Top Trending Business News & Highlights
Nykaa Q4 Results: Net profit soars 187% YoY; GMV growth in the beauty industry reaches its greatest level in six quarters; five salient features
Results for the January-March quarter of fiscal 2023–24 (Q4FY24) were released by Nykaa's parent company, FSN E-Commerce Ventures, on Wednesday, May 22. The results showed a massive four-fold increase in the quarterly net profit attributable to shareholders, with a preference for customer retention over steep discounts. In the fourth quarter of FY24, the net profit increased by 187% to ₹6.9 crore from ₹2.4 crore during the same period the previous year. The company headed by Falguni Nayar had a 28% increase in operating revenue in the March quarter, totaling ₹1,668 crore, as opposed to ₹1,302 crore during the same period the previous year. The inclination of wealthy customers for high-end cosmetics and fragrances from names like Dior, Bobbi Brown, and Estee Lauder drove the sales.
Published 04 Jun 2024 10:34 PM
Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance
Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.
Published 04 Mar 2024 05:41 PM
Survey Says RBIs Paytm Action Won Affect Merchants Trust
Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.
Published 28 Feb 2024 05:01 PM
India Accepts All Foreign Investment In The Space Industry
In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment.
Published 22 Feb 2024 01:45 AM
Business
Business globally are the pillars of any economy and they contribute in huge amount to take any country ahead financially and economically and boost the country grwoth.
AUM for mutual funds held by individual investors rises 44% in a year, according to AMFI data, while interest in equity schemes increases.
Mutual fund investments are increasing year after year and month after month. Investors are increasing their investments in mutual funds, rTake an example of this: According to figures supplied by the Association of Mutual Funds in India (AMFI), the total value of assets owned by individual investors increased by 44% in a year, from ₹23.92 lakh crore in April 2023 to ₹34.52 lakh crore in April 2024.Greater percentage of assets As of April 2024, individual investors own a larger percentage of the industry's total assets—60.5%, up nearly three percentage points from 57.6% the previous year.In the meantime, 39.5% of assets are held by institutional investors, of which 95% are corporates. The remainder are banks and other international and Indian establishments.Mutual fund assets under management (AUM) increased by 37.29% overall in a single year, hitting ₹57.01 lakh crore in April 2024.Part of the equity It's interesting to note that individual investors are choosing equity schemes over mutual funds and increasing their mutual fund investments. Eighty-five percent of the assets held by individual investors are in equity-oriented schemes, according to AMFI data. Simultaneously, schemes that focus on debt and liquidity account for 53% of institutional assets. The data communicates in the same language when seen from different angles. Eighty-eight percent of the assets in equity-oriented schemes come from individual investors, which include retail and HNIs.Conversely, institutional investors dominate the market for liquid and money market schemes (88%), debt-oriented schemes (61%), and exchange-traded funds (ETFs) and FOFs (90%). The proportion of equity schemes actually exceeds that of debt programs.egardless of the criteria and standards used.Furthermore, this data is even more encouraging in regards to retail investor investment.
Live updates on the share price of NBCC India today: NBCC India stock declines in todays trading
Live updates on the share price of NBCC India today: On the final day of trading, NBCC India's stock finished at ₹129.8, having begun at ₹132.4. ₹137.7 was the day's high, and ₹130.95 was the low. At ₹24642.0 crore, the market capitalization was recorded. The stock has a 52-week high of ₹176.5 and a 52-week low of ₹38.1. There were 839,998 shares traded on the BSE in the day.Current Live Share Price for NBCC India: At 11 AM, the price of NBCC India is trading at ₹136, indicating a fall of -0.66%, while the volume traded is 6.90% greater than yesterday's volume. In addition to price, volume traded is an important indication for trend analysis. Higher volume and a positive price movement both point to a long-term upward trend, whereas a negative price movement and higher volume can suggest a future price decrease.Current Live Share Price for NBCC India: Over the past hour, the stock price has fluctuated between 137.22 and 134.27 levels. By making purchases close to the hourly support at 134.27 and sales close to the hourly resistance at 137.22, traders may wish to think about rangebound trading tactics.NBCC India Share Price Live: Currently trading at ₹135.75, the share price of NBCC India is between the important daily support and resistance levels of ₹132.67 and ₹139.32. Should it surpass the ₹132.67 support level, we should anticipate additional bearish movement. On the other hand, a positive movement will occur if the price crosses 139.32.NBCC India Share Price Live: Today, the company's stock price fell by 0.55% to ₹136.15, while the performance of its peer businesses was inconsistent. Brigade Enterprises, Kalpataru Projects International, and IRB Infrastructure Developers are all on the rise, whereas IRCON International is on the decline. The major indices, the Sensex and the Nifty, are down 0.04% and 0.11%, respectively, overall.Live Updates on NBCC India Share Price: Sell is the consensus analyst rating. Live Updates on NBCC India Share Price: The trend of analyst recommendations, with a current rating of Sell, is displayed below. The goal price, ₹105.0, is 22.91% less than the current market price. ₹30.0 is the lowest target price according to analyst forecasts. ₹143.0 is the highest goal price according to analyst forecasts.
