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Business News/ Markets / Live Blog/  Share Market Budget 2024 Closing: Sensex, Nifty close in the red; PSU banks soar
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Share Market Budget 2024 Closing: Sensex, Nifty close in the red; PSU banks soar

Share Market Budget 2024 Closing: Benchmark indices closed in the negative as the Union Budget brought no positive surprises. PSU banks rallied, while realty, consumer durables, defence stocks were under pressure

Share Market Budget 2024 Live Updates: Asian shares faltered on Thursday after Wall Street took a late spill overnight. Photo: PTIPremium
Share Market Budget 2024 Live Updates: Asian shares faltered on Thursday after Wall Street took a late spill overnight. Photo: PTI

Share Market Budget 2024 Live Updates: The markets closed flat on Thursday after the interim budget announced by finance minister Nirmal Sitharaman did not enthuse investors. Nifty 50 closed 28.25 points, or -0.13%, lower at 21,697.45 while the Sensex ended with a loss of 106.81points, or 0.15%, at 71,645.30. 

European shares edged down on Thursday as losses in lenders eclipsed the gains in tech sector, while sentiment was dampened by the U.S. Federal Reserve's signals that an early interest rate cut was unlikely.

The pan-European STOXX 600 index fell 0.1%.

A gauge of Asian stocks slipped 0.4%. Aozora Bank Ltd. fell 21% in Tokyo after it announced losses tied to US commercial property, echoing troubles for New York Community Bancorp in America. US equity futures signalled a partial rebound after the S&P 500 dropped 1.6% Wednesday, the most since September.

Oil rebounded after the biggest decline in three weeks on Wednesday as investors weighed the risks from any US retaliation to a deadly attack in Jordan against signs of robust American supply.

Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.

01 Feb 2024, 03:34:51 PM IST

Sensex, Nifty close in the negative territory

The markets closed flat on Thursday after the interim budget announced by finance minister Nirmal Seetharaman did not enthuse investors. Nifty 50 closed 28.25 points, or -0.13%, lower at 21,697.45 while the Sensex ended with a loss of 106.81points, or 0.15%, at 71,645.30.

01 Feb 2024, 03:28:49 PM IST

Adani Enterprises Q3 profit jumps twofold to ₹1,888 cr

Adani Enterprises Ltd (AEL), the flagship firm of billionaire Gautam Adani's conglomerate, said its third quarter net profit more than doubled on the back of robust performance in new energy, airports and road businesses.

Net profit of 1,888 crore in the October-December quarter is compared with 820 crore earning in the same period last year, the company said in a statement.

While green hydrogen business in the new energy vertical of the company saw more than 4x rise in pre-tax profit to 1,655 crore, road business Ebitda more than doubled to 910 crore. Airport business Ebitda was up 27% at 1,774 crore.

The company's Ebitda rose 89% to 3,717 crore in the third quarter. Cash accruals more than doubled to 2,680 crore. The stock was trading 0.47% up at 3,156.90.

01 Feb 2024, 03:15:37 PM IST

Budget 2024: Defence stocks remain rangebound

Defence sector related stocks remained rangebound after the budget announcement due to no important takeaways from the budget. Hindustan Aeronautics Ltd (HAL) is trading flat at 3,001.20, while Bharat Electronics Ltd (BEL) was down 1.37% in the intraday trade after 3 pm. Shares of Data Patterns were up over 2% at 1,946.55 and Bharat Dynamics is flat at 1,706.95. Stocks of Kaynes Technology, Mishra Dhatu Nigam and MTAR Technologies were rangebound during the day. Mazagon Dock Shipbuilders shares down 2.14% to 2,242 during intraday.

 

01 Feb 2024, 03:01:41 PM IST

Markets remain flat 

The markets are flat at 3 pm with the Sensex trading 13.94 points down at 71,738.17, and the Nifty was down just 1.85 points, or 0.01%, at 21,723.85.

01 Feb 2024, 02:56:28 PM IST

Budget 2024: Railway boost to support related stocks  

In the budget, finance minister Nirmala Sitharaman said that 40,000 normal rail bogies will be converted to the Vande Bharat standards to enhance the safety and comfort of passengers. The finance minister said three major economic railway corridor programmes — energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors — will also be implemented. The announcement will likely to boost infrastructure, energy, mineral and cement company stocks in the near future, experts say. 

