Tag: domestic air travel

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India’s Retail Inflation Eases to 4.25% in May – Top Indian Market Updates

Consumer Price Index

Here are some of the major updates that could move the markets tomorrow:

India’s retail inflation eases to a 2-year low of 4.25% in May

According to the Ministry of Statistics, India’s retail inflation has eased to a two-year low of 4.25% in May 2023, compared to 4.7% in April. Retail inflation is measured by Consumer Price Index (CPI). The Consumer Food Price Index (CFPI) also eased to 2.91% in May from 3.84 % in April. Rural inflation stood at 4.17%, while urban inflation stood at 4.27 %.

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India’s industrial production up 4.2% in April

India’s Index of Industrial Production (IIP) increased by 4.2% in April, up from 1.1% in March 2023 and down from 6.7% in April 2022. The manufacturing sector’s output grew by 4.9% in April 2023 compared to 5.6% a year ago. Power generation declined by 1.1% and mining output rose by 5.1% during the same period.

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Maharashtra Seamless prepays loans worth Rs 234 crore from internal accruals to become debt free

Maharashtra Seamless Ltd used internal accruals to make a voluntary prepayment of Rs 234 crore loan. The repayment aims to make the company debt-free. This is the second time the company has made such a prepayment in the past eight months. As of May 21, 2023, the company’s order book stands at Rs 2,063 crore.

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L&T Finance Holdings plans to expand rural business by offering personal loans

L&T Finance Holdings aims to boost its retail portfolio by offering personal loans and loans against property in rural areas. It is also reducing its wholesale lending book. The lender aims to increase the share of its retail portfolio (which has already reached 75%) to over 80% by 2026. It plans to introduce rural Loan Against Property (LAP) loans and personal loans for the spouses of women microfinance borrowers to strengthen its presence among bottom-of-the-pyramid customers.

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PTC Industries to spend ₹300 crore on capacity expansion

PTC Industries Ltd intends to allocate ₹300 crore for capacity expansion in the next few years. Its goal is to generate up to two-thirds of its revenue from the domestic defence aerospace sector in the medium term. The company specializes in engineering components for critical applications. Over the past few years, the company invested around ₹300-₹350 crore in developing technology and capabilities.

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NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet

The National Company Law Tribunal (NCLT) adjourned the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process. The matter is expected to be listed on July 16. This is the third case filed by the company against the airline, with two other cases filed by Aircastle (Ireland) Ltd and Willis Lease Finance Corporation. Aircastle’s petition is listed for July 17.

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India’s domestic air passenger traffic up by 2.3% in May

According to ICRA, the domestic air passenger traffic was estimated at 131.8 lakh in May, about 2.3% higher than 128.9 lakhs in April 2023. Further, it witnessed a 15% YoY growth of about 15%, compared to May 2022. Domestic passenger traffic in May 2023 was higher by about 8% compared to the pre-Covid levels (that is, May 2019). The airlines’ capacity deployment in May 2023 was higher by 1.4%  than that of May 2022, reaching the pre-Covid levels (May 2019).

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Jaguar Land Rover plans annual investment of 3 billion pounds by FY26

Tata Motors-owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targetting revenue of over 30 billion pounds by FY26. The luxury carmaker expects to have revenue of over 28 billion pounds in FY24. Under its ‘Reimagine’ strategy, JLR had aimed to become a more agile business with a simplified manufacturing operation and an ambition to achieve a positive cash net of debt by 2025.

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IndiGo co-founder’s family likely to sell stake worth up to ₹7,500 crore: Report

According to a CNBC-TV18 report, the family of IndiGo’s co-founder Rakesh Gangwal is likely to sell a 5-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, which is worth up to ₹7,500 crore. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe as of March 31, 2023.  Their Chinkerpoo Family Trust holds a 13.5% stake in the airline.

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PB Fintech to wipe out accumulated losses in next four years

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth. The total revenue of the company increased from Rs 1,200 crore in FY22 to Rs 1,710 crore in FY23. A top official said the company would be Rs 400-500 crore cash positive, and there may not be any need for additional capital infusion.

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Tata Motors to Supply 25,000 Electric Sedans to Uber – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Motors to supply 25,000 XPRES-T electric sedans to Uber

Tata Motors said it would supply 25,000 XPRES-T electric vehicle units to Uber in one of the largest deals in the green mobility space to date. As per a memorandum of understanding (MoU) between the companies, Uber will utilise electric sedans in its premium category service. The electric fleet would be operational across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad

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Adani Ports to prepay $121 million short-term debt due in March

Adani Ports & Special Economic Zone Ltd. will prepay the debt raised through commercial paper after it repaid 15 billion rupees of similar debt due on Monday as scheduled, the company’s spokesperson said. India’s largest-private-sector ports operator used its cash balance and funds generated from business operations to pay its short-term debt due on Monday.