Market for lubricants to grow well. EVs present both opportunities and challenges, said Gulf Oil Indias CEO.
The Managing Director and CEO of Gulf Oil India, Ravi Chawla, spoke on how to handle the danger posed by electric vehicles, the company's EV acquisitions, and how lubricants may increase fuel efficiency. Revised passages:The increasing popularity of electric vehicles (EVs), which run on batteries rather than engines, poses a danger to petroleum-based lubricants used in internal combustion engines (ICE). Gulf Oil Lubricants India Ltd, a prominent participant in the domestic lubricants market, is valued at approximately Rs 4,500 crore on stock exchanges and is a subsidiary of Gulf Oil International, which is owned by the Hinduja Group. Managing Director and Chief Executive Officer of Gulf Oil India, Ravi Chawla, discussed the company's EV acquisitions, how to navigate the EV threat, and how lubricants may improve fuel efficiency with Aggam Walia. Revised passages: The lubricant market is expected to increase significantly, at least in Asia and India. Lubricants typically expand at a rate of half of the car growth rate, which is approximately 7-8% volume growth. According to a recent Klein study, even at the present rate of EV penetration, the lubricant industry will expand by 3% in volume over the next ten years. We anticipate slightly faster growth, so there shouldn't be any issues over the next ten to twelve years. In actuality, EVs won't have an impact on 75% of the lubricants used in industry, construction, and autos today. We see EV penetration as a challenge as well as an opportunity. The first chance is
Vinay Firake is named CEO of the APMEA Strategic Market Unit of Wipro.
Vinay Firake has been named CEO of Wipro's Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU). Wipro is a big name in the IT industry.With immediate effect, Vinay Firake has been named CEO of Wipro's Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU). Wipro is a prominent player in the IT industry. Firake will join the executive board of Wipro and report directly to Srini Pallia, the company's CEO and managing director.Anis Chenchah Firake, the outgoing CEO of the APMEA SMU, is stepping down from her position to pursue chances outside the company, therefore her selection as successor.Vinay Firake has worked at Wipro for more than 26 years, holding a number of leadership positions all across the world. In his new position, he will be located in Dubai.Firake most recently handled operations across sectors and services as the Senior Vice President and Managing Director of the Wipro-Nordics Business Unit in Stockholm. Before then, he served in a number of positions in both North America and Europe and was the head of the Manufacturing & Automotive Business Unit in Europe.Current Wipro Leadership Appointments In recent months, Wipro has experienced a number of significant leadership changes: Thierry Delaporte was succeeded by Srini Pallia, who was named CEO and Managing Director of the corporation on April 6, 2024. Wipro appointed Malay Joshi as CEO of Americas 1, its largest and fastest-growing market, in April 2024. Srini Pallia held this position prior. Concerning Wipro Founded on December 29, 1945, Wipro is a multinational provider of business process outsourcing, consulting, and information technology services with its headquarters located in Bangalore, Karnataka. Executive Chairman Rishad Premji presently serves as the company's leader. By utilizing Vinay Firake's wealth of experience and knowledge in the area, Wipro hopes to fortify its leadership group and foster expansion in this key market unit. Firake was appointed CEO of the APMEA SMU.
After a huge debut, the share price of Indigene plummets 12%. Purchase, sell, or hold?
