Episode 1240

Business News at 10:00 am on 22nd May, 2024

[Disclaimer: This transcript is auto-generated]
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Let’s begin. The market capitalisation of BSE-listed companies hit a record $5 trillion on Tuesday as sustained flow of domestic money and strong economic growth prospects fuelled investor optimism. It took less than six months for the market capitalisation to jump from $4 trillion to $5 trillion – the fastest $1 trillion gain ever. The rupee has also been flat during this period. It closed at Rs 83.31 against US dollar on Tuesday as against Rs 83.33 on November 29, when the $4-trillion milestone was achieved. At close, the total valuation stood at an all-time high of $4.97 trillion. US, China, Japan, and Hong Kong are ahead of India in terms of market capitalisation of companies. Experts attributed this increase in India VIX to low voter turnout. Over to Industry. With high-quality professionals galore, finance minister Nirmala Sitharaman on Tuesday exhorted the Institute of Chartered Accountants of India to start work for the creation of an Indian CA behemoth which will be among the top four globally. Currently, the top global accountancy firms are Deloitte, EY, KPMG and PwC. While the government will have a 100-day action plan after assuming power, the ICAI should also have a 100-day plan to create a big enough and strong enough professional CA firm which will be recognised as one of the four as India progresses to become a developed nation by 2047. Quote ”The Bihar ICAI should start work to lay the foundation of big CA firm in coordination with ICAI headquarters, Unquote Sitharaman said. Next up, Economy. There is growing optimism that India is on the cusp of a long-awaited economic take-off and its gross domestic product may grow close to 7.5% for the June quarter of the current financial year, according to an article written by a Reserve Bank of India team led by Deputy Governor Michael Debabrata Patra. The projection in the RBI’s May Bulletin released on Tuesday, was higher than the 7.1% estimated by the Monetary Policy Committee in its statement on April 5. For the full FY25, the RBI has estimated GDP growth to be 7% compared with 7.6% in FY24. The Indian economy has demonstrated marked resilience in the face of geopolitical headwinds imparting supply chain pressures, they said Moving on. Telecom operators are working with technology partners to implement solutions to curb the menace of pesky calls and SMSes in the coming months, the Cellular Operators Association of India said on Tuesday. The industry has developed various modules over the DLT framework, which have been reasonably successful considering the noticeable decline in the volume of UCC originating from SMS over the last couple of years, said SP Kocchar, director general of COAI. Kocchar, however, said the UCC from voice calls is still an issue that the regulator and telcos are working together to address. Currently, the government has allocated the 140 series for promotional voice calls and has also prescribed the 160 series for transactional and service voice calls. Over to some exciting news from the world of Digital Transformation. Imagine a scenario where a movie is made in one language and dubbed in several other languages, but the lip and jaw movements are synchronised in such a manner that it looks that actors are actually speaking the language in which you choose to view the film. Well, this is no more an imagination, but a reality. Courtesy, on-tap Generative AI solutions, which are slowly flooding the market. Deeptech startup NeuralGarage has built its proprietary GenAI models in the audio-visual space that can change the lip and jaw movements visually using audio as a controller at studio quality. With the availability of Generative AI models like ChatGPT, startups are using their application programming interface to write customised codes. Meanwhile, in trade sector, the ministry of commerce is working to codify the experience gained through intensive negotiations on the Free Trade Agreements in the past few years and compile it as Standard Operating Procedure for future guidance and reference. India currently has FTAs relationship with 26 countries. It is negotiating with 44 more. Once done, India will have FTAs with 71 countries. Last few years have seen a change in India’s approach to the FTAs and geographical focus has moved from East to West. The negotiations have become more complex. The new FTAs that are being negotiated – including ones with the UK and European Union – involve not just tariff reductions and market access but other areas. Lastly, let’s look at the stock in focus today. These include ONGC, BHEL, Arvind Fashions, Welspun Enterprises, United Spirits. ONGC plans to increase its cumulative production of crude oil and natural gas by 20%. On the other hand, BHEL posted its fiscal fourth-quarter profit at Rs 489.62 crore, down 25.6 % on-year in comparison to Rs 658.02 crore during the corresponding quarter of FY23.

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Business News at 10:00 am on 22nd May, 2024 In today's podcast, we talk about GDP growth and how BSE-listed firms’ m-cap is racing past $5-trillion mark among other news. Also, know which are the stocks in focus today. Today's Latest Business News at 10:00 am on 22nd May, 2024.
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