Business News at 05:30 pm on 4th January, 2024

Let’s begin – The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 141.25 points to settle at 21,658.60, while the BSE Sensex soared 490.97 points or 0.69% to 71,847.57. The broader indices ended in green, with gain led by Midcap and Largecap stocks. Bank Nifty index ended higher by 490.90 points to settle at 48,195.85. Realty index gains more than 6%, followed by Financial Services, Metal, and Energy index gaining more than 1% each. Bajaj Finance, Tata Consumers, NTPC, ONGC, and IndusInd Bank were the top gainers on the NSE Nifty 50, while the laggards includes Dr Reddy’s Lab, BPCL, LTI Mindtree, HCL Technologies, and Hero MotoCorp.

Up next – India’s top eight residential markets continued their bull run in 2023 with sales rising 33 per cent to nearly 4.11 lakh units while new supply growing 20 per cent to record 5.17 lakh units, according to PropTiger. In 2023, housing sales grew 33 per cent to 4,10,791 units across eight major cities as against 3,08,942 units in the previous year, driven by strong consumer sentiments towards home purchases. This is the highest sales since 2013, which saw a record sales of 4,50,361 units, the consultant said. New home launches were up 20 per cent to 5,17,071 units from 4,31,510 units during the period under review.

Moving on – Private lender Bandhan Bank reported a growth of 18.6 per cent in its loans and advances during the third quarter ending December 31 at Rs 1,15,964 crore. In a regulatory filing on Thursday, the Kolkata-based bank said the figure stood at Rs 97,787 crore during the year-ago period. Total deposits increased 14.8 per cent to Rs 1,17,422 crore during the quarter under review, it said. While retail deposits, including CASA (current account savings account), rose by 19 per cent to Rs 84,563 crore, bulk deposits grew by 5.2 per cent to Rs 32,859 crore, it added. The total collection efficiency ratio of the bank at the end of the quarter stood at 98 per cent.

In another development: Taking infrastructural survey to a notch higher, India’s first Neo Metro system’s Personal Rapid Transit corridor will be surveyed by hi-tech drones. The Uttarakhand Metro Rail Project has awarded IG Drones, a drone tech and analytics company, to survey the upcoming rail metro project, which can track project progress in real-time. Equipped with advanced sensor capabilities, these drones can capture high-resolution images, videos, and additional data from the ground. The collected data is then processed through IG One, a proprietary software, which offers in-depth technical insights and analytics. Notably, these analytics enable real-time tracking of the project’s progress. The use of drones results in significant time and cost savings.

Meanwhile: India’s largest telecom operator Reliance Jio added 31.59 lakh mobile users while rival Bharti Airtel’s subscriber gain came in at 3.52 lakh in October 2023, as per monthly subscriber data by TRAI. There was no relief for the troubled telco Vodafone Idea on subscriber front, as it lost 20.44 lakh wireless subscribers in October. With the addition of 31.59 lakh users, Jio’s total wireless subscriber count climbed to 45.23 crore in October from 44.92 crore in September. Sunil Mittal-led Airtel’s wireless subscriber gain of 3.52 lakh pushed up the telco’s user tally to 37.81 crore in October. The subscriber losses of Vodafone Idea Ltd dragged its wireless user base to 22.54 crore in October, the data by TRAI showed.

In other news – IndiGo on Thursday announced that it has ceased collecting the fuel charge on tickets, a decision made nearly three months after its introduction in response to soaring jet fuel prices. The fuel charge, implemented by the airline in early October 2023, has now been removed with immediate effect. IndiGo attributes this decision to the recent reduction in Aviation Turbine Fuel ATF prices, offering passengers respite from the additional levy. India’s largest airline in the statement said that despite the uncertainties presented by fluctuating fuel prices, IndiGo remains resolute in its dedication to offering cost-effective, timely, courteous, and seamless travel experiences for its passengers.

Lastly – In a report, Jefferies has outlined key strategies and considerations for banks to navigate through various challenges and capitalize on growth opportunities. Jefferies has identified Axis Bank, ICICI Bank, IndusInd Bank, HDFC Bank and SBI among others as top picks. These selections are based on their perceived strengths and growth prospects within the evolving market conditions. Jefferies anticipates a more measured increase in personal loans in 2024. However, the report suggests that banks can offset this by capitalizing on broad-based growth, particularly in SME and housing sectors. This diversified approach aims to ensure sustained lending activities despite the potential slowdown in personal loans. The report forecasts a notable uptick in Capex with a projected growth rate of 15%.