Tata Motors again raises prices of passenger vehicles

Tata Motors hikes PV prices

Vehicles of Tata Motors have become costlier from May 1, 2023.
Entry-level car, Tata Tiago, base variant will come at an ex-showroom price of Rs 5.54 lakh. Manual transmission of lowest variant, Punch Pure, will come at an ex-showroom price of Rs 5.99 lakh. Nexon XE petrol manual transmission will cost Rs 7.79 lakh. Tata Harrier XE manual transmission will cost Rs 14.99 lakh. Safari XE manual transmission will cost Rs 15.64 lakh.

Penalty for insufficient funds
From May 1, 2023, some new rules have come into effect. If a Punjab National Bank customer does not have sufficient balance in his account, and he tries to withdraw money from his ATM, then, the bank will charge 10 rupees plus GST on the transaction. Customers have been informed about this matter through messages sent by the bank. In addition, a notice has also been issued on the bank’s website. This rule is effective from May 1, 2023.

FII investment
FIIs have invested 46% more in April, 2023 than in March.
They have bought shares worth more than 11,600 crore rupees in April, 2023. According to experts, FIIs have continued to remain net buyers because of cheaper valuation owing to recent correction in the market. FPIs have bought financials, automobile components, and information technology stocks in April. Going forward, the outlook for FPI flow is expected to remain volatile. Investment advisory firm Wright Research said if Federal Reserve increases interest rates then it will impact FPIs inflow in India. Green Portfolio PMS said if Fed stops rate hike, money will start moving in from debt to equities to beat inflation.

Market mood
Markets were closed on Monday on account of ‘Maharashtra Day’. According to analysts, US Fed’s interest rate decision, corporate earnings, monthly automobile sales data are some of the factors that would determine mood of the market in current week. Kotak Securities Ltd, said markets have run up sharply in recent past due to revival in FII buying, relatively better corporate results and falling crude oil prices. Last week, the BSE benchmark Sensex had jumped more than 2 per cent and closed above 60,000 mark. US Fed will decide on rate hike on May 3. While, Tata Steel, Titan, Hero MotoCorp and HDFC Ltd are some of the corporates which will declare quarterly results this week.

IDFC First Bank FY23 PAT up 16 times
IDFC First Bank has come out with flying colours as the bank has registered highest ever quarterly profit of more than 800 crore rupees in Q4 of FY 23. The fast growing private sector bank also registered its highest ever yearly profit of more than 2,400 crore rupees in FY23. In fact, its PAT in FY23 has jumped 16 times on year on year basis.
The Mumbai based private lender also registered remarkable improvement in asset quality. It GNPA has fallen down to 2.51%. While, its NNPA fell to 0.86%. Provisioning in FY23 has also fallen in the fiscal. the CASA Ratio is at 49.77%. Deposits surged to more than 1.36 lakh crore rupees. Loans and advances are higher than the deposits.

Commercial LPG prices cut by Rs 263 in one month
Commercial LPG prices have reduced by 263 rupees in the last one month. A 19-kg commercial LPG cylinder now costs 1,856.5 rupees in Delhi. The price was reduce by 171 rupees on the Labour Day. This will give huge relief to restaurants, eateries, tea stalls, street food vendors as they use commercial cylinders. Eating out may become relatively cheaper if restaurants decide to pass on the benefit of cut in cylinder prices to end consumers.

ATF prices reduced by Rs 16,421/ kilolitre
Flyers can finally get relief from skyrocketing flight ticket prices. Jet fuel prices have been cut by more than 16,000 rupees per kilolitre in last two months. Jet fuel prices have come down below 96,000 rupees per kilo letter in the national capital. Airlines can in turn reduce ticket prices in the country. However, the fuel retailers haven’t given any relief on fuel prices. Petrol and diesel prices have not been reduced for the last 13 months straight. Currently, petrol is being retailed at 96.72 rupees per litre and diesel at 89.62 rupees per litre in the national capital.

Gr Noida Authority rolls out new housing scheme
Authorities in Greater Noida have launched a new group housing scheme. Eight plots are available for allotment, according to ‘ET Realty’. Size of plots range from 17,400 square metre to 56,300 square metre. The Reserve price is 43,000 rupees per square metre. According to recent media reports, Greater Noida Authority is planning to hike the reserve price of plots under its different housing scheme.

Ayodhya to be flooded with hotel rooms
OYO will open 50 new hotels in Ayodhya. As construction work of Ram Temple is going on at full pace, many hotels are going to come up at the Lord Ram’s birth place. OYO will open up to 1,000 rooms in the city. Vivanta will open a 100-room hotel . Ginger hotel will add another 120-rooms in Ayodhya. Apart from this, 5-star brand Taj will also open more hotels at the holy place. Currently, there are only 600 rooms in Ayodhya for tourists. But, the holy place gets 2 crore visitors every year. So, this has given hospitality industry a huge chance to expand operation in Ayodhya.

GDP to fall to 6.5% in FY24: NITI Aayog Member
NITI Aayog member Arvind Virmani has said, India’s GDP will fall in current financial year as compared to preceding fiscals. Virmani thinks GDP will fall to 6.5% in FY24 from an estimated 7% growth rate in preceding fiscal. Several financial institutions have in the past revised downward India’s estimated GDP for financial year 2024. World Bank, IMF and Asian Development Bank have all said that India’s GDP will fall in the range of 5.9 to 6.4% for FY24. According to government data, India had grown at the rate of 9.1% in FY22. FY23 GDP growth rate is yet to be disclosed.