01 Feb 2024, 02:45:55 PM IST

Budget 2024: Solar stocks gain 

Shares of solar-related stocks gained up to 5% after the budget announcement to provide assistance for the installation of rooftop solar systems for 1 crore houses under the “Pradhanmantri Suryodaya Yojana." "Through rooftop solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month," said Nirmala Sitharaman.

Suzlon Energy's shares hit 5% upper circuit limit in today's trading session, reaching 48.20 apiece. Simultaneously, Borosil Renewables, Waaree Renewable Technologies, Sterling Wilson Renewable Energy, and Tata Power all experienced notable gains, each rising over 2%.

01 Feb 2024, 02:30:28 PM IST

Budget 2024: Govt targets ₹50,000 cr from divestment 

The government has set an ambitious divestment target of 50,000 crore for FY25, about 67% higher than its revised aim to collect 30,000 crore via asset sales in the current fiscal year ending 31 March. In the budget for FY24, the government had originally targeted to raise 51,000 crore from sale of its stakes in various public sector companies.

As of 3 January, the government has raised only about 12,500 through asset sales. Eight strategic disinvestments are currently in various stages: IDBI Bank Ltd, BEML Ltd, Shipping Corp. of India Ltd, HLL Lifecare Ltd, Projects & Development India Ltd, Indian Medicines Pharmaceutical Corp. Ltd and Ferro Scrap Nigam Ltd. The government is yet to seek expressions of interest for Container Corp. of India Ltd, and has no plans to restart the disinvestment process of Bharat Petroleum Corp. Ltd. Other likely candidates for divestment during FY25 are Rashtriya Ispat Nigam Ltd and some subsidiaries under AI Assets Holding Ltd.

01 Feb 2024, 02:07:30 PM IST

Dr Lal PathLabs Q3 results: Net profit rises 54% to ₹81.3 crore

Dr Lal PathLabs released their October-December quarter results on Thursday and reported an 54% year-on-year rise in their net profits. The profit after tax (PAT) of the company jumped to 81.3 crore in the quarter ending December 2023 from 52.8 crore during the year ago period.

The revenue from operations of the company witnessed 10% jump during the same period as it rose from 489.4 crore to 539 crore during the period under review. The share price of the company is up around 1% at 2,540.95 at around 2 pm.

01 Feb 2024, 01:55:07 PM IST

Budget 2024: Capex allocation up for road transport ministry, infra to get a boost

The government has kept its focus on rapid infrastructure growth in the next financial year with a plan to give another increase in capital expenditure allocations for ministry of road transport and highways (MoRTH). The move will further speed up road construction and completing work on portions awarded under Bharatamala I projects.

The Budget for FY25 has raised capital allocation for the ministry to 2.72 trillion from the FY24 budgeted level of 2.58 trillion. A substantial portion of higher allocation for FY25 would also towards meeting capital expenditure of National Highways Authority of India (NHAI), the prime highway construction agency, which has been put on a moratorium for market borrowings for past three years and being funded entirely from the budget.

01 Feb 2024, 01:39:12 PM IST

Adani Ports and Special Economic Zone posts nearly 68% surge in Q3 profit

Adani Ports and Special Economic Zone, India's largest private port operator, reported a nearly 68% surge in third-quarter profit on Thursday, helped by a jump in cargo volumes and higher tariffs. Consolidated net profit rose to 2,208 crore in the October-December quarter, the company said.

Revenue from operations rose 44.6% to 6,920 crore in the quarter, boosted by a 44% growth in cargo volumes. The company earlier this month said that it is targeting over 400 million tonnes of cargo volumes for fiscal 2024, surpassing the upper-end of its forecast range.

Adani Ports' volume handling capacity has grown four-fold since 2011 as the country's exports and imports surge. The shares are up 1,2% today at 1,222.15. The shares are up roughly 20% so far this year, while the blue-chip Nifty 50 index is largely flat.

01 Feb 2024, 01:24:07 PM IST

₹1 trillion corpus for innovation and research

Finance Minister Nirmala Sitharaman announced that the government of India will establish a 1 trillion corpus to incentivize innovation and research on sunrise domains. The fund will have a provision of 50 year interest free loans and will provide long term financing and refinancing for long tenures with low or zero interest rates, Sitharaman said in her budget speech.

