All equity and forex market shut on account holiday in financial institutions across Maharashtra to mark Ram Mandir Pran Pratisthan.  

 The stock market and the money market are shut today i.e. January 22 on account of holiday in many financial institutions across Maharashtra to mark the Ram Mandir ‘Pran Pratishthan’. After the holiday announcement, all public issues that were scheduled to open or list on January 22 have been deferred by a day. 

 Medi Assist Healthcare Services, scheduled to be listed today has now been rescheduled its listing to January 23. The issue closed on January 17 and the final issue price was fixed at Rs 418 per share. 

The offer was subscribed 16.25 times.  

 The Nova Agritech IPO, scheduled to kickstart on January 22 and continue till January 24 will now open for subscription on January 23. The listing too will be deferred by a day to January 31. Similarly the Epack Durable IPO will now close on January 24 instead of January 23. The listing is now scheduled for January 30 instead of January 29.  The  stock market  had a special  session on  Saturday,  January  20, as  the  market  ended lower with  Nifty closing below the 21,600 mark. 

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 Stock  Exchange Today: Following  ‘Pran Pratishtha’  at  Ayodhya Ram Mandir, the  Government of Maharashtra has declared  Monday, January 22, 2024, as  a public  holiday.  Therefore, trading activities  on  Bombay Stock Exchange (BSE) and National  Stock  Exchange (NSE) will remain  suspended today as well. Therefore,  January  22,  2024  will be  a stock market  holiday as announced by  the Indian  Stock Exchange  in  its  circular dated December 26,  2023 with some amendments.  

 Therefore,  there is no action in the equity segment, equity derivatives segment and SLB segment today. Trading in the foreign exchange derivatives sector of the Indian stock exchanges will also remain suspended today in conjunction with the ‘Pran Pratushta’ ceremony at Ayodhya Ram Mandir. In the “Commodity Derivatives” and “Electronic Gold Receipts (EGR)” segments, trading remains morning trading. H. From 9:00 a.m. to 5:00 p.m., but the evening session will resume from 5:00 p.m. This means that  there will be no  trading  on MCX (Multi Commodity Exchange) and NCDEX (National Commodity Exchange) from  9am  to  5pm.  

 The NSE  on Monday  declared  a holiday for  the stock  exchanges in  a press release  and said, “As per a  partial  amendment  to  the Stock  Exchange  Circular No.  59917 dated December 26, 2023, the  stock exchanges will be closed on  Monday, January 22,  2024. Notified  as a trading  holiday.” The  holiday  was  declared under  section  25 of the Negotiable Instruments  Act 1881. ”  

 The Reserve Bank of India (RBI) has notified  the public holiday in Maharashtra on  January 22, 2024  and issued  the  following statement: Press Release  2023-2024/1710 issued  today, “Market  Trading Hours  for  January 22,  2024,” January will see a No transactions or payments  will be  made. Monday, 22nd, 2024. Therefore, processing  of all outstanding transactions will  be  postponed to the next  business day, which is Tuesday,  January 23,  2024.  

 Stock market holidays  in  2024 

 So  this week will be a  shortened  week from  a  stock market perspective. As per the  stock market  holiday list  2024, the Indian stock market will remain closed on  his  January  26, 2024. H. We will be closed this  Friday  due to nationwide  Republic Day  celebrations.  This means  that  trading activities in  Indian stock  markets  will  continue to be  suspended on Monday and Friday this week. In other words, there  are only  three  trading  sessions this week  (Tuesday  to Thursday).  

 Ayodhya Ram Mandir  Puran  Pratishtha  Time  

 The sacred  rituals  of Ayodhya Ram Mandir  Puran  Pratishtha  are  scheduled to  be performed from 12:15 pm  to  12:45 pm today.  

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 The  final budget  session  of the 17th  National Diet  will be held  from  January  31st to  February  9th.  The  interim budget is expected to  be presented by Sitharaman on February 1. 

UNION Finance Minister Nirmala  Sitharaman’s next interim budget  is unlikely to  contain “grand announcements”  but  is expected to include  small tax  cuts  and  increases in social spending, officials said. 