Current state of the stock market: The price of Indigene shares listed at a hefty premium on the BSE and NSE, notwithstanding weakness across Dalal Street segments. The price of one Indigene share is ₹659.70 on the BSE, while the share is listed at ₹655 on the NSE. Profit-booking, which occurred shortly after the share debut, caused the stock to drop sharply against the listing price, with the NSE and BSE seeing intraday lows of ₹527.10 and ₹527.80, respectively. As a result, the stock was unable to maintain the greater premium. Nonetheless, there was a slight recovery and reduction in losses for the recently listed shares. As of right now, the NSE is quoting Indegene shares at ₹600 apiece, which is around 9% less than the listing price.Prashanth Tapse, AVP of Research at Mehta Equities, commented on the Indegene share price listing: "Taking into account the robust subscription demand and a healthy listing gain as per our expectations against the issue price of ₹452 per share." Because of its near monopoly in providing services specifically designed for the life sciences sector and its in-depth knowledge of pharmaceutical marketing, clinical trials, pharmacovigilance, medical and regulatory affairs, and health informatics—all of which benefit its clientele throughout the value chain—we think the company's healthy listing is warranted."Purchase, sell, or hang onto? The professional guidance from Mehta Equities is evident for the Indegene share allottees upon listing. "Post-listing, we see the valuations are getting stretched and considering market selloff mood and other parameters, we are recommending conservative investors to book profits, while risk-taking investors can continue holding for long term." This advice is essential for making wise investing choices.A smart go-to-market approach is anticipated to propel Indegene's operational performance forward. It is recommended that investors who have been allotted shares hold them for medium- to long-term gains due to their solid financial track record and fair valuation.Investors are reassured by Pace 360's Chief Global Strategist and Co-Founder Amit Goel about Indegene Limited's distinct position in the market. "Indegene Limited is a distinctive participant in the Life Science Industry, providing digitally guided commercialization services. Its virtual monopoly accounts for more than 98% of its total income worldwide. Considering the favorable outlook following profit-booking, investors could want to allocate funds for medium- to long-term gains." The company's future prospects should be bolstered by this unique position.
Prices of gold and silver as of November 5, 2024: Verify the most recent prices in your city.
Prices of Gold and Silver Today: On Saturday, there was a minor increase in the price of gold.24 carat gold now costs Rs.7432.2 per gramme, an increase of Rs. 1104.0.22 carat gold costs Rs. 6807.9 per gram, which is an increase of Rs. 1011.0.The price of 24 carat gold has changed by -0.15% throughout the past week.As opposed to the previous month, when it was 0.74%.Delhi's gold price The price of gold in Delhi right now is ₹74322.0/10 grams. As of 10/05/2024, the price of gold was ₹73293.0/10 grams. and on May 5, 2024, the price of gold was ₹73184.0/10 grams last week.Delhi's Silver Price The current price of silver in Delhi is ₹84300.0/Kg. The silver rate for today, May 10, 2024, was ₹0.0/Kg. and on May 5, 2024, the price of silver was ₹83500.0/Kg last week.Chennai's Gold Price In Chennai, the price of gold is currently ₹74176.0/10 grams. As of 10/05/2024, the price of gold was ₹73938.0/10 grams. while the price of gold on May 5, 2024, was ₹72686.0/10 grams last week.Chennai's Silver Price The current price of silver in Chennai is ₹84300.0/Kg. The silver rate for today, May 10, 2024, was ₹0.0/Kg. and on May 5, 2024, the price of silver was ₹87000.0/Kg last week.Mumbai's Gold Price Mumbai's current gold price is ₹75052.0/10 grams. As of 10/05/2024, the price of gold was ₹73006.0/10 grams. while the price of gold on May 5, 2024, was ₹72686.0/10 grams last week.Mumbai's Silver Price The current price of silver in Mumbai is ₹84300.0/Kg. The price of silver last week was ₹83500.0/Kg, but the rate for silver yesterday was ₹0.0/Kg on May 10, 2024.
All 22 Indian crew safe after ship crashes into Baltimore Bridge
All 22 crew members aboard the container ship involved in the Key Bridge collision in Baltimore are reported to be Indian nationals, according to the charter management entity. Fortunately, they are all safe and accounted for, including the two pilots. There have been no injuries reported, and no pollution has been detected, stated the charter manager, Synergy Marine Group. During the early hours of Tuesday, Baltimore's Francis Scott Key Bridge collapsed when a container ship collided with the four-lane structure, causing cars to fall into the river below. As of now, two individuals have been rescued, but local authorities have expressed concerns as they believe seven others may still be missing. Search efforts are underway across a "large area" to locate them. One of the rescued individuals is reportedly in "very serious condition," according to the police. The 948-foot container vessel, Dali, collided with a section of the bridge, causing multiple cars to plunge into the water and sparking concerns of numerous casualties. The incident occurred as the Dali was navigating the Patapsco River, heading from Baltimore to Colombo, Sri Lanka, resulting in significant damage to the steel structure of the bridge. The Singapore-flagged ship involved in the incident is owned by Grace Ocean Pte Ltd. The collapse of the Francis Scott Key Bridge has been labeled as a 'mass-casualty incident' by the Baltimore City Fire Department, with reports indicating that multiple vehicles plunged into the Patapsco River below. This four-lane steel bridge serves as a crucial link to the Port of Baltimore and spans the Patapsco River. It is also the busiest port in the United States for car shipments.