01 Feb 2024, 12:59:15 PM IST

Budget 2024 Live: Veer Trivedi, research analyst, SAMCO Securities, on the Lakhpati Didi Scheme

“The Lakhpati Didi Scheme, aiming to empower two crore women in villages, has achieved notable success by reaching 83 lakh self-help groups and benefiting nine crore women. With a financial injection of 1 lakh per household for one crore beneficiaries, this initiative is poised to significantly uplift the economic status of rural women. This empowerment not only stimulates the rural economy but also enhances credit demand for micro-financiers, particularly from women and self-help groups, potentially reducing stress on asset quality issues."

01 Feb 2024, 12:43:53 PM IST

Budget 2024 Live: Bonds rally as govt surprises with lower borrowings

Bonds rallied after the government announced a lower-than-expected bond sales programme for the next fiscal year. The yield on benchmark 10-year bond fell as much as nine basis points to 7.05% after the announcement.

01 Feb 2024, 12:37:03 PM IST

Budget 2024 Live: Vivek Iyer, partner, Grant Thornton Bharat, on govt’s fiscal-deficit targets

“This budget gave a detailed account of how the government has taken an approach reflecting continuum in every budget from the past. One such thematic parameter of continuum was the commitment to fiscal consolidation. The fiscal deficit budgeted for next year is 5.1 percent against a revised fiscal deficit estimate of last year for 5.8% reflects a positive step in that direction reflecting the commitment to fiscal consolidation. This is a big credit positive for India from a sovereign ratings standpoint."

01 Feb 2024, 12:28:59 PM IST

Budget 2024 Live: Madhu Kela Of MK Ventures on PSU banks

“We continue to be very positive on public sector banks, on the overall capex space specifically the EPC companies which are yet to be discovered by the market. The broad theme is that it is like a sigh of relief for the overall market that government has adhered to fiscal consolidation even in a year of election so that is the biggest message. So the party in the market continues."

01 Feb 2024, 12:24:23 PM IST

Budget 2024 Live: Realty stocks under pressure

The Nifty Realty index is down the most among sectoral indices, having shed 1.27%. Nine of the 10 stocks in the index are currently in the red.

01 Feb 2024, 12:08:41 PM IST

Budget 2024 Live: Tech-savvy firms get a ₹1 trillion credit boost

Siddhesh Mehta, Research Analyst, Samco Securities, said, “The government announces a golden era for tech-savvy enterprises, setting a corpus of 1 lakh crore with a 50-year interest-free loan for long-term financing/refinancing. This strategic financial initiative, featuring low to nil interest rates, aims to scale up the private sector's research and development efforts significantly in sunrise domains. Notably, this infusion is set to fortify deep tech technologies." 

01 Feb 2024, 12:06:14 PM IST

Budget 2024 Live: CRISIL on FM's railway announcement

CRISIL said, “The development of commodity-specific economic rail corridors can de-congest existing lines, mostly in the eastern part of the country. This is supportive of faster freight movement and turnaround times and should help reduce the logistics cost for India from 12% of GDP, improving competitiveness, especially manufacturing, against peers."

01 Feb 2024, 12:03:45 PM IST

Budget 2024 Live: 12 pm market update

At 12 pm the Sensex was up 73.99 points or 0.10% at 71,826.10, and the Nifty was up 2.50 points or 0.01% at 21,728.20.

01 Feb 2024, 12:03:00 PM IST

Budget 2024 Live: No changes in direct and indirect tax rates

FM proposes no changes in direct and indirect tax rates, including import duties.

01 Feb 2024, 11:53:16 AM IST

Budget 2024 Live: Maruti, Eicher, NTPC among top Nifty gainers

Maruti, Powergrid, M&M, NTPC and Eicher Motors top gainers on Nifty, up by 1.7-4.08%.

01 Feb 2024, 11:47:54 AM IST

Budget 2024 Live: India to spend 11.1% more on infrastructure in FY25, says FM

Infra stocks have surged after the finance minister announced a 11.1% hike in capex in FY25. Shree Cements's stock is up almost 5%, while Power Grig Corp is up more than 3%.

01 Feb 2024, 11:43:34 AM IST

Budget 2024 Live: FMCG stocks gain

The Nifty FMCG index is up 1%, with eight of its 15 stocks in the green.