 The interim budget for 2024-25,  to  be announced on February 1, will see  certain income tax  rate adjustments, particularly  for those at the bottom of the  tax  pyramid,  as well as a switch  to  a  new income tax  system. There is a high possibility that the  Officials said the tax  authorities are  also  considering improving  revenue collection  efficiency  through additional transactions under  TDS  and 360-degree profiling of  taxpayers, with the initial stage expected to last several years before the final stage. This is a measure  that  has  yielded good  results.  

  So far,  interim  budgets (also known as settlement votes) have  not  brought about  major changes. Ahead of the  2019  Lok Sabha  elections, the  then Finance Minister Piyush Goyal had  announced concessions to farmers and pensions to unorganized sector workers, besides increasing  standard deduction and  tax  at source  (TDS) thresholds. He was proposing a system.  Five years  ago,  in 2014,  then Finance Minister  P.  Chidambaram had announced  cuts  in excise  duty on  small cars, motorcycles,  scooters,  SUVs  (including  large and  medium-sized cars)  and tax  cuts on  mobile  phones  in the  interim budget. 

 Then, in the 2009-10  Interim Budget  near  the end  of the United Progressive Alliance (UPA)  government’s first term,  then Finance Minister Pranab Mukherjee announced  a relaxation  of fiscal targets. This was preceded by a fiscal stimulus marked by Rs 40,000-crore of tax cuts in December 2008, which was later criticised for posing a challenge to fiscal consolidation.  

 Before that, in the final year of the AB Vajpayee-led NDA government, marked by the Interim Budget of 2004-05, saw late Jaswant Singh announcing changes in the stamp duty structure, revival packages for the tea and sugar industries, and merging of dearness allowance with basic pay. These weren’t the only measures taken as Singh had already announced major changes in both direct and indirect taxes in January 2004 including a cut in the peak rate of customs duty on non-farm goods to 20 per cent from 25 per cent, lower customs duty on project imports, coal and the power sector, and abolishment of the special additional duty on customs duty of 4 per cent. 

  While the revenue side of the Budget may see some tax cuts and efforts to increase efficient mobilisation, the focus of public expenditure is likely to be on infrastructure and welfare spending, but which may and can be achieved without huge fiscal implications, a person in the know said. 

  Continuing the trend from previous years, the Centre is expected to continue its thrust on capital expenditure in the upcoming year too, albeit at a slower pace than previous years. The  Center  had  increased  the budget estimate for  capital expenditure  to Rs  100,000  crore  in  2023-24 from Rs  7,280,000  crore in 2022-23 and Rs  5,920,000  crore in 2021-22. 

  Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)  will receive increased budget  allocation after  initial budget estimate of Rs 60,000 crore for  FY24 was reduced by 49 per cent (compared to revised estimate for FY23) Probability is high. 

 The government had said  this  was a demand-driven  program  and more  funding  would be  made available  as  needed. This  was  subsequently reflected  in  an  additional  allocation  of Rs 16,143  billion  for  MGNREGS in the first supplementary  subsidy application submitted to  Parliament in December 2023. 

  The  final budget  session  of the 17th  National Diet  will be held  from  January  31st to  February  9th.  The  interim budget is expected to  be  tabled  by Sitharaman on February 1.  Lok Sabha elections are  likely  to be held  in  April-May,  after  which the elected government is  expected  to present the full  budget  in July. 

  The government  will cover spending  for the first  four to five  months of the financial year  starting in  April to  cover salary payments  and  spending on  ongoing  programs  in various  areas without changing  the  tax system. A resolution has been submitted to Congress for approval. . Until the  new government takes over and presents a  complete  revised  budget  for the  entire  financial year. Over the years, some governments have  taken  policy measures or  adjusted  tax rates  to create interim budgets  before elections. 

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Some IPL franchise owners  went  on to buy teams in  the  T20 leagues in the  UAE,  South Africa, West Indies and the United States.

Tata Group has  won  the title sponsorship  rights for  the Indian Premier League (IPL) for 2024-28 for a  “record”  $300 million,  tournament organizers announced  on Saturday. 

Backed by  renowned  franchise owners and featuring the best players in international cricket, IPL has become the  richest T20  league in the world  with an estimated brand value of  8.4 billion USD.  

 It has  become  a cash cow for the Indian  Cricket Board (BCCI),  with the 10-team  tournament’s  media rights  for 2023-27 raking in  $6.2 billion. 

