MAY TO DECEMBER
Budget 2024: Savings account interest up to Rs 25,000 may get tax exempt
The government is examining a proposal to increase the tax-deductible amount on savings account interest to Rs 25,000. Current limits are Rs 10,000 (Section 80TTA), Rs 50,000 for seniors (Section 80TTB), under the old tax regime. Banks have been advocating for incentives on deposits due to rising concerns over the increasing credit-deposit ratio.
New criminal laws may help reduce jail overcrowding
The new criminal laws, known as BNSS, aim to address jail overcrowding by offering leniency to first-time offenders. Bail conditions have been revised, with reduced maximum detention periods. Jail superintendents now have the responsibility to assist in bail applications. These changes prioritize the human rights of prisoners.
Sensex target is 1 lakh by December 2025 if bulls keep running at historical CAGR
Sensex surged from 70,000 to 80,000 in under 7 months, hinting at a potential reach of 1 lakh by December 2025 with a 16% historical CAGR. Since its inception at 100 in April 1979, it has grown 800 times at a 15.9% CAGR, suggesting a future landmark by December next year.
Airtel and Jio expected to log steady growth, Vi may falter
Reliance Jio and Bharti Airtel are expected to show steady growth in the June quarter, driven by strong broadband user additions, while Vodafone Idea (Vi) is likely to experience a dip in revenue due to ongoing customer losses. Airtel is anticipated to outperform Jio in terms of average revenue per user (ARPU) due to 2G-to-4G conversions and rising postpaid adoption. Vi's ARPU is expected to remain stagnant amidst limited 4G user gains.
US trade deficit widens in May on weak exports
The U.S. trade deficit widened for a second consecutive month in May, reaching $75.1 billion as exports decreased, potentially impacting economic growth in the second quarter; the goods trade deficit also rose to $100.2 billion, the highest since May 2022, with a 0.9 per cent increase, while services exports saw a boost from travel, helping offset declines in automotive and goods exports.
Rates on fresh loans and deposit moderate sequentially in May
In May 2024, the Reserve Bank of India reported a marginal decline in weighted average lending rates on fresh loans and deposits by 16 and one basis points, respectively. The WALR on fresh rupee loans fell to 9.39%, while the WADTDR on fresh term deposits dropped to 6.47%.
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US inflation cools in May; consumer spending rises moderately
ART HOGAN from B RILEY WEALTH notes the stable 2.6% core PCE, potentially leading to Fed rate cuts. The overall economic indicators suggest a favorable environment for equities, with ongoing downward trends in treasury yields.
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
US retail sales rise 0.1% in May; miss monthly expectations
US retail sales increased by 0.1% in May, lower gasoline prices affected service station receipts. Sales growth slowed due to high prices and interest rates, impacting discretionary spending. Banks tightened credit access for lower income borrowers struggling with loan payments.
‘Puspha 2’ suffers a delay, Allu Arjun’s action extravaganza to release on this date
'Pushpa 2: The Rule' follows the success of the 2021 Telugu hit 'Pushpa The Rise'. The initial installment depicted Allu Arjun's transformation from a small-time sandalwood smuggler to a powerful anti-hero with shades of grey. The upcoming sequel will showcase him in his ultimate position of authority and influence.
Vodafone Idea may offer more shares to vendors to clear dues
Vi is saddled with around ₹20,000 crore of overall payables (including ₹13,731 crore trade payables) and proposes to use the ₹24,000 crore equity capital recently raised only for fresh capex to expand 4G coverage and roll out 5G networks. Trade payables, typically, reflect Vi's dues to vendors such as network gear suppliers and tower firms.
Who will be the next James Bond? Everything you may like to know
The competition to become the next James Bond has intensified. Who will play the venerable character of James Bond next has been the topic of discussion among the people.
US import prices unexpectedly fall in May
Import prices dropped 0.4% last month after an unrevised 0.9% surge in April, the Labor Department's Bureau of Labor Statistics said on Friday. That was the first decline in import prices since December. Economists polled by Reuters had expected import prices, which exclude tariffs, to edge up 0.1%.
India’s wholesale prices accelerate to 15-month high of 2.61% in May
India's Wholesale Price Index (WPI) surged to a 15-month high of 2.61 percent in May, up from 1.26 percent in April 2023. This increase was notably higher compared to the 3.48 percent decline seen in May 2023. The numbers accelerated significantly, with WPI reaching 7.4 percent in May, up from 5.5 percent in April and 4.82 percent in May 2023. Primary articles inflation rose to 7.2 percent in May from 5.01 percent in April, while fuel and power inflation remained subdued at around 1.4 percent.