01 Feb 2024, 11:17:18 AM IST

Budget 2024 Live: Elara Securities India on Coromandel International

  • Rating: Buy
  • Target price: 1,345
  • Upside: 28%

"Coromandel International reported subdued results but in line with our estimates. Top line came in at 54.5 billion vs our estimates of 52.0 billion. EBITDA declined 54% to 3.6 billion, in line with our estimates due to a sharp cut in subsidy for H2FY24. 

“Subsidy (fertilizer) business EBITDA fell 77% YoY and EBITDA per tonne (total volume ex-Urea) by 74% to INR 1,201. Q4FY24 is expected to be soft as well, but the decline is profitability is expected to be lower.

“We reiterate ‘buy’ with a lower TP of 1,345 from 1,387 on 17x (unchanged) FY25E PE."

01 Feb 2024, 11:02:25 AM IST

Budget 2024 Live: 11 am market update

At 11 am the Sensex was up 282.41 points or 0.39% at 72,034.52, and the Nifty was up 71.50 points or 0.33% at 21,797.20.

01 Feb 2024, 10:51:19 AM IST

Budget 2024 Live: Indus Towers sees 25.9 crore shares change hands for ₹5,500 crore in block deal: report

As many as 25.9 crore shares of Indus Towers, or 9.6% of its outstanding equity, have changed hands for 5,500 crore or 210 each in a block deal, CNBC-TV18 reports.

01 Feb 2024, 10:44:04 AM IST

Budget 2024 Live: HSBC on Maruti Suzuki

-Buy call, target 12,500 a share

-Company performed well in seasonally weak quarter

-Margin should improve with better operating leverage, fewer discounts

-Likely sluggish industry growth a headwind in FY25

-Believes 6-7% growth is possible with margin expansion

01 Feb 2024, 10:34:48 AM IST

Budget 2024 Live: Maruti Suzuki stock zooms almost 4% following Q3 results

Shares of Maruti Suzuki are up 3.84% to 10,577.70. On Wednesday the company reported a standalone net profit of 3,130 crore in the December quarter, up 33% from a year ago. Ebitda increased 38% 3,909 crore from 2,833 crore a year ago. Ebitda margin improved by 190 bps to 11.7% from 9.8% a year ago.

01 Feb 2024, 10:21:34 AM IST

Budget 2024 Live: Shree Cement stock surges 6% on Q3 results

Shares of Shree Cement are up 5.88% to 30,234.15 after the company announced its Q3 results yesterday. It posted 165% growth in standalone net profit at 734 crore for the December quarter, with improved realisation and cost reduction amid robust demand growth. Revenue from operations grew 20% to 4,901 crore.

01 Feb 2024, 10:14:40 AM IST

Budget 2024 Live: Parth Shah, research analyst, StoxBox, previews Titan results

"Continuing its strong growth momentum, we expect Titan Ltd. to report a high-teen revenue growth on the back of broad-based growth in its domestic jewellery business, led by new buyer growth with higher ticket size and robust growth in its Watches & Wearables division. 

"The company's additions picked up pace, with 21 net new Tanishq stores in Q3FY24, totalling 466 (+43 in 9MFY24). We expect EBITDA to expand sequentially due to volatile gold prices and increased discounting to lift wedding jewellery share. 

“Overall, we remain buoyant on the company's business prospects and look forward to the management which has called out continued investments in exchange programs and consumer offers."

01 Feb 2024, 10:04:14 AM IST

Budget 2024 Live: 10 am market update

At 10 am the Sensex was up 111.54 points or 0.16% at 71,863.65, and the Nifty was up 26.10 points or 0.12% at 21,751.80.

01 Feb 2024, 09:51:02 AM IST

Budget 2024 Live: Mankind Pharma stock up nearly 3% after Q3 results

Revenue was up 25% to 2,606.9 crore, while Ebitda rose 39% to 606.5 crore in Q3. Ebitda margin up to 23.3% from 20.9% a year ago. Net profit rose 55% to 459.8 crore from 295.7 crore a year ago. Domestic revenue up 20% to 2,400 crore. Export revenue up 118% to 207 crore.

01 Feb 2024, 09:45:32 AM IST

Budget 2024 Live: V K Vijayakumar, chief investment strategist, Geojit Financial Services

"While both the Fed decision and the Budget will influence the market today, the focus will be on the Budget. Even though the interim Budget is expected to be largely a vote on account with “no sensational announcements" the PM’s statement yesterday that it will be a ‘blueprint of intent’ has aroused expectations that there will be some significant indications of what is likely to come in the full Budget and beyond. This will keep the market focused on the Budget.