 The  Tata Group  was  the  main  sponsor of  the  men’s  IPL and  women’s  Premier League, which took  place  last year.  “This  unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international  sporting landscape,”  BCCI secretary Jay Shah said in a statement. 

Some IPL franchise owners  went  on to buy teams in  the  T20 leagues in the  UAE,  South Africa, West Indies and the United States. 

With  IPL franchises offering lucrative  multi-tournament  contracts that most cricket boards cannot match, the  growth of the  Indian  league could add to  concerns about  player superiority.  T20  tournaments are preferred  over international cricket. 

 “The  record amount…  is a testament to the immense value and appeal that  IPL holds in the world of sports,”  federation president  Arun Singh Dhumal said. 

“This unprecedented  sum  not only sets a new benchmark in the  tournament’s  history  but also  affirms IPL’s status  as a premier sporting event with global  influence. 

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 In  Q3FY24,  provisions included Rs 627 crore  for investment  in  alternative investment funds, according to  the  RBI’s  December  notification.  

  ICICI Bank, the private  sector  lender,  reported a  23.6% rise  in  standalone profit after tax  to  Rs 10,272 crore  for  the quarter ended December 2023,  compared to  Rs 8,312 crore in the  year-on-year  quarter.  

 The  bank’s  net interest income (NII)  grew  13.4 per cent to Rs 18,678  crore, compared to  Rs 16,465 crore in  Q3FY23.  

 Net interest margin (NIM) – the difference between  interest income earned and  interest paid –  fell  to  4.43%  in the October-December 2023  quarter,  from  4.65%  in the year-ago period.  Gross NPAs  (non-performing  assets)  stood at  2.3%  in  Q3FY24,  compared to  3.07%  in the same  period  last year.  Net  NPA ratio was  0.44% as on  December 31,  2023,  compared to  0.55% as on  December 31, 2022.  The net  addition  to gross NPAs, excluding  debt  write-offs and  revenue, stood at  Rs 363 crore.  NPA recovery  and  upgradation,  excluding write-offs and  sales, stood at  Rs 5,351 crore and the bank wrote off  total  NPAs amounting to Rs 1,389 crore in  Q3FY24.  

 Provisions (excluding  tax provisions)  stood at Rs 1,050 crore in the  quarter  under review,  compared  with  Rs 2,257 crore last year. In  Q3FY24,  provisions included Rs 627 crore  for  investments in  alternative investment funds (AIFs), according to  the  RBI’s  December notification.  

 Last month, the RBI  had  directed banks, NBFCs and other lenders not to invest in any  alternative investment  fund (AIF) scheme involving  downstream investments in a  corporate  debtor.

  The regulator said regulated entities  (REs)  should liquidate  their investments  in the scheme within 30 days from the date  the AIF made  such downstream  investment. If RE is unable  to liquidate  its  investments within the  stipulated time, it  will have to make  100%  provision  against  such investments,  the  RBI said. 

  Real progress in the country increased  by  18.8% over the same period last year.  The retail loan portfolio  increased  by  21.4%.  Total  ending  deposits increased  18.7% YoY  to Rs 13,32,315 crore.

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Once the norms are devised, companies deploying AI technologies would be rated on various parameters like the time taken to restore the system in the event of any hacking, malware or breakdown.

The government is working on devising a standardised set of norms for AI (artificial intelligence) systems and their response in times of crisis or breakdown of systems in sectors like connected cars, drones, Metaverse, satellite broadband and healthcare.

Once the norms are devised, companies deploying AI technologies would be rated on various parameters like the time taken to restore the system in the event of any hacking, malware or breakdown. Official sources said initially firms might be asked to self-certify their systems and provide ratings.

A standardised set of norms is required since AI technology is gradually being used in almost all sectors that have consumer interface and there is always a danger of systems getting hacked and providing erroneous results, causing harm to users. For instance, driverless cars depend on real-time decision-making like identifying traffic signals, when to stop, when to start, etc.  Similarly, automated car parkings are heavily dependent on AI connectivity. Several systems connected to telecom networks, if hacked, can throw all operations out of gear. In such scenarios, there is a need for uniform standards to assess the time taken for recovery and arrangements needed in the interim.