Bajaj Auto working on CNG bike, to hit road in June: MD Rajiv Bajaj
Bajaj Auto is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday.The bike will run on CNG and would hit the roads in June, he said while announcing Bajaj Group commitment of Rs 5,000 crore towards Corporate Social Responsibility (CSR) spent over the next 5 years.The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers.Bjaja also said that Pulsar launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the Bajaj Family's businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said.
Airtel, Vodafone Idea announce additional data, discounts for IPL season
Bharti Airtel and Vodafone Idea (Vi) have announced a host of discounts, tariff changes, and additional data offerings for prepaid users for the Indian Premier League 2024 season, which began on Friday.While Airtel has targeted the lower end of the market by revising its existing unlimited data pack plans of Rs 49 and Rs 99, Vi has announced a range of discounts and data offerings across different pricing tiers. “The IPL season always sees new plans. But with the advent of 5G, data usage of users is also going up. The latest packages are a reflection of that,” a telco official said. For all prepaid customers, Airtel has cut the price of its existing unlimited data pack plans of Rs 49 to Rs 29, while the Rs 99 pack will now cost Rs 79. Both will have a fair use policy based data usage limit of 20 GB/day. Airtel Digital TV has also partnered with StarSports to broadcast the IPL. Vi has targeted the higher end of the market, providing additional data on select prepaid recharge plans going up to Rs 3199. The telco is also offering 50 per cent extra daily data on the Rs 181 pack and 25 per cent more data on the Rs 75 pack, up to a limit of 1.5 GB/day.It has also cut the price of several prepaid plans by announcing flat Rs.50-100 discounts on plans ranging from Rs 699 to Rs 3,199, for the duration of the IPL season. Offered exclusively through the Vi app, the offers will run till April 1, 2024, the company said.
Fintech startup Yenmo secures $500,000 investment from Y Combinator
Yenmo, a platform providing instant loans against mutual funds, announced it has completed its latest funding round, securing $500,000 in investment from Silicon Valley-based startup accelerator Y Combinator.The funding from Y Combinator is anticipated to play a crucial role in Yenmo’s journey to promote financial inclusion in India. “We aim to introduce a suite of lending options that were previously accessible only to high net worth individuals, now to every Indian consumer,” said Ashutosh Purohit, Chief Executive Officer and Co-founder, Yenmo. Yenmo empowers Indian investors to borrow against their investments (such as mutual funds and stocks) at a flat 10.5 per cent interest rate, in less than five minutes. Investors can view all their investments in real-time, select the assets they wish to borrow against, and receive funds directly into their bank accounts. This allows their investments to continue growing for the long term while fulfilling immediate financial needs effortlessly.“It bothers me to see $30 billion being redeemed every year from equity mutual funds by retail investors to fulfil their short-term needs. With Yenmo, they will no longer have to sell their mutual funds; instead, taking a loan against them is a much better way to keep the investments intact. This approach will help your money grow in the long term while providing access to funds for immediate requirements. The growth in their funds will not only cover their investments but would also end up making them more money,” said Purohit. Yenmo offers a full-stack API (application programming interface) solution for other companies to integrate loans against mutual funds into their products. It further plans to launch new products like loans against stocks, insurance, digital gold, and land.
