Business News at 05:30 pm on 1st April, 2024

Let’s begin. Prime Minister Narendra Modi on Monday, while addressing an event commemorating the 90th anniversary of the Reserve Bank of India, applauded the central bank for achieving its targets and objectives. Stating that the RBI is known across the world for its professionalism and commitment, he said that the country’s GDP is dependent on coordination between monetary and fiscal policies. The PM said that RBI has been able to stabilise G-sec yields despite monetary tightening and has also been successful in anchoring inflationary expectations. He also asserted that this decade is key for achieving Viksit Bharat. Further, PM Modi said that with the efforts of the RBI, the Indian banking sector today is being known globally for its strong growth.

Meanwhile, Finance Minister Nirmala Sitharaman commended the RBI deft handling of economy amidst global challenges and professional stewardship of the Central Bank. She emphasized its pivotal role in bolstering India’s resilience against external imbalances and uncertainties. Speaking on the occasion of the RBI’s 90th anniversary, the Finance Minister praised its efforts in improving the balance sheet challenges confronting banks. Sitharaman underscored the RBI’s adeptness in inflation management, noting its success in stabilizing government bond (G-secs) yields despite pressures for monetary tightening. This stability, she emphasized, holds significant importance for the economy’s well-being. Reflecting on the past, Sitharaman recalled India’s banking landscape a decade ago marred by balance sheet woes.

In some more banking news, HDFC Bank has informed its customers that National Electronic Funds Transfer transactions may not be available on April 1, 2024, due to procedures regarding financial year-ending and advised against using NEFT facility for moving money today. It further stated that the customers getting salaries on the first day of the month through NEFT, may see delayed salaries, even as the bank cleared that other payment services like IMPS, RTGS, or UPI will work normally. In a notification to its customers, HDFC Bank said, quote, “Outward NEFT transactions may get delayed/may not be available on 1st April 2024 due to financial year-end procedures. We request you to please complete your transaction using IMPS, RTGS, or UPI during this period,” unquote.

Moving on. The World Health Organization has released new guidelines on the prevention, diagnosis, and treatment of chronic hepatitis B (HBV) infection at the 2024 Asian Pacific Conference for the Study of Liver Disease in Kyoto, Japan. According to a statement, these guidelines provide a substantial simplification and expansion of eligibility for treatment to overcome barriers in access to HBV testing and treatment. More than 250 million people live with chronic hepatitis B infection, leading to increasing deaths each year. Most of the global burden of chronic hepatitis B (CHB) is due to mother-to-child transmission at or shortly after birth. WHO’s Global health sector strategy sets actions and targets to eliminate viral hepatitis by 2030.

Over to the auto sector. Ola Electric has announced that it recorded over 53,000 registrations (as per VAHAN Portal) in March, posting its highest-ever monthly volumes yet again for the fifth consecutive month. The company achieved a YoY growth of 115 percent in FY24 over FY23 with 3,28,785 units registered as against 1,52,741 units in FY23. With the recorded sales, the company continues to maintain its market share during the month and grew by 42 percent QoQ with 1,19,310 units registered during Q4 FY24 compared to 84,133 units in the previous quarter. Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies, said, quote, “There couldn’t have been a better year-end for us to FY24 with our registrations zooming past the 53,000 mark in March,” unquote.

On to market. Financial markets wrapped up FY24 on a strong note with the domestic equity indices Nifty 50 and Sensex achieving their most robust performance in three fiscal years. The 30-share Sensex surged by 24.85% over the last 12 months, while the Nifty 50 demonstrated an impressive gain of nearly 29%, showcasing a blend of volatility and resilient recoveries. Investors experienced substantial returns during this period, with the indices accumulating approximately 27-31% return on investment between April 2023 and March 2024. The Bajaj Group firm emerged as the top-performing large cap on the Nifty 50 in FY24, delivering an exceptional return of 142.52% on investments made over the past 12 months.

Lastly, let’s see how the share market performed today. Market ended higher for the third consecutive session on April 1 with Nifty around 22,450. Tata Steel, JSW Steel, Adani Ports, Shriram Finance and NTPC are among the top gainers on the Nifty, while losers are Eicher Motors, Titan Company, Bharti Airtel, LTIMindtree and Nestle. Except Auto, all other sectoral indices ended in the green with metal, power, capital goods, healthcare, realty up 1-3 percent, while oil & gas, Information Technology, bank up 0.5 percent each. The BSE midcap index rose 1.6 percent and the smallcap index gained nearly 3 percent.