Four-wheeler sales in the fastlane

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⭐ Four-wheeler sales in the fastlane 

Passenger vehicle (PV) makers reported strong sales numbers in the previous month. Maruti Suzuki’s domestic sales in August rose by 30% year-on-year (YoY) to 134,166 units. Meanwhile, Tata Motors reported a 68% YoY rise in PV sales to 47,166 units. Similarly, Mahindra & Mahindra sold 29,852 vehicles, a rise of 87% YoY. High PV sales numbers indicate robust demand across the segments.

⭐ GST collection jumps

As per the finance ministry, the GST collection in the country rose by 28% YoY to ₹1.44 lakh crore in August. Of these, central GST stood at ₹24,710 crore, while state GST was ₹30,951 crore. So far in FY23, total GST collection stands at ₹7.46 lakh crore, up 33 % as compared to the first five months of FY22.

⭐ UPI transactions rise in August

The value of digital payment transactions via UPI rose to ₹10.73 lakh crore in August 2022, up marginally from July at ₹10.63 lakh crore. A total of 657 crore UPI transactions took place during August 2022, up from 628 crore in July. However, Aadhaar-based payment transactions came down by nearly 10% to ₹27,186 crore in August, as against ₹30,199 crore in July. The number of transactions fell to 10.56 crore from 11 crore.

Global markets (at 7:30 AM today)

Fact of the day

India is set to be the sixth-largest insurance market in the next ten years with premiums growing at an average 14% per annum.

Source: TOI