Relax, refresh and recharge words on office table with computer, coffee, notepad, smartphone and digital tablet
NIFTY started the day flat at 19,828. After an initial up-move to 19,875 levels, the index fell sharply to the 19,800 support levels and consolidated the rest of the day. Niftyclosed at 19,802, down by 9.85 points or 0.05%.
BANK NIFTY (BNF) started the day flat at 43,452. The index had a calm day following yesterday’s volatility. It consolidated within a range of 100 points, roughly between 43,550 and 43,650. It can also be seen as a consolidation between the significant resistance at 43,700 and the support at 43,500. BNF closed at 43,577, up by 127 points or 0.29%.
All indices except Nifty Pharma (-1.57%) and Nifty IT (-0.59%) closed flat-to-green. Nifty Realty (+1.03%) moved up the most.
Major Asian markets closed mixed. European markets are currently trading mixed.
Today’s Moves
Hero MotoCorp (+4.52%) was NIFTY50’s top gainer. The stock has rallied over 15% in nine days after the company reported record festive sales.
Shares of EID Parry (+8.37%) surged after promoters divested a 2.27% stake in the company for ₹190 crore through an open market transaction.
HPCL (+6.94%) moved up with strength as crude oil prices dropped sharply after OPEC+ postponed its meeting to decide on oil output.
Honasa Consumer (Mamaearth) hit a 20% upper circuit after the company reported a 94% YoY growth in Q2 net profit.
Cipla (-7.93%) was NIFTY50’s top loser. The US Food & Drug Administration issued a letter that flagged data issues at the pharma company’s unit in Madhya Pradesh.
Tube Investments (-8.25%) fell sharply today.
Markets Ahead
Being the weekly expiry for Nifty, the index remained stable and maintained its upper levels. Bank Nifty also sustained its upper levels after recovering from yesterday. However, both Nifty and BNF need to overcome their respective major resistances to achieve a clear breakout.
Nifty: The index has immediate support near 19,800. If there’s a breakdown from this level, the index may decline to 19,700 and 19,630 levels. Meanwhile, the resistance to monitor is approximately at 19,860. A breakout from this level might lead to targets of 20,000.
Bank Nifty: A major resistance to watch out for in BNF is 43,700. A breakout from this level could potentially lead to targets of 43,900 and the round level of 44,000. On the other hand, the immediate support lies near 43,500 levels. If there’s a breakdown from there, the index may decline to 43,200 levels.
India VIX remains steady, and the markets are currently stable. Confirmation of a reversal and an uptrend may occur with a further breakout from key resistance levels. In the event of a positive market reversal, you could focus more on Bank Nifty as it’s further away from the all-time high (ATH) compared to Nifty. This suggests that BNF has the potential to move swiftly to cover the gap.
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Here are some of the major updates that could move the markets tomorrow:
IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore
IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.
AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan
Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.
Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore
Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.
Hindalco Industries looking to raise ₹700 crore via NCDs
Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).
Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore
Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company.
Cipla launches testing device for non-communicable and infectious diseases
Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices.
The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.
Jubilant FoodWorks brings US chicken brand Popeyes to Chennai
Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall.
India’s coal production target at more than 1 billion tonnes for FY24: Govt
The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.
EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit
EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.
India has witnessed the rise of numerous business conglomerates that have drastically fueled the growth of the country. From the houses of Tata, Godrej, and Birla to the new age Reliance and Adani Group, the list goes on. In today’s editorial, we shall analyse the 121 age-old business empire— the Murugappa group.
Business Profile
The story begins in 1900 when Dewan Bahadur AM Murugappa Chettiar set up a banking firm in Myanmar. His company ventured into various other businesses in south-east Asia. Towards the end of the 1930s, the Murugappa group migrated to India and entered the engineering sector by establishing Coromandel Engineering Co. Ltd.The business development strategy used by the group was very interesting. Instead of starting fresh, they formed joint ventures (JV) with industry experts to enter into a particular industry. For example, TI Cycles was established in 1949 in partnership with UK-based cycle manufacturer Tube Investments Ltd.
Later in 1954, the Murugappa Group formed Carborundum Universal Ltd (CUMI), which produces industrial inputs such as abrasives and ceramics. The group also entered the financial services sector to offer loans to small businesses by forming Cholamandalam Investment and Finance Company. In 1981, they made an aggressive move by acquiring EID Parry, one of the largest sugar manufacturers in south India.
Group Firms
Currently, the Murugappa Group is divided into 3 business verticals: Agriculture, Engineering, and Finance.
