The Centre on Wednesday increased the Dearness Allowance (DA) by 3 percentage points effective from July 1 this year, benefitting more than 1 crore employees and pensioners ahead of the Diwali festival. The Union Cabinet has approved to increase Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners by three percentage points of the basic pay/pension ahead of Diwali, Union Minister Ashwini Vaishnaw said after the Cabinet meeting.
In letter to EC, Congress seeks transfer of police officers for ‘inaction’ in Rupahihat violence (16-10-2024)
The Congress party in Assam has written to the Election Commission asking for the transfer of police officers in Nagaon. They claim the officers did not act against BJP workers who attacked their supporters in Rupahihat. The Congress also plans to address the matter with the Director General of Police. Both parties reported injuries from the clashes.
Benchmarks close lower for 2nd day, dragged by auto, IT stocks (16-10-2024)
Domestic equity benchmark indices continued their downward trend on Wednesday, closing lower for the second consecutive session. The Nifty 50 index settled below the 25,000 mark, primarily weighed down by losses in the auto and IT shares. However, realty, energy, and financial services stocks advanced.
Sebi decides to make sales proceeds available to FPIs on settlement day (16-10-2024)
To boost operational efficiency and respond to concerns raised by Foreign Portfolio Investors (FPIs), Sebi on Wednesday said it has introduced measures to speed up the availability of sale proceeds for such investors, bringing them on par with domestic institutional investors.
It is broadly estimated that efficiency gains on account of this measure would be around Rs 2,000 crore per annum.
FPIs previously reported delays in their access to sale proceeds beyond the standard ‘T+1’ (trading plus one) settlement date. These delays were primarily due to the erstwhile process adopted for obtaining tax clearance on their net sale proceeds, to ensure compliance with FEMA Regulations.
To address this issue, Sebi engaged in consultations with key stakeholders, including FPIs, clearing corporations, custodians, and tax consultants. This collaborative effort led to significant process improvements, making sale proceeds available to FPIs on settlement day, and bringing them on par with domestic
Bajaj Auto Q2 PAT rises 9% YoY to Rs 2,005 cr (16-10-2024)
The auto major’s standalone net profit increased 9.19% to Rs 2,005.04 crore on 21.80% jump in revenue from operations to Rs 13,127.47 crore in Q2 FY25 over Q2 FY24.
Gold hits fresh record high of Rs 78,900 per 10g in Delhi (16-10-2024)
Gold prices touched a new all-time high of Rs 78,900 per 10 grams in the national capital on Wednesday, gaining Rs 250 due to sustained buying by jewellers, according to the All India Sarafa Association. The precious metal had closed at Rs 78,650 per 10 grams in the previous session on Tuesday.
UAE to address India concerns on imports (16-10-2024)
The United Arab Emirates (UAE) has agreed to look into India’s concerns over compliance to rules related to the import of silver products, platinum alloy and dry dates, the commerce department said on Tuesday. During a joint committee meeting under the India-UAE trade deal, officials from New Delhi raised concerns over the recent surge in imports of these products. These were being shipped to India, taking advantage of the lower tariffs under the pact.
Stock market update: Fertilisers stocks up as market falls (16-10-2024)
The 30-share BSE Sensex closed down 318.76 points at 81501.36