* In the last week of the financial year 2023-24, the Nifty and Sensex indices increased by a total of 230.15 points and 819.41 points, respectively, both indices closed at the level of 22326.9 points and 73651.35 points. Nifty registered a total gain of 1.04 percent and Sensex a total of 1.13 percent for the week. The top gainers in the Nifty included Bajaj Finance (7.9 percent), Adani Ports (6.3 percent), Maruti Suzuki (5.8 percent), Larsen Toubro (5.7 percent), Titan Company (4.8 percent) while the week's top losers were L And T Mind Tree (-4.3 percent), Wipro (-4.1 percent), Infosys (-3.6 percent), Tata Consumer Products (-3.3 percent), HCL Tech (-3.3 percent) were included.
The financial year 2023-24 came to an end last week. Looking at the entire financial year as a whole, the Nifty gained a total of 4967.15 points or 28.61 percent while the Sensex index showed a total gain of 14659.83 points or 24.85 percent. Out of total 50 stocks in Nifty, 48 stocks showed gains during the financial year. The midcap index in the Nifty rallied around 60 per cent while the small cap index rose 70 per cent. This is the highest growth in the last 3 financial years. Large cap stocks that gained the most in FY 2024 included Bajaj Auto (136 percent), Tata Motors (133 percent), Adani Ports (109 percent), Coal India (101 percent). According to the capital market value (market cap) Tata Udyog Group is considered the largest conglomerate in the country with a capital market value of 30 lakh 20 thousand crores. Bombay Stock Exchange (BSE) total capital market value rose to Rs 394 lakh crore from Rs 262 lakh crore in the financial year.
* From March 28, T+0 settlement starts in Indian capital markets. The shares will be settled on the day of the sale or settlement of the shares. That is, after selling the shares, we had to wait for a day to receive the money. This is called 'T+1' settlement; But now this settlement will be completed on the same day. Under the 'T+0' system, if the market is transacted till 1.30 pm, the share money will be deposited in their account till 4.30 pm. The settlement will be done on a pilot basis for 25 shares, including 10 shares of the total Nifty currently in the market. It will be re-reviewed after next 3 months and 6 months and thereafter the method will be implemented for the entire capital market after removing the problems. At present, India has become the second country in the world after China to have the ability to settle the transaction on the same day (T+O Settlement).
* E-commerce retailers companies like Amazon, Flipkart will soon face competition from government-run e-market place i.e. GEM (GEM) portal. It will be open for general citizens. Until now, any qualified entrepreneur could register on the GEM platform and sell goods or services to a government department; But now a common citizen can also shop from this portal like Amazon or Flipkart. Although so far only related to government departments, the GEM portal has seen 2.1 crore transactions since its inception in 2017. The value of the transaction has reached 7.9 lakh crores.
* The Andani family, the promoters of Ambuja Cement, made an additional investment of 6661 crores in the company. This increased his stake in the company by 3.6 percent to 66.7 percent. Adani aims to increase Ambuja Cement capacity to 140 million tonnes per annum by 2028. This fund will be used for this purpose. Adani had invested 5 thousand crores in the company in October 2022. Adani Group currently has a cement production capacity of 77.4 million tonnes per annum.
* An indication that the housing sector in the country is booming again, more than 1 lakh 30 thousand houses were sold in seven metros in the last quarter of the last financial year. Home sales increased by about 14 percent over the year. In this, the total share of the cities of Pune and Mumbai has reached 51 percent. Compared to last year, there was an increase in home sales in Mumbai by 24 percent and in Pune by 15 percent.
* The GST department caught cases of availing bogus input tax credit to the tune of 19690 crore till January 2024. Receipts for raw material expenditure incurred in supply of goods or services are discounted in GS; But it was found to be misused at some places. A total of 1940 cases have been found so far. West Bengal and Gujarat have the highest number of cases of counterfeiting and tax evasion.
* Rating agency S&P Global Receipts has raised India's economy growth target/forecast. India's economy will grow at a rate of 6.8 percent in FY 2024-25. It was predicted. Earlier, the estimated rate was 6.4 percent. The Statistics Department of India has predicted this growth rate at 7.6 percent.
* India's currency becomes the third most stable currency in Asia in FY 2023-24. The rupee was the best performer in Asia, followed by the Hong Kong dollar and the Singapore dollar. The rupee depreciated by 1.5 percent against the dollar this year. In the financial year 2024, 3.23 lakh crores of funds were invested in the local market (influws) and 45.36 thousand crores of funds fell out (Outflows). Inflation rate during the year remained between 2 and 6 percent. Also, Reserve Bank kept the country's interest rate (report rate) at 6.50 percent. All this resulted in the rupee remaining stable against other currencies.
* Sachin Tendulkar's investment company 'RRP Electronics' will set up a project in Maharashtra with an investment of 5 thousand crores in the next five years. The purpose of these cups is to set up a project to manufacture semiconductor chips. The announcement was made in Navi Mumbai in the presence of Sachin Tendulkar, renowned scientist Anil Kakodkar and company CEO Rajendra Chodankar.
* Shapoorji Palanji group's company 'Afcons Infrastructure' has filed an application with SEBI for an IPO of 7 thousand crores. This will have new shares worth 1250 crores. There will also be Goswami Infratech's 5750 crore Offer for Sale (JARID) shares.
* India's Forex Reserve reached its highest level in the week ended March 22. Reserves stood at $642.63 billion with an increase of $6.396 billion, showing an increase for the fifth consecutive week. Earlier in October 2021, Ganga Jali was close to this record level. After almost two and a half years, Gangajali again achieved this record milestone.