News

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...

RBI MPC Meeting June 2024: With the RBI keeping the repo rate constant, all external benchmark lending rates linked to the repo rate will not increase, providing relief to borrowers as their EMIs will not increase. RBI Monetary Policy Meeting June 2024: The Monetary Policy Committee (MPC) of the Reserve Bank of India, which began its meeting on Wednesday, has kept the repo rate unchanged at 6.5% for the eighth consecutive time. This is the first time that the MPC met after the declaration of Lok Sabha election results. In April, the central bank had determined to keep the repo rate unchanged at 6.5% and maintain the 'withdrawal accommodation' policy deportment in monetary policy. Both decisions were taken by the six-member MPC headed by RBI Governor Shaktikanta Das in a 5:1 majority...

A day after witnessing the worst trading session in four years, benchmark indices Sensex and Nifty recovered almost half of their losses on Wednesday after gaining over 3% each. The 30 share BSE Sensex closed at 74,382.24, up 2,303.19 points or 3.2 per cent. Nifty closed at 22,620.35, upturn 735.85 points or 3.36%. Sensex fell 4,389.73 points or 5.74% and Nifty 50 fell 1,379.4 points or 5.93% on Tuesday due to the unexpected Lok Sabha election result. Bharatiya Janata Party (BJP) got 240 seats, which is much less than the exit poll estimates. However, the BJP-led National Democratic Alliance (NDA) secured 294 seats, ensuring a third term for Prime Minister Narendra Modi. Analysts said the rise in the indices on Wednesday was due to investors absorbing the unexpected Lok Sabha election res...

A day after the announcement of Lok Sabha elections, domestic stock market indices Sensex and Nifty, which opened nearly 1 percent higher on Wednesday (May 5), gained in morning trade. At 11:30 am, the Sensex rose 2.46% or 1,772.04 points to 73,851.09. The index opened at 73,027.88, up 1.32% compared to its previous close of 72,079.05. After opening with a gain of 243.85 points or 1.11%, the broader Nifty also jumped 2.56% or 560.5 points to hit an intraday high of 22,445. On Wednesday, the Sensex closed 4,389.73 points or 5.74% lower at 72,079.05, and the Nifty 50 fell 1,379.4 points or 5.93% to close at 21,884.5 as the Bharatiya Janata Party (BJP) failed to win majority in general electiom. The party secured only 240 seats, much less than market expectations. “It will take s...

Mumbai: Gross goods and services tax (GST) revenue for May 2024 stood at ₹1.73 lakh crore. This represents a 10 percent year-on-year increase, driven by strong growth in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a growth of 6.9% over the same period last year. The gross GST collection in the financial year 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive growth of 11.3% year-on-year, driven by strong growth in domestic transactions (up 14.2%) and modest growth in imports (up 1.4%). After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is ₹3.36 lakh crore, showing a growth of 11.6% over the same period last year. ...

Domestic equity indices opened at record highs on Monday after exit polls predicted a hat-trick for Prime Minister Narendra Modi in the results of the recently concluded Lok Sabha elections. Analysts said better than expected gross domestic product (GDP) of 8.2% in FY24 and S&P revising India's rating outlook to positive from stable also buoyed the market. BSE Sensex crossed the 76,500 mark for the first time on Monday. The 30 share index opened 2,621.98 points or 3.55% higher at 76,583.29. Nifty opened at a record high of 23.337.9 with a gain of 807.2 points or 3.58%. An average of 10 exit polls has predicted that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will improve its position in 2019 by winning more than 350 seats. According to estimates, the ...

The Reserve Bank of India (RBI) said the banking sector recorded higher credit growth in the first month of FY24, led by an increase in advances to the agriculture sector.On a year-on-year basis, non-food bank credit grow by 15. %3 in April compared with 16.2% growth a year earlier. In absolute terms, bank non-food credit stood at Rs 159.55 lakh Crore in April compared to Rs 138.38 lakh Crore in April 2023.RBI's sectoral deployment of bank credit for April 2024 showed that credit to agriculture and allied activities increased to 19.7% in April 2024 from 16.8% a year ago.Growth in the personal loan segment declined to 17.4% from 19.4% growth a year ago, mainly due to lower growth in vehicle loans. This moderation came despite faster growth in credit to housing (17.7% compared to 13.9 perce...