RBI's ongoing onslaught against inflation

Reserve Bank Governor, Shaktikanta Das, said, going forward the RBI along with government of India will bring down inflation to as low as 4%. The inflation still remains high in the country despite falling down to 26 month low of 4.25% in May, this year. RBI’s repo rate cut and government’s supply side measures have helped in bringing down inflation within the tolerance band. RBI expects average inflation to pan out at 5.1% in the current financial year. Bringing down inflation after such a long time will give relief to citizens. Prices of commodities and food articles will rise at slower pace.

FPIs remain bullish on India

FPIs’ bullishness on India’s growth story continues. FIIs have been heavily investing in India since Mach, 2023. FIIs inflow has gone up to close to 60,000 crore rupees so far in current calendar year. Even in June so far, FPIs have pumped in more than 30,600 crore rupees. But stock market analysts, have warned going forward FPIs inflow could turn volatile due to rising valuations of India’s equities.

Deadline to apply for higher pension could get extended

The deadline to apply for a higher pension could get extended by the EPFO. According to the daily The Economic Times, An extension could likely come as many employees have been complaining about facing difficulties while applying for higher pension from the Employees’ Pension Scheme. Adding to that there was also a lack of clarity on various rules and delayed clarification from EPFO. A number of employees are yet to apply for the higher pension option. The last date to apply for higher pension is today June 26,2023.

Shree Cement falls by over 10%

Shree Cement tanked at the bourses by over 10% to 22,601 rupees on the bourses. This comes amid reports that the company has been found to have allegedly evaded 23,000 crore rupees in taxes. Last week, the income tax department conducted a survey action at five locations of the cement manufacturer. These include Beawar, Jaipur, Chittorgarh and Ajmer. In the last two trading days the stock has plummeted by over 12%.

BSNL Launches two new voice plans

BSNL has just launched two new voice plans with an 84 day validity priced at 599 rupees and 769 rupees. The new plans include unlimited voice calling, unlimited data and free SMSes, and added benefits. The 599 rupee plan offers unlimited voice calling, including national roaming, 100 SMS perday and 3GB data per day at high speeds. While the 769 rupee plan offers unlimited calling, 2 GB data at high speed and 100 SMS per day. It also comes with added benefits like free access to BSNL tunes, and EROS Now Entertainment.

IdeaForge IPO opens with a bang

Ideaforge IPO began with a bang. The ipo of the drone startup was subscribed 1.75 times so far on day 1. The retail portion got fully subscribed in less than an hour of opening. NII was subscribed 1.89 times so far. And as far as qualified institutional buyers are concerned there were no bids. The GMP stands at almost 80% higher, as against the upper end of offer price at 672 rupees. The IPO has a fresh issue of equity shares of up to 240 crore rupees and OFS of up to 48.6 lakh shares by selling shareholders.

Tomato prices goes up to 120 rupees

Tomato prices in the retail market has gone up to 80-120 rupees per kg and the wholesale prices have gone up to 65-70 rupees per kg. The sky high prices are owing to the high temperature, low production and delayed rainfall in most parts of the country. This has now put pressure on RBI which has been tasked to keep inflation under check. In May tomato was being sold at 3-5 rupees per kg which apparently forced farmers to abandon the fields resulting in bad production. As per media reports, the sowing of tomato was less last year as most of the farmers shifted to planting beans which saw its prices shooting up.

Kia India to recall 30,000 units of Carens

And Kia will be recalling 30,000 units of its model Carens for a software update. The automaker is recalling a total of 30,297 units of the model manufactured between September 2022 and February 2023. The company said in a statement that it has recalled the models for vehicle inspection and if needed a free of cost software update will also be given. Furthermore any potential error in the cluster booting process that may cause the cluster to go blank will be subjected to inspection.

Meta partners with COIA to upskill traders

Meta has partnered with Confederation of All India Traders to upskill 10 lakh traders on how to use the Whatsapp business app in the next three years. This is being done to reach more customers and scale up their businesses. The company that owns WhatsApp, Instagram and Facebook also announced the launch of Meta Small Business Academy, a new programme to enable emerging entrepreneurs to learn digital marketing skills and earn a certification.