will now attract a tax rate of 12.5 percent from 10 percent earlier. Short-term gains on certain financial assets shall henceforth attract a tax ..

Sales rise 0.94% to Rs 62.33 crore

Through its subsidiary – Bondada Green Engineering

The non-banking financial company (NBFC) reported 13.82% increase in consolidated net profit to Rs 3,911.98 crore on a 24% jump in total income to Rs 10,418 crore in Q1 FY25 as compared with Q1 FY24.