RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%.
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RBI imposes penalties on Axis Bank, IDBI Bank
The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.
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JSW Steel’s combined crude steel output grows 37% YoY in Q4
JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.
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Tax collections soar to a record Rs 27.07 lakh crore in FY22
India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.
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Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms
Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.
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Sterling and Wilson RE’s loss narrows in Q4
Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.
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Indoco Remedies gets USFDA approval for Lacosamide injection
Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.
V-Guard Industries bets on consumer durables, expansion outside south India
V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.
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Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea
The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.
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Equity mutual fund inflows rise 44% in March: AMFI
Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).
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