Name: LIC gets GST notice of Rs 37,000 for paying taxes at lower rate
Uploaded: 2023-10-11T16:10:49.000+05:30
Duration: T00M32S
Channel: Editorji News Desk
Description: LIC has said that the notice is not expected to affect its finances after receiving a notice demanding Rs 36,844 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020

With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28

Amid massive market rally, S&P forecasts India as world's third-largest economy by 2030

With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28

S&amp;P Global Ratings predicts India to become the world's third-largest economy by 2030, emphasizing the challenge of unlocking its manufacturing potential. The agency forecasts India as the fastest-growing major economy over the next three years, expecting a GDP growth of 7% by 2026, up from the current 6.4% projection.
In the fiscal year 2022-23, India's GDP grew by 7.2%, with robust expansions of 7.8% and 7.6% in the June and September quarters, respectively. S&amp;P highlights India's opportunity to transition into a manufacturing powerhouse, emphasizing the need for a robust logistics framework.
With a GDP of USD 3.73 trillion, India currently stands as the fifth-largest economy globally. The IMF projects India to reach a USD 5 trillion economy, securing the third-largest GDP by 2027-28.
Also read/watch - <a title="US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report" href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
S&amp;P emphasizes the importance of upskilling the workforce and increasing female participation to unlock India's labor market potential. The agency also sees potential growth in India's startup ecosystem, especially in financial and consumer technology, fueled by a thriving domestic digital market.
Moreover, S&amp;P notes global geopolitical factors, including elections in over 50 countries, and the ongoing conflicts in regions like Russia-Ukraine and the Middle East. Elections in various emerging markets, including India, pose potential risks due to low policy predictability, impacting investor sentiment and existing investment potential.
The agency advises that enhancing policy visibility will be crucial for attracting investments and capitalizing on emerging market opportunities.

Moody’s foresees China's property sector having a smaller economic role post-2021, expecting GDP to be around 4% in 2024-25 and averaging 3.8% from 2026-2030.

Moody's downgrades China's credit outlook to 'negative' amid economic uncertainty

Moody&rsquo;s foresees China's property sector having a smaller economic role post-2021, expecting GDP to be around 4% in 2024-25 and averaging 3.8% from 2026-2030.

Moody's Investors Service dealt a blow to China's economic outlook, marking a shift from 'stable' to 'negative' due to persistent challenges in its growth trajectory and the ongoing turmoil in the property sector. The downgrade reflects heightened concerns over China's structural issues affecting its economic prospects.
Highlighting these concerns, Moody&rsquo;s cited a sustained slowdown in medium-term economic growth, emphasizing the ongoing contraction within China's property sector. Despite the downgrade in outlook, Moody's reaffirmed China's credit rating at 'A1'.
The ratings agency anticipates the Chinese property sector to maintain a reduced share of the overall economy, compared to its pre-2021 correction levels. This adjustment comes amidst predictions by Moody&rsquo;s that China's GDP growth will likely hover around 4% in 2024 and 2025, with an average of 3.8% between 2026 and 2030. A recent report also pointed to subdued consumer and business spending, sluggish exports, and the persistent property market turbulence contributing to the country's growth deceleration.
Consequently, the stock market in China experienced a downturn, reflecting growing concerns about the country's economic performance amid fluctuating economic indicators.
Global financial institutions, including Goldman Sachs, observed a trend of decreased investments in China and broader emerging Asian markets by hedge funds in November, signaling reduced confidence in the world's second-largest economy.
In response to these challenges, China's top leadership is gearing up for crucial meetings this month. Analysts anticipate the Communist Party&rsquo;s Politburo, comprising 24 key officials, to convene and set ambitious growth targets for 2024. Goldman Sachs economists highlighted the potential benefits of such targets, suggesting they could counteract negative sentiments and uplift growth prospects.
As China navigates these economic headwinds, policymakers face the critical task of devising strategies to reinvigorate growth and restore investor confidence in the nation's economic stability. Also Watch: <a href="https://www.editorji.com/business-news/moody-s-lowers-ratings-of-us-banks-signals-potential-reductions-for-others-1691567232560#google_vignette">Moody's lowers ratings of US banks, signals potential reductions for others</a>

