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<ul><li><keyword id="9304204" type="UNKNOWN" weightage="20" keywordseo="uflex-shares">Uflex shares</keyword> zoomed over 9% after the company announced that it has developed a <keyword id="2493103" type="PERSON" weightage="20" keywordseo="personal-protective-equipment">Personal Protective Equipment</keyword> (PPE) coverall ‘Flex Protect’.</li><li>Since the beginning of 2020, Uflex share price has taken a massive hit because of the subdued market sentiments.</li><li>Uflex, along with <keyword id="6431668" type="COMPANY" weightage="20" keywordseo="IIT-Delhi">IIT-Delhi</keyword> recognized the opportunity towards playing a vital part in the battle against COVID-19, said Pillai, the joint president for packaging and new product development at UFlex.</li></ul>India’s largest multinational flexible packaging company Uflex shares zoomed over 9% after the company announced that it has developed a Personal Protective Equipment (PPE) coverall ‘Flex Protect’ in joint collaboration with IIT-Delhi, INMAS and DRDO.<br /><br />Since the beginning of 2020, Uflex share prices had taken a massive hit because of subdued market sentiments.The share price has declined over 40% since the beginning of this year, till date. But interestingly, since the lockdown has started the shares have begun to climb back up at a steady pace.<br /><br />    <div type="image" title="uflex." msid="76063887" hostid="261"></div><br />Jeevaraj Pillai, the joint president for packaging and new product development at UFlex said that with the rising <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases and scarcity of PPE coverall, Uflex decided to play a vital part in the battle against COVID-19.<br /><br />    <div type="Article" hostid="261" msid="76059432" title="India's largest carmaker has just 60,000 orders for June⁠— less than a third of its capacity" mstype="2" mssubtype="0"></div><br />“Flex Protect comes with Four-layered Protection and Anti-microbial Coating and has been approved by <keyword id="7484836" type="COMPANY" weightage="20" keywordseo="The-Defence-Research-and-Development-Organisation">The Defence Research and Development Organisation</keyword> (DRDO) for use by the front-line health workers who are fighting the battle against COVID-19,” the company said in a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/43207dd3-b650-4bef-b618-c6de0c1f2079.pdf">stock-exchange filing</a>, today (May 28).<br /><br />Uflex said the protective gears are made from a combination of non-woven polypropylene fabric and further impregnated with antimicrobial PPC coating through a special process to increase the breathability. <br /><br />    <div type="Article" hostid="261" msid="76061116" title="India reports 6,566 new coronavirus cases on May 28— tally inches towards 160,000 mark, with 43.75% recovery rate" mstype="2" mssubtype="0"></div><br />“As compared to other PPE Kits, the Flex-Protect Coverall Standard is made of 70 GSM which makes it very comfortable and flexible, and fit to be worn for long hours as well,” it <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/43207dd3-b650-4bef-b618-c6de0c1f2079.pdf">added</a>. <br /><br />The company also said that it will be bidding for government requirements to supply PPE coveralls and it will be retailed via chemists and e-commerce platforms.<br /><br />SEE ALSO: <a href="https://www.businessinsider.in/business/news/idfc-first-bank-launches-video-kyc-facility-for-customers-to-open-savings-accounts/articleshow/76063073.cms?upcache=2" data-type="tilCustomLink">After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts</a><br /><br />

India’s largest packaging company Uflex partners with IIT-Delhi to develop PPE kits—shares soar 9%