At present, the Telecommunication Engineering Centre (TEC) is working with the industry to come up with a report on how the standards will be formulated, what kind of applications are expected in telecom and digital infrastructure networks going forward, what metrics should be considered to evaluate AI system robustness, what role can the government play in ensuring AI robustness of systems, among other things.

The TEC is expected to come up with an initial report on the subject over the next two-three months, after which public consultations with the stakeholders will take place.

Meanwhile, TEC has released procedures for accessing and rating artificial intelligence systems for fairness. The AI fairness score will check how much bias exists in the systems for preferring a particular seller or product by a particular seller to the users. However, the TEC standards are not yet mandatory for platforms to follow.

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The stock market opened  on Saturday  with no move to recover from  the  disaster  expected.  However,  markets will remain  closed  on Monday as the Maharashtra government has declared  a  holiday under the Negotiable  Instruments  Act.  

 The declaration of  a  holiday on January  22  to  allow  people to  take part  in the Ram Lalla Pran Pratishtha celebrations,  led to protests in the banking and financial  markets,  with  banking  unions  calling  the move  This is “a blatant abuse  of  institutions,  government and  the  public  sector.”

 Citing the  Maharashtra  government’s  notification  declaring  January 22 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881, the Reserve Bank of India (RBI) said there will be no transactions  or payments. Government  securities  accounting  (primary and secondary), foreign  exchange. currency market  and  interest rate derivatives in Rupiah  on January 22. “Settlement of all  pending  transactions will  be deferred  to the next working day  i.e.  January 23,” the RBI said.  The stock market opened  on Saturday  with no move to recover from  the  disaster  expected.  However,  markets will remain  closed  on Monday as the Maharashtra government has declared  a  holiday under the Negotiable  Instruments  Act.  

 In a statement, the Kolkata-based Bank Employees Federation of India (BEFI), one of the nine  banking  unions, expressed concern over the notification issued  by the Department of Financial Services (DFS), Ministry of  Finance issued  on January  18, declared half-day closure of Public Sector Banks (PSBs), PSU Insurance Companies, Financial Institutions and Regional Rural Banks (RRBs) on January 22 January.  

 “The  Ram Lalla Pran Pratishtha scheduled to  take place  on January 22 is only a religious  activity  and not a state function. The Preamble to the Constitution declares India to be a  sovereign, socialist and secular democratic  Republic,” BEFI said,  while calling on  the government to  uphold  the  objectives  of the Constitution in  writing  and spirit. “BEFI strongly  objects to  this highly objectionable  notice  issued by  DFS and demands  its  immediate  withdrawal,”  the  statement  said. 

  In  its  January  18 order,  the DFS said,  “The  Department of Personnel and Training (DoPT) order  relating to Central Institutions  and  Central Industrial Establishments  shall also apply to all PSU banks,  insurance,  PSU financial institutions and  RRB  to enable employees to  join Ram.  Lalla Pran Pratishtha  Celebrations.  

 “To enable employees to participate in the celebrations, it has been decided that all  central  government offices, central institutions and central industrial establishments  across  India will be closed for half  a  day  for to 2:30 p.m.  on January 22,” DoPT said in  a statement.  office  minutes.  

 According to  SC  Garg, former finance secretary,  holidays are of two  types:  one is  a  holiday  when  offices are closed, and the second is  a  holiday  when  all  establishments are  closed. “I understand  that  this  announcement is being made  with  a request to close  all establishments, factories and  other establishments. So  this  includes  RBI, which is also  a facility.  If the Maharashtra government has declared a holiday  (January  22),  applicable to all  establishments, then  it  has to be  implemented,”  said Garg, also a former director  of  the  RBI central board.  

 Queries sent to the Ministry of Finance by The Indian Express  regarding  the  DFS issuing  the  half-day closure  directive for  banks and financial institutions  remained unanswered.  

 “This is not the first  time  of this nature.  Viksit Bharat Sankalp Yatra  (VBSY), launched  by the Prime Minister of the country on November 15, 2023 and scheduled to  last until the  26th of this  month, is  also  carried out  to  mobilize support  for the ruling  regime across country with  the  participation of the government.  and bank  employees.  including its resources,” BEFI said. 