EID Parry
As discussed earlier, EID Parry is a sugar manufacturing and marketing company. Retail products such as refined sugar and brown sugar are sold under the ‘Amrit’ brand. Sulfur-free, low glycemic index sugar are some of their other products. EID Parry also supplies sugar used for coating tablets and tonics to the pharmaceutical industry.
The company extracts ethanol from sugarcane molasses, which is used as a blending mix in fuel. The government, through the Ethanol blending Programme (EBP), targets a blend of 20% of ethanol in fuel by 2025. Additionally, the manufacturer uses byproducts of sugarcane (bagasse) to generate electricity. It can replace coal as fuel in power plants.
Financials
EID Parry has a stake in Coromandel International Ltd (CIL). The subsidiary is also an agricultural player that engages in the business of fertilizers, nutrients, and crop protection.
As we can see, CIL contributes the majority of the revenue. EID Parry reported consolidated revenue of Rs 18,758 crore in FY21, resulting in 8% growth year on year. The five-year Compounded Annual Growth Rate (CAGR) is 5.21%.
Looking through the profitability of the business vertical, the crop protection, pharma, and ethanol segments have a Profit Before Tax (PBT) margin above 12%.It means that for every Rs 100 earned as revenue, the company can retain Rs 12 as profit before paying taxes.
Now, let us compare EID Parry with other sugar companies and interpret its performance in the sugar industry.
For the past four years, EID Parry has been a loss-making entity, while peer companies have improved their margins in the same segment.
In the case of leverage, the manufacturer made the balance sheet strong by reducing the debt from Rs 3,888 crore in FY17 to Rs 576 crore in FY21.
Cholamandalam Investment and Finance Co. Ltd (CIFCL)
CIFCL is an emerging midcap finance player with a market capitalization of around Rs 47,000 crore. The lender mainly provides loans in 3 main categories:
Vehicle financing covers more than 70% of their loan book, of which loans for the used vehicle market share 27% and light commercial vehicles constitute 21%. The impact of the Covid-19 pandemic has increased defaults made on vehicle loans, which further lead to the decrease in profitability of the lender. Loans against property (LAP) and credit for Small & Medium Enterprises (SME) constitute 22% of the total loan book. This segment reported an income of Rs 1,639 crore in FY21 with a 3-year CAGR of 15%. Unfortunately, the loans being defaulted are also increasing at a rapid pace, from 0.3% in Q1 FY21 to 2.1% for the Q1 FY22. If the lender cannot limit the bad loans, it may affect the overall efficiency.
The company is led by Mr. Vellayan Subbiah (Chairman & Managing Director). He is part of the fourth generation of the Murugappa family. Vellayan served various roles in the group and is also the MD of Tube Investments of India.
The promoters hold a 52% stake in CIFCL, followed by mutual funds at 22% stake and foreign Institutional Investors (FIIs) with 19%. The company’s Asset Under Management (net value of their financial assets) has doubled in five years. The lender is reporting strong profits, but increasing bad loans is a concern.
Tube Investments of India
Tube Investments operates some of the well-known cycle brands in India, including Hercules, BSA, and Montra Cycles. The company has three main verticals: engineering, metal-formed products, and cycles.
The Engineering wing manufactures products such as Electric-Resistance Welded or ERW tubes (used for transportation of oil & gas) and auto components for two-wheelers and trucks. The metal-formed products business mainly manufactures inputs for industrial applications like railway coach parts, chains, and door frames for vehicles. The cycle business offers brands such as BSA, Hercules, Mach City, and Montra. Track & Trail is a retail cycle outlet chain operated by Tube Investments that spreads across 225 outlets in the country.
The company’s total revenue declined 23% YoY to Rs 6,195 crore in FY21. The 3-year CAGR of the topline stands at -5.92%. Decreasing revenue over the years is a concern as the company is unable to capture new business opportunities.
The engineering wing reported high-profit margins of around 11% in FY21. Even though the cycle business is a low-margin business, rising profitability across the years is a good sign. However, profit margins of the metal products segment have declined sharply.
The company has announced its entry into electric mobility (three-wheelers) and plans to hit the market towards the end of 2021.
Conclusion
The story of the Murugappa Group does not stop here. The group is further diversified in the three verticals with other niche players. Carborundum Universal Limited (CUMI) is one such player that manufactures silicon carbide, zirconia, and other electro minerals and abrasives. Coromandel International, being a crop protection player, is the second-largest phosphatic fertilizer player in the country.
