The total value of credit card transactions rose 36.2% YoY and 15.7% MoM to Rs 1,37,707 crore. The number of cards outstanding also increased by 15.9% YoY. Private sector banks grew by 49.3% YoY in terms of value of transactions.

As per HVS Anarock, Mar’23 was another strong month with hotel industry RevPAR of ~Rs4,850 being 21% above Mar’19 (pre-Covid) levels. In Mar’23, Mumbai continued to clock the highest occupancy rate among cities at 77% followed by New Delhi at 75% while in ARR terms, Mumbai clocked over Rs11,000 followed by Goa at Rs10,000 and New Delhi at over Rs9,500.

Major steel companies have pruned their HRC list price by Rs2,000-3,000/te in order to restore the parity wrt imports. Traders were anticipating a price cut in May23’ over the last few weeks, resulting in domestic HRC price progressively reducing by Rs1,000/te in the month of Apr23’.

CTSH reported revenue growth of 1.5% YoY CC, above the top end of management guidance (-1% to 0% YoY CC) in Q1CY23. This includes 100bps inorganic contribution. Company reported strong bookings growth of 28% YoY in Q1CY23 with the TTM orderbook at US$ 25.6bn and book-to- bill at 1.3x.

The textile industry in India has been overwhelmed in the past year with rising cotton prices, global retailers cancelling orders as a result of stockpiling, and some importers facing a foreign exchange crisis. However, the industry rebounded in the past month on hopes of a recovery.

The European Central Bank (ECB) retained its focus on inflation and raised interest rates by 25 bps yesterday.

ArcelorMittal’s (MT) Q1CY23 performance was ahead of the street’s expectations on all parameters. Key points: 1) end of destocking in key markets resulted in higher shipments; 2) EBITDA/te rebounded 26% QoQ from a cyclical low of US$100; 3) energy costs have reduced considerably from H2CY22 highs; 4) AM/NS India performance improved QoQ led by higher volumes and steel prices.

Monthly data on lending and deposit rates of scheduled commercial banks (SCBs) (excl. regional rural banks and small finance banks) for the month of Mar’23 point at the following trends: 1) SCBs’ weighted average lending rate (WALR) on fresh loans was up 169bps in FY23 (96bps in H1, 73bps in H2); 2) their outstanding TD rates were up 113bps in FY23 (36bps in H1, 77bps in H2)