107587More than 80 flights of AI express cancelled

Here are today’s top personal finance news.

It’s history in the making for MRF. The tyre company’s shares crossed Rs 1 lakh-rupee mark in futures trading on May 8. This means to buy one share of MRF, Rs 1 lakh will have to be spent. However, in the cash segment, MRF stock touched an all-time high of Rs 99,933. The stock has gained nearly 16% in a month. Despite today’s fall, the stock has registered a gain of 42% in the last  one year.

Results boost for Paytm shares
Paytm shares were in high demand on Monday. After the fintech cut its March quarter loss to one-fourth, its shares rose 5% on Monday. Many brokerages have revised upwards target price on the counter. Citi has given a buy rating and increased the target price to Rs 1,144. JP Morgan also maintained an overweight rating with a target of Rs 950. Motilal Oswal also maintained a buy rating and gave a target price of Rs 900 on the stock. It is being perceived that as the company is growing, it has the advantage of economies of scale and that is improving the bottomline. On Monday, Paytm’s scrip closed at Rs 723 per share.

Toyota, Tata increase prices
Toyota Kirloskar Motor has increased prices of its cars for the
second time in last six weeks. This time, Toyota had increased prices of models like Innova Crysta, Urban Cruiser, Camry, and Glanza. Toyota has jacked prices by up to 60,000 rupees. Tata Motors has also increased the prices of some variants of its entry-level cars, Tiago and Tigor. All variants of Tiago, except the XTA(O) variants, have seen an increase of Rs 6,000. Tigor has also seen an increase of Rs 6,000.

Govt may ban diesel cars in major cities
The government may ban diesel four-wheelers in all cities of the country with more than a million residents by 2027. The Government may kickstart phasing out diesel powered delivery vehicles as early as 2024 itself. The government may also change composition of LPG used in cooking cylinders. The government will blend LPG with gases that emit less carbon dioxide on burning. Authorities may set target of having 25% of families in India cooking on electricity rather than on fuel.

Insurers to hike premiums by 10%
There are concerns of up to a 10% increase in premiums of insurance policies. Premiums of health, motor, property, and other types of insurance policies can rise. In the coming times, the burden of inflation on the common man can further increase. Insurance premiums of such policies are expected to increase by up to 10%. Global reinsurance companies have suffered significant losses due to the ongoing war in Ukraine. As a result, these companies have increased their rates by 40 to 60%. Due to the increase in reinsurance rates, there are concerns of up to a 10% increase in premiums of health, auto, and property insurance policies in India. This directly means that if you pay a premium of Rs 10,000 earlier, then you will have to pay Rs 11,000 ahead. Insurance companies cover their risk by buying insurance with re-insurance companies. With re-insurance companies hiking premiums, general insurance companies can in turn hike premiums of policies given to genera public.

Go First ticket refund status in limbo
And trouble mounts for people who had booked tickets with Go First. Fliers have not yet got refund of airfares. According to media reports, many people who had booked tickets of the airline have received a credit note of the refund amount. But the money has not reached their account yet. Many people approached travel portals’ helpline number on which they had booked tickets and flight got cancelled. Even travel portals’ customer care department are not able to provide any concrete information as to when they will actually get credit of refund. Go First airlines stand cancelled from May 3 to May 12 as of now.

FII inflow in May more than March
FPIs are so bullish on India’s growth story that in first 5 days of May, 2023, they have already invested more than what they had invested in March 2023. They have been net buyers of domestic equities for last two months straight. And now even in May, they have infused a little more than Rs 10,000 crore. Although, if we look at FII inflow for current calendar year. Then, FIIs inflow has been negative. According to stock market analysts, FIIs mostly picked up stake in financials and capital goods stocks. Capital goods sector has been FIIs favourite for most part of current calendar year.

Rlys to cover baby berth with cartoon-printed fabrics
And Railways have decided to cover the baby berth. After getting feedback on trial use of baby berth in trains, Railways has decided to cover such berths with cartoon-printed covers. This will protect the baby from getting hurt from any falling object from the upper berth. So far, Railways have not been providing baby berths in trains. But very soon berths will come tied with baby berths. Parents will have to pay a certain fees if they want to use it. Baby berths will be made available in almost all the trains all over the country.

Silver ETFs retain sheen

Not only gold, even silver is shining brightly these days. Investors are making huge money investing in silver and related instruments. Among these instruments, silver ETFs have been recently hogging retail investors limelight. The AUM of silver ETFs has grown to over Rs 1,800 crore within just one in a half years of launch. Sebi had given AMCs the permission to launch silver ETFs back in November 2021. Currently, there are eight silver ETFs in India. Nippon India and ICICI Prudential Silver ETFs comprise 80% of the overall AUM of the industry. Investing here gets assurance of metal purity. Plus, they get rid of storage hassles of the physical metal. On Monday, silver prices jumped 160 rupees at 77, 250 rupees a kg.

Cable maker RR Kabel gets nod for IPO
Next news is for those who are looking to invest in cable stocks:
Wires and cables manufacturer RR Kabel Ltd has filed preliminary papers with Sebi to raise funds through IPO. The initial share sale process comprises a fresh issue of equity shares of up to 225 crore rupees and rest being OFS. The US-based private equity firm TPG Capital holds 21% stake in RR Kabel. The private equity firm will partly sell its stake in the company via the OFS. RR Kabel manufactures FMEGs apart from cables and wires. The firm had grown at a CAGR of 33 per cent between FY20 and FY22. As per latest results, the firm had made net profit of Rs 125 crore as of December 2022.