Recent filings indicate that despite these sales, Zuckerberg still holds upwards of 365 million shares. As of November 30, he retained his position as the ninth wealthiest individual globally, as per the Bloomberg Billionaires Index

Mark Zuckerberg offloads Meta Shares worth around ₹16,000 crore

Recent filings indicate that despite these sales, Zuckerberg still holds upwards of 365 million shares. As of November 30, he retained his position as the ninth wealthiest individual globally, as per the Bloomberg Billionaires Index

In November, Meta's stock soared to nearly a two-year high while CEO Mark Zuckerberg embarked on a consistent selling spree. His filings with the Securities and Exchange Commission revealed a daily offloading of Meta shares throughout the month, tallying up to 560,180 shares sold by November 29. Meta's Stock Surge Amidst Sales&nbsp;
Additionally, a Form 144 filing on Thursday detailed his intent to sell an additional 28,009 shares that same day.Considering the weighted average prices of these sales alongside Thursday's closing figure of $327.15, the collective worth of these shares amounted to $192.9 million (approximately Rs 1,600 crore).
Zuckerberg's indirect ownership of the sold shares encompassed diverse funds, all within the framework of a Rule 10b5-1 trading plan initiated on July 31.
Also read/watch - <a title="Urban youth unemployment peaks in Himachal Pradesh: Labour survey" href="https://www.editorji.com/business-news/economy/urban-youth-unemployment-peaks-in-himachal-pradesh-labour-survey-1701696874920">Urban youth unemployment peaks in Himachal Pradesh: Labour survey</a>
Despite this sell-off, Meta's stock surged by 8.6% in November, marking its third consecutive month of gains. It hit a peak closing price of $341.49 on November 22, the highest since December 30, 2021, before experiencing a pullback.
Meta's Daily Trading Volume Insights
A significant portion of the sold shares were initially acquired by Zuckerberg in 2004 through a "founder stock purchase." Around 150,000 of these shares were obtained at $0 on the days they were sold, acquired through options exercised in 2013.
Recent filings indicate that despite these sales, Zuckerberg still holds upwards of 365 million shares. As of November 30, he retained his position as the ninth wealthiest individual globally, as per the Bloomberg Billionaires Index.
While the sale of over $190 million worth of shares might appear substantial for a single month, the daily average trading volume over the past 30 days has consistently surpassed 19.18 million shares. On average, more than $6.2 billion worth of Meta shares change hands daily.

The Q2 report showcased robust performance, doubling the bottom line. The stock, up 28% from its ₹324 issue price since its November 7 debut, reflects dynamic market shifts

Honasa Consumer block deal: Fireside ventures to offload 1.9% stake

The Q2 report showcased robust performance, doubling the bottom line. The stock, up 28% from its ₹324 issue price since its November 7 debut, reflects dynamic market shifts

Honasa Consumer Ltd is poised for heightened market attention as Fireside Ventures, a public shareholder, plans to divest 61 lakh shares, equating to a 1.9% stake in the company, according to media reports. Following a 4.04% decline, the stock closed at Rs 383.50 on Monday, with the 61 lakh shares valued at Rs 234 crore at the prevailing price.
As of September 30, Fireside Ventures holds a substantial 7.57% stake in Honasa Consumer, valued at Rs 934 crore based on Monday's closing price. Since its market debut on November 7, shares of the Mamaearth parent have surged by 18.36% over the issue price of Rs 324.
Sources indicate that a block deal is slated for December 5, with CNBC-Awaaz suggesting a floor price range of Rs 368.70-384.10, signaling a potential discount of up to 4%. Kotak Securities is reportedly overseeing the deal as the broker.
Also read/watch - <a title="Market Opening: Sensex crosses 69,000 for first time as equity market scale new peaks" href="https://www.editorji.com/business-news/markets/market-opening-sensex-crosses-69-000-for-first-time-as-equity-market-scale-new-peaks-1701752218114">Market Opening: Sensex crosses 69,000 for first time as equity market scale new peaks</a>
In parallel news, global brokerage Jefferies has revised the target price for Honasa Consumer, the force behind the Mamaearth brand, to ₹530, up from ₹520. This adjustment reflects an estimated 52% upside post robust second-quarter results. The stock experienced a notable 20% rally, reaching an all-time high of ₹423.75 per share on Thursday, trading 19.99% higher on the NSE at 10:04 am.
In the Q2 report, the D2C unicorn showcased strength in both topline and margin, with the company's bottom line doubling on a low base. The Honasa stock, marking its market debut on November 7, continues to surge, currently trading at its highest level and boasting a 28% increase over its issue price of ₹324. The intricate dynamics surrounding the block deal and Jefferies' optimistic target price contribute to the evolving narrative of Honasa Consumer's market performance.&nbsp;

