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GST reform: starting Monday, these goods will be subject to the highest tax. View the complete list
September 22 GST changes: Under the new tax structure, which goes into effect on Monday, items falling within these categories will be subject to the newly revised highest tax rate of 40% GST. View the items' list here.After its 56th meeting on September 3, 2025, the GST Council, which is led by the Indian federal government, voted to streamline the indirect tax system in India by redesigning the current goods and service tax (GST) slab structure into a "two-tier" system.Indian customers will benefit from a revamped "two-tier" tax structure that goes into effect on Monday, September 22, 2025. Depending on the type of commodity sold in the country, it will be subject to either the 5% or 18% tax band. In India, GST is now imposed in four slabs: 5%, 12%, 18%, and 28%. However, the government has since modified these slabs. Many products sold in the Indian economy will see price reductions as a result of the federal government's action; nevertheless, starting Monday, a wide range of products will also be subject to higher consumer taxes. 1. Sin Goods: Generally speaking, sin goods are things that are detrimental to society and health, such as cigarettes and pan masala. Cigarettes, pan masala, beedi, and other tobacco goods including chewing tobacco and gutka, as well as online gaming and gambling, would all be subject to a 40% GST tax starting on Monday, September 22, 2025. 2. Luxury cars: Four-wheelers with an internal combustion engine (ICE) capacity greater than 1,200cc and a length greater than four meters were also placed in a 40% tax level by the GST Council. In the past, the ex-showroom pricing of SUVs and MPVs, which are included in this group, was increased by 28% GST and 22% Cess. 3. Over 350cc two-wheelers: The GST Council raised the tax rate for two-wheelers with engines larger than 350cc from 28% GST and 3% Cess to 40%. Despite the removal of the Cess levy, two-wheelers with engines larger than 350cc will now be subject to a higher tax rate. 4. Soft drinks: The central government raised the GST rate from 28% to 40%, which will result in a price increase for soft drinks and other non-alcoholic beverages like Coca-Cola, Pepsi, Mountain Dew, Fanta, and flavor-infused waters. 5. Items that cost more when you're in the 18% tax bracket: Items that will be subject to GST at the higher 18% slab starting on Monday, September 22, 2025, include dining at restaurants, particularly those with air conditioning and premium outlets; consumer durables like refrigerators, washing machines, and air conditioners; beauty and grooming services at salons and spas; and high-end smartphones and imported devices.
Published 23 Sep 2025 01:19 PM
Live Updates on New GST Rates: When GST 2.0 goes into effect, food, cars, and televisions all get cheaper.
GST Reforms 2025 List: Goods and Services Tax (GST) reforms have become effective today, September 22, marking a historical shift in the country’s indirect taxation by merging four slabs into two (5% and 18%) and a special tax slab of 40% for “sin goods".The GST council, led by Finance Minister Nirmala Sitharaman, early in September announced a major overhaul in the indirect taxation system, aimed at simplifying the slabs, boosting the consumption and rationalizing the rates. Under the new plan, the government is set to merge the four slabs into two main categories with an additional “sin tax" bracket: 5% slab — for essential goods. 18% slab – for most other goods and services. 40% slab – for luxury and sin goods such as tobacco, alcohol, betting, and online gaming. This consolidation is expected to make tax compliance easier and also reduce prices on many items currently taxed at 12% or 28%.This consolidation is expected to make tax compliance easier and also reduce prices on many items currently taxed at 12% or 28%.Consumers will see essential items becoming cheaper from September 22, as several sectors from FMCG to Auto have announced earlier to pass on the benefits of lower GST to them.
Published 22 Sep 2025 05:13 PM
Live updates for the ITR due date: Will there be another extension of the income tax return deadline?
