Latest Business News Highlights on 27 June 2024: Government to Announce New Scheme for Concessional Corporate Tax Rate, Electronics Manufacturers Set to Invest Trillions, SEBI Eases Insider Trading Norms, Bharti Airtel Acquires Maximum Airwaves, Infosys Working on Generative AI Programs, India’s Economy Expected to Grow by 7.5% in 2024-25, Stocks in Focus: Reliance Industries, SBI, Bharti Airtel, and More
The latest business news transcript at 10:00 AM on 27 June 2024 is filled with exciting updates from various sectors.
The government is considering announcing a new scheme of concessional corporate tax rates for new manufacturing units in the upcoming Budget to support private investment. This move aims to keep the private capex cycle uninterrupted and boost manufacturing in the country. The scheme is expected to be similar to the previous one that offered a concessional rate of 15% compared to the standard 22%.
In the electronics and semiconductor sector, manufacturers are gearing up to invest close to Rs 3 trillion in capital expenditure over the next five years. With the government’s incentive schemes and a growing market for electronics, companies are looking to capitalize on both domestic demand and export potential.
The Securities and Exchange Board of India has made it easier for insiders to trade shares of their companies by amending the Prohibition of Insider Trading regulations. The new norms provide more flexibility in trading plans for key managerial personnel and reduce the time required to inform the board about buy/sell decisions.
In a recent spectrum auction, Bharti Airtel emerged as the top bidder, acquiring the maximum airwaves at Rs 6,857 crore. This auction saw the lowest proceeds for the government since 2010, with Reliance Jio acquiring the least spectrum among the major players.
Infosys is actively working on over 225 generative AI programs for its clients as they navigate the adoption of enterprise AI strategies. The company’s chairman, Nandan Nilekani, highlighted the gradual nature of enterprise AI adoption compared to consumer AI and expressed confidence in Infosys’ position in the market.
On the economic front, India’s economy is expected to grow by close to 7.5% in 2024-25, fueled by increased economic activity, policy focus on investment, and expectations of a normal monsoon. Various agencies, including the Reserve Bank of India, have raised their GDP growth projections for the country.
Stocks in focus include Reliance Industries, State Bank Of India, IIFL Securities, Raymond, Bharti Airtel, and PI Industries, with notable developments such as Jio’s spectrum acquisition and SBI’s successful infrastructure bond issuance. Overall, the business landscape is dynamic and promising, with key players making strategic moves to drive growth and innovation.
