BUSINESS
RBI: India's Household Debt Not Deemed Systemically Alarming
The report observes that the current household debt in India doesn't pose a systemic concern, offering a relatively stable financial landscape.
Major Oil Companies to Disburse Over $100 Billion to Shareholders
These 'super-majors'—BP, Shell, Chevron, ExxonMobil, and TotalEnergies—distributed a staggering $104 billion in dividends and share buybacks to shareholders throughout the 2022 calendar year, according to data from the Institute for Energy Economics and Financial Analysis (IEEFA).
RBI's New Directive Aims to Facilitate Recovery of Unclaimed Bank Deposits
Under the existing guidelines, any credit balance in a deposit account that remains dormant or unclaimed for a period of 10 years or more needs to be transferred by banks to the DEA Fund, managed by the RBI.
New Year Brings Significant Changes to UPI Transactions
The National Payments Corporation of India (NPCI) has introduced pivotal adjustments, including the directive for payment apps to deactivate dormant UPI IDs that have remained inactive for over a year.
Wadia Group Maintains Financial Strength Amidst Go First's Bankruptcy; Sky One and SpiceJet Express Acquisition Interest
Go First, established in 2005, voluntarily filed for bankruptcy in May 2023, citing outstanding debts exceeding Rs 6,521 crore, primarily owed to lenders, including a substantial portion owed to public sector banks.
97.38% of Rs 2,000 Banknotes Returned to Circulation, RBI
Initially, the total value of the ₹2,000 banknotes in circulation was ₹3.56 lakh crore as of May 19, 2023, when the withdrawal was announced. Since then, the RBI has provided the facility for the exchange of ₹2,000 banknotes at 19 issue offices since May 19, 2023.
Robust Growth: GST Collections Surge 12% to Reach Rs 14.97 Lakh Crore in April-Dec
The cumulative gross GST collection for April-December 2023 now stands at Rs 14.97 lakh crore, reflecting a robust 12% growth compared to the corresponding period in the previous year.
Sensex Surges as FMCG and IT Stocks Take the Lead in Market Growth
After initially being in the red during morning trade, the Sensex rebounded, gaining 173 points and reaching 72,410 points. Nestle emerged as the top gainer, experiencing an increase of more than 2% in trade. ITC also contributed to the positive trend with a gain of more than 1%.
PSU Stocks Lead as Top Gainers in a Steady Market Environment
Among the notable performers, KIOCL saw an 8% increase, Railtel gained 7%, NFL (National Fertilizers Limited) and HOCL (Hindustan Organic Chemicals Limited) each witnessed a 7% rise. Other notable gainers included Engineers India (up 6%), RCF (Rashtriya Chemicals and Fertilizers) up by 4%, BHEL (Bharat Heavy Electricals Limited) up 4%, NALCL (NALCO) up 4%, and NHPC (National Hydroelectric Power Corporation) up 4%.
Record-Breaking Foreign Net Purchases Reported for Samsung Electronics
The data revealed an exceptional net acquisition of Samsung Electronics stocks, amounting to 16.7 trillion won ($12.9 billion) by offshore investors.
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