<ul><li>The BSE Sensex was trading 0.57% higher at 38,746.09.</li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex jumped over 200 points in early trade on Wednesday tracking positive cues from global markets and foreign fund inflows. <br /><br />The BSE Sensex was trading 0.57% higher at 38,746.09; while Nifty50 was up 0.56% at 11,448.95. <br /><br />SBI was the top gainer in the Sensex pack, rising around 2%, followed by L&amp;T, M&amp;M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto. <br /><br />On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank, and Infosys were among the top losers. <br /><br /><strong>These are the top stocks that are buzzing the D-street today.<br /></strong><br /><strong>SBI shares up over 2% during the initial trade hours <br /></strong><br />  <div type="image" title="SBI August 19" msid="77627266" hostid="261"></div><br />State Bank of India shares gained over 2% after news surfaced that SBI is raising up to ₹10,000 crore in a bond sale. <br /><br />According to <a href="https://economictimes.indiatimes.com/markets/bonds/sbi-to-raise-up-to-rs-10000-crore-through-issue-of-tier-ii-bonds/articleshow/77625108.cms">reports</a>, it is this year’s first bond sale by the country’s biggest mass-lender and is expected to draw large domestic institutional investors, such as state-owned LIC and EPFO.<br /><br /><strong>Zee Entertainment shares gained over 4% <br /></strong><br />  <div type="image" title="Zee Enter" msid="77627333" hostid="261"></div><br />Despite posting 94.3 % fall in its net profit to ₹30.4 crore, Zee Entertainment shares were up 4%. The company has appointed Subhash Chandra as Chairman Emeritus and R Gopalan as Chairman of the board. Brokerage house Emkay believes that consistency and delivery will win back trust, they maintain ‘Hold’ rating with target at ₹190. Kotak also believes that this is a step in the right direction, but few more needed for further re-rating.<br /><br /><strong>Yes Bank shares advance 5%<br /></strong><br />  <div type="image" title="Yes bank August 19" msid="77627813" hostid="261"></div><br />Yes Bank shares soared 5% after the private sector lender repaid the central bank’s ₹35,000 crore out of the ₹50,000 crore of Special Liquidity Facility. It also divested more than 8% stake worth over ₹75 crore in CG Power and Industrial Solutions through open market transactions. <br /><br /><strong>Indiabulls shares opened 2% higher <br /></strong><br />  <div type="image" title="Indiabulls" msid="77627848" hostid="261"></div><br />Indiabulls was up 2% during the early trade hours after the Bengaluru-based realty firm Embassy Group signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity. <br /><br />Embassy Group already has around 14% stake in Mumbai-based IBREL, and the same will increase to 45% after the merger of assets of these two companies. <br /><br /><strong>RIL shares up 1% after Netmeds acquisition <br /></strong><br />  <div type="image" title="RIL August 19" msid="77627935" hostid="261"></div><br />Reliance Industries shares gained nearly 1% after its subsidiary Reliance Retail Ventures Limited (RRVL) had acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately ₹620 crore.<br /><br /><strong>ICICI gained 2% in initial trading<br /></strong><br />  <div type="image" title="ICICI Bank August 19" msid="77627981" hostid="261"></div><br />ICICI Bank shares soared 2% after the Chinese central bank, People’s Bank of China acquired a very small stake in ICICI Bank through the recently closed ₹ 15,000 crore share sale by the country’s second-largest private sector lender.<br /><br /><strong>Uflex shares gained 6% <br /></strong><br />  <div type="image" title="uflex August 19" msid="77628006" hostid="261"></div><br />The packaging materials and solution company Uflex shares touched 52-week high after it reported over two-fold jump in its consolidated net profit to ₹196.54 crore for the first quarter ended June 30<br /><br /><strong>Dilip Buildcon shares gained 4% <br /></strong><br />  <div type="image" title="Dilip August 19" msid="77628035" hostid="261"></div><br />Dilip Buildcon shares gained 4% after the company said it has received a letter of acceptance (LoA) for a new project worth ₹1,334.95 crore.<br /><strong><br />SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/ril-icici-bank-zee-ent-ruchi-soya-dixon-tech-cg-power-muthoot-finance-top-stocks-to-watch-today/slidelist/77625323.cms" data-type="tilCustomLink">Top stocks to watch today— RIL, ICICI Bank, Zee Ent, Ruchi Soya, Dixon Tech, CG Power, Muthoot Finance and more</a><br /><br /></strong><a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms" data-type="tilCustomLink"><strong>With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</strong></a><br />

