Closing Bell on December 14, 2023: At close, the Sensex index stood at 70,514, up 930 points or 1.34 per cent, while the Nifty50 settled 256 points, or 1.23 per cent, higher at 21,183

Stock Market LIVE: Broader indices trail benchmarks; IT, Realty stks surge

Business Standard

In a bull market, stocks tend to remain in overbought zone for a longer period viz-a-viz a bearish phase. Presently, 18 stocks from the Nifty index were technically trading in overbought zone.

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore.
The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said.
Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period.
Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal.
Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said.
In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise).
Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

income-tax department

Press Trust of India

Stocks to Watch on December 14, 2023: IRCTC is eyeing a major expansion in the non-railway catering business

insurance stocks, share market, shares

Prestige Estates Projects hit a new high at Rs 1,231.95, up 6% in Thursday's intra-day trade and has surged 46% in past one month amid expectation of healthy demand.

prestige group

Here is the best of Business Standard's opinion pieces for today

climate change

Telangana Chief Minister A Revanth Reddy on Monday directed officials to start the process of disbursing financial aid to farmers under the 'Rythu Bandhu' scheme.
At a meeting with ministers and officials, Reddy held in-depth discussions on the functioning and performance of the Department of Agriculture and its allied wings, and the implementation of welfare programmes for farmers, an official release said.
Reddy directed officials to start depositing financial aid under the 'Rythu Bandhu' scheme in farmers' accounts from Monday itself. He said the aid should be provided without inconveniencing any farmer, according to the release.
He also asked the officials to prepare an action plan to implement the ruling Congress' pre-poll promise of waiving farm loans up to Rs 2 lakh.
Reddy said the 'Praja Darbar', which is held at Jyoti Rao Phule Praja Bhavan (the chief minister's camp office-cum-official residence), will now be called 'Praja Vani'.
It was also decided that 'Praja Vani' wil

RevanthReddy

Special counsel Jack Smith on Monday asked the Supreme Court to take up and rule quickly on whether former President Donald Trump can be prosecuted on charges he plotted to overturn the 2020 election results.
A federal judge ruled the case could go forward, but the Republican former president signaled he would ask the federal appeals court in Washington to reverse that outcome.
Smith is attempting to bypass the appeals court. The request filed Monday for the Supreme Court to take up the matter directly reflects Smith's desire to keep the trial, currently for March 4, on track and to prevent any delays that could push back the case until after next year's presidential election.
This case presents a fundamental question at the heart of our democracy: whether a former President is absolutely immune from federal prosecution for crimes committed while in office or is constitutionally protected from federal prosecution when he has been impeached but not convicted before the criminal ...

Donald Trump

The government has decided to withdraw the three bills that aim to replace existing criminal laws and introduce them afresh following various recommendations made by a parliamentary panel.
The three redrafted bills are expected to introduced in Parliament on Tuesday.
The Bharatiya Nyaya Sanhita Bill was introduced in the Lok Sabha on August 11 along with Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Adhiniyam bills.
The three bills seek to replace the Code of Criminal Procedure Act, 1898, the Indian Penal Code, 1860, and the Indian Evidence Act, 1872, respectively.
Home Minister Amit Shah, in three identical signed statements submitted to Parliament, said the decision was taken after the parliamentary standing committee on home affairs made recommendations suggesting changes in the three bills following a series of discussions with domain experts and various stakeholders.
He said in the statement for withdrawal that to make comprehensive amendments to the Indian Pen

New parliament

The Supreme Court rightly observed that the decision taken on 5th August 2019 was done with the purpose of enhancing constitutional integration and not disintegration

PM Modi, Narendra Modi

The broadcaster is under scrutiny for alleged foreign exchange violations in India and an investigation was launched shortly after tax authorities searched BBC's offices in Delhi and Mumbai in Feb

Reuters

Former RBI governor Raghuram Rajan has attributed the sharp uptick in GDP in the first half of the current fiscal to infrastructure spending and good performance by large economies of the world but added India has to do a lot of catching up and the USD 5 trillion economy goal for 2025 is nearly impossible.
Rajan further said that even as India's growth rate is strong, private investment and private consumption have not picked up.
"So if you look at why we have done so well this year, one of the reasons we are doing so well is also because the world is doing well.
"... the other reason for this very strong growth in the first half is tremendous government spending on infrastructure," Rajan told PTI.
India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing.
At constant (2011-12) prices in April-September 2023-24 (

Raghuram Rajan

Indian economy, dubbed the fastest growing major economy in the world, is faced with the single most important pressure point of job creation, says former RBI Governor Raghuram G Ranjan as he makes a strong case for improvement of human capital through skill development.
Talking about the book 'Breaking the mould: Reimagining India's economic future', written jointly by him and Rohit Lamba, assistant professor of economics at Pennsylvania State University, Rajan said one of the greatest strength of India is its human capital of 1.4 billion and the question is "how do you make it strong?"
The nation needs to create jobs at every level going along the path of development, said Rajan, presently Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth, USA.
"Jobs is the single most important pressure point... If we had many more private sector jobs showing up, would there be so much pressure on reservations? Perhaps there'll be less so to some extent," he said,

The Securities and Exchange Board of India's crackdown on social-media influencers peddling advice is a losing battle.