Date of ITR due REAL-time updates: The deadline for filing Income Tax Returns (ITR) for the assessment year 2025–2026 is now. Over 6.69 crore returns have already been received by the Income Tax Department, of which over 6.03 crore have been validated and 4 crore have been processed.Taxpayers who miss today's deadline risk interest on unpaid taxes, delayed refunds, and late fines of up to ₹5,000 (limited at ₹1,000 for individuals with incomes up to ₹5 lakh). Therefore, it is essential to file and confirm returns on time in order to prevent fines and guarantee prompt refund processing.The deadline is applicable to non-audit instances, such as the majority of salaried individuals, small enterprises or professions under the presumptive taxation plan, and Hindu Undivided Families (HUFs). It is recommended that taxpayers refrain from spreading false information about extensions and instead rely solely on official updates from Income Tax India.In order to assist last-minute filers in appropriately completing submissions, the department's helpdesk is open around-the-clock and provides assistance via phone, live chat, WebEx sessions, and social media.The department's help line is open around-the-clock, providing assistance via phone, live chat, WebEx sessions, and social media to help filers who are submitting at the last minute appropriately.
Published 15 Sep 2025 05:53 PM
Closing Bell: Sensex up 324 points, Nifty above 24,950; IT and PSU Banks rise, automobiles down
On September 10, Indian equities indices concluded well, with the Nifty closing above 24,950. The Nifty was up 104.5 points, or 0.42 percent, at 24,973.10 at the closing, while the Sensex was up 323.83 points, or 0.40 percent, at 81,425.15.We'll be returning tomorrow morning with all the most recent news and alerts as we wind up today's Moneycontrol live market blog. To view all of the global market activity, please visit https://www.moneycontrol.com/markets/global-indices.On Wednesday, markets gained almost half a percent, continuing their upward trajectory. Following a gap-up beginning, the Nifty index spent the first half of the day moving within a small range. However, volatility in the second half of the day reduced some gains, and it ultimately finished around 24,973 levels.With advances of more than 2.5 percent, the IT sector maintained its recovery, followed by the real estate, banking, and energy sectors. The auto industry, on the other hand, saw profit booking following multiple outperforming sessions, losing more than 1%. With the midcap and smallcap indices rising between 0.75% and 1%, market breadth stayed strong, supporting the bullish tone in both frontline and broader markets.Positive foreign capital market flows following a period of persistent depreciation, as well as increased confidence regarding the status of trade discussions between the US and India, helped to boost sentiment and maintain the upswing.Although the markets are slowly rising due to encouraging signals, the Nifty will need to maintain its participation from the two main industries—banking and IT—in order to progress toward the 25,250–25,400 range. Support has moved to the 24,650–24,750 level on the downside. In order to build up fundamentally sound counters across the board, we advise employing intermediate drops or consolidation phases while keeping a positive bias.
Published 10 Sep 2025 08:40 PM
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57% vs 10%: BJP vs Congress share in electoral bond funds
In the six years since the electoral bonds scheme was introduced, more than half, or 57%, of the funds extended through bonds have gone to the BJP. The party, as per its declarations to the Election Commission, received Rs 5,271.97 crore via bonds between 2017-2022. The Congress was a distant second at Rs 952.29 crore. The EC is yet to publish the annual reports of parties for the financial year 2022-2023. The Supreme Court on Thursday held the changes made in the law to introduce the electoral bonds scheme as unconstitutional, in a unanimous verdict on a batch of pleas challenging the legal validity of the Centre’s scheme which allowed for anonymous funding to political parties. A five-judge Constitution Bench presided by Chief Justice of India D Y Chandrachud also directed that “the issuing bank shall herewith stop the issuance of electoral bonds” and asked the State Bank of India (SBI) to “submit details of the electoral bonds purchased since the interim order of the court dated April 12, 2019, till date to the Election Commission of India (ECI)”. The bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, said, “The deletion of the proviso to Section 182(1) of the Companies Act, permitting unlimited corporate funding to political parties is arbitrary and violative of Article 14”. Under the scheme, notified by the Narendra Modi government on January 2, 2018, electoral bonds could be purchased by any citizen of India or entity incorporated or established in India. An individual can buy electoral bonds, either singly or jointly with other individuals. It was pitched as an alternative to cash donations and as a way to increase transparency in political funding. In the period between 2017-2018 and 2021-2022, electoral bonds worth Rs 9,208.23 crore were sold, according to State Bank of India data obtained by The Indian Express through RTI.An analysis of the annual audited account statements submitted by the parties to the EC puts the worth of the contributions via bonds to the BJP at Rs 5,271.97 crore, from 2017-2018 till 2021-2022.
