1) Jio Financial Services to Raise Its Foreign Investment Limit to 49%
The Department of Economic Affairs, Ministry of Finance has given a green signal to Jio Financial Services to raise its foreign investment limit to 49% of its total equity on a fully diluted basis.
In May 2024, Jio got approval from its shareholders for this increase and now on August 25, 2024, it has got approval from the government as well. This has greatly improved the company’s ability to attract foreign investment and its growth potential.
2) Is INFOSYS Going to Lay Off Its Employees? CEO Salil Parekh
There have been talks that INFOSYS was going, to lay off its employees to adapt to the trends of generative AI.
CEO Salil Parekh has subsided the rumors as he said that the company would not announce any job cuts, any time soon, on the account of adopting generative AI.
He also said the company is working on 225-gen AI programs as the customers demand this highly trendy technology.
What do you think will “Generative AI” cause a downfall in employment?
3) SEBI Fined Anil Ambani with A Fine of 25 Crores and Banned Him from The Market
Anil Ambani has landed himself in deep trouble with SEBI. SEBI has imposed a fine of 25 crores and a ban from the securities market for 5 years.
He has been named the “Mastermind” behind the suspicious and fraudulent activities of RHFL.
Anil’s spokesperson said that Anil Ambani is currently reviewing his legal options and ways out of this predicament.
What do you think should he be pardoned, by SEBI?
4) SEBI’s request to CAs
Ashwani Bhatia, A SEBI Whole Time Member gave a heads-up, to all CAs to be extra careful while auditing SME IPOs and fundraising.
This request was made in the goodwill of these small companies as these small companies are going, to become large and macro companies in the future. He also said that “CAs should point out any points, of concerns or flag any issues immediately rather than coming with surprises later.
What do you make of this?
5) Delay in Tax Refunds After Filling ITR. Why?
The Income Tax Department is taking a long time to process refunds. Why is that?
This can happen, due to various reasons such as Large refund claims, Bank account issues, Discrepancies in Data, Verification issues, and more.
The Income Tax Department has so far processed 74.44% of verified ITRs.
Over 1.83 crores of tax refund, is yet to be processed.
ITR-2 or ITR-3 forms also take a long time to be processed which causes delays in the process.
6) Government’s Spending to Increase by Double Digits in FY26
The Unified Pension Scheme’s implementation as per Money control analysis will cause a surge in the Government’s spending on pension schemes.
The contribution, of the center will increase from 14% to 18.5% due to this change an addition of 6250 crores to pension expenditures is expected within the first year.
With an increase of 6.1%, the government’s spending is expected to rise to 79,241 crores in FY25.
What are your thoughts on this big decision and how will this impact the economy?
7) Earning of Delivery workers like Swiggy, Blinkit, and Porter, etc
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Almost ¾th of the gig delivery workers earn less than 3 lakhs, a year.
In a recent report, it was found out that almost 78% of delivery partners are not able to meet their expenses as they earn less than 2.5 lakhs per annum.
Furthermore, due to the cost, of living and petrol prices rising this further squeezes their income.
In 2019 their average income was 13500 INR and in 2022 it came down to 12000 INR this shows that their income, not only decreased but the cost of living also went up.
What are your thoughts on this should something be done for delivery partners?
8) Shares of Krishna Defense
The stock is currently trading for 675.25 INR.
The stock went as high as 1130 and as low as 211 INR in the past year.
There have been some major fluctuations in this stock. As of its current price, there has been a decline of about 5% in comparison to its previous levels.
What do you think are you planning to invest in this stock?
9) Tata Consultancy turned 10,000 INR into 4,50,000 INR
Tata stocks have always been a fan favorite. The Tata Consultancy stocks which launched on August 25, 2004. If you invested only 10,000 INR during its IPO it would have become a whopping sum of 4,50,000 INR as of August 25, 2024.
In 20 years, the stock has given a return of 4500%.
Did you also invest in this stock?
10) Derek O’Brien: 18% GST on insurance premium
Derek O’Brien the leader of Trinamool Congress (TMC) has called out, to Finance Minister Nirmala Sitharaman to remove the 18% GST that has been implied on health and life insurance premiums.
He also said that this tax is a burden on 45 crore Indians.
Do you also wish for this tax to be revoked?
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This article is written by Krishna Jindal.