Daily Digest of finance

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The markets ended up by more than 1%. Financial stocks were the main gainers today though gains in stocks from other sectors were good too.

Axis Bank, ICICI Bank, SBI, IndusInd Bank: 

Private banking stocks rose immensely today as buying picked up in the space.

SBI Life, HDFC Life:

The overall sum assured for the insurance industry fell by 8.7% to Rs 36.7 lakh crore during April 2020 -January 2021 from Rs 40.2 lakh crores during the same period the previous year.

Four State-Run Banks Shortlisted For Privatisation

The government has shortlisted four banks for privatization, according to a media report. The four banks are the Bank of Maharashtra, Bank of India, Indian Overseas Bank, and the Central Bank of India. Two of these banks will be up for sale this financial year itself. The government is yet to officially confirm this report.

Macro-Economic Update: Trade Deficit, WPI

Trade Deficit Narrows As Exports Rise

India’s trade deficit stood at $14.54 billion during January 2021. A trade deficit occurs when a country’s imports exceed exports. Exports were $27.45 billion, as compared to $25.85 billion in January 2020. Imports were $41.99 billion as compared to $41.15 billion.

WPI Rises In January

Inflation based on the Wholesale Price Index (WPI) rose to 2.03% in January. The rise in prices of manufactured items compensated for the fall in energy prices and some primary food items. WPI was at 1.22% in December and 3.52% in January last year.

What is WPI?

WPI takes into account the inflation in wholesale goods.

Tesla to Set Up India Factory

Various reports in India as well as international media are claiming that Tesla is looking for a space to set up its factory and R&D in India.

Earlier, it had announced that it was opening its office in India hinting at launching cars here soon.

The company is said to be looking to set up a factory and R&D center in the outskirts of Bengaluru city.

Tesla also has car manufacturing factories in China, Netherlands, and the USA. Its newer factories are coming up in Germany and within the US also.

JLR Betting on Electric Cars

Tata Motors’ JLR has announced plans to go big on electric cars.

Land Rover will bring out its first electric car by 2024. JLR plans to introduce 6 electric cars in the next 5 years.

The brands are also working on hydrogen-powered vehicles as it moves towards zero-tailpipe emissions vehicles.

Jaguar and Land Rover plan on becoming net-carbon neutral by 2039.

Tata Motors also said that JLR’s focus would be profitability over higher volumes.

Tata Motors’ Tata Nexon electric version is the highest-selling electric car in India at the moment.

Nureca IPO Day 1: Subscribed Almost 6 Times

Nureca IPO was subscribed 5.73 times so far on Day 1 of bidding.

The IPO has received bids for 80.33 lakh shares against the IPO size of 14.01 lakh shares.

Subscription status for investor categories:
Retail Investor: 31.23 times
Employees: 91%
Non-Institutional Investors: 54%
Qualified Institutional Buyers: Yet to bid

FASTag Mandatory From Midnight

FASTag is being mandatory for paying toll plazas from midnight today.

Vehicles that do not have FASTag, vehicles with a low balance, or with non-functional FASTags will have to pay double the toll charge.

Around 75% of all toll being paid is already happening through FASTag.

The information contained in this newsletter is purely for knowledge. This newsletter does not contain any recommendations or advice.

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