The survey highlighted manufacturers' superior growth compared to service providers, while the service sector experienced its slowest upturn in a year. 

India's service sector PMI hits 12-month low amidst slower growth

The survey highlighted manufacturers' superior growth compared to service providers, while the service sector experienced its slowest upturn in a year.&nbsp;

India's services sector witnessed a dip in growth, reaching a one-year low in November due to reduced order expansion and output, according to a monthly survey released on Tuesday.
The S&amp;P Global India Services Business Activity Index, which measures the performance of the services sector, dropped from 58.4 in October to 56.9 in November, marking a one-year low. Despite this decline, the growth rate remained stronger than its long-term average. In PMI terminology, a score above 50 indicates expansion, while below 50 signifies contraction.
Based on responses from approximately 400 service sector companies, the survey highlighted a slowdown in new work intakes and output, impacting the sector's overall growth. Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence, noted that although growth momentum has diminished, there's robust demand for services propelling new business intake and output.
The survey also revealed a decline in both input cost and output charge inflation to eight-month lows. Lima pointed out that fewer companies increased their fees, potentially stimulating demand in the closing months of 2023. Hiring restrains&nbsp;
Regarding employment, services companies displayed restrained hiring despite stable business levels. Lima highlighted that while net employment increased marginally in November, the rate of job creation was the slowest in seven months due to cautious hiring amidst stable backlog levels.
Looking ahead, businesses remained optimistic about activity in the next 12 months, albeit with some fading confidence due to rising inflation expectations. The S&amp;P Global India Composite PMI Output Index, encompassing both manufacturing and services, declined to 57.4 in November, marking the weakest private sector activity growth in a year.
The survey noted that manufacturers outperformed service providers, experiencing quicker growth, while services witnessed the slowest upturn in a year. Factory orders rose notably, contrasting with cooled demand for services, resulting in an overall weaker sales rate since November 2022.
In light of this economic scenario, the Reserve Bank of India is expected to maintain the current short-term interest rate in its upcoming monetary policy review. RBI Governor Shaktikanta Das will preside over the Monetary Policy Committee's deliberations starting December 6, with the decision announcement scheduled for December 8. Also Watch: <a href="https://www.editorji.com/business-news/november-manufacturing-pmi-rises-to-56-as-inflationary-pressure-retreat-1701434077121">November manufacturing PMI rises to 56 as inflationary pressure retreat</a>

The U.K government emphasizes that these measures will ensure individuals in the UK to contribute to the economy and not rely on state support.

UK tightens immigration: Rishi Sunak raises visa salary threshold

The U.K government emphasizes that these measures will ensure individuals in the UK to contribute to the economy and not rely on state support.