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

New Delhi, Feb 13 () Packaging company Uflex Ltd on Thursday reported a 56.07 per cent increase in consolidated net profit at Rs 84.81 crore for the third quarter ended December.<p> The company had posted a net profit of Rs 54.34 crore during October-December quarter a year ago, Uflex said in a BSE filing.</p><p> However, total income during the quarter under review fell 9.07 per cent to Rs 1,801.33 crore as against Rs 1,981.09 crore in the corresponding quarter of the previous fiscal.</p><p> Commenting on the results, Uflex Ltd Global CFO Rajesh Bhatia said, "Overall, operating EBITDA margin of 15 per cent was achieved for the quarter driven by higher margins in Packaging Films Business and higher volumes in Packaging Business."</p><p> He added, "The production, sales volume and net revenue in Q3 were lower marginally due to closure of one BOPET line in Dubai which is being shifted to Russia, but the operating EBITDA was still up 19 per cent YoY."</p><p> Total production volume during the quarter was 93,161 metric tonnes (MT) as compared to 96,876 MT during the December 2018 quarter, while total sales volume for the quarter was 91,842 MT as against 94,229 MT in December 2018 quarter, Uflex said in a post earning statement.</p><p> Total expenses fell 11.77 per cent to Rs 1,682.52 crore as against Rs 1,907.14 crore a year ago.</p> Shares of Uflex Ltd on Thursday settled 0.60 per cent higher at Rs 226.55 on the BSE.  KRH  RVK