"The 1.61% sell-off in the S&P 500 yesterday was in disappointment that rate cut will not happen in March. But the Fed chief’s comment that the economy is doing well with 3.1% GDP growth in 2023, low 3.7% unemployment and consumer price inflation declining to 2.6% augurs well for the market, going forward.

“Sectoral and stock-specific moves in response to budget proposals will hog the limelight today. But long-term investors should not be carried by the dramatic moves today and may focus on high quality stocks with good long-term growth prospects."

01 Feb 2024, 09:42:10 AM IST

Budget 2024 Live: Bank of England to keep rates on hold as investors look for rate cut hints

Britain's central bank looks set to keep interest rates at their highest in nearly 16 years on Thursday, but the prospect that inflation may soon be back at the Bank of England's 2% target will leave investors looking for hints of rate cuts to come.

Sharp falls in energy prices since the BoE published its last forecasts on 2 November mean many economists now expect inflation - which was 4% in December - to be on target as soon as April, far earlier than the BoE's forecast of late 2025.

01 Feb 2024, 09:28:09 AM IST

Budget 2024 Live: Godrej Consumer Products stock at all-time high

Godrej Consumer Products shares are up 8% to an all-time high of 1,278.

On Wednesday the company posted 6.4% growth in consolidated profit at 581 crore for the December quarter, with healthy operating numbers. Consolidated revenue from operations increased 1.7% to 3,660 crore from a year ago.

01 Feb 2024, 09:20:00 AM IST

Budget 2024 Live: Paytm stock hits 20% lower circuit

Paytm stock hit the 20% lower circuit soon after the market opened, after the RBI imposed harsh restrictions on Paytm Payments Bank.

The central bank on Wednesday ordered Paytm Payments Bank to halt deposits, credit transactions or top-ups in customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc by 29 February.

Brokerage firm Jefferies downgraded its rating on Paytm to from “buy" to “underperform" and cut its price target from 1,050 to 500.

01 Feb 2024, 09:18:20 AM IST

Budget 2024 Live: Benchmark indices open flat

The Sensex and Nifty opened flat on budget day, with the Sensex up 63.63 points or 0.09% at 71,815.74, and the Nifty up 24.20 points or 0.11% at 21,749.90.

01 Feb 2024, 09:08:43 AM IST

Share Market Budget 2024 Live: Rupee opens at 83.01 against US dollar

The rupee opened at 83.01 per US dollar against Wednesday’s close of 83.04.

01 Feb 2024, 08:45:25 AM IST

Share Market Budget 2024 Live: Dollar hovers near seven-week high 

The dollar hovered close to the highest level in seven weeks against the euro on Thursday, after Fed chair Jerome Powell pushed back on the idea of a first US interest rate cut as soon as March.

01 Feb 2024, 08:43:00 AM IST

Share Market Budget 2024 Live: China's fiscal revenue growth picks up in 2023

China's fiscal revenue rose 6.4% in 2023 from a year earlier, picking up significantly from a 0.6% increase in covid-hit 2022, China's Vice Finance Minister Wang Dongwei told a press conference in Beijing on Thursday.

China's economy has been stuck in an uneven and sputtering post-covid recovery last year, with persistent deflationary pressures, a prolonged housing downturn and geopolitical challenges keeping alive calls for more policy support.

Fiscal expenditures rose 5.4% in 2023, Wang said, adding the government will "maintain a certain intensity in fiscal spending" this year, according to a Reuters report.

01 Feb 2024, 08:38:44 AM IST

Share Market Budget 2024 Live: April-December fiscal deficit at ₹9.82 trillion, or 55% of annual estimate

The government’s fiscal deficit during the first nine months of the current financial year stood at 9.82 trillion, or 55% of the annual estimate of 17.87 trillion, according to data released by the Controller General of Accounts on Wednesday.

Fiscal deficit for the same year-earlier period was 9.93 trillion, or 59.8% of the annual estimate of 16.61 trillion for FY23.

The decline in the fiscal deficit despite a jump in government spending to fuel economic growth was due to higher tax receipts and an increase in non-tax revenue.

01 Feb 2024, 08:21:34 AM IST

Share Market Budget 2024 Live: Prashanth Tapse, senior VP, research, Mehta Equities

"Wall Street took a hit overnight with the Dow down 0.8%, the S&P 500 off 1.6%, and the Nasdaq tumbling 2.2% amid disappointing earnings from Alphabet. The Fed's decision to keep interest rates steady further fueled selling across indexes.

