Indians credit card spending increases 19% (YoY) to Rs 1.7 trillion in July 24
India's credit card spending surged by 19% in July year-on-year to Rs 1.7 trillion, with transaction volumes increasing by 39%, indicating growing adoption. HDFC Bank led in transaction volumes and value, followed by ICICI Bank and SBI. This trend reflects higher consumer confidence and a shift towards credit card transactions.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wmz8sZJ
Sensex and Nifty reached new highs on Friday, driven by positive feedback from global ratings firms about the Indian economy. Buying by India-focused funds after MSCI updated the weights for some Indian stocks also boosted sentiment. Nifty closed at 25,236, marking its 12th straight session of gains, the longest run since the index was launched.
In the April-June quarter, India's GDP growth slowed to 6.7%, the lowest in five quarters. The farm and services sectors remained sluggish, while manufacturing and construction were resilient. Despite the slowdown, strong domestic demand and government spending kept India as the fastest-growing major economy. The finance ministry expects sustained growth of over 7% in the medium term.
India's Q1 GDP growth slowed to 6.7%, slightly below economists' expectations of 6.8-7%. Reduced government spending during elections played a role. Yet, India remains the fastest-growing major economy.
Noida Airport aims to start commercial operations by April 2025 after initial test flights from September. The airport, owned by Zurich Airport, will start with a capacity of 1.2 crore passengers annually, eventually managing 70 million passengers yearly.
Rakesh Gangwal, co-founder of IndiGo Airlines, has sold 30% of his stake in InterGlobe Aviation, raising $1.3 billion through a block deal. The shares were sold at Rs 4,714.90 each following IndiGo's stock hitting a record high. Gangwal announced plans to reduce his holdings after resigning from the airline's board in February 2022. Gangwal and the Chinkerpoo Family Trust sold 22.5 million shares at Rs 4,714.90 each, amounting to nearly $1.3 billion or Rs 9,549 crore.
India has hit a new milestone of 334 billionaires in 2024, an increase of 75 from the previous year, as revealed by the Hurun India Rich List. Gautam Adani's family leads with Rs 11.6 lakh crore.
Reliance Industries' Mukesh Ambani shared the company's plans to climb into the top 30 most valuable firms globally, leveraging deep-tech and advanced manufacturing.
The Competition Commission of India has approved the merger of Reliance Industries and Walt Disney India's media assets, with specific modifications. This merger aims to establish an $8.5-billion entertainment powerhouse to compete with Amazon, Netflix, and Sony Pictures Networks. The companies will divest several TV channels and cap advertisement prices for streamed cricket matches for approval.
Paytm has received the green light from the finance ministry to invest in its payment services business. The company aims to reapply for the license for its payment services. Though Paytm remained reserved on specific amounts, Reuters highlighted a 500 million rupee investment. The payment services division significantly contributed to its revenue in the last fiscal year.
Berkshire Hathaway Inc became the first non-tech US company to achieve a $1 trillion market value, driven by strong insurance results and economic optimism. Warren Buffett’s conglomerate, which spans from Dairy Queen to Duracell, has outpaced the S&P 500 with a 30% gain in 2024. Berkshire's diversified portfolio remains robust amid changing economic conditions.
Senior citizens can earn higher interest on bank fixed deposits. These deposits provide flexibility, laddering technique benefits, and tax-saving advantages under Section 80C with a five-year lock-in period.
Finance Minister Nirmala Sitharaman stated that the GST Council plans to address rate rationalisation, with states cautious about revenue concerns. The council aims to keep existing tax slabs intact while reconsidering other rates, starting discussions on Sept 9. States seek to balance revenue needs without excessively burdening the public.
Major car manufacturers such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, Kia Motors, and others are offering a 1.5% discount or up to Rs 20,000 on new vehicle purchases against old car scrapping for the next year. The initiative aims to advance circular economy efforts, ensuring cleaner, safer, and more efficient vehicles on roads.
An IPO by small Indian motorcycle dealership Resourceful Automobile Ltd was oversubscribed over 400 times. The New Delhi company aims to raise 120 million rupees to repay debt and expand showrooms. Despite regulatory warnings, India's new-share market remains overheated with IPOs averaging over 50% gains since debut, driven by strong retail investor demand.
Sebi has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and other board members. The notices allege misrepresentation and non-compliance with shareholder classification norms.
India reached a new milestone by installing around 15 GW of solar power in the first half of 2024, driven by developers completing delayed projects, according to Mercom Capital. This marks a 282% increase from the same period in 2023. Utility-scale projects dominated, and solar energy made up 19.5% of India's installed power capacity by June 2024.
