The Circulation of 2,000 rupee notes is continuously falling in the economy. In FY23, the share of 2,000 rupee bank notes in total cash in circulation in the economy was fallen to just above 1%. Rest of all other bank notes of denomination from 2 rupees to 500 rupees constitute the other 99%. With fall in 2,000 denominations in total currency in circulation, the number of counterfeited 2,000 notes have also fallen. According to the RBI, number of counterfeited notes of 2,000 denominations has fallen by 27% in FY23. Total Cash in circulation in the economy has only risen since demonetisation back in 2016.
Rs 500, Rs 10 bank notes constitute more than half of CIC
Next news is on circulation of 500 rupee bank notes. On one hand, share of 2,000 rupee bank notes in total cash in circulation is continuously falling, While, on the other hand, that of 500 rupee notes is only increasing. In fact, 500 and 10 rupee banknotes together constitute more than half of total notes in circulation in the economy. Although, there has also been increase in counterfeited notes of 500 denomination. There has also been considerable increase in counterfeited notes of 20 rupees denomination.
Prabhudas Lilladher maintains hold rating on IRCTC after Q4 FY23 results
Next news is on IRCTC: Share price of IRCTC plummeted on the bourses after March quarter results. Brokerage firm Prabhudas Lilladher said results were broadly in line with estimates. According to the brokerage firm, the stock currently trades at 43 times FY24 EPS estimates of 14 rupees. Prabhudas Lilladher has HOLD rating on the stock with a target price of 672 rupees. On Tuesday, the stock closed over 2% in red at 643 rupees apiece after March quarter results. IRCTC’s board also recommended a final dividend of 2 rupees per share for the financial year ending 2023.
Royal Enfield hikes bike prices
Royal Enfield has hiked prices of Super Meteor 650 to over 3.54 lakh rupees. The Interstellar trim will now cost 3.69 lakh rupees. While, Celestial trim will now cost 3.84 lakh rupees. Whereas, price of lowest variant Astral trim will start from 3.54 lakh rupees. The Chennai based marquee two wheeler manufacturer has raised prices of Hunter 350 to 1.69 lakh rupees. Price of Scram 411 graphite colour has been hiked to 2.06 lakh rupees. While, that of Himalayan Glacier will start from 2.28 lakh rupees.
Motorola Edge 40 live on sale at effective price of just Rs 27,999
Motorola has kickstarted the sale of premium mid-range smartphone Motorola Edge 40 on Flipkart. The 50 mega pixel smartphone is available at a price of 29,999 rupees on the e-commerce platform. Customers can get 2,000 rupees discount under the exchange offer. The smartphone is available in black, blue and green shades. It sports a 6.54 inch screen, 13 mega pixel selfie camera, and 4,400 mAh battery. Comes with e-SIM compatibility features and wireless charging support The smartphone houses 8 GB RAM with 256 GB storage capacity.
Term insurance premiums to rise by up to 8%
Amidst rising inflation, term insurance premiums may again see an increase. Some companies are considering raising insurance premium rates. There is a possibility of a 5% to 8% increase in insurance premium rates. This is because insurance companies in India had to face sudden rise in death claims settlement after COVID-19 pandemic. This has taken a toll on profitability of these companies. To cover up the profitability hit, Insurance companies may jack up rates by 5 to 8%.
Urban unemployment rate continuously falling: NSSO
According to the National Sample Survey Survey or NSSO, urban in the country has continuously fallen in last one year. In March quarter of financial year which has just gone passed by, urban unemployment rate has come down to 6.8 per cent. Joblessness had reached to more than 8% in January-March quarter of the preceding financial year of 2022 . This was mainly due to the impact of Covid-related restrictions in the country. Fall in unemployment rate is a good sigh for the economy. At the same time, there has been a considerable increase in the labour force during the same period. Labour force has increased to few notches above 48% by the end of the March quarter, FY23.
FDI Inflow highest in computer software, hardware
Next news is on pattern of Foreign direct investment in India. FDI inflows have been falling in the country. Overseas inflows has fallen 16 per cent in FY23 and has come at just under 71 billion dollars. In the previous fiscal, FDI Inflows were recorded around 84 billion dollars. Falling FDI inflows could lead to generation of lower level of employment, fall in consumption level, etc. Having said that, in the fiscal which has just gone past by, computer software and hardware sector attracted the highest overseas inflows of over 9 billion dollars. After this FDI Inflows were highest in services, trading, telecommunications, pharma and chemicals.
BlacRock cuts valuation of Byju’s
BlackRock has once again cut the valuation of its holding in the Bengaluru-based startup Byju’s to about $8.4 billion, according to a report by TechCrunch. BlackRock joined Byju’s at a $12-billion valuation in 2020. In April 2022, BlackRock valued Byju’s shares at about $4,660 per unit. This translated into a company valuation of about $22 billion. However, BlackRock marked down the value of its shares in Byju’s to $2,400 per share at the end of December 2022. In April, BlackRock reduced the valuation of Byju’s by about 50 per cent to $11.5 billion from $22 billion. However, Byju’s recently secured $250 million in fresh funding at a valuation cap of $22 billion.