"Investors now await Finance Minister Nirmala Sitharaman's Interim Union Budget presentation, hoping for measures to boost economic growth and control deficits.

"On a positive note, January's GST collections hit a record high of 1.72 lakh crore. Trading strategies suggest buying opportunities for Nifty and Bank Nifty, with bullish sentiments on select stocks like Indigo.

“Amidst earnings season, attention is on companies like Titan Company and Adani Enterprises. Volatility remains a key theme in the market."

01 Feb 2024, 08:05:16 AM IST

Share Market Budget 2024 Live: Rahul Kalantri, VP commodities, Mehta Equities

"The rupee closed stronger to gain 8 paisa at 83.04 amid recovery in domestic equity markets and fall in dollar against major currencies, including India. Better economic growth forecasts for 2024 from the IMA as well as increase in India's growth forecast gave support to the rupee.

“We expect the rupee to remain in a range ahead of the U.S non-farm payroll data with the pair likely to trade in the range of 82.80-83.45."

01 Feb 2024, 08:02:42 AM IST

Share Market Budget 2024 Live: Jefferies downgrades Paytm stock

  • Downgrades from ‘buy’ to 'underperform', target cut from 1,050 a share to 500
  • RBI's restrictions on Paytm Payments Bank reflect concerns about persistent non-compliance
  • Direct impact (on wallets/payments) could be 20-30% of Ebitda
  • Reputational impact on lending partnerships could affect Ebitda by another 20-25%
  • Cut FY25-26 Ebitda by 45%, which will also delay profitability
  • Tightening compliance/governance is the way out

01 Feb 2024, 07:35:42 AM IST

Share Market Budget 2024 Live: GIFT Nifty indicates flat or positive start

Nifty futures were trading around 21,806.50 with a gain of 12 points or 0.06%, indicating a flat or positive start for the Indian market. 

01 Feb 2024, 07:33:56 AM IST

Share Market Budget 2024 Live: Oil settles lower on faltering China economy, US crude stock build

Oil prices settled lower on Wednesday, pressured by low economic activity in leading crude importer China and a surprise build in US crude inventories as producers ramped up output following frigid weather this month.

Brent crude futures for March, which expire on Wednesday, settled down $1.16, or about 1.4%, to $81.71 a barrel while the more actively traded April contract settled down $1.89, or about 2.3%, at $80.55.

US West Texas Intermediate crude futures settled down $1.97, or roughly 2.5%, to $75.85. Both benchmarks fell by more than $2 a barrel earlier in the session.

01 Feb 2024, 07:12:02 AM IST

Share Market Budget 2024 Live: Dollar pares losses after Fed statement

The dollar index pared losses Wednesday after the Federal Reserve left interest rates unchanged and dropped a longstanding reference to possible further hikes in borrowing costs.

The dollar index was last flat on the day at 103.39. The euro was last down 0.16% on the day at $1.08275. The greenback pared losses against the yen and was last down 0.66% on the day at 146.72 yen.

01 Feb 2024, 07:10:10 AM IST

Share Market Budget 2024 Live: RBI imposes major business restrictions on Paytm Payments Bank

The Reserve Bank of India (RBI) on 31 January ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March. The restrictions imposed came following a system audit report and subsequent compliance validation report of external auditors.

Paytm Payments Bank has been is barred from accepting deposits or top-ups in any customer account, wallets or FASTags after 29 February under section 35A of the Banking Regulation Act, 1949, the RBI order said. In March 2022, the central bank had ordered Paytm Payments Bank to stop onboarding new customers immediately.

Paytm issued a statement saying it would take steps to comply with the RBI's directions at once. It said it expected a worst-case impact of 300-500 crore on its annual Ebitda going forward.

01 Feb 2024, 06:56:16 AM IST

Share Market Budget 2024 Live: Fed keeps rates steady

The Fed announced its interest rate decision after a two-day Federal Open Market Committee (FOMC) meeting, leaving benchmark interest rates unchanged at 5.25-5.50% for the fourth straight meeting, in line with Wall Street estimates.

The US central bank ended its first policy-setting meeting of the year and unanimously voted to hold the policy rate at the 23-year high mark, but said it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%."

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