Good morning!
Here are the top stories to start your day.
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⭐ RBI lifts restrictions on M&M Finance
The restrictions imposed on Mahindra Finance have been lifted by RBI. This was done after the company strengthened its recovery practices and outsourcing arrangements. In September 2022, RBI had directed the company to cease any recovery or repossession activity through outsourcing arrangements.
⭐ IRB Infra to split shares
The board of IRB Infrastructure Developers has approved the stock split proposal. The company plans to split its existing shares with a face value of ₹10 per share into 10 shares with a face value of ₹1 each. The company now plans to initiate shareholders’ approval and regulatory nods to bring the share split into effect.
⭐ New year rally continues for gold
Gold price is witnessing an extended new year rally. It’s touching a new 7-month high of ₹56,010 per 10 gram in the domestic market. The price rise can be attributed to a weaker dollar and growing expectations of less aggressive interest rate hikes at the upcoming Federal Reserve meetings.
Global markets (at 9:00 AM today)
| Indices | Today’s movement |
| SGX Nifty | ▲ 0.30% |
| Nikkei 225 (Japan) | ▲ 0.34% |
| Hang Seng (Hong Kong) | ▲ 1.01% |
| SSE Composite (China) | ▲ 0.88% |
| Dow Jones (US) (January 04) | ▲ 0.40% |
| NYSE (US) (January 04) | ▲ 0.87% |
| Nasdaq (US) (January 04) | ▲ 0.69% |
| S&P 500 (US) (January 04) | ▲ 0.75% |
Fact of the day
India’s service PMI increased to 58.5 in December 2022, highest reading since June 2022.
Source: Business Standard
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