Pritam Mandke (Mandke Fincorn)
Last week, the Nifty and Sensex indices rose by a total of 186.80 points and 596.87 points, respectively, and both the indices closed at the highest levels of 22513.7 points and 74248.22 points. Nifty registered a total gain of 0.84 percent and Sensex 0.81 percent for the week. During the week Nifty touched 2261.9 points while Sensex touched record highs (life time high) of 74501.73 points for the first time. Among the top gainers during the week were Divis Lab (8.8 percent), HDFC Bank (7 percent), Shree Ram Finance (6.7 percent), NTPC (5.6 percent), Tata Steel (4.8 percent), Mahindra & Mahindra (4.8 percent). , while the top decliners included Hero Motocorp (-4.2 percent), Nestlé India (-3.2 percent), Cipla (-3.2 percent), Bharti Airtel (-3.1 percent), Grasim Industries (-2.2 percent).
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The bi-monthly monetary policy review meeting of the Reserve Bank concluded this week. RBI has decided to maintain the repo rate at 6.5 percent for the seventh time in a row. 5 out of 6 members of the committee voted in favor of keeping the repo rate steady. RBI Governor Shaktikanta Das has reiterated that the inflation rate in the country should be kept under control at 4 percent. The country's economy growth forecast in FY 2025 has been maintained at 7 percent.
The state-owned company 'Telecommunications Consultants India' will sell its 15 percent stake in 'Bharti Hexacom' through an IPO. The government will get a fund of 4,200 crores through this share sale. Bharti Hexacom is a subsidiary of Bharti Airtel. Currently, the telecommunications consultant holds a 30 percent stake in Bharti Hexacom with 150 million shares. After the sale, this share will come down to 15 percent.
In the month of March, the government received funds of 1 lakh 78 thousand crores through GST. This month saw an increase of 11.5 percent in tax collection compared to the previous year. This is the second highest tax collection in a single month in history so far. Earlier, the highest tax collection was in April 2023. In the financial year 2024, the tax collection of GST was about 20 lakh 18 thousand crores. An increase of 11.7 percent was recorded in tax collection compared to the previous financial year.
Foreign investors (Foreign Portfolio Investors) invested a total of Rs 2 lakh 6 thousand crores in the Indian capital market in the financial year 2024. As a result, the Nifty returned 29 percent and the Sensex returned 25 percent in the last financial year.
International electric four-wheeler manufacturer Tesla is preparing to set up a vehicle manufacturing plant in India. A total investment of about 3 billion dollars (about 25 thousand crores) is likely to come to India through this. For the construction of the project, the company is conducting tests in the states of Tamil Nadu, Gujarat and Maharashtra.
Financially distressed startup Byju has been barred from selling its stake in its subsidiary Aakash Education. Rajan Pai's 'MEMG Family Office' company alleged to have defaulted on a loan of 42 million dollars. In exchange for this loan, shares of Akash Education were to be given to MEMG Company; But MEMG is opposed to mutual share sale by Byjus.
Gold and silver shone in the new financial year. As Gudipadwa approached, the price of 10 grams of gold reached the mark of 70 thousand. The price of silver also went up to 76 thousand per kg. This led to an atmosphere of excitement in the bullion market. On the stock exchange 'MCX' as well, 10 grams of gold touched an all-time high of Rs 70,699 per ten gram in June expiry. US Federal Bank likely to cut interest rates in June due to rise in gold and silver prices. Also, the war in Israel, the Russia-Ukraine war are said to be major causes. Along with this, in the last few weeks, the gold prices increased as China and India stopped buying gold in the international market. Every country focuses on increasing its reserves by buying gold from the international market to cope with economic boom or future recession.
Assets under management (AUM) in National Pension Scheme (NPS) in FY 2024 showed a growth of almost 30 per cent with addition of nearly 10.3 million (over 1 crore) new investors in the scheme. At the end of March 31, the capital value of NPS reached a whopping Rs 11.73 lakh crore.
Vodafone-Idea company will soon raise funds of 20 thousand crores through equity (share) sale (sale). This will bring down the current 50 percent stake of the company's promoters in the company to 40 percent. At present, the promoters of the company, Aditya Birla Group and Vodafone Group together have a stake of 48.91 percent in the company. The Vodafone-Idea company is expected to pay Rs 28,000 crore to the government in tax arrears, which is due in FY 2026. Therefore, this fund will be used to pay the arrears of tax.
India's foreign exchange reserves rose by a whopping $2.951 billion to an all-time high of $645.583 billion in the week ended March 29. Earlier in September 2021, the reserves had reached 642.453 billion dollars. India's gold reserves also increased by $673 million to $52.16 billion.
