Morning Buzz: Mohandas Pai and Rajnish Kumar to join Byju's advisory council, new SIP accounts hit record high in June and more
Here are the top business headlines this morning, to get your day started
Edtech major Byju’s has appointed Mohandas Pai (left) and Rajnish Kumar as members of its advisory council called Think&Learn.
Mohandas Pai, Rajnish Kumar to join Byju’s advisory council
Edtech major Byju’s has appointed Mohandas Pai and Rajnish Kumar as members of its advisory council called Think&Learn. This will play a key role in advising the company’s board and CEO Byju Raveendran. The company was recently in the news for skipping a $1.2 billion loan payment and delaying financial results for FY23. Last month the company’s auditors Deloitte Haskins & Sells and three board members resigned.(Economic Times, Mint, Financial Express, Hindu BusinessLine)
New SIP accounts at record high amid June rally
New SIP account registrations reached 2.78 million in June 2023, according to data from the Association of Mutual Funds in India. On an average, 2.12 million SIP accounts were opened each month in the last 12 months, taking the total additions to 26 million. The average ticket size of these accounts fell to Rs 2,214 from Rs 3,304 five years ago. Total SIP accounts stood at 67 million and the average portfolio amount of an SIP account is Rs 1.2 lakh.(Economic Times)
June air passenger traffic rises over 18 percent
Indian carriers flew 12.5 million passengers in June compared to 10.5 million in the same period last year. The numbers come even as GoAir shut down. Akasa Air, with a 4.9 percent market share, overtook SpiceJet at 4.4. percent. IndiGo retained its dominant position with 63.2 percent. Passenger numbers have surpassed pre-Covid levels, even as capacity has fallen 5 percent, according to ICRA. The mismatch has resulted in a high load factor of 93 percent.(Economic Times, Financial Express)
Credit card spends hit record Rs 140,000 crore in May
After being range-bound in FY23, credit card spends hit Rs 140,000 crore in May. At the same time the number of cards in force rose to 87.4 million, up from 86.5 million in April. The average spend per card was Rs 16,144. HDFC Bank remained the largest card issuer in the country, followed by SBI Card. Credit card NPAs were up 0.66 percent to 2.94 percent as of March 2023.(Business Standard)
