Author: ruchitha

In a surprise move, Amazon India’s Country Manager, Manish Tiwary, has stepped down from his role, effective immediately. Tiwary, who has been leading Amazon’s Indian operations since 2018, will be replaced by an interim leader until a permanent successor is appointed. Tiwary’s Tenure at Amazon India During his tenure, Tiwary played a crucial role in expanding Amazon’s presence in India, driving growth, and improving customer experience. Under his leadership, Amazon India: Reasons for Tiwary’s Departure The reasons for Tiwary’s departure are not immediately clear. However, sources close to the company suggest that he may be taking a break to pursue…

A recent crypto selloff has resulted in a massive loss of $270 billion in value, with Bitcoin and Ether experiencing significant plunges. This downturn has sent shockwaves throughout the cryptocurrency market, leaving investors and traders reeling. Bitcoin’s Price Crash Bitcoin, the world’s largest cryptocurrency, has seen its price drop by approximately 25% over the past month. This decline has brought the price of Bitcoin down to around $50,000, a far cry from its recent high of over $70,000. The price crash has been attributed to various factors, including a warning from Federal Reserve Chair Jerome Powell about a “critical period” for the economy. Mt.…

Highest Monthly Collection Since Implementation of GST The highest monthly GST collection since its implementation in India is Rs 2.10 lakh crore, achieved in April 2024. This marks a 12.4% growth on a year-on-year basis. The previous highest-ever GST collection figure stood at Rs 1.87 lakh crore in April 2023. The growth was driven by a 13.4% growth in domestic transactions and an 8.3% growth in imports. After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year. This significant increase in GST revenue…

On Thursday, August 1, 2024, both the Sensex and Nifty hit fresh record highs, with the Nifty surpassing the 25,000-point threshold for the first time. This surge followed a global rally spurred by U.S. Federal Reserve Chair Jerome Powell’s suggestion of a potential interest rate cut in September. Market View Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, commented, “The Fed chief signalling a possible rate cut in September is positive for global equity markets. More important, his comments that the US economy is normalising is a shot in the arm for bulls. The dip in the 10-year US bond yield to…

In a significant boost to the government’s revenue, the Ministry of Finance has announced that it has collected Rs 98,681 crore from long term capital gains (LTCG) tax on listed equities in the financial year 2022-23. This represents a 15% increase from the previous year. According to Minister of State for Finance Pankaj Chaudhary, the government has seen a steady growth in collections from LTCG tax over the past few years. In a statement, Chaudhary revealed that the government has collected Rs 98,681 crore from LTCG tax on listed equities in FY23, up from Rs 85,784 crore in FY22. A…

RBI Cracks Down on Non-Compliance The Reserve Bank of India (RBI) has imposed monetary penalties on three payment system operators, namely Visa Worldwide, Ola Financial Services, and Manappuram Finance, for deficiencies in regulatory compliance. Penalty Amounts Imposed by RBI on 3 Payment System Operators The Reserve Bank of India (RBI) has imposed monetary penalties on three payment system operators, namely Visa Worldwide, Ola Financial Services, and Manappuram Finance, for non-compliance with certain provisions of the Payment and Settlement Systems Act, 2007. Penalty Amounts These penalties were imposed by the RBI for non-compliance with Know Your Customer (KYC) guidelines and other regulatory requirements. The central bank has…

Ola Electric Mobility Limited, a prominent player in India’s electric vehicle (EV) market, is set to launch its Initial Public Offering (IPO). This move has generated considerable buzz in the financial and automotive sectors. Here’s an in-depth look at the details surrounding Ola Electric’s IPO, company overview, and financials. About OLA Electric According to the papers filed with SEBI, the company is a pure EV player in India building vertically integrated technology and manufacturing capabilities for EVs and EV components. OLA Electric manufacture EVs and certain core EV components at the Ola Futurefactory. According to the company it is building an EV hub in Tamil…

Strong Start to the Fiscal Year for Canara Bank Canara Bank, one of India’s leading public sector banks, has reported a strong set of numbers for the first quarter of the fiscal year 2024. The bank’s net profit has risen by 10% to ₹3,905 crore, driven by a significant reduction in bad loans and a surge in total income. Net Profit Rises 10% Canara Bank’s net profit for the quarter ended June 30, 2024, stood at ₹3,905 crore, up 10% from ₹3,535 crore in the corresponding quarter of the previous year. This marks a strong start to the fiscal year for the bank, which has…

Finance Minister Nirmala Sitharaman announced the allocation of Rs 15,000 crore for the development of Amaravati, the new capital city of Andhra Pradesh, during the presentation of the Union Budget 2024-25 in Parliament on Tuesday. Boosting Andhra Pradesh’s Development The Central government is providing a significant boost to Andhra Pradesh’s growth and development by allocating Rs 15,000 crore for Amaravati’s development. This move is expected to have a multiplier effect on the state’s economy, creating new opportunities for employment, infrastructure development, and industrial growth. Developing Infrastructure The Central government will utilize the allocated funds to create world-class infrastructure, including roads, bridges, and buildings, in Amaravati. This will…

Finance Minister Nirmala Sitharaman to Present Union Budget 2024-25 Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024-25 on Tuesday, July 23, 2024. The Union Budget has been a key trendsetter for the Indian stock market, with the announcement being associated with market volatility. Historical Performance of Indian Stock with Caution The Indian stock market is trading with caution ahead of the Union Budget 2024, scheduled to be presented by Finance Minister Nirmala Sitharaman on Tuesday, July 23. The market is expected to be volatile, with investors closely watching the budget announcements for any signs of policy changes or…