Here are the top personal finance news of the day:
To give direct competition to Paytm and PhonePe, SBI is allowing customers of even other banks to make UPI via SBI’s YONO app. Other banks customers can also use YONO SBI to scan any QR code and make UPI transactions. SBI’s latest step is direct challenge for other fintechs. This can impact market share of likes of Paytm and Phone Pe. This could also impact Paytm share price performance.
These banks give 100% loan on Ather Energy E2Ws
Electric scooters of Ather Energy become more affordable. Consumers can get up to 100% loan on Ather Energy two wheelers with various financial institutions. These institutions are IDFC First Bank, HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank, Hero FinCorp and Cholamandalam Finance. Aether Energy already allows 5 years loan tenures to customers on electric scooters purchase. With, up to 100% loan, the scooters will become more affordable while customers get to drive clean and green scooters.
Ola vows S1 Air test drive later this month
Ola will launch its most affordable e-scooter, Ola S1 Air, later this month. The e-scooter will give range of 125 kilometres on single charge. Owner will be able to drive it at a top speed of 85 kilometre per hour. Although, customers will not get as much subsidy as they used to get before as Government of India recently reduced subsidy on purchase of electric two wheelers.
Crypto investors get Rs 3,500 discount on flight tickets
India’s leading online tax filing platform, Cleartax, will give up to 55% discount on plans to tax payers filing ITR on its platform. If the tax payer has earned profits from cryptocurrencies, then, he will get up to 3,500 rupees discount on flight tickets booked on travel platform, Ixigo. Freelancers, lawyers and doctors filing ITR via Cleartax will get discount up to 5,000 rupees on bookings in Yatra Hotels. tax filers will also get a flat discount of 175 rupees on orders made on Swiggy Gourmet. Cleartax has partnered with Swiggy, Yatra Hotels and Ixigo to make tax filng rewarding on its platform. Filers will get to avail of these benefits only when they file taxes on Cleartap’s platform.
SIP accounts average ticket size Rs 2,214
The average portfolio size of SIP accounts of retail investors has reached 1.2 lakh rupees. This is highest since November, 2021. There are total of 6.7 crore SIP accounts in the country. Average ticket size of retail investors’ SIP accounts was 2,214 rupees in June, 2023. Ticket size has fallen in last five years. It has fallen 49% in as many years. But, the number of SIP accounts have only increased. This shows retail investors are participating enmasse in stock market via the SIP route. But they are in investing around 2,000 rupees every month. Retail investors immense participation has become the resilient force of the market. In events of FIIs outflow, investment by DII and small investors have helped in making market resilient.
Infinix Hot 30 5G priced starts at Rs 11,499
China based smartphone manufacturer, Infinix, will kick start sale of Hot 30 5G smartphone series from July 18 on Flipkart. The base variant of the smartphone is priced at 11,499 rupees. The affordable smartphone with 50 mega pixel back camera sports a 6.7 inch screen, boasts of 8 mega pixel selfie camera, C-type fast charging and 6,000 mAh battery. The base variant houses 4 GB RAM with 128 GB storage capacity.
No duty waiver to Tesla, says revenue secretary
Amidst reports that Tesla is in talks with government of India to set up a factory in India, Revenue Secretary, Sanjay Malhotra has said government is not considering duty waiver for the electric vehicle company. According to market reports, Tesla has put forward a proposal with the government to manufacture 5 lakh electric vehicles in India on annual basis for which, it had requested duty waivers. But the Revenue Secretary said no duty waiver will be given to the largest EV company in the world.
Senco Gold sees strong listing on bourses
Shares of jewellery retail player Senco Gold made a strong market debut on Friday. The stocks listed with a premium of 36 per cent. IPO issue price was 317 rupees. The IPO of Senco Gold was subscribed 73 times last week. The stock closed at 404 rupees on Friday. It is trading at 27% premium to the issue price.
Retail Investors over-subscribe Patanjali Foods OFS
Baba Ramdev’s Patanjali Foods share sale was over-subscribed by both retail and institutional investors. In the two-day offer for sale, Baba Ramdev sold more than 72 lakh shares of the top FMCG company. The OFS floor price was 1,000 rupees apiece. The stocks were available at 16% discount in the OFS. The counter settled for the day at 1224 rupees apiece on the BSE.
