News Wrap | Asian Markets Up, Sensex & Nifty Also Rise, Partial Relief For Homebuyers | 07.08.2024

Good evening and welcome to Business Hook’s daily news podcast, where we get you a roundup of the day’s top business stories. I’m Avni Raja and today is the seventh of August 2024.

First up, a quick look at the Asian Markets – Asian equities extended gains following positive cues from Wall Street, with US markets snapping their three-day losing streak on Tuesday. While Korea’s Kospi gained almost two percent, Japan’s Nikkei was up over a percent. Chinese equities also ended in the green even as data showed that the country’s exports in July missed estimates and imports grew faster than expected.

Back home, Indian equities reflected the global sentiment. The Sensex and the Nifty gained over a percent each, with the Sensex ending the day around 79,500. The Nifty closed around 24,300, with 44 out of the fifty stocks on the index advancing in today’s trade. Upstream oil major ONGC was the star of the trade, rising almost eight percent. IndusInd Bank was the key laggard.

In some relief for homebuyers, the central government has moved to amend the budget provisions regarding long-term capital gains taxation on realty. This will result in two tax options for those who bought their houses before July 23rd this year – option one, 12.5 percent LTCG tax with no indexation, and option two, 20 percent tax with indexation. This relief will not be extended to those who have bought houses on or after July 23rd.

In the auto sector – Tata Motors, which has taken the pole position in electric vehicle sales, has launched the Tata Curvv EV. The car, introduced at a starting price of 17.5 lakh rupees, promises a range of 150 kilometres with just 15 minutes of charging. The company also claims a total range of 585 kilometres for the car, with an expected real-world range of up to 425 kilometres.

On to the latest from the corporate space - Reliance Industries’ Chairman Mukesh Ambani has said that the conglomerate has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth. In its latest annual report, RIL CMD also outlined the company’s roadmap to meet net zero carbon emissions from its operations by 2035, and the plans to roll out the True5G telecom network and expand retail. He also reiterated that in the world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.

And now, here’s one piece of news for those of you who are brand-conscious – India is emerging as a hub for global lifestyle brands. A study by global consultancy firm Bain & Company in collaboration with Myntra shows 90 percent of the top 50 global brands are already active in India, with half of them clocking over 30 million dollars in annual revenue. The study further reveals that the online channel is the top choice for global brands making a foray into the Indian market.