BoB bets on credit card growth

Good morning, people!

Markets have been under a lot of pressure since the start of the week. The RBI’s rate decision has been on everyone’s mind. So what’s it going to be? We’ll finally get to know it today. Till then, here are the top stories to begin your day.

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⭐ BoB’s credit card bet 💳

BoB Financial Solutions, a subsidiary of Bank of Baroda (BoB), is planning to add over 1 million credit cards in FY23. The lender's portfolio has grown to over 1.1 million credit cards in March 2022, from 120,000 in March 2018. Meanwhile, monthly credit card spends crossed the ₹1,000 crore mark in April.

⭐ Boost for MRPL, CPCL 🛢

In an otherwise subdued market, shares of Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) jumped up to 20% and 17% intraday, respectively. This was due to a rise in the Singapore gross refining margin, which touched a record high of $25.2 a barrel. The figure augurs well for Indian refiners as they process raw crude into refined products.

⭐ Bata to expand in smaller cities 👞

India’s largest footwear retailer, Bata is looking to expand into India’s smaller towns and cities through the franchise model. This business model allows small business owners to use the branding and business model of a bigger brand on a contractual basis. Since the last two quarters, the company has been adding 20 to 30 stores in a quarter. Going forward, the company hopes to continue its growth momentum. 

Global markets (at 7:30 AM today)

Fact of the day

Amid rising Covid cases in the country, the demand for a third dose (or booster shot) has gone up by 20% in the last 10-12 days. 

Source: Business Standard

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