The Indian stock market was on the green mark on April 8 with a slight uptick in the previous day. Benchmark indices BSE Sensex and NSE Nifty gained around 0.25%. There was good buying in metal sector stocks amid volatility. The Sensex rose sharply to 49,750, while the Nifty index was above 14,850.
The market will depend heavily on Corona affairs and foreign investors (FII). Investors should trade with caution.
What is happening in foreign markets?
Most markets in Asia are up in the morning. The stock market of Hong Kong, Indonesia, Japan and Taiwan are on the upswing. The market is in red mark in China and South Korea.
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The US S&P 500 index gained 0.42% in last trade, while the Dow Jones Industrial Average (DJIA) index gained 0.17%.
Singapore’s SGX Nifty is trading at 14,950.00 with a gain of 0.03% at 7:10 in the morning, giving an early signal to the Indian stock market.
Keep these things in mind in the market too-
Market access in bulk deal on 8 April – Aubrey Global Emerging Markets Opportunities sold over 30 lakh shares of Indiabulls Housing Finance at ₹ 192.7 per share. In another deal, Sejavan Investment Advisors bought over 70 thousand shares of Apollo Pipes for ₹ 995.1.
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Foreign institutional investors (FIIs) bought 110 crore shares in the market on 8 April. Stocks worth 552 crores were purchased by domestic institutional investors (DII).
According to Moneycontrol, there are 14,801.87 and 14,729.93 support levels for the Nifty on April 9, which may break the index after going down. Similarly, there are 14,964.97 and 15,056.13 resistance levels, due to which the Nifty can get a jump by reaching the top.
These stocks will be watched
Infosys: ArcelorMittal announced a long-term cooperation agreement with the company for digital transformation.
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Hindalco: Subsidiary Novelis announced to become a net carbon neutral company by 2050.
Jensar Technologies: The company announced a strategic partnership with US-based company ‘Clamatic’.
SREI Infrastructure Finance: The company’s subsidiary has shown interest in investing $ 250 million from two US private equity funds.
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Board / Analyst / Investors Meeting-
Punjab National Bank, Prince Pipes, and Fittings, 5paisa Capital, are named in the list of investors, analysts or board meeting companies in the coming days.
Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.
Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.
CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.
Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.
Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.
Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.
The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.
Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.
The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.
In a record-breaking achievement, the Central Board of Direct Taxes (CBDT) has signed 125 Advance Pricing Agreements (APAs) in the financial year 2023-24. This marks a significant increase of 31% from the previous year, totaling to 641 APAs since the inception of the programme.
These agreements were established with the aim of promoting ease of doing business, particularly for multinational corporations engaged in cross-border transactions with their group entities. The CBDT statement highlights the importance of these agreements in providing certainty to taxpayers in transfer pricing.
The increased number of APAs is a result of mutual agreements with India’s treaty partners like Australia, Canada, Denmark, Japan, Singapore, the UK, and the US. This collaboration not only brings certainty to international transactions but also offers protection against double taxation, benefiting taxpayers for up to nine years.
The APA Scheme specifies methods of pricing and determines the arm’s length price of transactions in advance, providing taxpayers with a roadmap for the next five years. The option to rollback APAs for the preceding four years further solidifies tax certainty and ensures a smoother process for businesses operating in India’s dynamic economy.
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