In a significant move aimed at reshaping migration patterns, the UK government, under Prime Minister Rishi Sunak, has implemented stringent changes to its immigration policies. Notably, the government has elevated the salary requirement for individuals seeking to reside in the UK. This pivotal adjustment, part of a broader reform agenda, marks a critical shift in the eligibility criteria for those aspiring to live and work in the country. The recent measures are anticipated to significantly reduce migration to the UK, affecting an estimated 300,000 individuals who would no longer meet the criteria for entry.
Expressing his determination to address what he referred to as an excessively high level of net migration, Sunak heralded these changes as historic. "We've just announced the biggest ever cut in net migration. No Prime Minister has done this before in history," Sunak remarked in a social media update.
The pivotal modifications outlined by Sunak's government encompass a spectrum of stringent regulations. These include restrictions on dependents entering the UK, a substantial increase in minimum salary requirements for overseas workers and sponsors, and tighter controls on the Health and Care visa, notably impacting care workers and their families.
Moreover, the crackdown extends to labor strategies, with plans to abolish salary discounts for shortage occupations and the implementation of an Immigration Salary List, aligned with elevated salary thresholds. Simultaneously, measures addressing student dependents seek to curb the influx, potentially impacting around 153,000 visas granted to dependents of sponsored students in the year ending September 2023.
The government asserts that these measures are designed to underscore the principle that individuals relocating to the UK must be self-sufficient, economically contributing, and not reliant on state support. However, Labour's home affairs spokesperson, Yvette Cooper, rebuked the Conservatives, labeling their actions as a "chaotic panic" response to immigration.
The announcement of these stringent immigration policies marks a significant departure from previous norms and signifies the government's intent to recalibrate migration patterns. The reforms are anticipated to reshape the landscape of immigration in the UK, eliciting both support and criticism from various quarters. Also Watch: <a href="https://www.editorji.com/business-news/byju-s-founder-raveendran-pledges-his-homes-to-pay-staff-salaries-report-1701749345351#google_vignette">Byju's founder Raveendran pledges his homes to pay staff salaries: Report</a>

The statistics indicated a 17.3% nationwide urban youth unemployment rate.

Urban youth unemployment peaks in Himachal Pradesh: Labour survey

The statistics indicated a 17.3% nationwide urban youth unemployment rate.

Himachal Pradesh has witnessed the highest overall unemployment rate of 33.9%, followed by Rajasthan at 30.2%, among the age group of 15 to 29 years in cities during July-September 2023, according to the Periodic Labour Force Survey (PLFS).
The PLFS data of the National Sample Survey Office (NSSO) also revealed that unemployment among the 15-29 age group in urban areas was high among females at 49.2% in the July-September quarter of this fiscal year as compared to 25.3% among males in Himachal Pradesh.
in the case of Rajasthan, the joblessness in females in cities was high at 39.4% in the quarter as against 27.2% in males.
Jammu &amp; Kashmir also reported a high rate of joblessness at 29.8% in the age group in cities.
In the case of Jammu &amp; Kashmir, unemployment was high among females at 51.8% in the quarter compared to 19.8% among males in the period in cities.
The data showed that the overall unemployment in the country was 17.3% in the 15-29 age group in cities as per the current weekly status.
The activity status determined on the basis of a reference period of the last seven days preceding the date of survey is known as the current weekly status (CWS) of the person.
The overall unemployment was high among 22.9% in cities in the country in the 15-29 age group compared to 15.5% among females in the July-September quarter 2023, showed the data.
The survey conducted in 22 states, showed that the lowest unemployment rate was 7.1% in Gujarat followed by Delhi at 8.4% in the July-September quarter among persons of the age group of 15-29%.
Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force.
The NSSO launched PLFS in April 2017. This Bulletin for the quarter ending September 2023 is the twentieth in the series.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/germany-s-unemployment-soars-to-2-1-2-year-high-amid-economic-slump-1701345993277#google_vignette">Germany's unemployment soars to 2 1/2-year high amid economic slump</a>

As the International Development Corp is to invest $553 million for a Sri Lankan terminal which is being developed by the Adani group, the US government has called the Hindenburg report irrelevant for its investment decision on Adani Ports

US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report

As the International Development Corp is to invest $553 million for a Sri Lankan terminal which is being developed by the Adani group, the US government has called the Hindenburg report irrelevant for its investment decision on Adani Ports