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Maruti Suzuki to focus on local manufacturing and reducing carbon footprint

Maruti Suzuki India said it will continue to work on all kinds of technologies in order to reduce its carbon footprint. The auto major will also focus on local manufacturing to achieve its green goals. It also noted that Maruti Suzuki has the least amount of fleet carbon emission among all car manufacturers in India.

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Bank of Baroda CEO says willing to keep lending to Adani Group

Bank of Baroda CEO says that it is willing to consider lending additional money to the Adani Group, including for a project to remodel a slum that is among the world’s largest. The bank will extend loans to the conglomerate if it meets the lender’s underwriting standards. He also added that he’s not concerned about the market volatility around Adani stocks.

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Adani said to decide against a bid for stake in power trader PTC

Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India Ltd as the company looks to preserve cash amidst the Hindenburg issue. In January, Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported. The company will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.

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Gland Pharma to invest Rs 400 crore to expand its Telangana plant

Gland Pharma will invest Rs 400 crore to create additional capabilities in its existing facility at Genome Valley in Hyderabad to manufacture biologicals, biosimilars, antibodies, and recombinant Insulin. The expanded site is envisaged to meet the national and international regulations to be followed in the manufacturing of biological products as applicable, and shall be built under the GMP guidelines applicable for the respective product lines, it said.

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Domestic aviation traffic continues growth, Jan records 1.25 cr passengers with 95.72% rise

Domestic aviation traffic has continued to witness massive growth. Passengers carried by domestic airlines during January 2023 were 1.25 crore, registering an annual growth of 95.72% and monthly growth of 95.72%. According to data released by the Directorate General of Civil Aviation (DGCA), the passenger load factor or occupancy of the airlines remained on the higher side in the range of 80 to 90%.

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Centre opposes Hindustan Zinc’s $2.98 billion deal for Vedanta zinc assets

The Central government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd. The govt will oppose any further resolutions on the deal and explore all legal avenues available to it. The Centre holds nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.

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Adani Ports Posts 8% Growth in Volumes in Dec – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports records 8% growth in container volume in Dec

Adani Ports & Special Economic Zone (APSEZ) handled 25.1 million metric tonnes (MMT) of cargo in December 2022, recording an 8% YoY growth in container volumes. The company registered 253 MMT of cargo volumes for the April-December period of 2022, up 8% YoY. APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals.

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Bajaj Finance records highest ever quarterly increase in customer franchise

Bajaj Finance Ltd. reported the highest-ever quarterly increase in its customer franchise in the December quarter (Q3 FY23). The company’s customer franchise increased by 3.1 million during the quarter. Overall customer franchise at the end of December stood at 66 million, compared to 55.4 million during the same period last year. Bajaj Finance’s Assets under Management (AUM) grew 27% YoY to ₹2.3 lakh crore in Q3. 

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Lupin launches novel drug combination for asthma treatment

Lupin has launched a novel fixed-dose triple drug combination (FDC) in India under the brand name DIFIZMA. It is a dry powder inhalation (DPI) product that will improve lung function among patients facing inadequately controlled asthma by providing them with better symptom control. DIFIZMA is the only FDC that has received approval from the Drug Controller General of India for asthma treatment.

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Grasim Industries incorporates subsidiary for business support services

Grasim Industries Ltd announced the incorporation of a wholly-owned subsidiary company, Grasim Business Services Pvt. Ltd. The new entity will offer business support services, including staffing solutions. The newly incorporated company has an authorised capital of ₹1 crore and subscribed capital of ₹10 lakh.  

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Domestic air passenger traffic grows 15% in December: ICRA

According to rating agency ICRA, India’s domestic air passenger traffic registered a 15% year-on-year (YoY) growth to around 129 lakh in December 2022. However, it remained 1% lower than the pre-pandemic level of December 2019. The domestic aviation industry operated at an estimated passenger load factor of around 91% in December 2022, compared to 80%in December 2021 and about 88% in Dec 2019.

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Vodafone Idea equity conversion complex issue, under discussion: Ashwini Vaishnaw

Minister of Communications Ashwini Vaishnaw said debt-ridden Vodafone Idea (Vi) would need capital infusion, and equity conversion is a “complex issue” that is under discussion. The government’s equity conversion in Vi has been a matter of concern for the telecom operator’s survival. The accrued interest on AGR-related dues stands at ₹16,130 crore and the conversion may allow the Indian government to hold a majority stake of close to 33% in Vodafone Idea.

