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Shares of Vodafone Idea rose 3.51 percent after the telecom service provider reported it met its 5G rollout obligations across all circles. The company has 5G spectrum in 17 circles and has met the rollout needs for both spectrum bands.According to CNBC Awaaz, Vodafone Idea has completed network testing in both spectrum bands conducted by the Department of Telecommunications and has fulfilled its rollout obligations, incurring a fine of around ₹1 crore.In particular, it is mandatory to meet rollout obligations as per the license terms. Failure to complete the rollout on time could have resulted in action against the company, potentially leading to cancellation of Vodafone Idea's 5G spectrum. The company faced a time limit of August 15, 2024.Earlier this week, Vodafone announced the sale o...

State Bank of India (SBI) announced board approval to raise up to ₹20,000 crore through long-term bonds in FY 2024-25. The central board meeting on June 19, 2024, approved raising funds through public issue or private placement.At the time of writing, SBI shares are trading at ₹846.65 which is 0.70% lower than its previous close. The stock has seen a total rise of 49% in the past year and 32% since the beginning of the year.In January, SBI raised ₹5,000 crore through perpetual bonds at a coupon rate of 8.34%. In the last financial year, SBI had issued 15-year infrastructure bonds to raise ₹20,000 crore.Earlier this month, SBI's London branch raised $100 million through three-year senior unsecured floating-rate bonds priced 95 basis points above the secured overnight financing rate (SOFR)....

The first installment of advance tax, which was due on June 15, saw accumulation inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax of Rs 34,470 crore. Net direct tax collections have jumped by 21 percent to over Rs 4.62 lakh crore so far this financial year due to higher advance tax payments by corporates. The first installment of advance tax, which was due on June 15, saw collections inflation 27.34% to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) of Rs 1.14 lakh crore and Personal Income Tax (PIT) of Rs 34,470 crore. According to the CBDT (Central Board of Direct Taxes), the net direct tax collections of Rs 4,62,664 crore (till June 17, 2024) include CIT of Rs 1,80,949 crore and PIT...

Consumers barely up spending in May compared to April as still-high inflation and high interest rates curbed spending. According to the Commerce Department, retail sales rose 0.1 percent in May, slower than the pace expected by economists. And April sales were revised downwards – down 0.2 percent from unchanged. Sales rose 0.6 percent in March and 0.9 percent in February. This comes after a 1.1 percent decline in sales in January, which was partly due to bad weather. Excluding gas prices and auto sales, retail sales increased by the same amount. Excluding gasoline sales, whose prices are falling, sales rose 0.3 percent. Retail sales data gives only a partial look at consumer spending because it doesn't include things like travel and lodging. However, sales at restaurants, the only s...

State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised MCLR for two-year and three-year MCLR is 8.85 percent and 8.95 percent respectively. The new rates have become effective from today.Last week, the RBI's Monetary Policy Committee (MPC) left the repo ra...

Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The government has entrusted the Reserve Bank with the task of ensuring that CPI inflation remains at 4% with a margin of 2% on either side. Earlier this month, the RBI had projected CPI inflation a...

Tata Motors share price rose more than 2% on Wednesday, adding 7% in a week, as brokerages maintained a bullish stance on the stock amid better growth prospects highlighted by the company in an investor meet. While Tata Motors' Indian business has already become net debt free by FY2024, it has set a target for Jaguar Land Rover (JLR) to become net debt free by FY2025. Tata Motors aims to grow up the passenger vehicle (PV) industry by 2X on new nameplates across ICE, CNG and EVs with a development of 80% of the addressable market by FY2030 from 53%. It aims to progress profitability with double-digit margins in the combined PV and EV business by FY2030. It also targets the electric vehicle (EV) business to accomplish EBITDA get by FY26. Better growth prospects in CV prompt brokera...

New business premium collections of life insurance companies grow by 15.15% in the month of May 2024 compared to the same month last year, boost by strong demand for improved insurance protection from both corporate and individual consumers. According to the Life Insurance Council, new policy issuances grew by 12.45% in the same period, reflecting strong underlying demand for life insurance products. New business premium increased from Rs 23,448 Crore in May 2023 to Rs 27,034 Crore in May 2024, with year-to-date (YTD) collections rising even further to Rs 47,293 Crore from Rs 36,043 Crore. Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances in May this year also grew by 12.45 percent year-on-year, resulting in 16,61,324 new polic...

According to the latest survey by the Reserve Bank of India (RBI), Indian consumers are expected to increase spending over the next one year, with both essential and non-essential items increasing.RBI's Consumer Confidence Survey (CCS) showed that the rise in consumer confidence has stalled for the current period as sentiments have declined slightly on all parameters except spending in the latest survey round.The Current Situation Index (CSI) declined to 97.1 in May 2024 from 98.5 two months ago."For the year ahead, consumer confidence remained elevated in optimistic territory, although it declined marginally due to relatively soft sentiments on general economic conditions and employment prospects," the survey showed.The Future Expectations Index (FEI) stood at 124.8 in May 2024 (125.2 in...

Bajaj Housing Finance IPO: Bajaj Housing Finance has filed preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds of ₹7,000 Crore through its upcoming public offering. The total public issue of up to ₹7,000 Crore includes a new issue of equity shares up to ₹4,000 Crore and an offer for sale (OFS) of up to ₹3,000 Crore by the selling shareholder with a face value of up to ₹3,000 Crore. Or the parent company, Bajaj Finance limited each equity share of ₹10. The share sale is being conducted to comply with Reserve Bank of India (RBI) regulations, which require upper tier non-banking finance companies to be listed on stock exchanges by September 2025. The mortgage lender intends to use the proceeds from the new issue to mee...