- In Q1 FY24, India‘s current account deficit (CAD) grew to $9.2 billion from Q1 FY23’s Q4 CAD of $1.3 billion.
- Yatra Online’s shares decreased more than 10% on the day of its listing.
- On Thursday, the Sensex and Nifty were trading flat despite conflicting Asian trends.
In Q1 FY24, India’s current account deficit (CAD) grew to $9.2 billion from Q1 FY23’s Q4 CAD of $1.3 billion, but it decreased to Q1 FY23’s Q1 CAD of $17.9 billion.
Yatra Online’s shares decreased more than 10% on the day of its listing; the stock started at Rs 130 on the BSE before dropping to Rs 127.40 on the NSE. In initial transactions, the market valuation of the company was Rs 2,127 crore.
Account deficit
The GST investigative body DGGI has issued ICICI Lombard General Insurance a demand notice for Rs 1,728 crore for failure to pay tax.
The tax demand is related to the non-payment of GST on the co-insurance premium accepted as a follower in co-insurance transactions and the non-payment of GST on the re-insurance commission accepted on the reinsurance premium ceded to various Indian and Foreign reinsurance companies between July 2017 and March 2022.
Within the framework of the PM Gati Shakti plan, the Center had authorized up to six infrastructure projects totaling Rs 52,000 crore. These projects were evaluated by the inter-ministerial Network Planning Group (NPG), which resulted in 112 projects being evaluated with a total estimated value of Rs. 11.53 lakh crore since the introduction of PM Gati Shakti.
On Thursday, the Sensex and Nifty were trading flat despite conflicting Asian trends. The Nifty50 passed the 19,700 mark to settle at 19,716, up 52 points, while the BSE Sensex increased by 173 points to close at 66,119. The intraday lows for both indices were 65,550 and 19,554, respectively.
The major Wall Street indexes fell on Tuesday as traders worried about the potential effects on the economy of a prolonged Federal Reserve restrictive monetary policy. Concerns over Swiss and UK central banks’ interest rate decisions caused European markets to close in the red while Asian markets concluded trading in the green.
With encouragement from domestic equity markets, the rupee strengthened on Wednesday and ended the day 6 paise higher at 83.22 against the US dollar.
On September 28, significant events that may have an impact on the market include the release of the final US economic growth figures for the second quarter of the year, a speech by Fed Chair Jerome Powell, and the announcement of consumer confidence final numbers as well as economic, industrial, and services sentiment.
