Business News: Top News Today: Rupee, Nvidia, Citibank-Axis, ITR 2024, Wheat, Stanley IPO, Bhartruhari Mahtab, Bihar Quota

It slipped 17 paise to 83.61 against the dollar — a two-month low — on June 20, amidst deepening Ukraine tensions, and surging crude oil prices weighed by a strong US dollar and a weakening Chinese Yuan. An 18 percent stake sale in Indus Towers for €1.7 billion by Vodafone, meant for repayment in a Euro denominated loan also kept the rupee under pressure. Volatility, however may not cease in the rupee, even with robust capital market buying, according to experts. These will include global oil prices, US economic data releases, and geopolitical events.

The result is that Nvidia has been crowned the most valuable firm in the world, with a market capitalization often at $3.34 trillion—bigger than the GDP of most major economies. A good deal of it has to do with the upgrade cycle of graphics processing units enabling AI, some strategic acquisitions like Arm Holdings, and good financial performance. Nvidia tripled its revenue in the last quarter to $26 billion, while net income was pegged at $14.9 billion. Its stock was up more than 400% in the past three years, with investors becoming bullish over the future of AI technology.

The migration of Citibank credit cards to Axis Bank as part of Axis Bank acquisition of the consumer businesses of Citibank India for Rs 11,603 crore would be completed before July 15, 2024. Customers could continue to use their Citi-branded cards till they get new Axis Bank cards. Critical details—including card numbers, PINs and billing cycles—would remain the same. Citibank branches and ATMs will get rebadged as those of Axis Bank. Benefits, privileges, and services will be followed uninterruptedly, with reward points converting to Axis EDGE REWARD Points or EDGE Miles.

Form 26AS is, in the correct words, an annual information statement. It is one of the most important documents for every taxpayer in India. It contains the details related to your PAN, such as TDS/TCS, tax paid by you, and high-value transactions information. This form will be very useful in verifying the TDS, filing correct ITR, and claiming correct tax credits. Download it free from the e-filing website of the Income Tax Department or the TRACES website. The last date for filing of the Income Tax Return for FY 2023-24 (AY 2024-25) is July 31, 2024, with the open window for the belated return until December 31, 2024.

The Centre shall take policy interventions to help stem the rise in wheat prices, which shot up by as much as Rs 2 per kg compared with the last year. With June 20 data, the average retail price of wheat is at Rs 30.99 a kg compared with Rs 28.95, and wheat flour at Rs 36.13 a kg compared with Rs 34.29. Ministers have asked officials to monitor the prices closely after a meeting presided by Amit Shah. Government procurement has been 26.6 million tonnes for the central pool, against 26.2 million tonnes in the previous year, thereby ensuring adequate stock for market interventions.

Stanley Lifestyles Ltd is entering the market with its IPO at a price band of Rs 351-369 per equity share. The size it is eyeing is Rs 537 crore. It opens for subscription from June 21-25 and listing would be on June 28. Going by the market sentiment, experts said that it can give as much as 43.9 per cent listing gain. The IPO issuance would comprise fresh issuance of equity and an offer-for-sale. Proceeds would be used for store expansions and other corporate purposes. This luxury furniture company has had high revenue growth and significant profitability in the company's recent fiscal years.

Another editor of an Odia daily recently joined the BJP after he was charged in a two-decade-old case. Bhartruhari Mahatab, a seven-time MP from Cuttack now with the BJP, has been appointed pro-tem Speaker for the 18th Lok Sabha by President Droupadi Murmu. The first session of the Lok Sabha is from June 24 to July 3, where permanent Speakers will have to be elected, with Mahtab likely to preside over proceedings until then as per constitutional provisions.

A recent Patna High Court decision struck down the Bihar government's decision to increase the quota for SCs, STs, OBC, and EBCs in government jobs and educational institutions from 50% to 65%. The ruling rocked the political world in Bihar, especially the JD(U) party, bearing on an important NDA ally led by Nitish Kumar at a very sensitive time, right after the Lok Sabha elections, where the BJP was struggling for a simple majority.