Latest Business, Finance, and Share Market News as of 10:00 am on April 19, 2024

The Narendra Modi government, if re-elected, is set to prioritize the implementation of the long-awaited Direct Taxes Code (DTC), according to official sources. Discussions are already underway in the finance ministry, with the aim of simplifying the laws governing direct taxes and aligning them with global norms. The draft prepared by a task force in 2019 will serve as the basis for the revamp, with a recast of the capital gains tax regime among the key proposals being discussed.

In other news, India’s retail jewellery chains are experiencing rapid expansion, with the top five chains planning to open 500 new stores in the next two to three years. The market share of large chains in gold jewellery is expected to increase to 45%, up from the current 37%. Brands like Tanishq, Reliance Jewels, and Kalyan Jewellers are all looking to expand their presence in the market.

Budget airline Air India Express has launched a special discount offer of 19% for first-time voters aged 18 to 22, who wish to travel back home to cast their votes in the upcoming Lok Sabha elections. The offer is valid for travel between April 18 and June 1, with passengers required to show their voter ID card to avail of the discount.

Additionally, under the Pradhan Mantri Ujjwala Yojana, the government has provided clean cooking fuel benefits to over 103 million households. Sales of domestic liquefied petroleum gas have also seen an increase, with the government aiming to extend the scheme to 103.5 million households by 2025-26.

In the market, Y-combinator-backed Zepto has seen a rise in market share, while the National Stock Exchange of India has announced the launch of futures and options contracts on the Nifty Next 50 index. Stocks to watch today include Nestle, Infosys, Wipro, and Bajaj Auto, with Infosys reporting a 30% year-on-year growth in its consolidated net profit.