10:00 am Update: Business News, Finance, and Share Market News for April 3, 2024

Vodafone Idea CEO Akshaya Moondra announced on Tuesday that the promoter shareholding in the company will decrease to about 40% from the current 50% after raising Rs 20,000 crore in equity funds. The company plans to complete the fund-raise in the upcoming quarter. Currently, the promoters, Aditya Birla group and Vodafone Group, collectively hold 48.91% share in Vi. Moondra assured shareholders that the promoter shareholding is still at a good level and the funds will be used for capital expenditure.

In other news, PeepalCo, the company behind the cryptocurrency trading platform CoinSwitch, has launched a stock investing mobile app called Lemonn. This marks PeepalCo’s expansion into the regulated asset class segment. Lemonn’s broking services will be provided through Sebi-registered Nu Investors Technologies. The app offers zero trading brokerage cost for the initial three months, zero fees for account opening, curated industry-based stock offerings, and blogs explaining equity market jargons.

Furthermore, the default rate in settlements of Indian equity markets has halved since the shift to the T+1 settlement cycle, according to Securities and Exchange Board of India chairperson Madhabi Puri Buch. Buch mentioned that the default rate decreased from 0.7%-0.8% to 0.3%-0.4% after the implementation of T+1 settlement cycle. This change has reduced the default risk in the market significantly.

On the economic front, India and the Eurasian Economic Union, which includes Russia, are set to begin formal negotiations for a free trade agreement. The union comprises five post-Soviet states and has a combined GDP of over $2.4 trillion. Additionally, the tax buoyancy levels in FY24 have exceeded expectations, with higher compliance from taxpayers and strict enforcement measures against tax evaders. Tata Realty & Infrastructure aims to increase its share of commercial properties to 70% in the next three years, focusing on sustained office absorption in top cities. UltraTech Cement has earmarked Rs 32,400 crore for expansion over the next three years, including the acquisition of Kesoram Cement. Investors are advised to keep an eye on Mahindra & Mahindra Finance, Vodafone Idea, Ultratech Cement, and Shree Cement stocks today.