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IndiGo launches 168 weekly flights to new Goa airport

InterGlobe Aviation Ltd (IndiGo) has launched 168 weekly flights from Goa’s new airport. The airline will operate these flights between Mopa and 8 domestic destinations like Hyderabad, Delhi, Mumbai, Bangalore, Chennai, Pune, Jaipur, and Ahmedabad. At present, the new airport can handle 4.4 million passengers annually and will be developed further in phases.

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Residential housing sales at decadal high in 2022

The residential real estate sector witnessed a robust demand revival in 2022, with the year registering a decadal high of primary home sales across the top seven cities despite the rise in mortgage rates and property prices. The performance in 2022 with 2.15 lakh apartments ranks next to the peak of 2.16 lakh units achieved in 2010 in key markets like Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

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Saudi Arabia cuts oil prices for main market as demand slows

Saudi Arabia cut oil prices for Asia, signaling that demand in its main market remains sluggish as economies slow and Covid-19 cases in China surge. Brent crude futures have fallen from almost $125 a barrel in June to less than $80, with prices declining 7.5% so far this week. High interest rates and a strong dollar have hit demand in the US, Europe, and China. 

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RIL to Develop Multi-Modal Logistics Park in TN – Top Indian Market Updates

silver lake to invest in Reliance

Here are some of the major updates that could move the markets on Monday:

Reliance to develop multi-modal logistics park in Tamil Nadu

Reliance Industries Ltd (RIL) has secured an order to develop India’s first multi-modal logistics park (MMLP) in Chennai from the Ministry of Road, Transport, and Highways. It is estimated to cater to 7.17 million metric tonnes (MMT) of cargo in a time horizon of 45 years. The park will be developed in three phases with an estimated developer investment of ₹783 crores.

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M&M Q2 Results: Net profit rises 44% YoY to ₹2,773 crore

Mahindra & Mahindra Ltd reported a 44% year-on-year (YoY) increase in consolidated net profit to ₹2,773 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 39% YoY to ₹29,870 crore during the same period. The auto major sold a total of 1,74,098 vehicles in the second quarter, up 75% YoY. Tractor sales rose 5% YoY to 92,590 units. 

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Hinduja brothers to end their long family dispute: Report

According to a Bloomberg report, Hinduja Group’s co-chairman Gopichand Hinduja, along with Prakash, Srichand, and Ashok (Hinduja family brothers) have called a truce and decided to end the family dispute. The conflict among the billionaire brothers was because of a pact signed by them in 2014 that said that ‘everything belongs to everyone and nothing belongs to anyone’. To learn more about the Hinduja Group, click here.

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Adani Power Q2 Results: Net profit at ₹696 crore

Adani Power Ltd reported a consolidated net profit of ₹695.53 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹230.6 crore in Q2 FY22. Its revenue from operations rose 36% YoY to ₹7,044 crore in Q2 FY23. EBITDA stood at ₹2,350 crore in Q2, up 51% YoY. The company has an installed thermal power capacity of 13,610 megawatts spread across seven power plants in India.

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Domestic airline industry could report ₹15,000-17,000 crore loss: ICRA

Credit rating agency ICRA reported that India’s domestic airline industry is expected to take a hit in FY23. It projects at least a ₹15,000-17,000 crore loss due to increased aviation fuel costs. Despite domestic passenger traffic increasing by 26% YoY to 114 lakh in October, the numbers are still low compared to the pre-pandemic era.

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HAL Q2 Results: Net profit rises 44% YoY to ₹1,221 crore

Hindustan Aeronautics Ltd (HAL) reported a 44.2% YoY increase in consolidated net profit to ₹1,221.22 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 7.3% YoY to ₹5,144.8 crore during the same period. Total expenses stood at ₹3,775.5 crore in Q2, down 17.1% YoY. HAL’s board declared an interim dividend of ₹10 per share.

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USFDA issues Form-483 with 3 observations to Alkem Lab’s St Louis plant

The US Food & Drug Administration (USFDA) has issued three observations to Alkem Laboratories Ltd’s St Louis-based manufacturing facility. The health regulator conducted a pre-approval inspection at the plant from October 31, 2022, to November 9, 2022. It has observed conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

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Hindalco Q2 Results: Net profit falls 35% YoY to ₹2,205 crore

Hindalco Industries Ltd reported a 35% YoY decline in consolidated net profit to ₹2,205 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18% YoY to ₹56,176 crore during the same period. Revenue from the upstream aluminium segment rose 11% YoY to ₹8,215 crore, while revenue from the copper business grew 1% YoY to ₹9,658 crore in Q2.

