Here are the top personal finance news of the day:
After Indigo claimed that it placed largest ever single aircraft order of 500 aircraft in country’s history with Airbus, its shares skyrocketed and hit 52 week high of 2,499 rupees on the bourses. Global brokerage firm Morgan Stanley has maintained a buy rating on InterGlobe Aviation with a target price of 3,126 rupees. While, InCred Equities has said that at current prices, the risk-reward is not suitable for fresh buying and existing shareholders should book partial profit. On Tuesday, the scrip closed at 2,438 rupees on the BSE.
Third party insurance premiums may not rise in FY24
Good news for car and two-wheeler owners! Third party insurance premiums of four and two wheelers will not get costlier in the country in financial year 2024. The government has drafted a proposal for insurance companies in which it has proposed no further rise in premiums of third party insurance policies. Government will soon hold a meet with insurance companies and notify it. Third party insurance policies of vehicles are mandatory in the country. No further rise in premium will give relief to citizens. .
Rs 50 lakh-Rs 1 cr income base growing at highest rate
Now some news on income tax. According to data available on income tax portal, in April the number of tax payers with income up to Rs 5 lakh have grown the least in one year. While, the number of tax payers whose annual income is between 50 lakh rupees and one crore rupees, has grown the most in the same period. Such tax payers have grown 26 times in one year period running till April, 2023. While, tax payers with annual income of one crore rupees and above have shown the second highest growth during the same period. This indicates, number of high income tax payers are increasingly growing in the country while people at bottom of pyramid are still reluctant to pay taxes. Although, tax collection has been robust in the country. Tax collection has only increased in FY23 as compared to the previous fiscal.
Ola Electric claims end of ICE age near in scooters
Ola Electric founder Bhavish Aggarwal tweeted that the company will hold its next product event in July, this year. This has given birth to speculations that Ola may unveil its fourth e-scooter in the country. In the tweet, Aggarwal claimed that the event will put an end to ICE age (or ingternal combustion engine) in the country. This is certainly a bold statement from founders of one of the leading electric two wheeler company in the country. Ola currently sells two e-scooters S1 Pro and S1. Deliveries of third and comparatively most affordable e-scooter, S1 Air will also kick-off in July.
Share India bullish on these three stocks
Share India research head Ravi Singh has given buy ratings to three stocks which will give bumper returns not only in short term but also in long term. First, he is bullish on ITI. He has given the counter a target price of 125 rupees and has advised investors to keep stop loss at 105 rupees. His second pick is Exide Industries. He has given the counter long term target of 250 rupees and has suggested investors to keep 210 rupees stop loss. He is also bullish on KPI Green Energy Limited giving it a long term target of 900 rupees with stop loss at 680 rupees. All these three stocks closed in the green on Tuesday on the bourses.
Prabhudas Lilladher sees Tata Motors at Rs 660
Prabhudas Lilladher sees Tata Motors at 660 levels if the stock is able to hold above 610 rupees level. According to the brokerage, Tata Motors has given a fresh pennant breakout above the 580 zone with decent volume participation. According to the brokerage, when Tata Motors had given similar breakout last time, it had surged 11-12%. So, this time also the brokerage sees similar trends forming on the chart. And hence the target. On Tuesday, Tata Motors traded on new 52 week high of 584 rupees on the BSE.
Ambani-backed textile stock weaving profit on bourses
Mukesh Ambani backed textile company, Alok Industries, is generating bumper returns for shareholders. Seeing 27% jump in last one month, investors have lined up to grab a share of the company. As of March quarter ending of financial year 2023, Mukesh Ambani’s Reliance Industries had 75% stake in the textile stock. In last 5 days, the stock is up more than 16%. However, on profit booking, the counter closed on Tuesday at Rs 16.23 per share.
Tata Power to pay out 200% dividend
Tata Power said it will be doubling its capex in the current fiscal by investing heavily in renewables and solar equipment. The power company looks to expand operations in Delhi, Mumbai and Odisha. Moreover, Chairman N Chandrasekaran said the company will fund capex mainly by cash reserves and not by leverage. He said based on the performance, directors have recommended a dividend of 200 per cent, which translates to two rupees per share. Chandrasekaran said there is huge scope in power industry as India’s per capita power consumption is amongst the lowest in the world.
BYJU’s lays-off 1,000 more employees
Edtech major BYJU’s has again laid off close to 1,000 employees as part of its restructuring process. BYJU’s has been laying of employees since last year. As it had set an ambitious plan to become profitable by March 2023. Whether it has become profitable or not it is unclear. But one thing, it is clear about is that it is adamant on its strategy of laying off total 5% of its strength. As of today, the edtech major had a total headcount of over 50,000. BYJU’s is also engulfed in a legal battle with US lenders over a loan of $1 billion.
