NDTV Profit Pulse On March 6—Top 8 Stories At 8 P.M. Under 8 Minutes
From foreign investors pulling out $803 million from financial stocks in February to OPEC+ indicating a reversal in production cuts from April, here's your dose of the news for the day.
Among the top news of the day is Indian stock market extending gains for a second consecutive day, and Apple getting a new neighbour in Mumbai’s Bandra Kurla Complex with Tesla securing a showroom just metres away. Also, over 30,000 taxpayers declared Rs 29,208 crore in foreign assets under a CBDT compliance drive.
Foreign investors pulled out $803 million from financial stocks in February, leading sectoral outflows despite low valuations. On the commodities front, OPEC+ will start reversing production cuts from April.
Here are the top 8 stories under 8 minutes:
Apple’s Unwanted Neighbour
Apple had barred Tesla from setting up shop in Jio World Drive, but the EV maker has secured a showroom just metres away in Mumbai’s Bandra Kurla Complex.
Tesla’s new store will be in Maker Maxity, about 120-200 metres from Apple BKC. Read the full details.
Foreign Assets Disclosure
Over 30,000 taxpayers declared Rs 29,208 crore in foreign assets under a CBDT compliance drive, sources told NDTV Profit.
The initiative urged taxpayers to revise their filings, leveraging global financial data shared with India. Read the full report.
Markets Extend Gains
Nifty 50 rose 0.93% to close at 22,544, reclaiming the 22,500 mark, while Sensex gained 0.83% to end at 74,340.
This marks the second straight session of gains, with RIL and Axis Bank leading the rally. Check the full market wrap.
Financial Stocks Take FPI Hit
Foreign investors pulled $803 million from financial stocks in February, leading sectoral outflows despite low valuations. FMCG stocks saw $793 million in selloffs.
MSCI index changes also influenced flows, with IndusInd Bank gaining weight while HDFC Bank and ICICI Bank saw reductions. Read the full breakdown.
Oil Price Impact
OPEC+ will start reversing production cuts from April, increasing supply and potentially keeping crude prices low.
Lower prices may benefit downstream companies but raise concerns over retail price cuts, inventory losses, and possible excise hikes. Read the full impact analysis.
Tata Electronics Expands
Tata Electronics will set up a display semiconductor plant in Gujarat with Taiwan’s PSMC and Himax Technologies, CEO Randhir Thakur said.
The company, already building a Rs 91,000 crore semiconductor fab in Gujarat, will now cover all three major chip manufacturing segments. More details on the expansion.
DA Hike Likely
Central government employees and pensioners may see a 2% dearness allowance hike before the 8th Pay Commission is formed, staff unions said.
DA and DR are revised biannually, with hikes typically announced in March and October. More details on the expected increase.
Music Industry Concerns
A survey of 1,200 musicians found 82% fear new compliance rules on OTT platforms could stifle creative diversity, while 72% expect delays in music releases.
With 77% worried about international collaborations, the industry sees these regulations as a potential setback. Read the full findings.
Here are other top stories of the day that you cannot miss
Trade setup for March 7: Nifty's immediate support to be 22,240.
How investing in politics can save you income tax.
RBI measures enough to take liquidity to surplus? Economists think so.
India's AI datasets, compute platforms go live; domestic GPUs in 3-5 years' time.
63 Moons, NSEL Investor Forum to appoint Monitoring Authority for Rs 1,950-crore settlement.
Britannia Industries Chief Executive Officer Rajneet Singh Kohli resigns.
Income Tax Return: Make early home loan EMI payments before March 31 to save taxes.