Tata Motors ties up with LeadIT for greener future
Tata Motors on Monday said it has tied up with the Leadership Group for Industry Transition (LeadIT), a global alliance launched by governments of Sweden and India at the UN Climate Action Summit in September 2019. As a member of LeadIT, the auto major will be able to harness the power of global best practices, influence policy-making, and together with other members strengthen climate action plans, thereby accelerating transition towards net-zero emissions. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement. Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement.Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added.
Services trade surplus hits record $44.9 billion in December quarter
India’s services trade surplus shot up to a record $44.9 billion in the October-December quarter (third quarter, or Q3) of 2023-24 (FY24), growing 16 per cent year-on-year, showing resilience amid strong global headwinds. This is likely to reduce the current account deficit (CAD) in Q3. According to the Reserve Bank of India (RBI) data, services exports grew 5.2 per cent to $87.7 billion during Q3, while services imports contracted 4.3 per cent to $42.8 billion during the same period. India’s CAD moderated to 1 per cent of gross domestic product (GDP) in the first half (April-September) of FY24 from 2.9 per cent of GDP during the same period of 2022-23 (FY23), on the back of a lower merchandise trade deficit and higher net services receipts. Fitch Ratings has projected CAD to narrow to 1.4 per cent of GDP in FY24 and 2024-25 from 2 per cent of GDP in FY23. IDFC Bank has revised downward its CAD estimate to 1.2 per cent of GDP from 1.5 per cent, incorporating a higher monthly services surplus. In the Economic Review released ahead of the Interim Budget, the finance ministry last month said services exports, with a compound annual growth rate (CAGR) of 7.1 per cent during 2011-12 through FY23, combined with the CAGR of remittances of 4.5 per cent during the same period, enabled India’s current account balance to remain within a comfortable range. India’s services exports range from information technology to services provided by doctors and nurses abroad. While the RBI doesn’t release monthly disaggregated services exports data, its classification of services exports released quarterly with balance of payment data includes transport, travel, construction, insurance and pensions, financial services, telecommunications, computer and information services, and personal, cultural and recreational services, and other business services. While software exports dominate India’s services exports, “other business services” exports that primarily include global capability centres (GCCs) have seen a strong ramp-up recently, accounting for 26.4 per cent of the total services exports in the first half (April-September) of FY24, from 19 per cent in 2013-14.
RBI implies that a sponsor bank will be allowed to step in
The Reserve Bank of India (RBI) has implied that a sponsor bank will be allowed to step in to manage Paytm's transactions, in the FAQs released on February 16. A payment processor app--as a third-party application provider (TPAP)--needs a sponsor bank to access the UPI infrastructure. Until now, Paytm had Paytm Payments Bank (PPB). With the central bank cracking down on the bank, there was heightened uncertainty around Paytm's future. This latest communication from RBI should settle that to a large extent. The sponsor bank can step in provided the National Payments Corporation of India (NPCI) gives its approval. Market sources told Moneycontrol that the bank names are likely to be announced next week. The stock was up 5 percent today.The RBI released FAQs suggests developments along this line in point number 21. This answered a question that a merchant could have. Yes. If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024. This implies that a sponsor bank can step in to manage Paytm's nodal account that accepts payments made to its merchant partners
Govt raises windfall gains tax on crude oil, diesel
The government has revised its windfall gains tax on crude petroleum with effect from February 16. As per the revisions, Special Additional Excise Duty (SAED) on crude petroleum will increase to Rs 3,300/tonne, from Rs 3,200/tonne earlier; while tax on diesel will increase to Rs 1.50/litre from nil/litre. Further, SAED on petrol and aviation turbine fuel (ATF) will continue to be nil. Earlier this month, the government had hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre ($12 per barrel) each were levied on petrol and ATF and Rs 13 a litre ($26 a barrel) on diesel. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and ATF. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above $75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above $20 per barrel.