India's retail inflation eases further in May; here's what experts say
India's retail inflation rate softens in May to a 12-month low of 4.75%, below RBI's 2-6% comfort level. Analysts foresee a potential rate cut if food inflation moderates and CPI inflation eases further.
Dow has best daily gain for year; indexes up sharply for May
The Dow and S&P 500 closed higher on Friday with the Dow notching its biggest daily percentage gain since November 2023. The Nasdaq ended slightly lower. The New York jury convicted former President Donald Trump of falsifying documents to cover up a hush money payment to a porn star.
China's factory activity unexpectedly contracts in May
China's manufacturing activity fell in May, with the official factory survey showing a decline. Calls for fresh stimulus persist due to the ongoing property crisis impacting businesses, consumers, and investors.
These largecaps have ‘strong buy’ & ‘buy’ recos and upside potential of more than 20%
While it might be a bit early to say, but the way things have panned in the last couple of weeks, it is clear that bulls are not in any mood to leave the street. At the same time bears are also clear they will wait and on sidelines till election results. Two things one should remember at this point of intersection which rarely comes, that finally it is the business and the management which matters. Probably management of the large cap companies have that in abundance for two things, manage difficult times and by the end of the day grow. The only thing any investor needs to make sure is that in any corrective phase, bias when making fresh investment should be toward large cap stocks as there is a possibility that they would see less damage in corrections. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
Saturday bank holiday: Are banks closed today?
Saturday bank holiday: The first, third, and fifth Saturdays of the month are bank working days. So, bank customers must make sure that the bank is working on that particular Saturday before visiting the branch.
Are banks closed today for Akshaya Tritiya?
It is believed that buying gold on this day brings good fortune and prosperity. Are banks closed on Akshaya Tritiya, i.e., on Friday, May 10, 2024? Read here to find out.
School Holiday Calendar 2024: Check out summer vacation dates and May breaks
The new school year has started, and everyone is eager to know when the holidays will be. Holidays are important because they give students and families time to relax and plan fun activities. Here's a list of holidays for schools all over India for the 2024-25 academic year.
US Visa Bulletin for May 2024: After significant progess in April, Green Card dates remain stagnant
May Visa Bulletin shows mixed progress for Indian Green Card applicants, with stagnant categories and some advancements. Understanding the bulletin is crucial for adjusting immigration status and navigating the Green Card journey efficiently.
AI tool brings German woman's deceased mother back to life; she calls it 'spooky' yet 'strangely realistic'
Sirine Malas, residing in Berlin, Germany, sought solace after losing her mother to kidney failure in 2018. Separated from her mother due to fleeing Syria, Sirine yearned for closure and turned to AI technology. Utilizing Project December, she engaged in simulated conversations with her deceased mother, finding both comfort and eerie realism in the experience.
2023 Year in Review: Secondary rounds may headline deal flow at startups next year too
Risk investors ET spoke with said secondary share sales are likely to continue in 2024, as the focus would be on the limited number of good assets where existing investors are looking to part-sell their stake.
Film Independent Spirit Awards: May December, Past Lives lead nominations. Check list here
The 2024 Film Independent Spirit Awards which will happen on February 25 has announced nominations for the awards. American Fiction, May December and Past Lives lead the nomination list
‘May December’: Julianne Moore Explores a Taboo Love Story Inspired by Real-Life Scandal
"May December" revolves around the life of Gracie, portrayed by Moore, who at 36 faced public scrutiny when news broke of her relationship with Joe, a 13-year-old co-worker. The film, on several instances, has been compared to the infamous Mary Kay Letourneau scandal of the late 1990s for the striking similarity of the events.
What's streaming on Netflix this week: November 27 to December 3, 2023
In the coming week, Netflix unleashes a flood of 60+ new movies, series, and specials, promising viewers a diverse entertainment feast from November 27 to December 3. Get ready for an exhilarating lineup!
Vodafone Idea may miss December deadline for fundraise
According to the officials, Vi continues to be in discussions with the potential investors, including in the US, to raise fresh capital by issuing equity and equity-linked instruments. The telco has said that bank lending will follow soon after the equity fundraising is finalised.
Netflix acquires rights to Natalie Portman and Julianne Moore starrer 'May December’; Set for December 2023 premiere
Netflix has announced the release date of ‘May December’ with Natalie Portman and Julianne Moore in the lead.
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