Adani-Hindenburg row:&nbsp;The US government has called the Hindenburg report on Adani group, 'not relevant' for its decision to grant up to $553 million for a Sri Lankan terminal which is being developed by Adani Ports &amp; Special Economic Zone Ltd.
<h3>Hindenburg allegation examined</h3>
As per a Bloomberg report, the International Development Finance Corp., or DFC conducted&nbsp; due diligence investigation of the conglomerate in which the Hindenburg report's allegations was also taken into consideration. The DFC was reportedly satisfied that the accusations in the short-seller&rsquo;s report, which said Adani was pulling off &ldquo;the largest con in corporate history,&rdquo; weren&rsquo;t applicable to Adani Ports &amp; Special Economic Zone Ltd., the subsidiary spearheading the Sri Lankan project.
Also Read: <a href="https://www.editorji.com/business-news/us-to-invest-553-million-in-adani-s-sri-lankan-port-terminal-project-to-curtail-china-s-influence-1699431636358">US to invest $553 million in Adani's Sri Lankan port terminal project to curtail China's influence</a>
However, the US official also told Bloomberg News that US will continue to monitor the Adani group company to ensure the US government doesn&rsquo;t unintentionally support financial misconduct or other inappropriate behaviour.
<h3>US investment in Adani Port</h3>
The United States signed an agreement to &nbsp;provide $553 million for a port terminal in Sri Lanka that is being developed by Adani group, as both Indian and US are looking to curb the influence of China in South Asia.&nbsp;
The investment comes from US government's largest infrastructure investment in Asia -International Development Finance Corp. The DFC in a statement had said it will bolster Sri Lanka's economic growth and &ldquo;its regional economic integration, including with India, a key partner to both countries&rdquo;.

The average price of 1 gram of 22K Gold stood at ₹5,785 while the cost for 24K gold prices stood at ₹6,311 and 1 kg silver stood at ₹78,500

Gold, Silver Rates today December 05, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,785 while the cost for 24K gold prices stood at ₹6,311 and 1 kg silver stood at ₹78,500

Gold Silver Price Today 05 December 2023: For the second day in a row both Gold and silver prices recorded a hike on the Multi Commodity Index on Tuesday. This comes after the yellow metal crossed the $2,100-per-ounce early on Monday.
The average price of 1 gram of 22K Gold stood at ₹5,785 while the 24K gold prices stood at ₹6,311.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,820, which was followed by Delhi and Jaipur where the gold costs ₹63,260.&nbsp;
The average price of 10gm of Silver was at ₹785 and 1 kg of silver stood at ₹78,500.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,400 followed by Delhi and Mumbai where the metal was sold at ₹78,500
<h3>24 Carat Gold Price Today December 05 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹63,260 Chennai - ₹63,820 Mumbai - ₹63,110 Kolkata - ₹63,110 Bengaluru - ₹63,110
<h3>1 KG Silver Price Today December 05 - Indian Top Cities</h3>
Delhi - ₹78,500 Chennai - ₹81,400 Mumbai - ₹78,500 Kolkata - ₹78,500 Bengaluru - ₹79,250

The average price of 1 gram of 22K Gold stood at ₹5,885 while the cost for 24K gold prices stood at ₹6,420 and 1 kg silver stood at ₹80,500

Gold, Silver Rates today December 04, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,885 while the cost for 24K gold prices stood at ₹6,420 and 1 kg silver stood at ₹80,500

Gold Silver Price Today 04 December 2023: Gold prices increased and silver prices remained unchanged on the Multi Commodity Index on Monday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,885 while the 24K gold prices stood at ₹6,420.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹65,180, which was followed by Delhi and Jaipur where the gold costs ₹64,350.&nbsp;
The average price of 10gm of Silver was at ₹805 and 1 kg of silver stood at ₹80,500.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹83,500 followed by Delhi and Mumbai where the metal was sold at ₹80,500
<h3>24 Carat Gold Price Today December 04 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹64,350 Chennai - ₹65,180 Mumbai - ₹64,200 Kolkata - ₹64,200 Bengaluru - ₹64,200
<h3>1 KG Silver Price Today December 04 - Indian Top Cities</h3>
Delhi - ₹80,500 Chennai - ₹83,500 Mumbai - ₹80,500 Kolkata - ₹80,500 Bengaluru - ₹79,000

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Cyclone Michaung

LIC has said that the notice is not expected to affect its finances after receiving a notice demanding Rs 36,844 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020 

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

LIC gets notice for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.

