Latest Business, Finance, and Share Market News as of 10:00 am on May 2, 2024

In today’s latest business news, the government is contemplating the establishment of specialized zones dedicated to promoting exports through e-commerce. These zones would allow businesses to engage in direct-to-consumer sales across national borders with minimal compliance requirements. The plan, part of the commerce ministry’s 100-day agenda, aims to drive private investments into these e-commerce export hubs through necessary policy changes.

On the GST front, India saw a 12.4% year-on-year increase in gross goods and services tax collections, reaching a record high of Rs 2.1 trillion in April. This surge can be attributed to various factors such as streamlined accounts by businesses for FY24, electoral expenses, and a modest recovery in rural consumption.

In the real estate sector, Godrej & Boyce Manufacturing Company’s land holdings in Mumbai’s Vikhroli area have the potential to generate sales of over Rs 3 trillion through residential property development. With properties selling at Rs 30,000 per sq ft in the vicinity, experts estimate that about 100 million sq ft of real estate could be developed on the land.

In other news, the Adi and Nadir Godrej family and trusts have made an open offer to acquire an additional 26% stake in Astec Lifesciences as part of a family settlement. Additionally, Vedanta Group is planning to invest $20 billion in India over the next four years, focusing on technology, electronics, semiconductors, and glass segments.

Indus Towers is optimistic about improving its cash flow position this financial year, with plans to recover past dues from Vodafone Idea after a successful follow-on public offer. Stocks in focus today include Adani Total Gas, Indus Tower, Ambuja Cement, TVS Motors, Godrej Group, BSE, Adani Enterprises, and Coal India, with notable revenue and EBITDA increases reported by some companies.