Rakesh Jhunjhunwalas close aide spells out Big Bull’s advise now
Every time market fell sharply till about 18 months ago, retail investors would take comfort in the words of India’s Big Bull Rakesh Jhunjhunwala, whose optimism and confidence in India and Indian market seemed unshakable. His close aide and chief investment officer of Alchemy Capital, Hiren Ved, said in an exclusive interview with Moneycontrol: "He would have said, be careful of what you buy now but certainly don't sell.” Besides, he would have said, "The best way to buy a bull market is to stay committed to it." Ved is one of the close aides of Rakesh Jhunjhunwala who was the original investors in Alchemy Capital, originally promoted by Lashit Sanghavi and Ashwin Kedia. The firm was started in 1996 and Ved joined the company in 1999. Outguessing the Big Bull on his take on current markets, Ved said, he might say: "You can't get on and off the horse, you have to stay on the horse. The horse might not be galloping but throttling. As long as it is throttling in the right direction and once in a while it gallops in the right direction, one has to stay on the horse," said Ved. Ved said, staying the course was the Jhunjhunwala’s consistent advise to him and other investors. In the last one year, Nifty 50 has gained 23 percent while the Senex has gained 19 percent in the same period. Nifty 50 forward PE is at 20.05x while Nifty 50 ten-year average PE is at 20.08x.
Farmers protest: Key differences in 2020 versus 2024 agitation
Thousands of farmers from Haryana, Punjab and Uttar Pradesh were back on the road to the national capital on February 13 over two years after they had called off their strike. The move came after the last round of talks between the farmer leaders and the Union ministers remained inconclusive on February 12 night. Massive security arrangements have been made and borders have been between Punjab and Haryana and Haryana and Delhi to deter farmers from entering New Delhi. However, this protest is different from the ones the farmers held in 2020-2021. In 2020, the farmers protested the three farm laws. They were repealed by the Centre in 2021. However, the key demand this time is different. They want legal guarantee to MSP for all crops, full debt waiver and pension for farmers, the implementation of the Swaminathan Commission's formula, and withdrawal of cases against farmers during the 2020 protest. According to the guidelines, the government sets the MSP for nearly two dozen commodities twice a year based on the recommendations of the Commission for Agricultural Costs and Prices.
Paytm’s UPI payments: Two contrasting trends
Digital payments major Paytm, which is run by One 97 Communications, has seen a stagnation in Unified Payments Interface payments originating from its payments bank over the last six months. Data shared by the National Payments Corporation of India shows that from August 2023, payments originating from Paytm’s own UPI address started falling. In August last year, Paytm reported 455 million UPI payments on its own handle that is @paytm. But since then it fell all the way to 410 million in December last year. From 323 million in May 2022, these transactions had grown nearly 41% to 455 million in August 2023. Paytm Payments Bank was put under an embargo by the RBI in March 2022. For understanding, UPI has two legs in a payment journey. One is on the issuance side, that is where a customer pays using the Paytm handle, which in many cases could be connected to the Paytm Payments Bank savings account. And the other is the acceptance side where the merchant or the beneficiary account is on Paytm. Analysis of industry data shows that since the middle of last year, Paytm has been fully focusing on the acquisition side. Data shows that Paytm’s acquisition numbers grew consistently to 2.8 billion transactions in December last year from 1.7 billion in December 2022. “After the bank went into an embargo, new customers were not joining the bank and on top of that the management was fully focused on acquiring more merchants for all forms of digital payments, thereby slowing down on issuance,” said a senior industry executive in the know.
