108259More than 80 flights of AI express cancelled

Here are the top personal finance news of the day:

IT hardware stocks were in high demand on Wednesday. Stocks like ECS Biztech and Labelkraft Tech touched upper circuit of 20% on the BSE. While, HCL Infosystems touched upper circuit of 5%. The government approved second PLI scheme for companies which manufacture IT hardware in the country. This is the reason investors bought shares of these companies anticipating handsome return from these companies in time to come. D-Link India, Amber Enterprises, Vintron Info, VXL Instruments, and Compuage Info are some of other stocks which skyrocketed on the bourses after the government’s announcement.

MG Motor hikes Hector prices by up to Rs 76,000

MG Motors has hiked prices of its flagship SUV, MG Hector and MG Hector Plus. The former has become costlier by up to Rs 61,000. While, the latter by up to Rs 76,000. The China based automobile manufacturer has hiked prices of diesel variants of the powertrain by higher margin than petrol engine. Price of basic variant of Hector will now start from Rs 14.99 lakh. While, Hector Plus 7 seater price will start from 17.49 lakh. Whereas, that of, Hector Plus 6 seater will start from Rs 20.14 lakh.

MFs pick up stake in new age tech stocks

Mutual Funds have been lapping up shares of new age tech stocks in the month of April, 2023. Out of these stocks, Nykaa and Zomato saw largest mutual fund inflows in the said month. Paytm also witnessed considerable mutual fund investment. All these three stocks have seen massive erosion of funds in last one year or so. IPO allotees lost ground on these stocks. All these three scrips recently touched their respective 52-week lows. But it seems tide is turning. Fund houses foresee a turnaround coming in these stocks. Whether this really happens or not, only time can tell. With fund houses going hammer and tong on these counters. Retail Investors are expected may also follow suit.

Will HNIs control REITs?

Will HNIs control REITs? Sebi is planning to give more power to large ticket size unitholders of REITs in the country. These big size unitholders will be able to nominate their representatives in the board that manages that REIT. Interestingly, these nominated persons will have higher power than managers who manage other small unitholders money. The big unitholders will be able to monitor their investment and assist in decision making. Unfortunately retail investors will not have any say as to where their money will be invested.

Bond market to attract huge inflows

Next news if for those who invest in bond market. Now, investors will make handsome returns by putting in their hard earned money in debt securities. SEBI is mulling allowing of different categories of entities to invest in the bond market. Currently, because different entities fall under different category of investors, rules and regulations, these entities are not able to invest as much money in bond market as they want to. But Sebi is looking to simplify those complex rules which will in turn enable many small and big entities to invest freely in debt securities. As huge amount of fund will inflow in the bond market, it will create more chances of investors for earning higher returns from this category of investment.

FPIs inflow down 11% to $542 billion in Q4

The value of FPIs inflow plunged 11 per cent year on year to $542 billion in the March quarter of financial year 2023. Value of FPI inflow in Indian equities was $612 billion in the year ago period. Even on quarter on quarter basis, FPIs inflow have taken a plunge in the March quarter. According to experts, foreign investors booked profit in the said quarter. FIIs shifted focus towards other markets which were attractive on the valuation and risk-reward front. But with the beginning of the new financial year of 2024, FIIs have again become bullish on domestic equities. For the month of April and May, FIIs were net buyers so far.

Hero MotoCorp drives in new 200 cc bike at Rs 1.43 lakh

Hero MotoCorp has driven in a new 200 cc bike at starting ex-showroom price of Rs 1.43 lakh in Delhi. The all new Hero XPluse 200 4V boasts of 13 litre fuel tank capacity, E20 complaint engine and is fully BS VI compliant. The adventure bike comes equipped with all devices that government has made it mandatory for all two wheelers manufactured on or after April 1, 2023.

Customers to get lesser waiting period on Innova, Fortuner

Waiting period of vehicles like Innova’s Crysta and Fortuner are going to reduce. Toyota has increased production to meet high demand and reduce long waiting period. Customers were getting very long waiting periods on booking their favorite vehicles ever since the chip shortage problem had engulfed the automobile industry under its grip. Now, Toyota will produce 30% more vehicles so that customers would not have to face problem of long waiting periods. Citizens who were looking to book Innova Hycross couldn’t do it as the company had halted booking due to high demand and long waiting period. Customers were facing up to two years waiting period on the MPV. As a result, Toyota had suspended its bookings. It is expected that customers will very soon get to book this MPV. With Toyota ramping up production, waiting period of Innova Crysta and Fortuner will also reduce. Currently, Innova Crysta has wating period of five to six months. While, Fortuner has a waiting period of three months.

Federal Bank hikes FD, savings rates

Federal Bank has raised interest rates on fixed deposits and savings accounts. Account holders can get as high as 7.25% on fixed deposits of 15 months to 2 years. While on 5 year FD, depositors will get 6.60%. The Kerala based bank will give 6.80% on FDs of one year. On shortest tenure of 7 days, account holders will get 3.00% interest. Federal Bank gives 0.50% additional rate to Senior citizens on all Fds. While, on 5 year Fds, senior citizens will get 0.65% additional rate. On savings account, the private lender is giving 3.45% interest rate.