Here are the top personal finance news of the day:
BSE is giving an opportunity for shareholders to book huge profits. Asia’s oldest stock exchange has announced a buyback at issue price of 816 rupees per share. BSE has not announced the Record date yet. On Thursday, the company’s stock price closed 4% higher at 705 rupees per share. Buyback price is at nearly 16% premium than Thursday’s closing price. If investors buy shares of BSE before record date, and participate in the buyback, then, they stand a chance to generate profit on investment. Buyback impacts cash reserves of companies. It also reduces number of outstanding shares of a company.
Goa’s stance roadblock in taxing gaming industry
The GoM on online gaming, horse racing and casinos had a broad agreement that a 28 per cent GST should be levied but a consensus eluded on taxability of online games. Goa suggested an 18 per cent tax on platform fees. Currently, government levies 18% GSTon online gaming. Government is pondering on classifying online games into two categories. First is game of skill. And, second is game of chance or luck. Government will likely increase gst on game of chance to 28%. Industry experts have requested government to atleast keep gst unchanged at 18% on game of skill.
PNB issues revised locker agreements
Punjab National Bank has issued a revised locker agreement incorporating customer’s rights, it has asked its locker holder customers to contact their locker holding branch and execute the revised agreement as applicable. RBI has instructed banks to comply with revised locker facility guidelines
June ’23 E2W sale plunges by more than half
According to FADA president, Manish Raj Singhania, June, 2023, electric two wheeler sale plunged by more than half on month-to-month basis. This is attributed to roll back of subsidies given by the government to consumers on electric two wheeler purchase. Such a sharp plunge may force government to think again on its decision. It has also hampered overall sale of two wheelers in the country. Even, two wheeler sale in June has plunged 12% to only slightly more than 13 lakh units. This will also hamper earning of two wheeler companies.
Realme rolls out new smartphone series
Chinese smartphone manufacturer, Realme has launched latest series of smartphones. The new series of smartphones come with high storage space. There are two variants, ‘ Realme Narzo 60 5G and ‘Realme Narzo 60 Pro 5G.’ The price of base variant starts from 17,999 rupees. The higher variant which is the Pro version has storage space of up to 1 TB. The price of one with 1 TB storage space is priced at 29,999 rupees. Both the Pro version and general version have 16 megapixel front camera, 5,000 mAh battery and run on Realme UI 4.0 which is based on Android 13. Other specifications vary in these two versions. Customers can pre-book the models now. Sale kicks-off from July 15, 2023.
Gaurang Shah bullish on this two stocks
Geojit Financial Services, Senior VP, Gaurang Shah is bullish on Canara Bank and Tata Power. Gaurang has given target price of 400 rupees on Canara Bank in the long term. Investors can buy the stock around 325 rupees levels. Gaurang Shah’s second recommendation is Tata Power. He has given target price of 280 rupees on the counter. According to him, investors can buy Tata Power around 227 rupees levels.
Prabhudas Lilladher sees 21% upside on this realty stock
Prabhudas Lilladher is bullish on a realty stock. The stock is Sunteck Realty. According to the brokerage, stock’s chart looks attractive. RSI looks well placed. The brokerage has given upside target of 340 rupees at stop loss of 280 rupees. The brokerage sees 21% upside potential in the stock from current levels. On Thursday, Sunteck Realty closed 5% higher at 298 rupees on BSE.
BSE cos m-cap hits peak of Rs 301.10 lakh cr
The market capitalisation of BSE-listed firms hit a lifetime peak of Rs 301.10 lakh crore in morning trade on Thursday, driven by a positive trend in domestic equities. The 30-share BSE Sensex jumped 185 points or 0.28 per cent to 65,631.41 in morning deals. Tracking rally in equities, the market capitalisation of BSE-listed firms reached an all-time peak of 3,01,10,526.12 crore rupees. The BSE benchmark had jumped over 2,500 points in its record rally from June 26 to July 4.
June ’23 CPI inflation to be same as May: Barclays
Retail inflation is likely to have remained flat at 4.26 per cent in June compared to May, British brokerage Barclays has said, despite soaring vegetable prices and steady fuel prices. The food and fuel baskets constitute almost 60 per cent of the Consumer Price Index. In a note on Wednesday, Barclays India economists said that retail inflation was likely flat in June compared to 4.25 per cent in May, even though food prices have been trending higher amid broadly stable energy costs and steady core inflation.
Sebi to make FPI participation in bonds mandatory
Sebi brings proposal to make it mandatory for FPIs to have at least 10% trade in corporate bonds. Sebi will take any further decision on this matter after July 26, 2023. Making it mandatory for FPIs for trading corporate bonds will deepen India’s debt market. It will also encourage retail investors participation in the industry. Bringing in more liquidity in debt market. It will also help companies in India to easily raise cash and meet financial needs.
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