<h2>LIC gets notice for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.</h2>

GST Notice:&nbsp;The Life Insurance Corporation of India has received a Goods and Services Tax notice demanding close to Rs 37,000 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.
<h3>LIC Penalised</h3>
The state taxes officer in Srinagar imposed the penalty charging the company with a GST of Rs 10,462, penalty amounting to Rs 20,000 and interest of Rs 6,382, aggregating to Rs 36,844.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/markets/lic-s-market-share-drops-to-58-50-year-on-year-in-september-2023-1696926051963">LIC's market share drops to 58.50% year-on-year in September 2023</a>
As per Business Standard, LIC had received Income Tax penalty notices of Rs 84 crore in October and Rs 290 crore in September. In October, the Insurer received notice for multiple assessment years. For assessment year 2012-13, it was &nbsp;penalised Rs 12.61 crore and it was Rs 33.82 crore for 2018-19. For 2019-2020, the penalty amounted to Rs 37.58 crore.

After being acquired by the Tata Group last year, Air India initiated an extensive five-year overhaul. Within this initiative, the airline is ready to introduce pioneering advancements in customer-centric interfaces and enhance employee experiences.

Air India plans to save $1 million every year by shutting down two data centres 

After being acquired by the Tata Group last year, Air India initiated an extensive five-year overhaul. Within this initiative, the airline is ready to introduce pioneering advancements in customer-centric interfaces and enhance employee experiences.

Air India recently made a significant leap in its technological infrastructure. In a strategic move, the airline shifted its entire computational workload to the Cloud, resulting in the closure of two data centers located in New Delhi and Mumbai. This migration to Microsoft Azure marks a pivotal moment for Air India's digital transformation, anticipated to yield an annual savings of $1 million.
The meticulous migration process, overseen by Air India's teams in Silicon Valley, Gurugram, and Kochi, involved transitioning computational tasks from numerous mainframes, hundreds of servers, and a substantial volume of data to the Cloud. The retired data centers previously played a pivotal role in driving innovation and streamlining automation across the airline's commercial and financial operations.
Satya Ramaswamy, Air India's Chief Digital and Technology Officer, highlighted the company's commitment to embracing a 'Cloud-only' computational infrastructure. He emphasized that the Cloud signifies more than just cost efficiency; it stands as a foundational shift in reimagining computing processes for the airline.
Puneet Chandok, President at Microsoft India &amp; South Asia, lauded Air India's successful transition to Microsoft Azure, showcasing the adaptability and prowess of the Microsoft Cloud in supporting global industry leaders like Air India.
Following the Tata Group's acquisition last year, Air India embarked on a comprehensive five-year transformation plan. As part of this endeavor, the airline is poised to introduce groundbreaking innovations in both customer-centric interfaces and employee experiences. These innovations will harness the power of advanced data analytics and AI capabilities embedded seamlessly across the company's applications, including cutting-edge technologies like Generative AI.
Air India's commitment to leveraging cloud capabilities underscores a strategic vision to enhance operational efficiency, foster innovation, and elevate customer experiences in the ever-evolving aviation landscape. This move signifies a step forward in the airline's journey towards a more agile and technologically advanced future. Also Watch: <a href="https://www.editorji.com/business-news/air-india-bids-farewell-to-iconic-maharajah-mascot-airline-to-embrace-fresh-brand-identity-1690366018782#google_vignette">Air India bids farewell to iconic Maharajah mascot, airline to embrace fresh brand identity</a>

This surge resulted in BSE-listed companies' total market capitalization exceeding ₹350 lakh crore, surging by over ₹2.5 lakh crore.

