HDFC Bank, the largest private sector bank in India, has launched four new credit cards for small and medium enterprises (SMEs) and a digital platform for consolidating payables. They will also be introducing a new credit card for freelancers and gig workers. The bank holds the largest market share in the credit card business in India and has recently reached 2 crore credit cards in force.
Open FlipFitch Ratings expects India to miss its fiscal consolidation target of 5.1% GDP by 30 basis points, with a deficit forecast at 5.4% for 2025. The government aims to lower the deficit to 4.5% by 2026, but Fitch doubts this target can be achieved amidst the trade-off between growth and consolidation. The agency believes the government's focus on capex will support growth in the medium term.
Open FlipRashi Peripherals Limited IPO is set to open for subscription on February 7. The Rs 600 crore issue is an entirely fresh issue of 1.93 crore shares. Here are 10 key things to know before subscribing to the offer: IPO Dates The IPO will open for subscription on February 7, 2024, and close on February 9, 2024. Price Band The price band for the issue has been fixed at Rs 295-311 per share.
Open FlipExperts say that RBI may hold more VRRR auctions as there is excess liquidity being parked by banks in SDF. The central bank conducts these auctions to remove the excess liquidity from the banking system. According to experts, if this imbalance in liquidity continues due to excessive parking in the SDF, the RBI could use VRRR auctions to better manage the situation.
Open FlipBP reported $3 billion in earnings for the last quarter of 2023, bringing the total profits for the year to half of its record in 2022 due to falling energy prices. The company plans to buy back shares and keep dividends steady. Despite criticism from environmentalists, BP's CEO is confident in the company's strategy and operational performance.
Open FlipThe Delhi government's PWD has issued a notice to Larsen and Toubro for alleged flaws in the Pragati Maidan tunnel project, demanding a token amount of Rs 500 crore and ordering immediate repair work. L&T has countered with a claim of Rs 500 crore against the PWD. The tunnel, inaugurated by PM Modi in 2022, has faced closures due to waterlogging and design flaws.
Open FlipGold prices fell Rs 150 to Rs 63,200 per 10 grams in the national capital on Tuesday amid bearish cues from the overseas markets, according to HDFC Securities. The precious metal had closed at Rs 63,350 per 10 grams in the previous close. Silver also tumbled Rs 600 to Rs 74,900 per kilogram, while it had settled at Rs 75,500 per kg in the previous trade.
Open FlipBajaj Finserv Mutual Fund on Tuesday (February 6, 024) opened subscription for its new large and mid cap mutual fund- Bajaj Finserv Large and Mid Cap Fund. This is a high-risk, open ended equity fund which will invest in both large cap and mid cap stocks. The fund will have regular as well as direct plans with the options of systematic investment plan (SIP) and the lump sum.
Open FlipPolicyBazaar stock crashed 5.8 percent on February 6 after Moneycontrol reported that the income tax authorities may soon begin assessment proceedings against PB Fintech. The online insurance aggregator has been under the scanner for regulatory lapses and KYC non-compliance. The stock opened flat but fell as much as 12 percent to an intraday low of Rs 851.75.
Open FlipFacebook's user base continues to grow, making it a valuable source of data for CEO Mark Zuckerberg's plans to create powerful artificial intelligence. However, this data may come at a cost for users' privacy and could face criticism for potential bias and toxicity. Facebook's history of mishandling fake news and harmful content raises concerns.
Open FlipNestle India is expected to report strong revenue and net profit growth in Q4FY24, with a 14.5% rise in net profit and 9.7% increase in revenue. The company's EBITDA margin is also expected to improve due to better pricing and mix. However, competition from regional and local players has affected the growth of Nestle's instant noodles market. The FMCG industry has seen lower volume growth in Oct.
Open FlipExxonMobil Corp, Chevron Corp and Shell Plc all did in the fourth quarter what they’d promised: Start new oil and gas projects; cut costs; reward shareholders. Together, the Big Three returned more than $80 billion to shareholders last year, up from $78 billion in 2022 despite lower oil and gas prices, lower refining margins and fewer trading opportunities.
Open FlipThe Gumla administration is now holding deputy commissioner's court in remote villages to address issues related to the Chhotanagpur Tenancy Act. This move was prompted by concerns that tribals were not comfortable speaking up in the district headquarters. The DC is going directly to these villages to ensure that tribal land is not being transferred to non-tribals under pressure.
Open FlipIndia's state-run banks are expected to produce $2 billion in dividends for the government in the next fiscal year, thanks to measures taken by Prime Minister Modi to strengthen the sector. This is an 8.7% increase from the current fiscal year, with net profits of over $12 billion and improved asset quality. The government is also expecting significant dividends from the central bank.
Open FlipThe Nifty50 index closed with 0.7% gains on February 6, led by IT and Oil & Gas stocks. The index started above 21,800 and climbed to 21,950 before some profit booking erased some of the gains. Technical analysts expect the up move to continue towards 22,000-22,130 as long as the recent swing lows of 21,730 are not breached.
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