When we analyse these companies from the business house, we can find similar corporate principles and beliefs binding them. Murugappa Group has established strong businesses throughout its 121-year-old legacy. Moreover, they diversify into a segment by either collaborating with industry leaders or acquiring a quality player.
Have you included any of the Murugappa companies in your portfolio? Let us know in the comment section of the marketfeed app.
FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo
Tata Motors to deliver 15 hydrogen-powered buses to Indian Oil Corp
Tata Motors has secured an order for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from Indian Oil Corporation Limited (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MoU). The automaker will also collaborate with IOCL to undertake research & development (R&D) projects and collectively study the potential of fuel cell technology for commercial vehicles.
NBCC (India) Limited reported a consolidated net profit of Rs 83.30 crore for the quarter ended March 2021 (Q4 FY21). It posted a net profit of Rs 83.77 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 2.09% YoY to Rs 2,706.80 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) jumped 136.5% YoY to Rs 236.24 crore. The construction company’s board has recommended a final dividend of Rs 0.47 per share.
In other news, NBCC has secured a project worth Rs 206 crore from Odisha Hydro Power Corporation Ltd.
AstraZeneca partners with Docon to digitalise 1,000 clinics across India
AstraZeneca Pharma India Ltd has signed an agreement with Bengaluru-based health-tech startup, Docon Technologies, for digitising 1,000 clinics across India. Docon will equip clinics with customised Electronic Medical Record (EMR) systems, which enable clinicians to access complete patient history. As part of the pilot phase, around 200 clinics across Tier 1 and Tier 2 towns have been upgraded.
Ircon International Q4 Results: Net profit rises 47% YoY to Rs 170 crore
Ircon International reported a 47.69% YoY increase in consolidated net profit to Rs 170.43 crore for the quarter ended March (Q4). Its revenue from operations rose 29.27% YoY to Rs 2,421.65 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 19.4% YoY to Rs 391.06 crore. Ircon International is an engineering and construction company that specializes in transport infrastructure. It is a wholly-owned subsidiary of the Indian Railways.
Lupin receives USFDA approval for HIV drug under PEPFAR
Lupin Limited has received approval from the US Food & Drug Administration (USFDA) for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate (TLD) tablets, along with an antiretroviral fixed-dose combination. It is indicated for the treatment of HIV in adults and pediatric patients. The approval has been given under the US President’s Emergency Plan for AIDS Relief (PEPFAR). The product will be manufactured at Lupin’s facility in Nagpur, Maharashtra.
Tech Mahindra partners with TAC Security for enterprise security solutions
Tech Mahindra Ltd has partnered with TAC Security to enable next-generation enterprise security for customers globally. US-based TAC Security is a risk and vulnerability management firm. The partnership will leverage artificial intelligence (AI) and user-friendly analytics to measure, prioritise, and mitigate vulnerabilities across the entire IT stack. They will help safeguard clients’ applications and infrastructure against cyber threats.
Hatsun Agro expands dairy products portfolio; to sell paneer under ‘Arokya’ brand
Hatsun Agro Product Ltd has expanded its products portfolio by introducing paneer under the ‘Arokya’ brand. It will initially be sold in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Goa, Maharashtra, and Pondicherry. The company stated that Arokya Paneer is made using fresh milk sourced directly from farmers and natural lemon. The product is available in a 200-gram pack and is priced at Rs 100. Hatsun Agro is a leading private sector dairy company based in Chennai.
Sunteck Realty Q4 Results: Net profit jumps 215% YoY to Rs 10.4 crore
Sunteck Realty Ltd reported a 215.94% YoY jump in consolidated net profit to Rs 10.40 crore for the quarter ended March (Q4). Net profit has declined by 55.35% when compared to the previous quarter. Its total income rose 113.52% YoY to Rs 194.67 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 43.35% YoY to Rs 41.94 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.
Promoters of Macrotech Developers repay debt of Rs 1,596 crore owed to company
Macrotech Developers announced that its promoters have repaid the entire debt owed by them to the company. The promoters owed a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, along with interest accrued, was repaid today (June 30). Macrotech Developers further said it targets a significant reduction in net debt to Rs 10,000 crore by the end of the current financial year (FY22). It will also focus on a capital-light growth strategy around affordable and mid-income housing and digital infrastructure.
