Money this Month
From Sensex gaining 320 pts; Nifty above 19,600 to Maruti Suzuki crossing 1 million half-yearly sales mark to 1.60 lakh crores in GST collection in September to RBI granting approval to IFC for acquiring 9.7% stake in Federal Bank. Here's the new in the line of indefinite "Money this Month" editions.
Being published by the Research Department of Finance and Investment Cell at Aryabhatta College, "𝐌𝐨𝐧𝐞𝐲 𝐓𝐡𝐢𝐬 𝐌𝐨𝐧𝐭𝐡", a monthly newsletter that aims to encapsulate the latest developments in the field of money, economics, finance, and geopolitics. Extensive efforts have been put in to compile the most relevant and insightful information from various sources to provide you with a comprehensive overview of the financial world.
Headlines
Share Market Highlights 29 Sep 2023: Sensex gains 320 pts; Nifty ends above 19,600; Hindalco climbs 5%, IT stocks
Maruti Suzuki crosses 1 million half-yearly sales mark for first time; sales rise 3.9% in September
September, crosses 1.60 lakh mark for the fourth time this fiscal GST collection rises 10% in September, crosses 1.60 lakh mark for the fourth time this fiscal
Users of Axis Bank's Magnus credit card will have to pay more from today
Car sales in September set to touch fresh highs on strong festive demand
RBI grants approval to IFC for acquiring 9.7% stake in Federal Bank
So, how was the money this month?
MONEY THIS MONTH
Share Market Highlights 29 Sep 2023: Sensex gains 320 pts; Nifty ends above 19,600; Hindalco climbs 5%, IT stocks
Benchmark Sensex rose by 320 points while Nifty closed above the 19,600 mark on Friday after value-buying in metal, financial and energy stocks aided by positive trends in the US and European markets. The 30-share BSE Sensex climbed 320.09 points or 0.49 per cent to settle at 65,828.41. During the day, it jumped 643.33 points or 0.98 per cent to 66,151.65. The Nifty advanced 114.75 points or 0.59 per cent to end at 19,638.30.
Maruti Suzuki crosses 1 million half-yearly sales mark for first time; sales rise 3.9% in September
India’s largest carmaker Maruti Suzuki India (MSI) sold a total of 1,81,343 units in September 2023, a 3.9 per cent on-year rise from 1,76,306 units sold in the same period last year. Maruti Suzuki’s domestic sales stood at 1,58,832 units in September this year, a 2.5 per cent rise from 1,54,903 units in the same period last year.
September, crosses 1.60 lakh mark for the fourth time this fiscal GST collection rises 10% in September, crosses 1.60 lakh mark for the fourth time this fiscal GST collection rises 10%
Gross GST collections in September 2023 stood at Rs 1,62,712 crore, which is 10 per cent higher as compared to last year, according to the data released by the Finance Ministry on Sunday. It is the fourth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in the current FY 2023-24. Notably, the gross GST revenue collected last month was Rs 1,62,712 crore.
Users of Axis Bank's Magnus credit card will have to pay more from today.
These changes are also connected to Aadhaar update and linking of the identity document with the PAN card. Those holding Axis Bank's credit cards will also be impacted by the changes coming into effect from this month.
Users of Axis Bank's Magnus credit card will have to pay more from today. The bank has mentioned about the changes in terms and conditions. The biggest change is the revision in annual fee, which has been revised from ₹ 10,000 (plus GST) to ₹ 12,500 (plus GST). The benefits being given along with the card have also been revised.
Car sales in September set to touch fresh highs on strong festive demand
Mumbai: Car sales in India are estimated to scale new highs in September taking the monthly, quarterly and first half (fiscal year) volumes to a record high. Fueled by an encouraging consumer demand in the ongoing festive season and spate of new model launches in the in the SUV segment that has helped sustain buyer interest, car makers are likely to dispatch around 365,000-370,000 units in September 2023 implying a growth of 3-4%, according to the industry sources.
RBI grants approval to IFC for acquiring 9.7% stake in Federal Bank
“Federal Bank has received an intimation from the Reserve Bank of India (RBI) on September 28, 2023, that it has accorded its approval to IFC for acquiring aggregate holding of up to 9.70% of the paid-up share capital or voting rights of the Bank subject to the conditions specified therein,” an exchange filing from the bank said on Friday.