News Overview

The company resumed the sanction and disbursal of loans under 'eCOM' and 'Insta EMI Card' and began issuing EMI cards again after the RBI lifted restrictions on these businesses on May 2, 2024.

The company reported a 2.7% rise in standalone net profit, reaching ₹2,538 Crore, compared to ₹2,472 Crore in the corresponding period last year.

The budget provides incentives for adopting advanced technologies such as automation, robotics, and artificial intelligence.

One of the most compelling aspects of the NPS Vatsalaya scheme is its flexibility.

Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments.

Union Finance Minister Nirmala Sitharaman presented the Budget for FY 2024-25, focusing on fiscal prudence, job growth, and taxpayer relief. Key highlights include reducing the fiscal deficit target to 4.9% of GDP, raising the standard deduction under the new income tax regime to Rs 75,000, and removing indexation benefits on long-term capital gains. The budget also proposes rationalizing capital gains taxes, abolishing the angel tax, increasing the security transactions tax, and introducing job creation incentives. Customs duties on precious metals were reduced, and tax reassessment time limits shortened. Additionally, e-commerce export hubs will be established to aid MSMEs and artisans.

The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel.

Non-institutional investors placed 135.02 times subscriptions and Retail Individual Investors (RIIs), who placed 22.89 times subscriptions.

The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy.

These measures are set to enhance transparency, efficiency & ease of doing business in the logistics sector.