Uflex Q3 net profit up 56 pc to Rs 84.81 cr

<ul><li>The RBI is looking to beef up its gold reserves, and this may come as good news for shareholders of India’s largest gold lenders Muthoot Finance and Manappuram finance. </li><li>The share price of the private lenders Muthoot Finance and Manappuram Finance also reflected the same optimism as both the companies’ shares have rallied over 9% and 2% in the past one week.</li><li>According to Amit Jain from Ashika Wealth Advisors, “the increasing gold prices will be an advantage for the gold lenders as the collateral gets strong and they are more secure.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Gold prices are soaring, the Reserve Bank of India is pushing for more cash in the system to increase lending, the government’s partial credit guarantee scheme has offered additional comfort, and to top it all up, there are reports that the Indian central bank may add more yellow metal to its reserves and that could lead another rally in gold prices. <br /><br />If Sima Taparia, the<a href="https://www.bbc.com/news/world-asia-india-53499195"> famed matchmaker from Mumbai </a>who hit stardom with Netflix’s Indian Matchmaking, were to describe the situation, she would say “the stars are aligned perfectly” for Muthoot Finance and Manappuram Finance, two companies whose primary business is to lend against gold mortgaged with them. <br /><br />The two companies give out 70% of all the gold loans in the country. “Movement in the gold price has a direct impact on gold lender business, an increase in gold prices improves the value of collateral thereby reducing the LTV ratio and possibility of principal loss,” Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking told Business Insider. LTV stands for loan-to-value. <br /><br /><strong>How rising gold prices help Muthoot and Manappuram?<br /></strong><br />When someone borrows money against gold, he/she is giving jewellery (mostly) as collateral. If the market price of that jewellery goes up, it is good for the lender because the collateral would be worth a lot more in case the loan is defaulted. <br /><br />Assume the borrower wants to borrow more, he doesn’t need fresh collateral. The rising price of gold will allow him to get more loans for the same jewellery he had mortgaged in the first place. <br /><br />Gold prices have gone up 32% in 2020 so far, and that means for every ounce that Muthoot and Manappuram lent against is worth that much more i.e. better buffer and room to lend more resulting in higher revenue.<br /><br />“We were lending up 75%. But, people used to think that our average people borrowing is only about 65-68% like nobody takes 75% fully. In the last 6 months, the price of gold has gone up so much, the people who are having the gold can borrow much more. And, at today’s price, they have borrowed only 50%. So even out of that 75%, that 25% is still there for them to borrow,” <keyword id="266021" type="PERSON" weightage="20" keywordseo="George-Alexander-Muthoot">George Alexander Muthoot</keyword> explained in a recent conversation with Business Insider. <br /><br /><strong>Investors, mutual funds are cashing in on these hopes<br /></strong><br />The share price of the private lenders Muthoot Finance and Manappuram Finance also reflected the same optimism as both the companies’ shares have rallied over 9% and 2% in the past one week.<br /><br />According to Amit Jain from Ashika Wealth Advisors, “the increasing gold prices will be an advantage for the gold lenders as the collateral gets strong and they are more secure.”<br /><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Muthoot<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One week<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9%<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One month<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2%<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three months<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7%<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Six months<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44%<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">This Year<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65%<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.52%<br /><br /></td></tr></tbody></table><br />Both Muthoot and Manappuram are a play on the robust rally in gold prices. The second largest mutual fund house in India by assets, <a href="https://www.financialexpress.com/market/mutual-funds-sold-ril-shares-in-july-sbi-hdfc-icici-other-funds-bought-these-stocks-instead/2054879/">HDFC AMC recently added Muthoot Finance</a> to its portfolio in July.<br /><br /><strong>Why gold prices may rise further?</strong><br /><br />Gold prices rise whenever there is a chance of a crisis or inflation. Between the pandemic and rising geopolitical tension in the South China Sea, a continuing trade war between US and China, there are enough reasons for a rally in gold prices. <br /><br />There is another way in which gold prices may rise, if the dollar weakens. When the currency weakens, you need more cash to buy the same amount of gold. The uncertainty around the US election has cast a shadow of doubt on the greenback.<br /><br />Given these rising risk factors, global central banks have been hoarding gold. The RBI too is likely to do the same as India faces an added threat of high inflation in the coming months. All of these may prop up gold prices, which are already trading at over ₹55,700 an ounce in India, even more.<br /><br />And as explained above, it bodes well for Muthoot and Manappuram. <br /><br />But that’s not all. The two companies are benefiting from additional government measures⁠— meant for the pandemic⁠— as well. Muthoot Fincorp has raised ₹1,475 crore under the partial credit guarantee scheme and RBI's special liquidity measures in the past four months, PTI reported on August 18.<br /><br />Therefore, the business growth for these two companies has been vastly better than the country’s overall credit growth that stood at a measly 5.5% at the end of July. <br /><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in gold loans<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Muthoot Finance<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram Finance*<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.40%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall bank credit growth<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.50%<br /><br /></td></tr></tbody></table>*Data: As of July end except for Manappuram, which is as of June-end<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-yes-bank-indiabulls-ril-uflex-dilip-buildcon-and-zee-entertainment-among-top-stock-movers-on-dalal-street-today/articleshow/77626916.cms" data-type="tilCustomLink">Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more</a><br /><br /></strong><a href="https://www.businessinsider.in/business/ecommerce/news/walmart-ceo-defends-flipkart-valuation-says-learnings-from-india-helped-double-their-e-commerce-sales/articleshow/77626799.cms" data-type="tilCustomLink"><strong>Walmart CEO defends Flipkart's valuation, says learnings from India helped double their e-commerce sales</strong></a><br />

As Sima Taparia would say, the stars are aligning perfectly for Muthoot and Manappuram shareholders

