Morning Buzz: Festive demand sees record NBFC disbursals, electric two-wheeler market share on the rise for Bajaj Auto, TVS, and more

Here are the top business headlines this morning to get your day started

By: Samar Srivastava

Published:
06/11/2023 09:37 AM

Image: Shutterstock

Festive demand sees record NBFC disbursals

Festive demand has seen NBFCs registering record disbursals with Mahindra Finance and Capri Global being two companies that saw high disbursals. M&M Finance for instance said that loans for October would be Rs5250 crore while year to date numbers at Rs30,700 crore were 16 percent higher than last year. Capri Global said it disbursed Rs1000 crore of car loans for 10,000 cars. MSMEs also saw healthy demand with a rise in working capital requirements.

(BusinessLine)

Electric two wheeler market share on the rise for Bajaj Auto, TVS

Even though Ola Electric retains the top position in the electric two wheeler space the gap between it and Bajaj Auto and TVS is closing. TVS had emerged as the number two player a few months ago and Bajaj has taken the number three spot displacing Ather Energy. Ola Electric’s market share which had peaked at 34 percent fell to 30 percent in October. Ather Energy’s fell from 13 percent to 11 percent. TVS jumped from 14 percent to 24 percent and Bajaj Auto from 4 percent to 11 percent.

(Mint)

Adani in talks to exit Adani Wilmar JV

The Adani group is in talks with FMCG companies to exit its stake in Adani Wilmar. The deal is likely to be finalised within a month. The company expects to raise $2.5-3 billion from the stake sale. The group plans to use these funds to invest in its core infrastructure business. The group had sold its NBFC, Adani Capital in July.

(Economic Times)

PSBs to focus away from high cost bulk deposits

The government has asked public sector banks not to focus on high cost bulk deposits but instead to focus on low cost retail ones. The main challenge for public sector banks is to arrest the decline n CASA deposits which has come down from 64.9 percent in 2018 to 57 percent in March 2023. The government believes that the move towards high cost deposits could impact the performance of these banks in the next three years.