Sensex crosses 69k as markets surge continues; Adani pack, power grid lead gains while HUL among losers

This surge resulted in BSE-listed companies' total market capitalization exceeding ₹350 lakh crore, surging by over ₹2.5 lakh crore.

The stock market soared to unprecedented heights on Tuesday, witnessing the Sensex breach the monumental 69,000-mark while the Nifty eyed the significant 21,000 level. This record-breaking ascent, marking the indices' sixth consecutive session of gains, was driven by robust buying, particularly in the power and utility sectors. Among the top gainers, Power Grid emerged as the frontrunner with a staggering 4.46% surge, followed by NTPC, SBI, and ICICI Bank displaying robust growth at 3.89%, 2.31%, and 2.28%, respectively.
Closing at an all-time high, the 30-share BSE Sensex surged by 431 points, or 0.63 per cent, culminating at 69,296. Simultaneously, the broader Nifty index advanced by 168 points, a rise of 0.81 per cent, reaching its lifetime high of 20,855. This impressive rally led to the combined market capitalisation of BSE-listed companies swelling by over ₹2.5 lakh crore, surpassing the significant milestone of ₹350 lakh crore.
However, amidst this fervent rise, some stocks faced downward trends. Hindustan Unilever, HCL Tech, and Bajaj Finance emerged as notable laggards, witnessing losses of up to 1.49% during the day's trading activities. Despite these setbacks, the market sentiment remained largely positive, with 20 stocks among the 30-share benchmark closing with gains, while 32 shares within the Nifty index exhibited positive movements.
Furthermore, foreign institutional investors showcased significant interest, purchasing shares worth ₹2,073.21 crore on Monday, further bolstering the market's optimistic trajectory.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/market-opening-sensex-crosses-69-000-for-first-time-as-equity-market-scale-new-peaks-1701752218114#google_vignette">Market Opening: Sensex crosses 69,000 for first time as equity market scale new peaks</a>

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Gautam Adani's wealth crosses $70 billion as share market rallies after BJP wins 3 states

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Market rally:&nbsp;Adani's wealth has gone past the $70 billion mark due to the ongoing rally in Adani group shares. This comes in line with the market's gains following BJP's win in the three states election.
<h3>Adani gets richer</h3>
With this Adani is now the 16 richest person in the World, as per Bloomberg Billionaire index. On Monday, Gautam Adani saw an increase in his wealth by $4.41 billion. On Tuesday during the early trade the group shares soared up to 14%.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
On Tuesday, shares of Adani Green Energy Ltd soared 14%, followed by Adani Enterprises Ltd (up 8.2%), Adani Ports (up 7.3%) and New Delhi Television Ltd (up 5.7%). Others group stocks such as as Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd, Adani Energy Solutions Ltd, Ambuja Cements and ACC advanced 4-6%
<h3>Investors gain confidence</h3>
Experts have mentioned that the result has boosted investor confidence on hopes of the Narendra Modi-led BJP will retain power in general elections next year. The investors believe this could ease uncertainty over political stability.
Elara Securities believe the state elections results would ease market concerns about policy instability and shake-up in policy priorities of the BJP at the Centre in terms of Atmanirbhar Bharat, infrastructure spending, defence indigenisation and energy transition
&nbsp;

In FY23, the RMG sector, a vital component of online gaming, dominated with an 84% market share and hosted over 400 startups.

Gaming industry poised to lose ₹75,000-76,000 crore by FY28: Report

In FY23, the RMG sector, a vital component of online gaming, dominated with an 84% market share and hosted over 400 startups.