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LIC Q2 Results: Net profit jumps 11-fold to ₹15,952 crore

Life Insurance Corporation of India (LIC) reported an 11-fold YoY jump in net profit to ₹15,952 crore for the quarter ended Sept (Q2 FY23). Its net premium income rose 27% YoY to ₹1.32 lakh crore during the same period. The net income from investments grew 10% YoY to ₹84,104 crore in Q2. LIC’s gross non-performing assets (GNPA) ratio improved to 5.60% in Q2 from 5.84% in Q1.

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PM Modi Reviews Covid-19 Vaccine Facilities – Top Indian Market News

PM Modi reviews Covid-19 vaccine facilities in three-city tour

Prime Minister Narendra Modi, on Saturday, reviewed the operations at Covid-19 vaccine facilities in the country. PM Modi visited Zydus Biotech Park in Ahmedabad to review the DNA-based vaccine being developed by Zydus Cadila. He later visited Bharat Biotech’s facility in Telangana to review the progress of Covaxin, which is undergoing Phase-3 trials. Lastly, the PM visited the Serum Institute in Pune. He tweeted that the Government would support these facilities in the process of vaccine development.

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SEBI bars NDTV promoters from securities market for two years

The Securities and Exchange Board of India (SEBI) has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years. They have been found guilty of indulging in insider trading activities from more than 12 years ago. SEBI has also directed them to surrender illegal gains of more than Rs 16.79 core.

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Petrol price crosses Rs 82-mark, diesel above Rs 72 a litre

On Saturday, the petrol price crossed the Rs 82-mark and diesel surpassed Rs 72 per litre in Delhi. The price of petrol was hiked by 24 paise per litre and diesel price by 27 paise a litre. as hopes of a vaccine development led to a rally in international oil prices. This is the eighth increase in rates since November 20.

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French investor gives bond warning to SBI over Adani’s Australian coal mine

State Bank of India’s French investor, Amundi, has warned that it would evict one of the lender’s green bonds from a flagship fund if it helps finance Adani’s coal mine in Australia. The Carmichael coal mine has received strong opposition from climate activists because of its potential carbon emissions. Amundi stated that they had contacted SBI to voice its concern on Thursday.

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Almost 65% of domestic air travel back to pre-Covid levels: Civil Aviation Secretary

Civil Aviation Secretary Pradeep Singh Kharola stated that nearly 65% of domestic air travel has returned to the pre-Covid 19 levels. He said that there is a need to evolve strategies to provide a boost to the tourism industry. Kharola said that as more business activities and educational institutions are opening-up, air travel would further go up to 80-90% in the next 2-3 months.

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Govt to consider classifying real estate sector as different asset class: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri stated that the central government will consider classifying the real estate sector as a different asset class. This would provide a further boost to the sector. The minister also urged real estate developers to offload unsold inventories, to boost demand in the economy.

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IRDAI gives in-principle approval for Bharti AXA-ICICI Lombard merger deal

The Insurance Regulatory and Development Authority of India (IRDAI) has given in-principle approval for the merger of Bharti AXA General Insurance Company Ltd with ICICI Lombard Insurance Company Ltd. Earlier, the BSE, NSE, and the Competition Commission of India (CCI) had approved the proposed acquisition by ICICI. ICICI Lombard has stated that the policyholders would benefit from an enhanced product suite and deeper customer connect touch points.

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Kalpataru buys back shares worth Rs 142.68 crore

Kalpataru Power Transmission Ltd said it has brought back 58.06 lakh equity shares for Rs 142.68 crore. This constitutes 71.34% of the buyback size on the offer. The company had earlier announced to buy back its equity shares from the open market, for an aggregate amount not exceeding Rs 200 crore.

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Max Financial gets IRDAI nod for share swap agreement with Mitsui Sumitomo

Max Financial Services (MFS) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to swap Mitsui Sumitomo’s stake in Max Life Insurance with shares of the company. The transaction consists of swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance, with a 21.9% stake in MFS. This will result in MFS holding more than 93% in its life insurance company.

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Baba Ramdev on board of Ruchi Soya, brother Ram Bharat to be MD

Baba Ramdev has secured a place on the board of Ruchi Soya Industries Ltd. His brother Ram Bharat has been appointed as the Managing Director of the company. Recently, Ruchi Soya was acquired by a consortium consisting of Patanjali Ayurved, Divya Yog Mandir Trust, Patanjali Parivahan, and Patanjali Gramudhyog.

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