EID Parry (India) reported a consolidated net loss of Rs 6.34 crore for the quarter ended March 2021 (Q4 FY21). It had reported a net profit of Rs 157.23 crore in the corresponding quarter last year (Q4 FY20). Its total income declined by 7.8% YoY to Rs 3,928.52 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 4.38% YoY to Rs 447.37 crore. EID Parry is engaged in the manufacturing and marketing of sugar, bio-pesticides, and nutraceuticals.
Last Year in November, we at marketfeed talked about why sugar companies continued to churn high profits despite low production and consumption in wake of the COVID-19 pandemic. The reason was simple. Sugar companies turned towards producing ethanol(a byproduct of sugarcane), used in hand sanitizers and to mix with petrol. You can read in detail about the article over here.
In February 2021, had you invested in sugar stocks like Rana Sugars Ltd., Dalmia Bharat Sugar and Industries Ltd., Balrampur Chini Mills Ltd., your investment would have doubled in three months’ time. Sugar stocks have constantly been rallying ever since we talked about them in November last year. Traders and Investors suggest that Indian sugar companies have a bright opportunity when it comes to sugar export. This is because of a global sugar shortage across the world and in major exporting countries like Brazil, Thailand, and the European Union. In this piece, we explore why sugar stocks are rallying and how India’s sugar industry is likely to gain from the current global sugar market scenario.
Source: Company Results And Stock Market Data
Sugar Stocks Continue To Rally
In the table given below, we can clearly see that sugar stocks have given MASSIVE returns. Some stocks like Dalmia Bharat Sugar have given returns close to 300%. In the last 1 month, the sugar sector has outperformed the NIFTY50 and SENSEX. While both the benchmark indices had their ups and downs last month, the sugar stocks gave some really positive and consistent returns. While the Q4 results for the past financial year have started pouring in, analysts are positive about profits in the quarter. This is mainly due to the global shortage of sugar, surging international prices and domestic prices, and India’s ethanol blending program.
Ethanol Blending Program In India
The Ethanol Blending Program in India was started in 2003 to mix bioethanol(produced from wheat or sugarcane) with petrol. This reduces the burden of importing crude petroleum from other countries which is a burden on the Indian Government’s pockets. Moreover, the environment-friendly factor, additional income for sugarcane producers, and cost-efficiency are an added plus. The government has set a goal of 10% ethanol blending with petrol for 2022 and 20% ethanol blending with petroleum by 2025. Almost a month ago India hit a record of 7.2% ethanol blending from 4.3% in 2020 for the first time.
Global Sugar Shortage To Benefit India?
Indian has an excess or a glut of sugar/sugarcane supply. However, this excess sugar cannot be exported for economic reasons. The reason being that international prices of sugar were much lower than the cost of production in India. So if sugar companies were to actually export sugar, they would have to do so at a loss. The sugarcane farmers kept supplying sugarcane to mills, but mills were not able to maximize their profits since domestic, as well as international prices, were low. This made a backlog of payments to be given to the farmers by the sugar mills. The backlog is estimated to be Rs 25000 crores as of January 2021.
Considering the above, the government is trying to ‘subsidize’ exports. The government provided a subsidy of Rs 6268 crore in FY19-20. This year, the government has already approved a subsidy of Rs 3500 crore in December 2020. The proceeds of the subsidy will be used to enhance transportation, marketing, packaging, etc. The government has set a target of exporting 60 lakh tonnes of sugar for the current financial year.
Crude oil prices all across the world have increased by more than ~150% in a year’s time. Brazil and Thailand are the largest exporters of sugar in the world. In Brazil, the average ethanol blend in petrol is about 48%, much higher than India’s 7.2%. Brazil has now started diverting its sugarcane harvest to produce ethanol to blend it with petroleum. Moreover, Thailand and the European Union have had lower production of sugar this time. The uncertainty of Brazil’s diversion of sugarcane toward the production of ethanol combined with lower production in Thailand and the European Union has sent international prices skyrocketing.
Over a year, international sugar prices have increased by ~50%. Combine this with the export subsidy and it could mean some really good profits for Indian sugar co-operatives. This way, the farmers too could have their backlog of payment complete.
What Lies Ahead?
India has always maintained an excess of sugar. Despite producing the most amount of sugar in the world, it is not able to get a fair value in the international markets. This adds to the sugar surplus, pushing sugar prices further down. India needs to improve efficiency, technology, and marketing in order to improve its exports. India’s domestic sugar prices have stagnated for the past 2 years and have remained consolidated for quite some time now. The only way to improve India’s domestic prices would be to export in the international markets while the prices remain high and drive up the Ethanol Blending program. This would eventually utilize the domestic surplus and eventually drive up prices. The government needs to take the necessary steps in order to fully utilize the current price surge across the world.