CCI denies interim order restricting Google from charging its service fee
“The Commission is of the considered opinion that no case whatsoever has been made out by the informants which warrant the grant of interim relief. Resultantly, the applications stand dismissed,” said the CCI while rejecting the plea by app developers in its order.The Competition Commission of India (CCI) on Wednesday declined an interim relief order that would restrain Google from levying service fees on app developers until a final decision is made by the regulator. The CCI also said the Director General (DG) would continue its investigation as ordered by the commission in its March 15 order.“The DG shall investigate without being swayed in any manner whatsoever by the observations made herein,” the order reads. The regulator in its order said that while there might be concerns about the fairness of Google’s fee structure, it was essential to recognise the costs and responsibilities associated with maintaining and operating app stores. Google had argued that restricting it from charging a fee in the interim would virtually mean that the tech giant would have to provide its Playstore for free to developers in India. “No other court or regulator has passed a similar relief despite repeated requests. This recognises that Google cannot provide its platform without any consideration, especially when developers continue to charge their users for digital in-app purchases and enjoy the services of Play,” said the CCI in its order.The plea was submitted by People Interactive India, which has brands such as Shaadi.com, and Sangam.com, and Mebigo Labs Pvt Ltd that owns the brand Kuku FM along with the Indian Broadcasting and Digital Foundation (IBDF) and the Indian Digital Media Industry Foundation (IDMIF). “While it is essential to ensure a level playing field and protect competition within the app store market, any measures taken should be proportionate and carefully crafted to minimise unintended consequences and preserve the overall integrity and functionality of the platform ecosystem,” it further read.Attempts to reach out to People’s Group, ADIF, and others were unsuccessful as no response was received.
Tata Sons to sell 23.4 mn TCS shares worth Rs 9,362 crore in block deal
This marks the second significant block deal in the domestic markets this month, following British American Tobacco’s (BAT’s) sale of a 3.5 per cent stake in ITC on March 13 to raise Rs 17,485 crore ($2.1 billion).Tata Sons is set to divest a 0.65 per cent stake in its flagship Tata Consultancy Services (TCS) on Tuesday in the open market, according to a term sheet. It will offload 23.4 million shares at a floor price of Rs 4,001. The base price, which is 3.7 per cent lower than the TCS stock’s last close, will enable Tata Sons to raise Rs 9,362 crore ($1.13 billion). JP Morgan and Citi are the investment banks handling the share sale.TCS’ shares fell 1.8 per cent on Monday to close at Rs 4,144 apiece, giving the software exporter a valuation of Rs 15 trillion. Currently, Tata Sons holds a 72.38 per cent stake in TCS, valued at Rs 10.9 trillion. In December, Tata Sons raised nearly Rs 12,300 crore by tendering shares of TCS in its Rs 17,000 crore buyback. The buyback price was set at Rs 4,150 per share. Since 2017, Tata Sons has raised about Rs 54,000 crore by tendering shares in buyback. Over the past year, TCS shares have gained nearly 33 per cent, slightly outperforming the Nifty50 index, which has risen 30 per cent.Recently, Tata Sons has been in the news following brokerage reports suggesting that the holding company will need to list by September 2025 to comply with Reserve Bank of India (RBI) requirements. Tata Sons, registered as a core investment company, is classified as an “upper-layer” non-banking financial company (NBFC) by the central bank.A report by Spark PWM (formerly Spark Family Office and Investment Advisors) suggested that if listed, Tata Sons could command a market value between Rs 7 trillion and Rs 8 trillion. Tata Sons has used its dividend income to either write-off bad assets or to fund new ventures, such as e-commerce and its recent foray into the semiconductor sector. The Tata group is setting up the country's first semiconductor fabrication plant in Dholera (Gujarat), in partnership with Taiwan's Powerchip Semiconductor Manufacturing Corporation (PSMC) with an investment of Rs 91,000 crore. Also, Tata Semiconductor Assembly and Test is establishing a chip assembly and testing unit in Morigaon (Assam) with an investment of Rs 27,000 crore.
Paytm Payments Bank: PPBL issues FAQ on refunds, balance of FASTag accounts after March 15
March 15 is the last day after which customers won't be able to top up or add to their balance. The Reserve Bank of India has said that the customers can continue to use their current balance for toll payments even after March 15. Paytm Payments Bank Ltd (PPBL) on March 15 issued an FAQ for its customers on how to get a refund of security and minimum balance of FASTag accounts. March 15 is the last day after which customers won't be able to top up or add to their balance. The Reserve Bank of India has said that the customers can continue to use their current balance for toll payments even after March 15. The Paytm Payments Bank FAQ has also said the same thing. According to the FAQ, customers can continue to use FASTag to pay at enabled toll and parking merchants up to the available balance in their wallet. "The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use your FASTag to pay at enabled toll and parking merchants’ up to the available balance in your wallet. Additionally, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. The directive does not impact your existing balances and your money is safe with our Bank."On January 31, the central bank barred Paytm Payments Bank from accepting fresh deposits or top-ups. Initially, it had fixed the deadline for February 29, 2024. Later, the deadline was extended by 15 days to March 15, 2024. The bank added that the customers cannot add fresh funds or top-ups in the FASTags issued by Paytm Payments Bank after March 15. The RBI had published a set of Frequently Asked Questions (FAQs), mentioning the alterations in services and what customers should be cognisant of post the stipulated date. Here's a quick look at services will continue and those which won't after March 15. Regarding FASTag accounts, the RBI said: "You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024."On FASTag recharge, RBI said: "No. After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank."
