BUSINESS
Pakistanis drown under cost of living as inflation hits all-time high
The pace of increase in the prices endorsed the expectations of the Finance Ministry that said inflation was expected to stay at an elevated level owing to market frictions caused by relative demand and supply gap of essential items, exchange rate depreciation, and recent upward adjustment of administered prices of petrol and diesel, the report said.
Toyota Kirloskar logs 41% volume growth in FY23
According to Toyota Kirloskar, last month it sold 18,670 units, up from selling 17,131 units in March 2022. Major contributions coming from strong consumer demand generated for the recently introduced Innova Hycross, Urban Cruiser Hyryder, The New Innova Crysta and Hilux, the company said.
Car majors close FY23 with double digit growth
According to Maruti Suzuki, last fiscal it had sold 1,966,164 units (domestic 1,644,876 units, exports 259,333 units, other vehicle makers 61,955 units), up from 1,652,653 units (domestic 1,365,370 units, 48,907 units, exports 238,376 units) sold in FY22. The shortage of electronic components had some impact on the production of vehicles in FY 2022-23 and all possible measures to minimise the impact, Maruti Suzuki said.
Central govt's total gross liabilities increase marginally by 2.6% in Q3 FY 2022-23
According to the quarterly report released by the Department of Economic Affairs, this represented a quarter-on-quarter increase of 2.6 per cent in Q3 FY2022-23. Public debt accounted for 89.0 per cent of total gross liabilities at end-December 2022 in contrast to 89.1 per cent at end- September. Nearly 28.29 per cent of the outstanding.
IL&FS completes interim distribution payout of Rs 920 cr in CNTL
As part of this Interim Distribution, IL&FS Group has paid a total of Rs 920 crore to eligible senior secured creditors of CNTL. The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the InvIT -- subject to the outcome of pending legal proceedings.
Gold set to touch Rs 68,000 in FY24, prices go up on Friday
Gold prices in last FY23 have jumped a massive Rs 8,000 in domestic markets from Rs 52,000 to Rs 60,000 which is a 15 per cent return, beating all other asset classes, said Jateen Trivedi, Vice President, Research Analyst, LKP Securities. Trivedi said gold still looks lucrative in terms of ROI from a safety perspective where the inflation still remains high globally and interest cycle which is yet to ease, will also provide the push needed for gold to run and give 10-15 per cent return in coming FY24.
US-based investors significantly cut market valuation of BYJU's, Swiggy
New York-based investment firm BlackRock in a private assessment has slashed the valuation of edtech major BYJU's to $11.15 billion from its $22 billion valuation that the company keeps referring to, according to a report in The Arc, citing the filings. "BYJU's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," the report said.
Air India introduces Premium Economy experience on select international routes
Premium Economy passengers will be able to check-in at dedicated counters and have priority tags affixed to their check-in baggage, and also be amongst the first to be invited to board the aircraft. The class will be initially available to customers travelling on select routes operated by its fleet of Boeing 777-200LR aircraft: Bengaluru-San Francisco, Mumbai-San Francisco, and Mumbai-New York.
India's current account deficit fell to $18.2 bn in December quarter
According to balance of payment data released by the Reserve Bank of India (RBI) for the third quarter of the current financial year, underlying the lower current account deficit in the third quarter of 2022-23 was a narrowing of merchandise trade deficit to $72.7 billion from $78.3 billion in the second quarter of 2022-23, coupled with robust services and private transfer receipts.
Overseas assets of Indians rose in Dec quarter of 2022-23: RBI data
According to India's international investment position for the October-December period of the current fiscal, released by the Reserve Bank of India (RBI) on Friday, net claims of non-residents in India declined by $12 billion during October-December 2022 and stood at $374.5 billion.
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