Ola CEO Bhavish Aggarwal stressed the private sector's role in job creation, stating businesses must step up while the government creates an enabling environment. Highlighting India's need to lead in AI, he discussed Ola's AI startup Krutrim and its goals. He supported incentives for global EV manufacturers and outlined India’s potential as an EV hub.
India's leading oil companies, including Indian Oil and BPCL, were fined for a fifth quarter for not meeting listing regulations requiring independent and women directors on their boards. The companies cited that director appointments are government-controlled and requested waivers for the fines imposed by BSE and NSE for the June 2024 quarter.
India's textile industry was poised for substantial growth, with projections of textile exports reaching $65 billion by FY26. The domestic textile market, valued at $165 billion in 2022, was expected to expand to $350 billion by 2030. The industry provided significant employment and benefited from government initiatives and Foreign Direct Investment.
Currently favorable FD rates make it an excellent time to invest before RBI's anticipated rate cuts. The article provides a list of the top 5 banks offering the highest FD returns for different tenures. Experts advise investors to seize this moment to lock in the attractive interest rates.
AHEAD, a US-based cloud and data solutions company, opened a facility in Hyderabad with plans to hire 500 techies by 2025. This expansion follows the launch of a delivery office in Gurugram. The Hyderabad office will focus on managed services and digital solutions, aiming to grow its India operations to 750 employees by 2024.
Zerodha introduces Privacy Mode on its trading platform, Kite, to help users secure sensitive information and discourage overtrading. The feature hides real-time Profit and Loss updates, account balance, and order details. This measure aims to promote disciplined trading by focusing traders on their strategies, avoiding the emotional toll of constant market monitoring.
RBI's monetary policy committee, chaired by Shaktikanta Das, maintained a hawkish stance against interest rate cuts, diverging from the US Federal Reserve. Despite differing views from some external members, concerns about persistent food inflation and the need to anchor inflation expectations prevailed. New external members joining the next meeting may influence future decisions.
Nestlé CEO Mark Schneider will step down after eight years, to be succeeded by Laurent Freixe, head of the Latin America division, from September 1. Schneider expressed gratitude for his tenure, while Freixe's extensive in-market experience was praised. Nestlé recently adjusted its 2024 sales growth outlook amidst pricing strategy changes and controversies.
By July 31, 2024, more than 7.28 crore income tax returns were filed, including 2.28 crore in the closing days of July. It's crucial to verify these returns within 30 days to avoid penalties.
The central government is conducting discussions with states and union territories to evaluate their readiness for implementing employment-linked incentive schemes proposed in the 2024-25 budget. The Ministry of Labour and Employment aims to create 29 million formal jobs and assess the states' alignment with central labour codes.
The Indian Army has issued a tender for next-generation artillery guns, seeking 400 systems initially, with demand expected to rise. Private manufacturers like Larsen & Toubro, Bharat Forge, and Tata Advanced Systems are key contenders, aiming to supply domestically designed, high-automation 155mm/52 caliber guns.
Congress said that regulatory failures and conflicts of interest could have long-term negative effects on investor sentiment. The party also highlighted that the "Indian equity market has so far enjoyed a valuation premium among emerging markets on account of well regulated markets and professionally-managed companies, but any lapses could risk destabilizing it.
In July, India became the second-largest buyer of Russian crude oil, importing $2.8 billion worth, significantly increased from pre-Ukraine war levels. This shift occurred after Russian oil became available at discounted rates due to European sanctions. India now relies on Russia for almost 40% of its crude oil imports, with China being the largest importer.
In July, the core consumer price index in the US rose 3.2% from a year ago, marking a four-month decline in underlying inflation. Monthly, it increased by 0.2%. The Federal Reserve is expected to lower interest rates next month. Nearly 90% of the monthly advance was attributed to shelter costs, which accelerated from June.
Banking Laws (Amendment) Bill, 2024: When there are multiple simultaneous nominees, the nomination will be effective in a predetermined proportion. In the case of successive nominations, priority will be given to the nominee named higher in the nomination order.
On Tuesday, global market weakness and geopolitical tensions led to a strong selloff in Mumbai markets, with the Sensex dropping nearly 700 points and Nifty down by 208 points. Foreign funds aggressively sold off, leading to a net loss. Major sectors like banking and IT saw significant declines, although two companies had strong listings amid the broader market downturn.
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