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The uptick in the stock prices came after Finance Minister Nirmala Sitharaman said that there will be no income tax payable up to Rs 12 lakh — i.e., up to ₹12.75 lakh including standard deductions — under the new regime. This will boost middle-class spending power in Union Budget 2025.
Zomato shares are currently trading 8.60% higher at ₹239.30 apiece as against day’s low of ₹215.6 apiece. The Swiggy stock was trading at ₹443.60 apiece as against an intraday low of ₹407.25 per share.
Out of the 28 analysts that track Zomato, 24 of them have a ‘Buy’ rating on the stock, one of them say ‘Hold’, while three of them have a ‘Sell’ rating on the stock. On the other hand, out of the 14 analysts that have coverage on Swiggy, nine of them have a ‘Buy’ rating, while three analysts have a ‘Sell’ recommendation. The other two say ‘Hold’.
The FM had also listed a few schemes for online platform workers and gig workers.Gig workers of online platforms will be provided with identity cards and registration on the e-Shram portal. They will also be provided with healthcare under the PM Jan Arogya Yojana. This will likely help one crore gig workers.
A scheme for the socio-economic upliftment of urban workers is to be implemented to help urban poor and vulnerable groups improve their income, have sustainable livelihoods and a better quality of life.
PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI linked credit cards with Rs 30,000 limit, and capacity building support.
Sitharaman presented her eighth consecutive Union Budget under Prime Minister Narendra Modi’s governance. This is the second full budget of Modi 3.0.