<ul><li><strong>The banking regulator imposed a fine on the three banks for  non-compliance with directions issued by RBI.</strong></li><li><strong>Bank of India will have to pay up ₹5 crore, Karnataka Bank ₹1.2 crore, and Saraswat Bank ₹30 lakh. </strong></li><li><strong>The penalties have been imposed after an inspection conducted by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI).</strong></li></ul>The Reserve Bank of India (RBI) has imposed a penalty on three banks for not complying with the regulatory guidelines on identifying bad loans. <br /><br /><table style="width: 179pt;"> </colgroup>  <tbody><tr> <td class="xl63" style="height:15.0pt;width:105pt"><strong>Bank </strong></td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 74pt;"><strong>Penalty</strong></td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bank of India</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5 crore</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Karnataka Bank</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.2 crore</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Saraswat Bank</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹30 lakh</td> </tr></tbody></table><br />The penalties have been imposed "for non-compliance with directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms." When the old loans are classified as non-performing assets, the profits posted earlier get reduced.<br /><br />For Karnataka Bank, this is not the first time that RBI has seen a divergence in the way the NPA was calculated and the way it ought to be. The regulator found that loans worth ₹1,115 crore turned out to be <keyword id="763994" type="PERSON" weightage="20" keywordseo="gross-NPA">gross NPA</keyword> a year earlier, the one ended March 2017. <br /><br />Once the change in unpaid loans was accounted for, and a provision was made, Karnataka Bank had to change its bottomline for FY17 to a loss of ₹95 crore from a reported profit of ₹452 crore.  The reported gross NPA for the year ended March 2018 was ₹2,376 crore, about 4.92% of all loans. <br /><br />  <div type="image" title="Karnataka Bank profit" msid="76075014" hostid="261" caption="&amp;lt;p&amp;gt;Once the change in unpaid loans was accounted for, and a provision was made, Karnataka Bank had to change its bottomline for FY17 to a loss of &amp;#8377;95 crore from a reported profit of &amp;#8377;452 crore. &amp;lt;/p&amp;gt;"></div><br />Nearly 5% of all loans made by Karnataka Bank were classified as gross NPA at the end of December 2019. The stocks has already lost 16% in the last one month due to the market's risk aversion to banking stocks. <br /><br />For the state-owned Bank of India, with a market capitalisation of over ₹10,400 crore, the bad loans are already at a whopping 16.3% at the December. The stock is down over 7% for the month of May.<br /><br />  <div type="image" title="bank of india" msid="76075419" hostid="261" caption="&amp;lt;p&amp;gt;The state-owned Bank of India has a market capitalisation of over &amp;#8377;10,400 crore.&amp;lt;/p&amp;gt;"></div> <br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cmshttps://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink" target="_blank">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tvs-motors-profit-revenue-for-q4-march-2020-falls-due-to-one-time-hits-like-covid-19-and-dealer-discounts-for-bs-vi-transition/articleshow/76067733.cms">TVS Motors profit falls 43.3% due to one-time hits like COVID-19 and dealer discounts for BS-VI transition</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/indias-largest-packaging-company-uflex-shares-soar-after-it-partners-with-iit-delhi-to-develop-ppe-for-corona-warriors/articleshow/76063829.cms?upcache=2">India’s largest packaging company Uflex shares soar after it partners with IIT-Delhi to develop PPE for corona warriors</a><br />

Karnataka Bank, Bank of India and Saraswat Bank get fined by the RBI for hiding bad loans

