Finance Minister presents Union Budget 2022-23 in Parliament
Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 in Parliament today. India is expected to grow at 9.27% in the upcoming financial year (FY23). The PM Gati Shakti master plan for expressways will be formulated in FY23. The government will promote chemical-free natural farming across India. Telecom spectrum auction will be conducted in 2022 for the rollout of 5G mobile services.
Other announcements included levying a 30% tax on income from transfer of digital assets (crypto) and the launch of the Digital Rupee.
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India’s manufacturing PMI falls to 4-month low to 54 in January
India’s manufacturing activity hit a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in January, compared to 55.5 in October. Operating conditions across the manufacturing industry improved in Jan. However, growth was restricted by the third wave of the Covid-19 pandemic. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
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Auto sales data for January 2022: Highlights
Maruti Suzuki India posted a 3.96% month-on-month (MoM) decline in total sales to 1,54,379 units in January 2022. Sales of its compact segment fell 7.1% MoM to 71,472 units.
Tata Motors Ltd registered a 15.5% MoM increase in passenger vehicle sales to 40,777 units in Jan. The automaker’s commercial vehicle sales rose 3.2% MoM to 35,268 units. Overall domestic sales rose 9.31% MoM to 72,485 units.
Mahindra & Mahindra’s auto segment posted total sales of 46,804 units in Jan, an increase of 19.5% over December. M&M’s farm equipment segment posted a 35% fall in sales to 22,682 units.
Bajaj Auto Ltd posted a 0.3% MoM increase in total sales to 3,63,443 units. Meanwhile, Escorts posted a 21.5% MoM growth in tractor sales to 5,707 units in January.
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Adani Ports Q3 Results: Net profit falls 6% YoY to Rs 1,472 crore
Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 5.7% YoY decline in consolidated net profit to Rs 1,472 crore for the quarter ended December (Q3 FY22). Net profit increased by 54% when compared to the previous quarter. Its revenue from operations rose 1% YoY to Rs 3,797 crore during the same period. EBITDA stood at Rs 2,417 crore in Q3, down 10.2% YoY.
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Tech Mahindra Q3 Results: Net profit rises 4.5% YoY to Rs 1,369 crore
Tech Mahindra Ltd reported a 4.5% YoY (or 2.2% QoQ) increase in net profit to Rs 1,369 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 18.7% YoY (or 5.2% QoQ) to Rs 11,451 crore during the same period. EBITDA stood at Rs 2,060 crore in Q3, up 8.7% YoY. The IT company secured new deals worth $704 million in Q3.
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Alembic Pharma gets final approval from USFDA for Clarithromycin tablets
Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clarithromycin tablets. The drug is an antimicrobial indicated for mild to moderate infections caused by designated, susceptible bacteria. As per IQVIA data, Clarithromycin tablets had an estimated market size of $11 million for the twelve months ended Sept 2021.
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Tata Teleservices (Maharashtra) withdraws Govt equity conversion plan
Tata Teleservices (Maharashtra) Ltd (TTML) has decided not to convert its accrued interest on deferred AGR dues into government equity. TTML stated that the amount to be converted (Rs 195.22 crore as per the government’s calculations) is much lesser than what it had estimated (Rs 850 crore).
Indian Hotels Q3 Results: Net profit at Rs 96 crore
Indian Hotels Company Ltd (IHCL) reported a consolidated net profit of Rs 95.96 crore for the quarter ended December 31, 2021 (Q3 FY22). It had posted a net loss of Rs 133.22 crore in Q3 FY21. IHCL’s revenue from operations rose 98% YoY to Rs 1,111.22 crore in Q3 FY22. The company said it will continue to strengthen its portfolio and grow new business while maintaining an asset-light strategy.
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Sona Comstar Q3 Results: Net profit rises 4% YoY to Rs 86 crore
Sona BLW Precision Forgings Ltd reported a 3.5% YoY increase in net profit to Rs 86.43 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 1% YoY to Rs 494.14 crore during the same period. EBITDA stood at Rs 130 crore in Q3, down 11% YoY. The auto component maker’s board has declared an interim dividend of Rs 0.77 per share.
Kansai Nerolac Paints Q3 Results: Net profit falls 37% YoY to Rs 128 crore
Kansai Nerolac Paints Ltd reported a 37.2% YoY decline in net profit to Rs 128 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 13.68% YoY to Rs 1,810.35 crore during the same period. The paint company’s total expenses rose 23.65% YoY to Rs 1,648.39 crore in Q3.
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