Medical devices startup Noccarc raises $2 Mn led by IAN
Indian Angel Network (IAN) sponsored a $2 million funding round for medical device startup Noccarc. IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board) were also involved in this round. In addition, Hero Enterprises Chairman Sunil Munjal was welcomed as a prominent stakeholder in the investment round. The money raised will be put towards growing Noccarc's business and diversifying its line of products. The fundraising round, according to the company, is anticipated to assist R&D projects, ease market penetration, bolster customer service, and establish sales and distribution networks throughout major cities. Founded by Harshit Rathore, Noccarc specializes in the development and manufacturing of high-value critical care medical equipment, including ICU ventilators, patient monitors and more. In addition, the company offers a digital platform that allows doctors to remotely access device data, digitize documents and plans to integrate AI-based services in the future. The company has a strong research and development unit and ambitious plans to develop a versatile product range, starting with intensive care. Noccarc currently holds seven patents and has applied for 19 new patents for its innovative technologies. The company has also recently received a license from CDSCO (Central Drug Standard Control Organisation), which gives them the right to manufacture and sell these regulated products in India. The startup claims to have shipped more than 3,600 ventilators across India and has partnered with several different hospitals. Noccarc is now expanding its product range with a view to globalization..Future-Generation Ventilation for Intensive Care Units With the use of cutting-edge technologies, critical care has been redefined and given new meaning. The most advanced ICU ventilator, created specifically for user comfort and ease of use, will raise the bar for both patient care and your own standards.
Bharat Forge-backed Tork Motors raises $6 Mn in new round
Electric car startup Tork Motors has raised 50 million rupees, or $6 million, from Maxis Capital. This is the second institutional round for the Pune-based company after a gap of two-and-a-half years. The Tork Motors board approved a special resolution to issue 1 share and 6,912 CCPS at an issue price of 72,425 rupees to raise 50 million rupees, or $6 million, according to a regulatory filing available with the registrar of companies. Each preferred share issued to the new investor (Maxis Capital) will be converted into one share during the corresponding conversion period, in the appendix. Founded in 2010, Tork Motors is an electric two-wheeler manufacturer known for its flagship Kratos R. The company initially started with its units in Mumbai and Hyderabad and currently has a monthly production capacity of 4000-5000 units. The company planned to expand its geographic reach and reach 70-100 cities by the end of 2023. In October, Tork Motors announced a partnership with electric car software and charging infrastructure provider Bolt.Earth to provide its customers with 30,000 charging points. According to startup data intelligence platform TheKredible, the company is worth about 370 million rupees, or $45 million, after the split.. Through several rounds, Tork Motors has raised almost $16 million. With 52.46% of the total ownership, Bharat Forge is the largest shareholder, followed by Maxis Advisors with 13.51%. Kapil Shelke, the company's founder and CEO, owns 19.42% of the business. To view the entire shareholding pattern, visit TheKredible. Operating revenue for Tork Motors increased sevenfold from Rs 4.5 crore in FY22 to Rs 35.5 crore in FY23. During that time, the company's losses increased by 5.7X, from Rs 8.34 crore in FY22 to Rs 47.9 crore in FY23. Disclaimer: A group of investors just provided funds to Bareback Media. Some of the investors might be connected to other businesses we might write about, or they might be directly or indirectly involved in a rival company. That being said, this will not in any way affect our coverage or reporting. A list of our investors is available.
The Price of Bitcoin Exceeds $48,000
At the time of publishing, the price of the most popular cryptocurrency in the world, Bitcoin, was $48,101 (approximately Rs. 39.9 lakh), having seen a slight increase of 0.74 percent on Monday. The digital asset gained $1,826 in value over the course of the weekend (about Rs. 1.5 lakh). The next target, according to market analysts, would be $50,000 (about Rs. 41.5 lakh), which is a milestone that Bitcoin hasn't been able to reach since December 2021, if the price of the cryptocurrency rises above $48,970 (about Rs. 40 lakh). Ether's value fell by 0.55 percent on Monday as it was unable to keep up with Bitcoin's gains. At the moment, ether is worth $2,498 (about Rs. 2.07 lakh). Due to large net inflows into spot Bitcoin ETFs the week before, Bitcoin surged above $48,000 (about Rs. 39.8 lakh) over the weekend, hitting its highest level in 26 months. The CEO of Mudrex, Edul Patel, told Gadgets360 that Ethereum also reached its highest point since January 19 at $2,540, or roughly Rs. 2 lakh. It is currently consolidating around $2,500, or roughly Rs. 2.07 lakh, with resistance at $2,620, or roughly Rs. 2.17 lakh, and support at $2,440, or roughly Rs. 2.02 lakh.The majority of cryptocurrencies saw losses on Monday, including Ether. These comprise Avalanche, Dogecoin, Cardano, Ripple, and Binance Coin. On Monday, the values of other altcoins, including Uniswap, Shiba Inu, Litecoin, Bitcoin Cash, Solana, and Binance Coin, also decreased. In the past day, the value of the cryptocurrency industry as a whole fell by 0.76 percent. According to CoinMarketCap, the current value of the cryptocurrency market is $1.8 trillion, or approximately Rs. 1,49,40,576 crore. Ether's market share is currently 16.7%, while Bitcoin's dominance is currently 52.5 percent.This week, there will probably be a few notable token unlocks, such as the release of SAND from Sandbox worth over $96 million (about Rs. 796 crore), or roughly 9% of the total supply. We plan to do this on Valentine's Day. Additional unlocks include Aptos, which released more than 7% .
