Business Today: ₹10, ₹20 Plastic Notes Rollout, Ultra-Rich Tax Base Surge & Bank Earnings Outlook
Indian stock markets snapped a five-session losing streak, with the Sensex surging over 800 points and the Nifty closing near the 24,000 level. The rally
Indian stock markets snapped a five-session losing streak, with the Sensex surging over 800 points and the Nifty closing near the 24,000 level. The rally was driven by easing Iran-US tensions, falling Brent crude oil prices, and widespread sectoral gains across information technology, real estate, pharmaceuticals, auto, and aviation. On the policy front, the Finance Ministry announced the rollout of polymer banknotes, confirming that the Reserve Bank of India will print 100 crore rupees each of ten rupee and twenty rupee denominations, which will coexist alongside traditional paper notes.
In banking developments, RBI Governor Sanjay Malhotra noted that banks mobilized nearly 32 billion dollars through foreign currency non-resident deposits, while a private sector bank posted a 35% year-on-year net profit growth. Furthermore, government data revealed a 39% increase in ultra-rich taxpayers earning above 100 crore rupees annually. Overseas, French labor authorities fined Infosys 1,75,000 euros over employee time recording issues, while domestically, the government mandated physical verifications of mill sugar stocks.
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