Here are the top personal finance news of the day.
Maruti Suzuki is giving steep discount on select variants of few of the models. Maruti is giving total benefits of up to 61,000 rupees on models like WagonR, Alto K10, S.Presso, Swift, and Dzire, according to media reports. Currently, ex-showroom price of lowest variant of petrol WagonR starts from 5.51 lakh rupees. While, that of lowest variant of petrol powered DZire starts from 6.51 lakh rupees. The Benefits rolled out include cash discount, corporate benefits and exchange bonus.
Mankind’s stellar debut
Mankind Pharma made a thumping debut on stock market on May 9. The stock listed at a 20% premium to the issue price, giving a bumper exit option for investors. It’s shares opened on the BSE at 1,300 rupees, a premium of 20% over the issue price of Rs 1,080. The the stock ended the day at Rs 1,430, with a gain of 32.4%.
HDFC Bank raises rates
HDFC Bank has given high voltage current to customers. Those who had taken loans with the largest private sector bank of the country, they may have to pay higher EMIs. The lender has raised rate of interest on various types of consumer loans like home loans, auto loans, to name a few. The private sector bank has hiked its one year mclr to 9.05%. The interest rates on various types of loans are tied up with 1 year MCLR of banks. With HDFC Bank raising its 1 year mclr, various types of consumer loans will become costlier.
Delhi Metro QR code tickets
Passengers of Delhi Metro will now be able to buy QR code-based paper tickets for commuting. Passengers will be able to avail of this facility at all stations across Delhi Metro. DMRC claims QR code-based paper tickets will erase out any human intervention in commuting on its network. Apart from this, from next month, passengers will also be able to buy mobile-based QR tickets for traveling. Both these new features will make commuting on Delhi Metro more cashless, seamless and human intervention free.
Nexus Select listing
Next news is for those who want to invest in real estate through REITs. Blackstone-sponsored, Nexus Select Trust will list its units at 32 rupees discount on the exchanges. The net asset value per unit of the trust is 127 rupees. As the REIT looks to list its units at discount to its net asset value, it has kept subscription rate of units in price band of 95 to 100 rupees. Nexus Select Trust has invested in total of 17 malls across the country apart from office spaces and other real estate assets. It has invested in Select City Walk in Saket, South Delhi. This is the 4th REIT that will be listed in India. Listing of REITs throw open the opportunity for retail investors to cash in on untapped value of real estate.
AU Bank RuPay card
AU Small Finance Bank has launched cashback RuPay credit card for self-employed customers. Benefits include 2 per cent cashback, 48 days interest-free credit, and instant loans. The credit card will also offer fire insurance, burglary, and housebreaking coverage, making it a one-stop solution for the self-employed.
Unclaimed deposits
Next news is for those who have unclaimed deposits lying with various banks of the country. On settling of unclaimed deposits, banks might give preference to those accounts in which nomination details are updated. Banks may settle unclaimed deposits lying in these accounts before those deposits where nomination details are not duly filled in. Banks might soon kickstart a process to settle such accounts. In the past, PSU Banks have transferred about 35,000 crore rupees unclaimed deposits to the Reserve Bank. These unclaimed deposits were lying in more than 10 crore deposits with the public sector banks. RBI will also launch a centralised portal where depositors and beneficiaries can access details of unclaimed deposits across various banks in the country.
India Post income plan
India Post Payments Bank customers can get an affordable protection plan from Bajaj Allianz Life Insurance Company. The policy comes by the name of Bajaj Allianz Life Group Term Life. On policyholder’s death, his family will get regular monthly income for up to 10 years. Apart from this, the nominee will get a lump-sum amount to cover any immediate expenses. This will ensure financial security of policyholder’s family in case of his death. The life insurance plan is exclusively available for India Post Payments Bank customers.
Aera booking from May 17
Bookings for India’s first gear-equipped electric bike, Aera will commence from May 17, 2023. Driven in by Ahmedabad-based EV startup, Matter Energy, Aera is priced at 1.44 lakh rupees. The company claims the drivetrain will give single charge range of 125 kilometre. It will take 2 hours to completely charge the bike. The company claims a top speed of 95 kilometre per hour on the drivetrain.
Alcohol sales jump
Alcohol sale has increased considerably in the last one year to over 400 million cases running to March 31, 2023. Whisky sales comprised maximum portion of overall sales followed by brandy, rum, vodka and gin. Alcohol sales have increased despite of companies hiking prices in the last one year. Increase in sales despite the price hike will lead to higher earnings by the firms. It may also reflect on the stock prices of top brewing companies in town!
RBI gold reserves
The Reserve Bank’s gold reserves have increased marginally on year-on-year basis and has come just under 800 crore metric tone as of March-end 2023. The share of gold in the country’s total foreign exchange reserves also increased to over 8%. Increase in gold reserves will impact the value of national currency. It will also be positive for the economy. The Reserve Bank can raise capital from the gold reserves.
