INDIA'S PV SALES TO GROW 9-10% IN 2024

New Delhi: Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20%. The second-biggest public sector lender, PNB, increased its MCLR by 10 basis points across all tenure. —PTI in

New Delhi (FIB): India’s passenger vehicle sales are expected to grow about 9%10% in the next fiscal, around 20% above pre-pandemic peak levels, owing to strong demand and easing chip shortages in the world’s fourth-largest car market, ratings agency Crisil said on Tuesday.

z SUVs are expected to nearly double their share in overall domestic sales to roughly 55% in fiscal 2024 from about 28% in fiscal 2018

z As per report, operating margins are expected to improve to 9%-10% next fiscal from 8.0-8.5 percent this fiscal we need to achieve in the fourth quarter is roughly at 5-5.1% to be able to hit a 7% real GDP growth.

“The trends that we have in terms of high frequency data for 2022-23 for fourth quarter do indicate that achieving that growth rate in Q4 is well within the realm of possibility and therefore the 7% real GDP growth estimate for 2022-23 is very realistic,” Nageswaran told reporters.

In the current fiscal, the Indian economy grew 19.5% and 23.9% in June & Sept quarters, respectively.

Pradhan said investments in education and skill development of “our people are imperative to ensure that they have required knowledge and capabilities to succeed in 21st century. India will be the skill hub of the global economy. It is already there and I see a lot of growth in hospitality industry.”

Stock markets end lower for 8th day on the trot

Mumbai (PTI): Benchmark indices Sensex and Nifty continued their slide for the eighth straight day on Tuesday due to selling in oil & gas, pharma and banking stocks amid worries over further interest rate hikes.

Paring its early gains, the BSE Sensex declined by 326.23 points or 0.55% to settle at a four-month low of 58,962.12. During the day, it dropped 492.38 points or 0.83% to 58,795.97.

` GAINS 15 PAISE TO CLOSE AT 82.64/$ improve to 9%-

2018. Operating margins are expected

The NSE Nifty dipped 88.75 points or 0.51% to end at more than four-month low of 17,303.95.

New Delhi (PTI): The rupee appreciated by 15 paise to close at 82.64 (provisional) against the US dollar on Tuesday. At the interbank foreign exchange market, the local unit opened at 82.69 against the American currency and finally settled at 82.64 (provisional) against the greenback, registering a gain of 15 paise over its previous close of 82.79.

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