These are the big personal finance news of the day:
Smallcap shares are proving to be a good investment in the stock market. The S&P BSE Smallcap Index made its all time high of 31,680 points on Thursday. The surge was led by shares in the railway, auto, and hospital sectors. The BSE Smallcap Index has performed better than the market in the past month. In one month, the index has recorded a growth of seven percent. In comparison, the S&P BSE Midcap Index has grown by a little lower of 6.4 percent, while the S&P BSE Sensex grew minimum by 2.2 percent. Around 91 shares of the S&P BSE Smallcap Index touched a new 52-week high on Thursday. While, 28 shares made their all-time highs. Despite the recent surge, market experts see further potential for growth in the smallcap segment.
RBI expects inflation to gradually rise till December’23
According to minutes of the three day bi-monthly MPC meet which concluded on June 8, 2023, the Reserve Bank of India Governor Shaktikanta Das expects retail inflation to remain low at 4.6% in first quarter of ongoing financial year. But the RBI expects inflation to gradually rise till December and then again consolidate in January quarter of next calendar year. Although, the apex bank expects average inflation to remain well below upper limit of tolerance band at 5.1% for the whole on current fiscal. Although Das sounded worried about headline inflation. He said headline inflation still remains above the target. Being within the tolerance band is not enough. RBI’s goal is to achieve the target of 4.0 per cent, going forward. Das said he is maintaining “Arjuna’s eye” on the evolving inflation scenario.
Markets give thumbs up to MPC meet in morning trade
After the RBI kept repo rates unchanged at 6.50%, markets continued to rally in the morning trade on Thursday. After the MPC meeting was over, the 30-share BSE Sensex climbed more than 170 points giving a thumbs up to decisions taken in the bi-monthly meeting. Although, later on Sensex snapped 4 day rally and closed in red. The Sensex clsoed below 62,900 points. While, Nifty50 closed at 17,599 points. While, broader index, Nifty 50 closed below 18,700 points
Your EMI may not rise for now
Good news for those who are looking to take a loan or even for those who have active loan accounts running against their name. Their EMIs may not increase for time being as the RBI has decided to keep repo rate unchanged at 6.50%. Banks are mandated by the RBI to tie up rate of interest at which they sanction loans to the repo rate. MPC meet concluded on Thursday, June 8, 2023. With RBI not hiking the benchmark repo rate. Banks are expected to keep lending rates unchanged as well. Having a direct impact on pocket of borrowers.
Dhara edible oils to be furher cheaper by Rs 10/lt
Dhara edible oil which you use for cooking food is going to become cheaper by 10 rupees per litre. Yes, you heard it right. Edible oils like mustard oil, sunflower oil, soyabean oil of the Dhara brand will become cheaper from next week. Edible or cooking oils are sold under the Dhara brand by Mother Dairy. Next week, when you go to buy edible oil of Dhara brand, you will have to pay only 140 rupees for buying one litre of Dhara refined soyabean oil. While, Dhara Refined Ricebran Oil and Dhara Kachi Ghani Mustard Oil will cost 160 rupees per litre. You will have to pay 200 rupees to buy one litre of Dhara Refined Vegetable Oil. One litre pack of Dhara Mustard Oil will cost 158 rupees. The MRP of Dhara Refined Sunflower Oil will now be 150 rupees per litre. While, Dhara groundnut oil will be sold at a MRP of 230 rupees per litre.
Companies have reduced cooking oil prices as international prices of crude oil has fallen rapidly in the last one year or so.
Jiomart hikes prices on its platform
According to brokerage firm, Prabhudas Lilladher, online grocery platform, Jiomart increased prices of items that it sells on its platform from period ranging from February, 2023 to May, 2023. Reliance Industries’s flagship online grocery platform Jiomart increased prices of items like loose grocery, dairy, packaged food, beverages, personal care and home care productsduring this period. On an average, Jiomart hiked prices by 32% over this period. Infact, top three online grocery delivering firms in the country Bigbasket, Jiomart and D’Mart Ready all have increased prices during the three month period. But Jiomart kas hiked the most as compared to other grocery delivering platforms. So, ordering grocery items from these platforms will make customers pay even more.
Blurred photos no longer be an issue on WhatsApp
WhatsApp is introducing a new feature for the convenience of its users. The microblogging platform will allow users to easily share HD photos. WhatsApp’s HD Photos feature will provide users with the option of selecting better quality photos. Along with this, users will also get to crop photos right on WhatsApp. They will not be required to use any other app for cropping photos. They can do it right there on WhatsApp. Users can choose the options according to their preference.
Pay Rs 699 for Facebook, Insta blue tick
On Facebook and Instagram, users will have to pay a fixed amount for blue tick subscriptions. This announcement was made by Meta, the parent company of Facebook. Under this, a monthly subscription price of 699 rupees has been set for mobile apps in India. Meta is also planning to launch this service for verified accounts on the web in the coming months. Subscription of 599 rupees per month will be required. The company states that security and support will be provided to verified account holders and measures will be taken against those who create fake accounts.
50% of Rs 2K notes back with banks: RBI
Reserve Bank Governor Shaktikanta Das on Thursday said about 50 per cent of 2,000 rupee notes in circulation has come back in the banking system within just three weeks of announcing withdrawal of the 2,000 denomination bank notes. The governor also urged the public not to panic for exchange or deposit of 2,000 notes. They should avoid last minute rush. Most people are choosing to deposit and not exchange rupee notes. He also made it clear that RBI is not thinking of withdrawing 500 rupee notes. RBI is not thinking of re-introducing notes in the 1,000 rupee denominations. He has requested the public not to speculate on this.
Now travel cashless in Mumbai across modes
State Bank of India had earlier rolled out a national common mobility card. Customers could use the NCMC debit card to purchase tickets for traveling in metros and buses all over India. Customers could also use money lying in SBI wallet to pay for commuting in public transport all over the country. Availing of the cashless facility they could get rid of hackle of ticket purchase while commuting in buses and metros. But customers would have to find out whether the corporation which ran metros and buses in their town, whether that corporation had tied up with SBI or not. But now, the State Bank of India has announced that it has tied up with Mumbai metro corporation to extend this service to commuters. Passengers can now seamlessly commute in Mumbai metro with the SBI RuPay NCMC Debit Card. Mumbai metro is also giving 5% discount to cirizens if they commute with the SBI’s travel card.
