Union Budget 2021: Sensex crosses 47000 on budget day, FDI further hiked

Sensex rises 850 points on the budget day, after FM announced.

Foreign investment limit (FDI) hiked in insurance from 49 percent to 74 percent. Stocks to benefit – ICICI Prudential, HDFC life and SBI Life.

The Finance Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.

BPCL, CONCOR, Pawan Hans, Air India divestments to be completed in FY22.

Budget Session will bring legislative amendments to enable divestment process of two public sector banks, one general insurance company, and the IPO of LIC.

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