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Budget 2023: Sensex jumps by 1,078 points after FM’s speech; Nifty nears 18,000



Sensex jumped by 1,078 points after Finance Minister Nirmala Sitharaman’s budget speech in Parliament. The National Stock Exchange index Nifty too rose to inch towards the 18,000 mark.

Earlier in the day, the Bombay Stock Exchange index had jumped by 640 points amid the finance minister’s speech.

Finance Minister Nirmala Sitharaman said the government will spend 10 trillion rupees ($122.3 billion) on longer-term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID crisis.

She also raised the rebate limit for personal income tax to 700,000 rupees from 500,000 rupees, sending shares higher.

India’s federal government cut down the fiscal deficit target to 5.9% of GDP in the next financial year, compared to 6.4% for the current fiscal year.

This is the last full-year budget before the national elections in 2024 and key state elections later this year.

Banks and financials were the top gainers among the 13 major sectors, rising 1.5% and 1.6%, respectively.

India has pegged its economic growth at 6-6.8% in the 2023/24 fiscal year, the slowest in three years, at its pre-budget economic survey released on Tuesday.

Shares of seafood company Avanti Feeds Ltd and Coastal Corporation rose 5.8% and 4.8% respectively after Sitharaman announced plans to raise spending on the fisheries sector.

Meanwhile, most Adani Group stocks dropped, extending their losses since short-seller Hindenburg Research’s report and despite the group completing a $2.5 billion share sale a day earlier.

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2-day EPFO board meeting from today: List of issues likely to be taken up



The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) will convene in New Delhi on Monday for a 2-day meet, during which they are expected to discuss a host of issues, including the interest rate for the financial year (FY) 2023-24.

FILE Photo: Employees provident fund organisation head office , EPFO office.

The current meeting of the CBT, its 233rd, will be held under the leadership of Bhupender Yadav, the Union minister for labour and employment.

At present, EPFO has around 6 crore active members, of whom 72.73 lakh were pensioners in FY22, according to Moneycontrol.

Here are some issues that may be discussed during the meeting:

Interest rate: For FY23, the interest rate is likely to be around 8%. The existing rate is 8.1%, which was proposed in March last year for FY22, and approved by the Union finance ministry in June of that year.

The existing rate is the lowest offered by the body in 4 decades.

Higher pension: The board may hold detailed discussions regarding the higher pension option for subscribers after the Supreme Court order. Following the order, EPFO gave employees time till May 3, to opt for higher pension linked to their salaries.

Also Read: All you need to know about EPF higher pension scheme

Minimum pension: The CBT may consider increasing the monthly pension from 1,000 to 3,000, which would be in-line with recommendations made by the parliamentary panel on labour.

Ceiling wage: It is likely to be raised from the current 15,000 per month to 20,000 per month. It was previously revised in 2014, when it was increased from 6,000 a month to 15,000 a month, for companies with at least 20 employees.

Besides these, board members may also discuss steps to improve EPFO’s coverage for its workers, along with increasing investment of incremental deposits in equity instruments, age or risk profile of subscribers notwithstanding.

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Elon Musk bought Twitter for $44bn five months ago. He says its value now is…



Elon Musk has put the current value of Twitter at $20 billion, less than half the $44 billion he paid for the social media platform just five months ago, according to an internal email seen by American news media.

Twitter CEO Elon Musk (Twitter)

The email to employees referred to a new stock compensation program in the San Francisco-based company and the allocation of shares to employees of X Holdings, Twitter’s umbrella company since Musk purchased it in late October.

The compensation plan values the platform at $20 billion, slightly more than Snapchat’s parent company Snap ($18.2 billion) or Pinterest ($18.7 billion), both of which are publicly traded, unlike Twitter.

Also Read: Elon Musk sent a mail to Twitter employees at 2:30 a.m. He said…

Musk, who is also the chief executive of Tesla Inc. and aerospace group SpaceX, said that Twitter would allow its employees to cash in shares every six months.

A query from AFP emailed to Twitter’s communications department generated an automatic response in the form of a poop emoji.

In the internal email, Musk describes the brutal contraction in Twitter’s value. He says the platform faced such grave financial difficulties that at one point it was on the verge of bankruptcy.

“Twitter was trending to lose ~$3B/year,” Musk said in a message posted Saturday on the platform.

He cited a revenue drop of $1.5 billion a year and a debt-servicing burden of the same amount — leaving it with “only 4 months of money.”

Musk, Twitter’s majority shareholder, added simply: “Extremely dire situation.”

But he then said that “It looks like we will break even” in the second quarter of the year, with advertisers — many of whom fled the platform after the mercurial billionaire bought it — now beginning to return.

Since taking control, Musk has sharply cut the group’s payroll from 7,500 employees to fewer than 2,000.

He said in the email that he sees a “clear but difficult path” to a valuation of $250 billion, without specifying how long that might take.

However, in another setback for the company, fragments of Twitter’s source code were published on the development platform GitHub, the latter told AFP on Sunday, confirming a report by the New York Times.

GitHub removed the files from its site at Twitter’s request, but their brief exposure could allow hackers to identify flaws in Twitter’s original software.

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From April, mutual fund investors must comply with new rules. Details here



Beginning April, some new requirements pertaining to mutual funds (MFs) will come into effect, which mutual fund investors must comply with. Here are four such rules:

Representational Image

(1.) Nomination: By March 31, investors must declare a nominee, or opt out if they do not wish to have a nominee. In either case, however, an individual’s investments will be frozen if a nominee is not declared, or if the person does not opt out of declaring one. Also, they will not be allowed to go for redemptions.

It should also be noted that for investments made through demat accounts, nominee details must be updated through brokerage.

(2.) PAN-Aadhaar link: If the two documents are not linked by the end of the month, PAN will become inoperative. This, in turn, will impact all processes where PAN is required, including a customer’s Know Your Customer (KYC) profile, which will become ‘invalid.’

(3.) One-time password: Earlier, the Securities and Exchange Board of India (Sebi) had mandated a one-time password (OTP) (sent on registered email address) and phone number, for the purpose of redeeming investments. From the first of next month, this facility will be extended for making investments as well.

(4.) Revalidating KYC: For those who used Aadhaar as an officially valid documents (OVD) before November 1 last year, the KYC registration agencies (KRAs) must revalidate such KYCs before April 30. Sebi’s latest circular mandates that KYC records of all customers with Aadhaar as an OVD, shall be validated within a period of 180 days, starting November 1, with the cut-off date extended from July 1, 2022.

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