Here is a selection of ourt top stories this evening.
India's March GST collection second-highest ever at Rs 1.78 lakh crore
India's goods and services tax mop-up for March 2024 at Rs 1.78 lakh crore is the second highest collection ever, registering a 11.5 percent year-on-year growth, the finance ministry said in a release on April 1. For the financial year 2023-24, gross GST collection stood at Rs. 20.14 lakh crore, a 11.7 percent increase compared to the previous year. Read more
Taking Stock: Sensex, Nifty hit new highs on Day 1 of FY25; realty, metals shine
The Indian equity market started the financial year 2024-25 with a bang, hitting fresh highs to extend the winning streak to a third straight session on April 1 on buying across sectors, especially in power, realty and metal names. At close, the Sensex was up 363.20 points, or 0.49 percent, at 74,014.55, and the Nifty was up 135.10 points, or 0.61 percent, at 22,462 Read more
Indian banking system strong, sustainable, says PM Modi
The Indian banking system, which was once ran losses, is now in profit and credit has seen a record growth, Prime Minister Narendra Modi said on April 1. “India’s banking system is strong and sustainable globally. The banking system which was once in loss is now in profit and credit has seen record growth,” Modi said at an event in Mumbai, commemorating 90 years of the Reserve Bank of India (RBI). Read more
PSU Bank stocks jump; BoFA bullish on Canara Bank, Union Bank and BoI
PSU Bank stocks rallied on April 1, pushing the Nifty PSU index up by over a percent. The current benign credit environment has supported asset quality of these banks, helping the stocks to rise, analysts said. Bank of America (BoFA) Securities is bullish on smaller PSU banks, citing better risk-reward on higher earnings growth and valuation upside. Read more
Tata Motors total domestic sales rise to 90,822 units in March
Tata Motors on April 1 reported a 2 percent rise in its domestic wholesales at 90,822 units in March. In the year-ago period, the company posted total domestic wholesales of 89,351 units. Sales of passenger vehicles, including electric vehicles, were at 50,297 units in March as compared to 44,225 units in the same period last year, up 14 per cent, it added. Read more
KKR taps Torrent Pharmaceuticals for JB Pharma stake sale
Global private equity major KKR is in early discussions with Torrent Pharmaceuticals Ltd for selling its majority stake in its portfolio company JB Chemicals & Pharmaceuticals Ltd (JB Pharma), sources aware of the development told Moneycontrol. In July 2020, KKR acquired a 54 percent stake in JB Pharma from its promoters for approximately Rs 3,100 crore. KKR acquired the stake from JB Pharma’s founders, the Mody family, at a price of Rs 745 per share. Read more
Veteran dealmaker Atul Mehra joins Axis Capital as MD & CEO
Atul Mehra, joint MD of JM Financial, has been appointed the managing director and chief executive officer at rival investment bank Axis Capital, in one of the biggest transitions in recent years in the world of Indian deal-makers. The proposed move was first reported by Moneycontrol on January 20. "Atul will be overseeing both the Investment Banking and Institutional Equities businesses of Axis Capital," an official announcement on April 1 said. Read more
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