Sensex bounces 335 pts, Nifty ends at 22,146.65; Adani Enterprises soars over 6%
In the barometer index, the S&P BSE Sensex gained 335.39 points or 0.46% to 73,097.28. The Nifty 50 index added 148.95 points or 0.68% to 22,146.65.The domestic stock market rebounded on Thursday, fueled by buying across most sectors. The Nifty 50 ended near 22,150, recovering from an intraday low of 21,917.50. Expiring weekly index options on the NSE caused volatile trading. Oil & gas, metals, and media stocks saw strong demand, while banks and financials dipped. However, analysts warn of potential overvaluation in some mid-and small-cap stocks. This comes after market regulator Sebi raised concerns about "frothy" valuations in these segments and urged mutual funds to moderate their investments. The stress test results from these mutual funds are due on March 15th. Adani Enterprises (up 6.29%), Adani Ports & SEZ (up 5%) and Infosys (up 2.53%) boosted the indices.The broader market rallied. The S&P BSE Mid-Cap index jumped 2.28% and the S&P BSE Small-Cap surged 3.11%.The market breadth was strong. On the BSE, 2679 shares rose and 1197 shares fell. A total of 82 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 5.61% to 13.62.Fitch Ratings raised India's GDP growth forecast for the next fiscal year (FY25) to 7% from their previous estimate of 6.5%. They expect the strong economic growth to continue. The rating agency also expects a reduction in interest rates by the Reserve Bank of India (RBI) and a decline in inflation by the end of 2024. Meanwhile, India's wholesale price inflation fell to a four-month low of 0.20% in February, compared to 0.27% in January. This is the first time inflation has been positive since October 2023. The increase is mainly due to rising prices of food, crude oil, and manufactured goods. The yield on India's 10-year benchmark federal paper rose 0.07% to 7.044 as compared with the previous close of 7.039. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8225, compared with its close of 82.8100 during the previous trading session.
Sensex sheds 906 pts, Nifty slips below 22k amidst turmoil in small-, mid-cap segments
Sensex, Nifty updates on 13 March 2024: Stock markets experienced significant turmoil, with the BSE Sensex declining 906.07 points, or 1.23%, to 72,761.89 and the NSE Nifty falling 338 points, or 1.51%, to 21,997.70. On the BSE, number of stocks hitting lower circuit reached 1,087 against 118 stocks that hit upper circuit. Market breadth was negative, with 3,521 stocks declining, 404 advancing, and 60 remaining unchanged. Among the sectoral indices, Nifty realty, metal, and media declined over 6% each. Nifty Smallcap 100 declined 5.28%, while Nifty Midcap 100 was down by 4.40%. Concerns about excessive valuations in mid- and small-cap segments prompted mutual funds to halt lump sum investments in these categories. Market experts emphasised caution, given the volatility in these segments. They also highlighted the potential for further declines. Within the Sensex pack, ITC, ICICI Bank, Kotak Mahindra Bank, Nestle India, Bajaj Finance and HDFC Bank were the only gainers. On the other hand, Power Grid Corporation was the major laggard with a 7.28% erosion in share value.Stock Market| Share Market Updates - Find here all the updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 13 March 2024.
MHA launches portal for those seeking Indian citizenship under CAA
The Ministry of Home Affairs on Tuesday launched a portal for people eligible to apply for Indian citizenship under the Citizenship (Amendment) Act 2019, an official spokesperson said.The move came a day after the government notified rules for implementation of the CAA 2019. "The Citizenship (Amendment) Rules, 2024 under the CAA-2019 have been notified. A new portal has been launched, persons eligible under CAA-2019 can apply for citizenship on this portal indiancitizenshiponline.nic.in," the spokesperson said. A mobile app 'CAA-2019' will also be launched shortly to facilitate applications through mobile app.The Centre on Monday implemented the Citizenship (Amendment) Act, 2019, notifying the rules four years after the law was passed by Parliament to fast-track citizenship for undocumented non-Muslim migrants from Pakistan, Bangladesh and Afghanistan who came to India before December 31, 2014.With the unveiling of the rules, the Modi government will now start granting Indian nationality to persecuted non-Muslim migrants -- Hindus, Sikhs, Jains, Buddhists, Parsis and Christians -- from the three countries. The rules comes into force with immediate effect.
