Wadias Go First hit by engine strike, lands at NCLT

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Here’s a look at the top news of the day

Wadia group-owned Go First will temporarily suspend flights on May 3 and 4 amid severe fund crunch. The budget carrier has also filed an application for insolvency proceedings before the NCLT. The airline has grounded more than half of its fleet. Though, the airline’s chief Kaushik Khona assured flights will resume from May 5, 2023. The latest move by the Wadia group-owned carrier, which has been flying for more than 17 years, came after arbitration proceedings in Singapore and a suit filed in a US court seeking enforcement of the arbitration award last month.

iPhone 14 available at Rs 39,293 on Amazon iPhone 14 will be available at effective price of Rs 39,293 on Amazon Great Summer Sale. The offer season kick starts on May 4, at 12 pm sharp  But, iPhone 14 will be available at the discounted price only for Amazon Prime customers. Customers can buy the latest handset at this price only when they avail of the exchange offer and redeem Amazon’s reward points.

Prices of top variants of Innova Crysta revealed Toyota has announced price rise in top two variants of its flagship MPV Innova Crysta. The MPV comes in four trims. These are G, GX, VX and ZX. On Tuesday, Toyota disclosed the new prices of VX and ZX variants of the MPV. Price of Crysta VX 7-seater start from Rs 23.79 lakh. While, the 8-seat variant is priced at Rs 23.84 lakh. Innova Crysta ZX will cost 25.43 lakh rupees.

Property prices in India up 7% YoY in Q1 CY23 According to a report by property brokerage firm, PropTiger, property prices in top seven cities in the nation have increased by an average of 7% in first quarter of current calendar year. Property prices have increased the most in Bengaluru, followed by Ahmedabad and Pune. According to the brokerage, prices are expected to go up further. it might be a good time for fence-sitters to take the jump and buy their dream home as RBI may resume repo rate hike cycle. Cost of buying a house has continued to rise in the country.

Angel Broking penalised for pledging clients’ securities Next news is for those who have opened their demat accounts with Angel Broking. If you have also opened a demat account with the broking firm, then, you must find out whether the brokerage has pledged shares kept in your demat account. Sebi has found that Angel Broking has raised almost 33 crore rupees by pledging securities of its clients. The market watchdog has slapped a fine of 10 lakh rupees for violation of regulatory norms. So, if your account is with Angel Broking or with any other Brokerage firm for that matter, you must enquire whether the brokerage has pledged shares kept in your demat account or not. Because no broking firm is allowed to do so according to SEBI’s rules and guidelines.

Adani Green up over 2% as Q4 PAT rises 4-fold Next news is for those who have invested in Adani Green. The scrip closed over 2% on the BSE. A day before, the Adani Group company had reported four fold increase in March quarter PAT. Its March quarter PAT had come at 507 crore rupees. This is even more than the profit that the company had generated in the entire fiscal of 2022. Its revenue in the March quarter of FY23 has almost doubled to over 3,000 crore rupees on year on year basis. The company has augmented renewal capacity. It has build up on its infrastructure like wind power plants and solar power plants to augment its capacity.

FPIs raise stake in Yes Bank According to a report in Business Line, FPIs increased their stakes in Yes Bank , IDFC First Bank and Axis Bank in financial year 2023. While, foreign investors reduced stake in RBL Bank, IndusInd Bank, HDFC Bank, Kotak and Bandhan Bank. FPIs have been net sellers in domestic market in last two financial years. Though,   they have started  the current fiscal on a positive note. FPIs were net buyers in April, 2022.

Mobikwik turns profitable; drops IPO plan Fintech platform Mobikwik turned profitable for the first time in the March quarter. The company has set an aim to clock quarterly profits from here on. co-founder Upasana Taku said the payment platform will look to double its revenue in FY24 and will aim to achieve full-year profitability in FY24. In that case, it would be the first time that the fintech would be profitable for the entire financial year. Taku said the firm aims to clock profit of 40 to 50 crore rupees in the current fiscal. Mobikwik has dropped IPO plans. Taku said the company will go for IPO only if it clocks profit in 2 to 3 straight quarters. She said that the company is well funded and they do not require any more fundraising.

Latest Tecno Spark 10 5G comes with 256 GB storage Tecno Mobile has launched a new variant of Tecno Spark 10 5G. The latest variant comes with very high storage space of 256 GB. The smartphone houses 8GB of RAM and comes with 50 mega pixel back camera. The smartphone is priced at 15,499 rupees. The earlier variants are cheaper than the latest one. Some of striking features of the handset include Android 13, 6.6 inch display and 5,000 mAh battery.The smartphone is available in black, white and blue shades.

UPI transactions start FY24 on firm footing UPI transactions have started the new financial year on a firm note. Transaction volumes have increased by 20 crore on month on month basis to 890 crore in April 2023. In value terms, transactions are rose to 14.1 lakh crore rupees. In the preceding month, UPI transactions had reached 870 crore in volume and Rs 14.05 lakh crore

Credit card outstanding at Rs 1.94 lk cr Credit card outstanding dues are nearing 2 lakh crore in the country. Dues have increased 31% in FY23 on year on year basis to Rs 1.94 lakh crore According to latest figures of the RBI, use of credit cards is increasing in India. People are now taking more and more debt and spending en masse. According to RBI’s figures, for every 100 debit cards in India, banks have issued 8 credit cards . The RBI is concerned about this increasing use of credit cards. Seeing the growing banking crisis in America and Europe, the Reserve Bank has asked all banks in the country to increase surveillance of their retail loan portfolios. The RBI has also instructed banks not to increase their portfolios of insecure debts like credit cards to the citizens.