  The  three-day  variable rate repo  (VRR) auction conducted today with  a cancellation  date of  January 22 will now be  canceled on January 23, according to the RBI. The previously announced three-day VRR auction has been cancelled. Instead, the two-day VRR auction will take place  on January 23.  

 The BSE Sensex closed  down  0.36 per cent, or 260 points,  at 71,423.65 and the NSE Nifty fell 51 points at 21,571.80 on Saturday. 

  In another rare instance, the RBI  declared  a  public  holiday on February 7, 2022, after the Maharashtra government  declared  it  a public holiday under Section 25 of the Negotiable Instruments Act,  1881 . mourns  the  passing  of legendary singer Lata Mangeshkar, who passed away on February 6, 2022. Even the stock  market has  declared a  holiday on February 7.  

 The RBI did not respond to queries sent  in this regard.  

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  Even though  India does not have any MAX 9 aircraft in service, the Directorate General of Civil Aviation (DGCA) has made  spot checks  of emergency exits on all its MAX 8  aircraft mandatory. in  this country. 

 American Airlines said Boeing does not anticipate “significant delays” in delivering 737 MAX aircraft to India due to ongoing issues following the recent mid-flight cabin flap explosion on its 737 MAX 9d  aircraft .  Alaska Airlines  of  the United States. 

The aircraft manufacturer’s vice president of commercial marketing, Darren Hulst, said  at Wings India 2024 in  Hyderabad on Friday.  Hulst added  that,  for its part, Boeing will focus on quality control of its aircraft and support the ongoing investigation in the United States. 

 Certainly, no Indian airline is currently operating or even planning to operate the MAX 9 variant of the plane with the broken hatch. Indian  airlines  Akasa Air and Air India  Group  have  placed  large  orders for  MAX 8 and MAX 10  aircraft, which are  expected to be delivered in the coming years. In 2023, Air India  Group  has ordered 190 MAX series aircraft. 

On Thursday, Akasa Air supplemented its previous order of 76 aircraft with another order of 150 aircraft.  While Hulst does not expect long delivery  times,  he emphasized that Boeing is not willing to compromise on quality to meet  promised  delivery  times,  adding that the aircraft manufacturer has  added  adding  a higher  level of quality control to its aircraft manufacturing process. When asked about the nature of conversations Boeing has had with current and potential customers about concerns about the MAX, Hulst said Boeing’s relationship with customers  spans  the ages.  Please contact us  and  we  will  speak  to all customers to resolve any issues. 

 Earlier this month, an Alaska Airlines 737 MAX 9 flying Flight 1282 from Portland to Ontario,  California,  had to make an emergency landing shortly after takeoff after  a  door exploded, causing part of the fuselage to  explode. broken.  . , causing a loss of cabin pressure and leaving a door-sized hole in the fuselage at an altitude of about 16,000 feet. After the incident, the US Federal Aviation Administration (FAA)  banned  all MAX 9 aircraft  from flying  in the US and announced “strict inspection and maintenance” as a necessary step before deciding to hand over  service to  the  airline. this airline.  plane. “Public safety, not speed, will determine when to return these aircraft to service,” the FAA said in a statement Wednesday. Due to this incident, several airlines with MAX 9 aircraft in other countries have also grounded their aircraft.  Although India does not have any MAX 9 aircraft in service, the Directorate General of Civil Aviation (DGCA) has  carried out  mandatory  spot checks  of emergency exits on all  MAX 8  aircraft in the country. enforce it  satisfactorily and without  causing harmful consequences.  Air India Express, Akasa Air and SpiceJet have MAX 8 aircraft in their fleets. 

 The 737 MAX has had quite a  checkered  past, and Alaska Airlines’ latest incident  only adds  to Boeing’s woes. Launched  to  great fanfare by Boeing a few years ago, the 737 MAX  family suffered a heavy blow when two  planes  crashed within a six-month period from October 2018 to March 2019,  leading to a ban on  the  model  this flight  by  regulatory agencies  around the  world. world. Flight.  

After months of investigation, rectification and testing, the FAA authorized the 737 MAX in November 2020, followed by the  green light from the  European Union Aviation Safety Agency  in January 2021. DGCA  had to wait even  longer to allow the 737 MAX to take off. skies only in August 2021, making India one of the last major aviation markets to allow the aircraft to operate. Over the next two years, even as the 737 MAX began to gain the trust of airlines and aviation regulators around the world,  the plane’s  production  was  continually plagued  by problems on the quality and specifications of certain parts from suppliers. 

