SpiceJet shares up 7% know more about today's market

SpiceJet shares up 7%

Ajay Singh, the promoter of SpiceJet, has decided to infuse Rs 500 crore into the company by subscribing fresh equity shares and/or convertible instruments. This is subject to the approval of the shareholders and other regulatory authorities. The infusion will help SpiceJet to strengthen its financial position and avail additional credit facilities under the Emergency Credit Line Guarantee Scheme (ECLG Scheme).

The shares of SpiceJet gained 7 percent in early trade on July 13 following the announcement.5Paisa

5Paisa nearly doubles net profit in Q1

5Paisa Capital's consolidated net profit jumped 96% year-on-year to Rs 14.5 crore in Q1 FY24, while revenue grew marginally by 0.6% YoY to Rs 84.5 crore. The bottom-line boost was due to a 11% YoY fall in expenses. The broker on-boarded more than 1.08 lakh new clients during the quarter, taking the total number of registered customers to 3.6 million. The 5paisa Mobile App had more than 15.7 million downloads at the end of the quarter with a 4.3 Star rating on Playstore. 5paisa stock was up 3.17% at Rs 431.70 on the NSE at 9:30 am, with trading volume double of 20-day average.

Wipro up by 1% invest $1 billion in AI over 3 years

Wipro Limited shares gained 1% in early trade on July 13 after the company announced a $1 billion investment in artificial intelligence (AI) over the next three years. The investment will help the company advance its foundation in AI, data and analytics capabilities. Wipro has also launched an AI-first innovation ecosystem service called Wipro ai360 which will be used to train 250,000 employees over the next one year. The stock was trading at Rs 396 apiece at 9:57 am, a 1% increase from the previous day's close. The stock has given a negative return of 4% in the last one year.

Hindalco Industries gains 3%

Hindalco Industries' shares rose around 3% in early trade on July 13 after the company approved plans to sell land. The company's board approved the sale of land in Kalwa, Maharashtra, to Birla Estates Pvt Ltd, a subsidiary of Century Textiles, for Rs 595 crore. The sale is expected to be completed within the next 15 months, and the proceeds will be received in multiple tranches. Trading volumes were also high, with 44 lakh shares changing hands on the exchanges, higher than the volumes of 29 lakh shares in the previous session.

Conclusion

In conclusion, income tax on intraday trading is an important aspect that traders need to consider in India. Traders are required to pay tax on their intraday trading profits and file their tax returns on time, failure to do so can result in penalties and fines. It is essential for traders to stay up-to-date with the latest tax laws and regulations related to intraday trading. By doing so, they can ensure compliance with the law and avoid any legal or financial repercussions. However, by being aware of their tax liabilities and taking steps to minimize them, intraday traders can continue make benefit from there trading activities while remaining in compliance with the law.

Source - Moneycontrol