Congress mastered art of spoiling accomplishments: FM Sitharaman in RS
Accusing the UPA government of mismanaging the price situation after taking charge from the Vajpayee government in 2004, Finance Minister Nirmala Sitharaman on Saturday mocked the grand old party, saying 'gur ko gobar karna inki maastaree hai'.Replying to a short-duration discussion on the 'White Paper on the Indian Economy' in the Rajya Sabha, Sitharaman said inflation in the last year of Prime Minister Atal Bihari Vajpayee-led NDA government was below 4 per cent. "Through their ill-targeted, reckless fiscal policy, ill-targeted subsidies and wasteful expenditure, all done for political gains, inflation went high during the UPA rule," she said.In AICC's Session in Jaipur, she said, former prime minister Manmohan Singh admitted that handling inflation was a shortcoming of the UPA government. "Gur ko gobar karna inki (Congress) maastaree hai (Congress has a mastery of ruining something that has been accomplished)," she said.The minister outlined the steps taken by the Modi government after 2014 to manage inflation in the country.In the last nine years of the Modi government, retail inflation has been mostly around 5 per cent, and it has never crossed 8 per cent. "And that Congress is lecturing us now on how to manage inflation," Sitharaman noted.She further said the Modi-led government toiled for 10 years to bring the economy back on track, taking India from the 'Fragile Five' to the fifth largest economy in the world. India is soon going to become the world's third-largest economy.On the contrary, in the Modi government, the Prime Minister personally monitors programmes and projects and their progress through the PRAGATI portal by holding video conferences with officers even at the district level. Up to the 43rd edition of PRAGATI, 348 pending projects worth Rs 17.36 lakh crores have been reviewed, their progress is happening, and they are coming to a conclusion."This kind of effort never happened earlier during the UPA era," Sitharaman said.Giving reasons for coming out with the White Paper now, Sitharaman said a similar exercise earlier would have impacted the confidence of institutions, investors, and the people. As an elected government, she said it is imperative to inform the public and Parliament about the true picture of the economy during the UPA regime and the efforts taken by the Modi government to revive the economy.In an apparent jibe at the erstwhile National Advisory Council headed by Sonia Gandhi, the finance minister said India needs a clean and accountable governance and not governance through an extra-constitutional body.
The mojo of PSU bank stocks might fade away soon
PSU banks have been in focus for quite some time due to several tailwinds, as most entities are performing well both internally & externally from maintaining healthy asset quality to several governments' initiatives where PSU banks are the beneficiaries. The PSU Bank Index has risen by more than 56% in the last 1 year, the Nifty Private Bank Index rose by just 14%, and in the same period Bank Nifty by 13%, making PSU Banks the leader of the segment. The government kickstarted the rally through banking reforms such as the establishment of Bad Banks to move the long outstanding NPAs out of the books, the implementation of the Insolvency & Bankruptcy Code helping banks to recover their debts and, merger of several PSU banks enabling them to have a more focused approach on their operations. The current government's focus on long-term projects of infrastructure, power, and agriculture would benefit PSU banks more than private banks as they traditionally have higher exposure in these sectors. This is one of the factors due to which the share prices are soaring to new highs. PSU Banks usually trade at a low Price-to-Book value but currently, they are trading at the highest levels compared to their historical valuations. The valuations look stretched.Share price appreciation happens because of two main reasons: Earnings expansion and perception-led growth or multiple expansion. The former can be computed based on financials on a quarterly and yearly basis and the latter could be assumed as the difference between share price CAGR and earnings growth CAGR. The lower the difference, the higher the safety and vice-versa. The current rally in several PSU Banks is more because of multiple expansions rather than earnings expansion.
