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The rupee weakened to an all-time low versus the US dollar due to a fall in stock markets after Finance Minister Nirmala Sitharaman proposed to increase tax rates on long-term capital gains (LTCG) and short-term capital gains (STCG).

Crypto startups expressed disappointment with Budget 2024, as they had anticipated tax rate cuts on virtual digital assets (VDAs). Union Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors.

For investors, fundamentals have improved with fiscal consolidation, with investment focus continuing and hopefully better employment generation, growth will be sustained. The valuation impact of the Budget on the market will be far more than the diluting effect of increased taxation. Overall, the India growth story continues and instead of tips, do SIPs, Nilesh Shah

Nasdaq-listed online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of USD 21 million for the June quarter. The company said its June quarter profit included income tax expenses of USD 8.5 million due to a reversal of the deferred tax assets.

Defense stocks, both public and private, experienced sharp declines following the budget announcement, with PSU heavyweights like Hindustan Aeronautics Limited, Bharat Dynamics, and Mazagon Dock Shipbuilders plunging 10% intraday. Private sector counterparts Paras Defence and Space Technology, and Krishna Defence and Allied Industries also saw 5% drops.

FMCG major Hindustan Unilever (HUL) reported a net profit of Rs 2,538 crore for the quarter ending June 30, 2024, which closely matched the Street estimate of Rs 2,541 crore. This represents a 3% year-on-year growth compared to the corresponding quarter last year.

The company is yet to finalize the amount of its upcoming interim dividend for the financial year 2024-25, pending approval. This will be its second interim dividend for the fiscal year, following an earlier payout of Rs 11. In the previous calendar year, the company distributed three interim dividends Rs 11 in December 2023, Rs 18.50 in May 2023, and Rs 20.50 in February 2023.

Spotify posted a record quarterly profit slightly ahead of analyst expectations on Tuesday, pushing its shares up more than 14% in premarket trading.

The proposed changes in capital gains tax rates in the Budget are estimated to garner an additional Rs 15,000 crore to the exchequer, Revenue Secretary Sanjay Malhotra said on Tuesday.