Delhi excise scam: Court extends Manish Sisodias judicial custody
A Delhi court on Tuesday extended the judicial custody of jailed AAP leader Manish Sisodia in a corruption case related to the alleged Delhi excise scam.Special Judge M K Nagpal extended the custody of Sisodia till March 22 after he was produced before the court on the expiry of his remand. The judge passed the order after the CBI counsel claimed that the investigation was at a crucial stage and if released on bail, Sisodia may hamper the ongoing probe or flee from justice. The judge also reserved the order on the application of the accused raising objections to the commencement of arguments on the framing of charges.The court is likely to pronounce the order on March 22. The CBI as well as the ED have alleged that irregularities were committed while modifying the Delhi Excise Policy 2020-21, undue favours were extended to licence holders, licence fee was waived or reduced and licences were extended without the competent authority's approval. The beneficiaries allegedly diverted "illegal" gains to the accused officials and made false entries in their books of account to evade detection. Sisodia was arrested by the Central Bureau of Investigation (CBI) on February 26, 2023, for his alleged role in the "scam". The Enforcement Directorate (ED) arrested Sisodia in a money-laundering case stemming from the CBI FIR on March 9, 2023 after questioning him in Tihar Jail. Sisodia resigned from the Delhi cabinet on February 28, 2023.
Auto retail sales jump 13%, PV sales scale record high in February
India’s automobile retail sales jumped 13 per cent in February to 2.03 million units, compared to 1.79 million units in February 2023, on the back of enhanced vehicle availability, improved demand due to economic conditions, and the impact of marriage season, according to Federation of Automobile Dealers Associations (FADA) data. However, the sector expects the upcoming Lok Sabha elections to play spoilsport in terms of sales due to potential deferred purchases across segments. Among all the categories, passenger vehicles (PVs) saw a record-breaking February, with sales moving up by 12 per cent to 330,107 units as compared to 293,803 units in February last year. Every other vehicle category, including two-wheelers, three-wheelers, tractors, and commercial vehicles, registered growth rates of 13 per cent, 24 per cent, 11 per cent, and 5 per cent, respectively."The PV segment recorded a 12 per cent YoY growth, marking the highest February sales figures ever, driven by new product introductions and enhanced vehicle availability. Elevated inventory levels in the PV segment, remaining at 50-55 days, pose a significant concern, necessitating original equipment manufacturers to adjust production to reduce dealer carrying costs,” said Manish Raj Singhania, president of FADA. On the other hand, the two-wheeler sector growth was mainly due to the rural sector, premium model demand, and strong entry-level segment performance, with broader product availability and compelling offers enhancing product acceptance. Factors like favourable marriage dates and improved economic conditions also contributed to this positive growth. During the month under review, two-wheeler sales were seen at 1.43 million, compared to 1.27 million during the same period last financial year. "The 3W market surged by 24 per cent, with EVs making up 53 per cent of this growth, fuelled by first-time users and a shift towards Electric E-Rickshaws, alongside better market sentiment and consumer engagement,” Singhania said. In February, three-wheeler sales touched 94,918 units, compared to 76,619 units in February 2023. The commercial vehicle segment grew by 5 per cent, overcoming challenges through fleet purchases and school buses, strong sectoral demand, and improved financing, despite obstacles like cash flow shortages and election-related purchase deferrals, highlighting the sector's resilience and gradual recovery. The segment saw sales of 88,367 units during the month, as against 84,337 units during the same period last year."The anticipation of elections casts a shadow over this positive scenario, with potential deferred purchases across segments. The commercial vehicle sector, in particular, might face a cautious approach from customers waiting for the outcome of general elections. Supply constraints further complicate the landscape, especially in the PV segment, where the availability of popular variants remains a concern. External factors like crop failures in rural areas could also dampen market sentiment and financial liquidity, posing additional hurdles to sustained growth,” Singhania added.