Stock market, NSE

Bloomberg

The Finance Minister's bold announcement of no big schemes on February 1 is commendable

budget, bill, parliament bill

India is at a pivotal moment in its history and will partner the US in innovation and job creation, Chairman Emeritus of US network gear maker Cisco John T Chambers said on Thursday.
"India will keep tracking towards ultimately becoming the number one economy in the world," Chambers said in a post on LinkedIn.
Chambers said India is at a pivotal moment in its history and will drive growth and opportunity in the years to come.
"The US and India will become the most strategic partnership in the world, driving global innovation and job creation at an accelerating pace," he added.
Chambers said these opportunities and growth will be driven by initiatives like Digital and AI India, as well as India's eagerness and openness to build collaborative, strategic partnerships with the US and other key global players.
Earlier this month, S&P Global Ratings had said India will be the world's third-largest economy by 2030.
The US-based rating agency had said it expects India to be the fastest .

John Chambers, Chairman Emeritus, Cisco and Founder and CEO of JC2 Ventures | Photo: Kamlesh Pednekar

President Droupadi Murmu on Thursday said the dependence on fossil fuels is definitely decreasing, but fossil fuel-based energy is also essential for India.
India has always worked as a responsible country in the field of clean energy, Murmu said, addressing the National Energy Conservation Awards 2023 function here.
"But we have also been making it clear from time to time that the dependence on fossil fuel is definitely decreasing but fossil fuel-based energy is also essential in our country," she stated.
India is promoting clean coal technologies so that the processes of coal extraction and use become more efficient and environment friendly, she noted.
It is the result of our commitment towards the environment that India has moved from 30th to 7th place in the ranking of the Climate Change Performance Index in a period of ten years, she said.
The President opined that the health and happiness of all of us lie in the conservation and good health of nature.
"If we make optimal ..

President Murmu'

Others

The court said that the succession of these instruments (shares and debentures) will be determined by the deceased's Will or as maintained by succession laws

Supreme Court (Photo: Wikipedia)

Artificial intelligence went mainstream in 2023  it was a long time coming yet has a long way to go for the technology to match people's science fiction fantasies of human-like machines.
Catalysing a year of AI fanfare was ChatGPT. The chatbot gave the world a glimpse of recent advances in computer science even if not everyone figured out quite how it works or what to do with it.
I would call this an inflection moment, pioneering AI scientist Fei-Fei Li said. 2023 is, in history, hopefully going to be remembered for the profound changes of the technology as well as the public awakening. It also shows how messy this technology is.
It was a year for people to figure out what this is, how to use it, what's the impact  all the good, the bad and the ugly," she said.
PANIC OVER AI
The first AI panic of 2023 set in soon after New Year's Day when classrooms reopened and schools from Seattle to Paris started blocking ChatGPT. Teenagers were already asking the chatbot  released in late 2022

artificial intelligence, Ai

Amazon won't have to pay about 250 million euros (USD 273 million) in back taxes after European Union judges ruled in favour of the US e-commerce giant Thursday, dealing a defeat to the 27-nation bloc in its efforts to tackle corporate tax avoidance.
The ruling by the EU's top court is final, ending the long-running legal battle over tax arrangements between Amazon and Luxembourg's government and marking a further setback for a crackdown by antitrust chief Margrethe Vestager.
The Court of Justice backed a 2021 decision by judges in a lower court who sided with Amazon, saying the European Commission, the EU's executive branch, had not proved its case that Amazon received illegal state support.
The Court of Justice confirms that the Commission has not established that the tax ruling given to Amazon by Luxembourg was a State aid that was incompatible with the internal market of the EU, the court said in a press release.
Amazon welcomed the ruling, saying it confirms that the company .

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India at pivotal moment in its history: Cisco Chairman Emeritus Chambers

Fossil fuel-based energy also essential for India: President Murmu

Only a successor has claim over shares, not a nominee: Supreme Court

Panic, hype: 2023, the year we played with artificial intelligence

Amazon won't have to pay $273 million in back taxes after winning EU case

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At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

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