News Overview

Reliance Capital's lenders have accepted a ₹9,650 Crore resolution plan under IBC guidelines from IIHL.

Polycab manufactures and sells wires and cables, as well as fast moving electrical products 'FMEG' under the 'POLYCAB' brand.

Crompton intends to deploy approximately 10,000 solar-powered pumps under the PM-KUSUM Scheme over the next five years.

Despite the GST department's "clarification" in 2018 stipulating that GST must be levied at 18% on exit loads, many firms have not complied with this directive. The current wave of notices pertains to over 100 MF schemes, and the tax authorities have already collected at least ₹10 Crore from a few firms that opted to settle the dues. Among the MFs targeted by the GST notices are Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, and ICICI Prudential Mutual Fund, among others.

The Gurugram-based firm posted a profit after tax of ₹37 Crore for the December quarter of FY24.

Mgmt reiterated its focus on premiumisation, especially in Faucets (26% share of premium vs 57% in Sanitaryware), and also increasing concentration in the Tier 1/ 2 cities. Mgmt highlighted significant operational efficiencies that were achieved, including the reduction in rejection rates; ~40-50% cost savings on imported products by moving in-house. Mgmt estimates Sanitaryware market to have grown to Rs100-120bn (~50% organised) and 140bn for Faucets (~60% organised).

Petrol and Diesel prices in cities across India on 21-03-2024

Despite the ban in the F&O segment, these stocks remain available for trading in the cash market.

The dollar index remained steady at 103.23, following a decline of over 0.5% in the previous session. Attention shifted to the Bank of England's rate decision later in the day, with expectations of the central bank maintaining rates unchanged despite a slowdown in British inflation in February.

Here is a quick look at what SBI Mutual Fund, ICICI Pru MF and HDFC MF traded in February 2024.