Business News at 05:30 pm on 12th June, 2024

Let’s begin… The equity boom in Indian markets has drawn lakhs of new investors into the investing arena, particularly in the post-pandemic era. This surge is evident in the substantial profits realized by equity investors, who have gained Rs 50,000 crore over the last four years and are currently holding unrealized profits of Rs 1 lakh crore on an AUM of Rs 4.5 lakh crore, according to Nithin Kamath of Zerodha. Kamath also acknowledged the market expansion post-Covid, reflected in Zerodha’s growing assets under management. Indian markets are trading near all-time highs following the Modi-led NDA’s third consecutive electoral victory. Zerodha now boasts over 1.3 crore clients, contributing to over 15% of all retail order volumes in India daily.

Moving on, TDP leader N Chandrababu Naidu’s family has seen a significant rise in wealth, with Andhra Pradesh-based Heritage Foods shares experiencing a remarkable surge of over 105% over the past 12 trading sessions. This surge has translated into a staggering increase of Rs 1,225 crore in the family’s fortune. On Monday, Heritage Foods shares hit a fresh 52-week high of Rs 727.9 on the BSE, locking in a 10% upper circuit. Just over two weeks ago, on May 23, the stock closed at Rs 354.5. Notably, from June 3 (a day before election results) to June 10, the share price has seen an unbeaten rally. Chief Minister-designate Chandrababu Naidu’s family’s total holding in the company stands at 35.71%, translating into 3,31,36,005 shares.

Elsewhere, On the very next day of Narendra Modi’s BJP-led NDA government taking charge, public sector bank employees got good news. The dearness allowance (DA) for bank employees has been revised at 15.97% for three months – May to July 2024. In a circular on June 10, the Indian Banks’ Association (IBA) announced the DA revision for bank employees. “In terms of clause 13 of the 12th Bipartite Settlement dated 08.03.2024 and clause 2 (i) of the Joint Note dated 08.03.2024, the rate of Dearness Allowance payable to Workmen and Officer employees for the months of May, June & July 2024 shall be 15.97% of pay ,” the IBA said in a joint note.

Notably, With parts of India reeling under severe and prolonged heatwaves and also with strong manufacturing activity, there has been a robust demand for power in the first two months of the fiscal year. According to a report by Crisil, power demand is likely to have grown by 13 per cent in comparison to April-May 2023. In May, the power demand is estimated to have surged to approximately 156 billion units (BUs), logging a 15 per cent on-year increase. The peak power demand touched new highs at 246 GW and 250 GW on May 29 and 30, respectively, due to soaring temperatures that hit 50.5 degrees Celsius in Churu, Rajasthan, on May 29.

Moving on, India’s Tier 2 and 3 cities are increasingly turning to online platforms to meet their requirements of babycare products such as wet wipes, cotton nappies, eco-friendly detergents, soft toys, mittens and rompers among others. The order volumes of babycare products in FY24 grew 30 per cent over FY23 volumes across India’s Tier 2 and 3 cities, as per a data analysed by Unicommerce. Additionally, both marketplaces and brand websites saw an increase in volumes with 34 and 21 per cent year-on-year rise in order volumes respectively during FY 2024. When it comes to the products that experienced an upsurge, it is bodysuits, feeding spoons, diapers, pants, tops and vests, reason being rising awareness about such products and ease of access.

Moving on, India’s Tier 2 and 3 cities are increasingly turning to online platforms to meet their requirements of babycare products such as wet wipes, cotton nappies, eco-friendly detergents, soft toys, mittens and rompers among others. The order volumes of babycare products in FY24 grew 30 per cent over FY23 volumes across India’s Tier 2 and 3 cities, as per a data analysed by Unicommerce. Additionally, both marketplaces and brand websites saw an increase in volumes with 34 and 21 per cent year-on-year rise in order volumes respectively during FY 2024. When it comes to the products that experienced an upsurge, it is bodysuits, feeding spoons, diapers, pants, tops and vests, reason being rising awareness about such products and ease of access.

Lastly, The benchmark equity indices closed the trading session on a positive note on June 12. The BSE Sensex gained 100.85 points or 0.13% to finish the day’s trading at 76,557.44, while the NSE Nifty 50 closed 43.55 points or 0.19% higher at 23,308.40. Nifty Midcap 100 closed 549 points or 1.02% at 54,215.40. Bank Nifty closed in the green up 95.85 points or 0.19% at 49,801.60. Coal India, Power Grid Corp, Eicher Motors, SBI Life, and Tech Mahindra were the top gainers in the Nifty 50. While M&M, Britannia, Hindustan Unilever, Tata Consumer Products, and Titan were the major losers in the Nifty 50 on June 12.