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Here are the top stories to start your day.
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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)
| Indices | Today's movement |
| SGX Nifty | ▲0.01% |
| Nikkei 225 (Japan) | ▼ 0.21% |
| Hang Seng (Hong Kong) | ▼ 0.76% |
| SSE Composite (China) | ▲0.09% |
| Dow Jones (US) (September 01) | ▲0.46% |
| NYSE (US) (September 01) | ▲0.6% |
| Nasdaq (US) (September 01) | ▼ 0.26% |
| S&P 500 (US) (September 01) | ▲0.3% |
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