Bharat Biotech’s Covaxin gets approval for restricted emergency use: Report
The Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO) on Saturday gave its approval for the restricted emergency use of Covaxin in India. Covaxin is jointly developed by Bharat Biotech and the Indian Council of Medical Research (ICMR). This is the second Covid-19 vaccine that has been recommended for emergency use approval to DCGI, after Serum Institute’s locally produced Oxford-AstraZeneca vaccine ‘Covishield’. The Drug Controller General of India (DCGI) will give the final approval to both the vaccine candidates. [This has been reported by news agencies PTI and ANI, citing government sources]
SEBI fines RIL, Mukesh Ambani for manipulative trades in RPL
The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 25 crore on Reliance Industries Ltd (RIL) and Rs 15 crore on its chairman, Mukesh Ambani, for their alleged role in manipulative trades in Reliance Petroleum Ltd (RPL) in 2007. The penalties imposed pertain to the trading of RPL shares in the cash and futures segments in November 2007. SEBI believes illegal profits were made by RIL and other parties through manipulation of RPL’s share prices. This followed RIL’s decision in March 2007 to sell a 4.1% stake in RPL, a listed subsidiary that was later merged with RIL in 2009.
Tata Steel transfers stake in processing arms to TSDPL
Tata Steel Ltd has transferred the 51% stake it holds in Jamshedpur Continuous Annealing & Processing Company Private Ltd (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Ltd (TBSPL) to Tata Steel Downstream Products Ltd (TSDPL). The company stated that this step was taken to reorganise the company’s India footprint into four clusters to drive scale, synergies, and create value for all stakeholders. The transfer will help consolidate its downstream steel processing services.
EID Parry India Ltd has decided to close down one of its non-operating sugar units in Tamil Nadu. The company stated that the expectation of revival of cane cultivation in the area is low due to a variety of factors. The company’s sugar mill at Pettavaithalai in Tamil Nadu had not been operational due to the continuous non-availability of adequate sugar cane. East India Distilleries (EID) Parry India Limited is a wholly-owned subsidiary of the Murugappa Group.
Exports decline by 0.8% in December; trade deficit widens to $15.71 billion
India’s exports declined marginally by 0.8% to $26.89 billion in December 2020 due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the Ministry of Commerce & Industry. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion. During the same period, oil imports declined by 10.37% to $9.61 billion.
Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless
Bharti Airtel has sent a letter to the Department of Telecommunications (DoT), slamming Reliance Jio’s allegations that channel partners of rival telecom companies were inciting and provoking agitators involved in tower disruption. The company stated that Jio’s complaint should be dismissed “with the contempt that it deserves”. Airtel further urged the DoT to bring forth a policy to mandate ICR (Intra circle roaming) in such situations of vandalism and network outages as a matter of course so that customers were never inconvenienced.
Free Covid-19 vaccine for all healthcare workers in first phase: Harsh Vardhan
Union Health Minister Dr. Harsh Vardhan on Saturday said that in the first phase of Covid-19 vaccination, free vaccine shall be provided across the nation to most prioritised beneficiaries that include one crore healthcare and two crore frontline workers. He also said that details of how further 27 crore priority beneficiaries are to be vaccinated until July are being finalised. As India began its nationwide Covid-19 vaccine dry run from today before the rollout of a potential vaccine to the citizens, the health minister appealed to people not to pay heed to rumors about the Covid-19 vaccine.
State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year. The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing, and Rs 15,000 crore from commercial papers. PFC further stated that it does not see any challenges in raising the borrowing amount, which is being used to lend for various power sector projects in India.
Aviation Minister Hardeep Singh Puri on Saturday said that flights from India to the United Kingdom will resume from January 6, while services from that country to here would resume from January 8 onwards. He stated that this schedule is valid till 23 Jan 2021 and further frequency will be determined after reviews. Earlier, India had suspended all passenger flights connecting the two countries from December 23 to January 7, as a new variant of coronavirus emerged in the UK.
TVS Motor Company Ltd, on Saturday, reported a 17.5% YoY increase in total sales to 2,72,084 units in December. The company, which primarily makes two-wheelers and three-wheelers, had sold 2,31,571 units in December 2019. The total two-wheeler sales during the month increased by 20% to 2,58,239 units, as against 2,15,619 in December 2019. The total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period.