Paytm Payments Bank Is Looking To Employ Outside Compliance
Four people with knowledge of the situation claim that Paytm Payments Bank Ltd. has sent out a request for proposals to outside auditors. According to the individuals cited above, who requested to remain anonymous, the bank only made this RFP available to outside auditors. As a result, it is not in the public domain.According to the three individuals mentioned above, the goal of this RFP is to audit the bank for compliance and the know-your-customer procedure.As stated by the first person quoted above, Paytm Payments Bank also hopes to demonstrate to the Reserve Bank of India that it is fully compliant by starting this audit. One97 Communications Ltd.'s associate company came under heavy fire from the RBI on January 31 for "persistent non-compliance" and serious "supervisory concerns." The regulator stated in its directives that Paytm Payments Bank will not be able to take new credit transactions, top-ups, or deposits into its accounts after February 29.
Maruti Grand Vitara gets up to Rs 75,000 off on MY2023 stocks
Maruti Suzuki is offering attractive discounts and benefits on Nexa models such as the Grand Vitara, Jimny, Baleno and Ignis this February. These can be availed in the form of cash discounts and exchange offers and is available on both MY2023 and MY2024 production units. The only models not listed with any offers are the XL6 and Invicto MPVs. MY2023 units of the Grand Vitara hybrid can be had with benefits of up to Rs 75,000 which includes cash discounts and exchange offers. Meanwhile, the MY2024 units are listed with benefits of Rs 50,000 which just includes an exchange offer. Regular petrol variants of the Grand Vitara are listed with benefits of up to Rs 45,000 and Rs 30,000 for MY2023 and MY2024, respectively. This is the highest benefit the Grand Vitara has been available with in a while. The highest benefit from the Nexa lineup this February is on the Jimny. It continues to be offered with Rs 1.50 lakh cash discount on the top-spec Alpha trim while the lower Zeta trim gets Rs 50,000 off. These are, however, only applicable on MY2023 units. MY2024 units of the Jimny are not listed with any benefits currently. While the SUV is capable off-road, the high sticker price has resulted in sluggish sales. The SUV has since received multiple discounts, including a Rs 2.3 lakh discount in December. 2023 model year of the Maruti Suzuki Ignis manual get discounts of up to Rs 55,000, while automatic variants get up to Rs 50,000 off. For 2024 models, the discounts are marginally less but still substantial. Manual transmission variants made in 2024 get benefits of up to Rs 45,000, while automatic variants get discounts of up to Rs 40,000. The Ignis is powered by a 1.2-litre petrol engine that puts out 83hp and 113Nm. It’s available with the choice of a 5-speed manual gearbox or a 5-speed AMT. The Maruti Suzuki Baleno has been a strong performer for the Nexa brand and is available with petrol and CNG powertrains. Petrol models manufactured in 2023 are available with benefits of up to Rs 35,000 that’s inclusive of cash discount and exchange bonuses, while CNG variants get up to Rs 15,000 off as an exchange bonus. 2024 models get benefits of up to Rs 30,000 and Rs 35,000 on petrol and CNG, respectively. The Baleno is offered with a 1.2-litre engine that produces 90hp, 113Nm and can be mated to either a 5-speed manual gearbox or a 5-speed AMT. While using CNG, the engine output drops to 78hp and 98.5Nm, and it is only available with the 5-speed manual gearbox. Ciaz models manufactured in 2023 are offered with benefits of up to Rs 45,000, while models manufactured in 2024 get benefits of up to Rs 25,000 in the form of cash discount and exchange offers. The Ciaz is powered by a 105hp, 1.5-litre petrol engine and is available with either a five-speed manual or a four-speed torque converter automatic gearbox. Its interiors are dated and the petrol engine is unexciting, but its spacious cabin and smart pricing make it a level-headed buy
Fintech major Paytm set for small win as govt close to approving investment
