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By EquityPandit

EquityPandit

EquityPandit
STOCK MARKET

MRF Ltd Soars 1.59%, Gains for Fifth Straight Session

Today, MRF Ltd shares rise at 88333, up 1.59 per cent on the National Stock Exchange (NSE). The company’s share was 9.03 per cent in the financial year 2023, compared to last year to a 6.88 per cent in Nifty and a 24.39 per cent gain in nifty Bank.

The benchmark NIFTY is down around 0.57 per cent daily, with 17240.85. The Sensex is at 57849.48, down 0.46 per cent. MRF Ltd has added around 23.07 per cent in June month. Meanwhile, the Nifty Bank index, of which MRF Ltd is a constituent, has added around 10.03 per cent. The volume in the stock stood at 12028 shares compared to the daily average of 9200 shares in the last month.

In August, the stock’s benchmark futures contract is at Rs 88530.85, up 1.93 per cent. MRF Ltd is up 9.03 per cent in the last year compared to a 6.88 per cent gain in NIFTY and a 24.39 per cent gain in the Nifty Bank index. The stock’s Private Equity (PE) is 57.27 based on TTM earnings ending March 22.

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INDIA

Bengaluru Residents Face Higher Waste Disposal Charges as BBMP Introduces Garbage Cess

Dhruva Kulkarni

Bengaluru residents will soon face higher costs for waste disposal as the BBMP introduces a “garbage cess,” alongside recent hikes in milk and electricity prices.

The cess, which will be added to property tax payments, is expected to raise about Rs 600 crore annually, with fees varying based on property size. Residential properties up to 600 sq. ft. will pay Rs 10 per month, while larger homes up to 4000 sq. ft. will pay Rs 400 monthly.

Commercial establishments, including hotels, will see a rise in fees, with hotels paying Rs 12 per kg of waste, up from Rs 5.

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Opposition leaders from the BJP have criticised the Congress-led government for burdening citizens with new taxes. BJP leaders plan protests, including a march at Bengaluru’s Freedom Park and a ‘Jana Aakrosh Yatra’ from Mysuru.

Additionally, the Karnataka government has raised milk prices by Rs 4 per litre, effective 1st April, citing increased production costs.

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INDIA

PM Modi to Inaugurate Kashmir’s First Vande Bharat Train on 19th April

Dhruva Kulkarni

PM Modi will flag off Kashmir’s first Vande Bharat train from Katra on 19th April, completing the 272-km Udhampur-Srinagar-Baramulla rail link.

The Jammu-Katra-Srinagar Vande Bharat Express will start from Katra as Jammu station is renovating.

Officials confirmed the rail link project was completed in February, with successful trial runs on the Katra-Baramulla route.

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The train will reduce travel time between Jammu and Srinagar, offering a modern and efficient service.

Union Minister Jitendra Singh stated that PM Modi will visit the world’s highest railway bridge before flagging off the train on 19th April.

The project began in 1997 and faced delays due to challenging terrain and weather conditions.

It includes 38 tunnels (the longest being 12.75 km) and 927 bridges, including the Chenab Bridge, which is taller than the Eiffel Tower and the highest arch railway bridge in the world.

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ECONOMYINDIA

Govt to impose 10% import duty on desi chana from 1st April

Dhruva Kulkarni

The government will impose a 10% import duty on desi chana (Bengal gram) from 1st April.

In May last year, the government allowed duty-free import of chana to boost domestic availability and control prices. This waiver was set to last until 31st March 2025.  

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According to a finance ministry notification dated 27th March, the import of Bengal gram will now attract a 10% duty starting from 1st April.  

Government data estimates chana production at 11.5 million tonnes in 2024-25, up from 11 million tonnes in the previous year.

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INDIA

Karnataka to Hike Toll Rates by 3-5% from 1st April

Dhruva Kulkarni

Karnataka will increase toll rates by 3-5% from 1st April, with an official notification expected soon.

According to reports, the state has 66 toll plazas, and the revised rates will apply based on the concessionaire period. NHAI Bengaluru Project Director KB Jayakumar confirmed that the hike will range between 3% and 5%.

Karnataka State Travel Operators’ Association president Radhakrishna Holla stated that the increased toll charges would be passed on to customers.

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Toll rates will rise at key plazas, including Kaniminike, Sheshagirihalli, Nangli, Bagepalli, Sadahalli, Hulikunte, and Nalluru Devanahalli.

Union Minister Nitin Gadkari announced plans for a new toll policy and revealed that India’s toll collection reached Rs 64,809.86 crore in 2023-24, marking a 35% increase.

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INDIA

Maharashtra Drops 6% Luxury EV Tax After Industry, Public Backlash

Dhruva Kulkarni

Maharashtra CM Devendra Fadnavis announced on Wednesday that the state has scrapped the proposed 6% tax on EVs priced above Rs 30 lakh.

The tax, part of the 2025-26 budget, faced backlash from carmakers and others, who argued it would hurt EV adoption and pollution control efforts.

Shiv Sena (UBT) leader Anil Parab opposed it, saying it went against Maharashtra’s push for cleaner vehicles.

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Fadnavis agreed, stating the tax wouldn’t generate much revenue and could discourage EV adoption.

Other budget changes, like a 1% tax hike on CNG and LPG vehicles and a 7% tax on construction and light goods vehicles, will take effect from 1st April 2025.

Maharashtra is emerging as an EV hub, with new factories, rising EV registrations, expanded charging networks, and 2,500 electric buses set to join public transport.

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