India's online gaming industry is likely to see a substantial revenue loss to the extent of ₹75,000-76,000 crore by FY28, as per a new report by consulting firm EY. Even as the gaming industry is poised to see significant growth in the coming years, the imposition of 28% GST could prove very costly for the industry
EY's 'New Frontiers' report unveiled India's vast gaming community, standing at 42.5 crores, securing the global second position. Boasting a robust 28% Compound Annual Growth Rate (CAGR) from FY20-23, the industry surged to ₹16,428 crore, projecting a sustained 15% CAGR until FY28.
The RMG domain, a pivotal player with an 84% share in FY23, housing over 400 startups, anticipates a significant dip to 75.4% by FY28 due to the expected GST amendments.
Industry insiders foresee RMG potentially contributing ₹6,500-6,800 crore in direct taxes and a staggering ₹75,000-76,000 crore in indirect taxes between FY24-28. However, the proposal of a 28% tax rate on online gaming, debated in the 50th GST Council meeting, awaits a final decision on valuation in the subsequent 51st meeting.
In FY23, RMG fetched ₹1,700 crore in GST revenues. But if GST rates and valuation methods shift as speculated, experts envision an astounding 113% surge from FY23, reaching an estimated ₹75,000-76,000 crore in GST collections by FY28.
This looming risk of a substantial revenue slump within the RMG segment has triggered concerns across the gaming industry. The potential implications could profoundly affect the industry's growth trajectory and financial contributions.
Awaited decisions by the GST Council carry significant weight, with the potential to reshape the gaming landscape and profoundly impact stakeholders and the industry's financial future.
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While outlining the steps being taken against wilful defaulters, the Finance Minister also pointed out that cases have been filed for recovery in close to 14,000 loan accounts and action under the SARFAESI ACT has been initiated in 11,483 cases

Action being taken on willful defaulters: Nirmala Sitharaman

While outlining the steps being taken against wilful defaulters, the Finance Minister also pointed out that cases have been filed for recovery in close to 14,000 loan accounts and action under the SARFAESI ACT has been initiated in 11,483 cases

Finance Minister Nirmala Sitharaman has said that action is being taken on wilful defaulters. While answering a question in the parliament, Sitharaman said that the banks are taking steps to get the money back from the defaulters and about Rs 33,801 crore has been recovered as of March 31, 2023.
As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks.
Punjab &amp; Maharashtra Cooperative Bank has recovered Rs 104.02 crores with active cooperation and support from agencies while assets amounting to Rs 692.89 crores have been confiscated under the provisions of the Fugitive Economic Offenders Act, 2018.
<h3>Actions taken against wilful defaulters</h3>
Finance Minister Nirmala Sitharaman also pointed out that legal suits were filed for recovery against 13,978 loan accounts and action under the SARFAESI Act has been initiated in 11,483 cases. FIR has been filed in 5,674 cases. All this, as of 31st March 2023
<blockquote class="twitter-tweet">
As of 31st March 2023, - Legal suits were filed for recovery against 13,978 loan accounts. - Action under the SARFAESI Act has been initiated in 11,483 cases. - FIRs have been filed in 5,674 cases. - An aggregate amount of Rs 33,801 crores has been recovered. Specific&hellip; <a href="https://t.co/aZ5G6UAIwi">pic.twitter.com/aZ5G6UAIwi</a>
&mdash; Nirmala Sitharaman Office (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1731951010216821236?ref_src=twsrc%5Etfw">December 5, 2023</a></blockquote>
<h3>Phone Banking</h3>
Finance Minister also alleged that the Phone Banking system introduced during the UPA rule had an adverse impact on the Non performing asset class.
"Phone Banking was at that time when people would call the banks &amp; say 'so &amp; so will come to seek a loan from your bank, please grant it', meaning that there's no need to look at their eligibility, etc &amp; that the loan must be granted", Sitharaman said.
She went on to say that this system with its political interference, spoilt the banks sending them into loss-making situation.&nbsp;
<blockquote class="twitter-tweet">
'Phone Banking' was at that time when people would call the banks &amp; say 'so &amp; so will come to seek a loan from your bank, please grant it', meaning that there's no need to look at their eligibility, etc &amp; that the loan must be granted. The heart of the problem was during the 10&hellip; <a href="https://t.co/NeA21VVV0A">pic.twitter.com/NeA21VVV0A</a>
&mdash; Nirmala Sitharaman Office (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1731944789275484274?ref_src=twsrc%5Etfw">December 5, 2023</a></blockquote>
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