budget2023

The allegations levelled by Hindenburg research on Adani group companies led to route in shares of the group companies in share market over the last week. Today, the crisis also reflected in the parliament debate. While Yesterday Congress MP Rahul Gandhi questioned the links between PM Modi and Gautam Adani, Today PM Modi while responding slammed the opposition. However, he dodged the questions on Adani. In this episode of the Dialogue, our Managing Editor Mr Sujit Nair speaks to Journalist Anand Vardhan Singh, Economist Prof Arun Kumar and Market Expert Sunil Shah. 

"Filing ITR is like the most greatest task for any middle class, salaried person. And I speak of my own experience. Calculating tax, deductions, rebates and filing your income tax. Once you understand it, you may not find it that difficult, unless you have say multiple income sources and investments that it is tedious for you to kep tab of each and every thing. But since, filing income tax is such a big task for us, middle class salaried persons, whenever the budget is presented, all the eyes are on the part where the Finance Minister announces Income Tax rates. This year, the budget brought some good news. The non-taxable income limit was extended to 7 Lakh from 5 lakh. Which means if you have annual income of 7 lakh, you won’t have to pay any income tax. Well, but there’s a catch. And that has got everyone confused these days. Since the budget announcement. there’s one question that I have heard my colleagues, friends and family members ask. The question is whether I should go for Old Tax Regime or the New one? This is a big question in front of everyone. 

बुधवार को पीएम लोकसभा में बोले थे, यहां पीएम के भाषण को राहुल गांधी के सवालों के जवाब के रूप में देखा गया. वहीँ राज्यसभा में भी प्रधानमंत्री नरेंद्र मोदी विपक्ष को निशाने पर लेते दिखे। 

Rajasthan के मुख्यमंत्री Ashok Gehlot ने आज वित्तीय वर्ष 2023-24 के लिए राज्य का बजट पेश करते हुए की। यह राज्य का बहुप्रतीक्षित बजट था, विधानसभा चुनाव से ठीक पहले होने वाले इस बजट का काफी महत्त्व है. हालांकि, सीएम गहलोत ने जब बजट पढ़ना शुरू किया तो वे आठ मिनट तक पिछले साल का बजट पढ़ते रहे और उन्हें आभास तक न हुआ. उन्हें अपनी गलती का एहसास तब हुआ जब विपक्ष शोर मचाने लगा, और उनके ही मंत्री ने उन्हें याद दिलाया कि यह पुराना बजट है. 

"Attacking the congress in general and Gandhi family in particular, PM Modi said that the Congress party gets upset whenever Nehru is not mentioned by our govt. If he was so great why no one uses Nehru surname? PM’s dig was aimed at Sonia, Rahul and Priyanka Gandhi. Former PM Pandit Jawaharlal Nehru is the great Grandfather of Rahul and Priyanka Gandhi. He said, ""If we miss out on mentioning Nehru anywhere, they (Congress) get upset. Nehru was such a great person, then why does none of them use the Nehru surname. What is the shame in using the Nehru name."" 

As many as 10,655 micro, small and medium enterprises closed down in the financial year 2022-23 – the highest in the last four years. This data also misses one year of the month, since the year is still ongoing – so the actual number may be even higher. In 2021-22 that number was 6,222, which in 2020-21 it was far lower at 175 and in 2019-20 it was 400. In this episode of the Editorial our Managing Editor Mr Sujit Nair shares his take on the matter. 

"From Share Market to Now Parliament, our Sansad the temple of Democracy, the name, the news that dominates the discourse is of Gautam Adani. Since the route in Adani shares after Hindenburg Research report came out late last month, every news around us, every discussion has been centred on Adani. After almost 10 days, Adani group company shares which were taking a beating at the D Street, recovered today and traded in green. This after the news of Adani group’s decision to prepay loans amounting $1.1 Billion. Despite this, the controversy is not dying anytime soon. In fact on the contrary, the politics around this has just started to gather steam. While on one hand, the parliament is rocked with debate on Adani group share crash, opposition is trying to corner the govt over it, on the other, the matter has reached Supreme Court. A petition has been filed in the Supreme Court to stop the media from reporting the Adani case. The petition asks the court to pass a gag order on media regarding reportage of Adani issue. Who has filed the petition, what is the petition, let’s talk about this in today’s video. At the end we will also talk about the HW Viewpoint on the matter. 

The allegations levelled by Hindenburg research on Adani group companies led to route in shares of the group companies in share market over the last week. Today, the crisis also reflected in the parliament debate. While Yesterday Congress MP Rahul Gandhi questioned the links between PM Modi and Gautam Adani, Today PM Modi while responding slammed the opposition. However, he dodged the questions on Adani. In this episode of the Editorial, our Managing Editor Mr Sujit Nair compares the two speeches and shares his take on the matter. 

Wall Street extended its advance overnight, closing higher for the third consecutive day. The Dow gained 1.1% or 337 points. The S&P500 advanced 1.6%, and the Nasdaq advanced 2.2%, ahead of earnings releases from some big tech names. After the closing bell both Microsoft and Alphabet reported earnings that fell short of expectations. And later in the week, Amazon, Apple and Meta Platforms will report earnings. Also, a decline in bond yields contributed to the latest gains, as the yield on the 10-year Treasury note was last down about 15 basis points. 

European equities also had a positive run. Tech stocks were up 4%, while oil and gas stocks and bank stocks were the only sectors to end the session in negative territory. The Stoxx 600 closed 1.4% higher. 

What to watch today:

• The SPI futures are suggesting the Australian market will rise 0.82% at the open this morning. 
• Last night the government handed down the Federal Budget. Some of the winners included new parents and families, with increased parental leave and reduced cost of childcare. Also, battery, hydrogen fuel cell and plug-in hybrid cars are to be exempted from taxes, if their retail price is below the luxury car tax threshold. This may have an impact on battery making lithium stocks. A million new homes will also be built over 5 years from 2024, so stocks such as Lendlease (ASX:LLC) may benefit from this. On the downside however, power costs are to rise by 20% this year and 30% next year. Also, food crop losses and distribution to milk supplies due to the floods are expected to add 0.1% to inflation in the December and March quarters. Generally though, the budget doesn’t have a big influence over market movements. 
• In commodities, the oil price trading higher, just under US$85 per barrel. Gold is also in the green, trading just under US$1,653 an ounce. And iron ore has regained 1%, now US$95.50 per tonne. 
• In economic data, today the inflation rate for the third quarter is set to be released at 10:30am AEDT, expected to rise by 6.1% to 6.5%. 
• Keep watch of the following companies, that are set to release a quarterly report today. These include Coles (ASX:COL), Iluka Resources (ASX:ILU), Mirvac Group (ASX:MGR), Mineral Resources (ASX:MIN) and Westfield (ASX:URW). 

Trading Ideas:

• Bell Potter maintain a Speculative Buy rating on PointsBet Holdings (ASX:PBH) and have lowered their valuation from $5.25 to $4.50. At its current share price of $2.03, this implies over 100% share price growth in a year. 
• Trading Central have identified a bearish signal in News Corp (ASX:NWS), indicating that the stock price may fall from the close of $26.74 to the range of $22.20 to $23 over 17 days, according to the standard principles of technical analysis. 

So, when are we gonna start REALLY taxing fags?