HDFC Bank launches SME-focused credit cards
Tue, Feb 6, 2024 8:24 PM

HDFC Bank launches SME-focused credit cards

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.

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Fitch says India to miss FY25 fiscal deficit target of 5.1% by 30 bps
Tue, Feb 6, 2024 8:23 PM

Fitch says India to miss FY25 fiscal deficit target of 5.1% by 30 bps

Fitch 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.

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Rashi Peripherals IPO: Things to know before subscribing
Tue, Feb 6, 2024 8:16 PM

Rashi Peripherals IPO: Things to know before subscribing

Rashi 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.

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Rising quantum of funds parked in SDF may prompt RBI to conduct more VRRR
Tue, Feb 6, 2024 8:15 PM

Rising quantum of funds parked in SDF may prompt RBI to conduct more VRRR

Experts 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.

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BP earns $3 billion at the end of last year but saw its annual profit fall
Tue, Feb 6, 2024 8:13 PM

BP earns $3 billion at the end of last year but saw its annual profit fall

BP 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.

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PWD issues notice to L&T over 'flaws' in Pragati Maidan tunnel
Tue, Feb 6, 2024 8:11 PM

PWD issues notice to L&T over 'flaws' in Pragati Maidan tunnel

The 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.

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Gold falls Rs 150; silver tumbles Rs 600
Tue, Feb 6, 2024 5:52 PM

Gold falls Rs 150; silver tumbles Rs 600

Gold 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.

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Mutual Fund NFO: Bajaj Finserv Large and Mid Cap Fund starts subscription
Tue, Feb 6, 2024 5:34 PM

Mutual Fund NFO: Bajaj Finserv Large and Mid Cap Fund starts subscription

Bajaj 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.

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PolicyBazaar stock crashes 6% on report of IT assessment proceedings
Tue, Feb 6, 2024 5:29 PM

PolicyBazaar stock crashes 6% on report of IT assessment proceedings

PolicyBazaar 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.

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Zuckerberg’s plan for AI hinges on your Facebook, Instagram data
Tue, Feb 6, 2024 5:29 PM

Zuckerberg’s plan for AI hinges on your Facebook, Instagram data

Facebook'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.

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Nestle India Q4 results preview: Robust net profit, revenue growth eyed...
Tue, Feb 6, 2024 5:24 PM

Nestle India Q4 results preview: Robust net profit, revenue growth eyed...

Nestle 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.

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Big oil’s boring quarter was great news for investors
Tue, Feb 6, 2024 5:23 PM

Big oil’s boring quarter was great news for investors

ExxonMobil 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.

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DC holds court in village to solve land issues in Gumla
Tue, Feb 6, 2024 5:18 PM

DC holds court in village to solve land issues in Gumla

The 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.

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India expects $1.8 billion in dividends from state-run banks in 2024/25.
Tue, Feb 6, 2024 5:17 PM

India expects $1.8 billion in dividends from state-run banks in 2024/25.

India'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.

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Technical View: Nifty bounces back; likely to move towards 22,000-22,130
Tue, Feb 6, 2024 4:57 PM

Technical View: Nifty bounces back; likely to move towards 22,000-22,130

The 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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