Shruti Srivastava and Sankalp Phartiyal Paytm is close to winning India’s approval to invest in its key payments gateway arm, a decision which has been pending for two years and which would give the troubled fintech company some respite. The government grew more supportive of the investment after Paytm’s Chinese shareholder Ant Group Co. lowered its stake in the Indian firm, people familiar with the matter said, with one of the people saying the approval could come within days. A federal approval is needed because Ant’s stake in Paytm makes its outlay in the Paytm Payments Services Ltd. arm a direct foreign investment. The investment allows Paytm to beef up its arm which processes online transactions. While the investment is less than Rs 1 billion ($12 million), an approval would signal Paytm is still in the government’s good books even as the country’s banking regulator has tightened its grip on the company. The Reserve Bank of India in 2022 held back Paytm Payments Services’ application to become a so-called payments aggregator — an entity which makes it easier for online retailers and merchants to accept customers’ digital payments. The banking regulator also asked the unit to seek permission from the federal government for a past investment from Paytm, whose official name is One97 Communications Ltd. At the time, Ant owned a nearly 25% stake in One97, and New Delhi had stepped up scrutiny of investments from China.Paytm’s billionaire founder Vijay Shekhar Sharma acquired 10.3% stake from Ant last year in a cashless deal that made him the biggest shareholder in One97 with just over 24% equity. The deal likely boosted the government’s confidence toward giving Paytm Payments Services security clearance for foreign direct investment, the people said, declining to be named as the matter is private. The proposal will now go to an inter-ministerial committee for a final decision, one of the people said. Paytm’s application to qualify as a payments aggregator is still pending before the RBI, which in 2022 also barred the company from onboarding new online merchants. The RBI approves such applications if they fulfill regulatory requirements and match compliance norms it has set.
Chris Wood of Jefferies buys Airtel to pare stake in RIL, HDFC Bank
Jefferies' Chris Wood has tweaked his India long-only portfolio to buy Bharti Airtel, raise investments in Axis Bank and State Bank of India (SBI), and pare stakes in giants Reliance and HDFC Bank. Changes will be made in the India long-only portfolio and the global long-only portfolio. An investment in Bharti Airtel will be introduced in the India long-only portfolio with a 3% weighting. This will be paid for by shaving the investment in Reliance Industries by three percentage points," Wood said. The investment in HDFC Bank will also be reduced by two percentage points, while the investments in Axis Bank and SBI will be increased by one percentage point each, he said. In Wood's global long-only portfolio, the investment in HDFC Bank will be reduced by two percentage points, while the investments in Axis Bank and TSMC will be increased by one percentage point each. Other top bets in his India long-only equity portfolio are ICICI Bank, REC Ltd, JSW Energy, Godrej Properties, DLF, Macrotech, L&T, Adani Ports, and Zomato.
Stock Market Today: Top 10 things to know before the market opens
The benchmark Sensex and Nifty indices are likely to open on a higher note on February 8 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 26 points. Equity benchmarks the Sensex and the Nifty ended February 7 flat after a choppy session, with the Nifty failing to defend the 22,000 mark despite opening above it. The indices squandered early gains as investors' focus shifted to the Reserve Bank of India's monetary policy decision to be announced on February 8. The Sensex closed 34.09 points down at 72,152, while the Nifty close 1.1 points higher at 21,930.50. About 1,954 shares advanced, 1,314 declined and 63 were unchanged. The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,874 followed by 21,829 and 21,755 levels, while on the higher side, it may see immediate resistance at 21,948 followed by 22,067 and 22,141 levels. Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