 Alaska Airlines’ latest incident comes just days after Boeing ordered 737 MAX operators to conduct inspections after discovering a loose bolt in the rudder control system of one of its planes. 

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| Companies no longer need to wait to build  the  first  aircraft designed and  manufactured  entirely in India:  PM 

 The  Prime Minister emphasized  that India should  accelerate its  efforts to  create  a leading aircraft manufacturing ecosystem by  leveraging its  MSME network and  diverse talent pool.  

 Prime Minister Narendra Modi  on  Friday said  companies  need not wait any  longer  to  build India’s  first fully designed and manufactured aircraft,  thanks to the ‘Make in India’ policy. strength  and  stability in Indian  governance.  

 Modi was speaking after inaugurating the new state-of-the-art  campus of the  Boeing India Engineering & Technology Center (BIETC)  at Devanahalli,  near  the  Kempegowda International Airport in Bengaluru. 

  The  Prime Minister emphasized  that India should  accelerate its  efforts to  create  a leading aircraft manufacturing ecosystem by  leveraging its  MSME network and  diverse talent pool. 

  “We  need  to  accelerate  the process of establishing  an aerospace  manufacturing ecosystem in India. We have a  strong MSME network,  talent pool, stable governance and  a  strong Make In India policy. This makes it a win-win situation for all  sectors. I  hope  that aircraft manufacturers  will not have  to wait  much longer  to build  the  first  aircraft  designed and manufactured  entirely in India,”  the Prime  Minister said.  

  Mr.  Modi also launched the Boeing Sukanya  program to help more girls join  the  country’s  growing aviation sector. 

  The  program  will  give  girls and women  the opportunity  to learn  essential  science, technology, engineering and  mathematics  (STEM)  skills  and  training  in the aviation sector. For young girls, the  program  will create STEM  labs in  150  locations  to help spark interest in STEM careers. The  program  will also provide scholarships to women  undergoing pilot training.  

 The  Prime Minister emphasized  that India is  the  hub  of  STEM education and  more girls  than boys take  up STEM courses  in India. He also said that India is better  positioned globally  in terms of  women’s  participation in the aviation industry. “Of all the pilots in India, women  constitute  15%. This  figure  is three times  higher  than the global average. India is making continuous efforts to  create  opportunities for women in the  field of  aviation and  space  and  transform  them  into  fighter pilots. The Boeing Sukanya  program  will  attract  more women to  pursue  aviation  careers,” Mr. Modi said.  

 Highlighting  India’s  growth in the civil aviation sector  over  the  past  10 years, Modi said  the number  of operational airports  in India  has  increased  from 70 in 2014 to 150  by  2024 and India has become  third largest  domestic  aviation market.  “The  number of  domestic  passengers  in India  will  increase in the coming years, which is why Indian  airlines  have  ordered  100 aircraft. With  the efficiency and capacity of Indian  airports improving,  the cargo sector has grown, making international markets more accessible. India is also making efforts to reduce  its  reliability  abroad in aircraft  leasing and  financing,” Mr. Modi said.  “With over 25  million  people lifted out of poverty in the last nine years,  more  Indians are now  living middle-class lives  and every income group is  experiencing higher mobility,”  the  Prime Minister  said. 

  To  meet  the  need  for pilots and mechanics in the Indian aviation industry, Boeing will invest in  simulation  infrastructure,  software  and  create training programs to meet  the  country’s  need for new  pilots. water in  the next 20 years. Part of this investment will be  aimed at  supporting  customer  ambitions,  with  some companies such as Air India  looking at setting up  their own training  businesses.

 Boeing’s  largest investment outside  the  US

 Built with an investment of Rs 1,600  crore,  the 43-acre campus at  Devanahalli,  near  Bengaluru’s  Kempegowda International  Airport,  is  Boeing’s  largest  investment outside the US.  Boeing’s  new campus in India is expected to become a  platform  for  collaboration  with  India’s  vibrant startup, private and government  ecosystem,  and  contribute to the development of world-class products and services.  next generation  for the global  aviation,  aerospace and  defense industries.  

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