<ul><li>TVS Motor Company reported around 43.3% fall in its consolidated net profit to ₹81.85 crore between January and March 2020.</li><li>The company’s total revenue was down 20.5% YoY to ₹3,481.42 crore during the period.</li><li>Although the coronavirus lockdown period was just for one week in the relevant period, the motorcycle giants saw a steep drop of 62.01% in its March sales.</li></ul>India’s third-largest motorcycle manufacturer TVS Motor Company reported around 43.3% fall in its consolidated net profit to ₹81.85 crore between January and March 2020 compared to the same quarter last year.<br /><br />The company’s total revenue was down 20.5% YoY to ₹3,481.42 crore during the period, the company said. However, analysts <a href="https://www.cnbctv18.com/videos/earnings/tvs-motor-company-q4-earnings-heres-what-to-expect-6017321.htm">had expected</a> its fourth-quarter profits to fall by about 23%. <br /><br />        <div type="Article" hostid="261" msid="76059432" title="India's largest carmaker has just 60,000 orders for June⁠— less than a third of its capacity" mstype="2" mssubtype="0"></div><br />The company in its filing <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/5a4d7690-76f2-4d09-8447-624155128e0e.pdf">said</a>, during March 2020, the company incurred ₹40.33 Crores towards COVID-19 related expenses.<br /><br />The company have to give one time additional discount to dealers of ₹22 crore for transition to new emission standards called BS-VI. <br /><br />Although the coronavirus lockdown period was just for one week in the relevant period, the motorcycle giants saw a steep drop of 62.01% in its March sales of three and two-wheelers, according to <a href="https://www.financialexpress.com/auto/industry/covid-19-effect-vehicle-sales-takes-a-major-hit-in-march-2020-tata-maruti-suzuki-mahindra-car-sales-two-wheeler-commercial-vehicles/1927677/">data from Society of Indian Automobile Manufacturers (Siam).</a> <br /><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Sales<br /><br /></strong></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Q4 2019<br /><br /></strong></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Q4 2020<br /></strong><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motorcycles<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">375000<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">279000<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mopeds<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">220000<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">144000<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scooters<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">271000<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">167000<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three wheelers<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41000<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43000<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">907000<br /><br /></td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">633000<br /><br /></td></tr></tbody></table><strong>Source: TVS Q4 earnings report</strong><br /><br />Since the beginning of 2020, TVS Motor share prices had taken a massive hit because of subdued sales. The share price has declined over 30% since the beginning of this year, till date. The shares however gained 3%, ahead of the earnings on May 28 and added another 1.5% the morning after. <br />          <br /><div type="image" title="TVS" msid="76088635" hostid="261"></div><br />On March 22, the government announced a nationwide lockdown to deal with the COVID-19 pandemic and TVS Motor to halt operations until May 6 when the Hosur, Mysuru and Nalagarh plant opened after more than 40 days.<br /><br />At the same time, the margin shrank as costs did not fall with the sales. The company had to pay for salaries, materials and advertisements even though the demand for cars remained weak. Earlier this week the company announced a cut in employees’ salaries for <a href="https://www.livemint.com/companies/news/tvs-motor-to-cut-staff-salaries-for-six-months-11590466319893.html">six months, starting May</a>.<br /><br />“In the wake of the unprecedented crisis, TVS Motor Company has rolled out a temporary salary reduction across different levels for a period of six months,” TVS Motor spokesperson said.<br /><br />The company said that there would be a reduction of 5% in the salaries for junior executives and 15-20% for the senior management level. However, it has also decided not to cut salary at the workmen level.<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/indias-largest-packaging-company-uflex-shares-soar-after-it-partners-with-iit-delhi-to-develop-ppe-for-corona-warriors/articleshow/76063829.cms" data-type="tilCustomLink">India’s largest packaging company Uflex partners with IIT-Delhi to develop PPE kits—shares soar 9%</a><br /><br /></strong><a href="https://www.businessinsider.in/india/news/india-reports-6566-new-coronavirus-cases-on-may-28-covid-19-infections-in-india-jumped-to-158333/articleshow/76061116.cms" data-type="tilCustomLink"><strong>India reports 6,566 new coronavirus cases on May 28— tally inches towards 160,000 mark, with 43.75% recovery rate</strong></a><br />

TVS Motors profit falls 43.3% due to one-time hits like COVID-19 and dealer discounts for BS-VI transition

<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. <br /><br /> Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. <br /><br />"It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer.<br />There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary.<br /> <br /><h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000.<br /><br />More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.<br /><br />The government has revised the tax rate structure for the new regime, which are now as follows -<br /><br /><h2>New income tax slab rates</h2><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows:<br /><br /><h2><table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Up to 3,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>No Tax</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>3,00,001 - 6,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>5%</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>6,00,001 - 9,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>10% (Tax Rebate up to Rs 7 lakh)</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>9,00,001 - 12,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>15%</strong></td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>12,00,001 - 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>20%<br /></strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Above 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>30%</strong></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /></h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage".<br /><br /><h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously.<br /><br />The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months.<br /><br />As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options,<br />which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders.<br /><br />"Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay<br />12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <br /><br /><br />                        <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div><br /><h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a  major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. <br /><br />Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <br /><br /><h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul><br /><strong>SEE ALSO:<br /></strong>        <br />          <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>          <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div><br />

Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000

<br /><ul><li><strong>To accelerate the process, the All India Council for Technical Education (AICTE) and the Council of Scientific and Industrial Research (CSIR) announced a <keyword id="9306070" type="UNKNOWN" weightage="20" keywordseo="drug-hackathon">drug hackathon</keyword> focused on discovering a potential drug to treat coronavirus.<br /></strong></li><li><strong>These ideas, presented by both national and international participants, will then be worked on by the CSIR labs, and other organisations under the theme ‘AI Solutions for COVID.’<br /></strong></li><li><strong>Meanwhile, a recent study said that natural ingredients like Ashwagandha and Propolis could be the potential anti-COVID drugs. <br /></strong></li><li><strong>As many as 86 teams are presently working to come up with a Covid-19 vaccine including those undergoing clinical trials. </strong></li></ul>Coronavirus infection, which has already cost over 4,500 lives in India, is spreading fast and the world is now waiting with bated breath for a vaccine. <br /><br />To accelerate the process, the All India Council for Technical Education (AICTE) and the Council of Scientific and Industrial Research (CSIR) announced a <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/aicte-csir-to-host-hackathon-for-covid-19-drug-discovery/articleshow/75980416.cms">drug hackathon</a> focused on discovering a potential drug to treat coronavirus.<br /><br />“AICTE and CSIR have embarked on a drug discovery hackathon — this is a high-end hackathon where students are trained with information on how to do computational drug discovery,” Professor Vijayraghavan, Principal Scientific Advisor to Government of India said during the daily COVID-19 press briefing today (May 28). <br /><br />The hackathon will take place on two themes — drug design for anti-Covid-19, lead molecule generation or repurposing, and designing of new tools and algorithms.<br /><br />These ideas, presented by both national and international participants, will then be worked on by the CSIR labs, and other organisations under the theme ‘AI Solutions for COVID.’<br /><br /><div type="twitter" handle="abhayjere" handlename="Dr. Abhay Jere" image="http://pbs.twimg.com/profile_images/1211675380542664706/Pxp5ssj-_normal.jpg" favoritecount="459" retweetcount="130" status="Excited to share that @CSIR_IND &amp; @AICTE_INDIA under the guidance of @PrinSciAdvGoI r launcing… https://t.co/icX5kfC2cz" createdat="1590312278000" id="1264487459372650497"></div><br />On the other hand, a recent study by the researchers at the Indian Institute of Technology (IIT) Delhi and the National Institute of Advanced Industrial Science and Technology), Japan said that natural ingredients like Ashwagandha and Propolis could be the potential anti-COVID drugs. <br /><br /><div type="twitter" handle="iitdelhi" handlename="IIT Delhi" image="http://pbs.twimg.com/profile_images/1080057832307855360/dowIL-p1_normal.jpg" favoritecount="259" retweetcount="106" status="A collaborative research study by DAILAB @ #IITDelhi and DAILAB @ AIST (National Institute of Advanced Industrial S… https://t.co/Kvuo14WV3y" createdat="1589870065000" id="1262632687208034304"></div><br />Meanwhile, scientists across the globe are now working towards a vaccine faster than ever. As many as 86 teams are presently working to come up with a Covid-19 vaccine including those undergoing clinical trials. <br /><br />While the doctors are implementing various treatments like blood plasma, anti-malarial drug hydroxychloroquine, researchers say that it will take at least <a href="https://www.cnet.com/how-to/coronavirus-treatments-hydroxychloroquine-vaccines-and-drugs-for-covid-19/">12 to 18 months to prepare a vaccine to treat Coronavirus</a>. This is because the vaccines have to undergo several clinical trials to be proven safe. <br /><strong><br />See also:</strong><br /><a href="https://www.businessinsider.in/stock-market/markets/news/indias-largest-packaging-company-uflex-shares-soar-after-it-partners-with-iit-delhi-to-develop-ppe-for-corona-warriors/articleshow/76063829.cms?upcache=2">India’s largest packaging company Uflex partners with IIT-Delhi to develop PPE kits—shares soar 9%</a><br /><br /><a href="https://www.businessinsider.in/india/news/karnataka-guidelines-for-international-national-and-local-travelers/articleshow/76067858.cms">Karnataka government issues travel guidelines for international national and local arrivals — making 7 days of institutional quarantine compulsory</a><br />

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