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GST Collection up 11% YoY in Nov – Top Indian Market Updates

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

GST collection in Nov at ₹1.46 lakh crore, up 11% YoY

The gross Goods & Service Tax (GST) revenue collection for November stood at ₹1,45,867 crore, up 11% year-on-year (YoY). The Central GST accounted for ₹25,681 crore and State GST for ₹32,651 crore. The IGST accounted for ₹77,103 crore. The GST authorities have adopted advanced analytics of live data to track transactions.

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Manufacturing PMI hits 3-month high in November

Manufacturing sector activity in India touched a three-month high in November 2022 as new orders and exports expanded. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.7 in November, compared to 55.3 in October. There was strong demand and a substantial easing of cost pressures last month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

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IOCL to set up a new company for green business

Indian Oil Corporation (IOCL) is planning to set up a new company to house its alternative energy businesses. It is venturing into green hydrogen production and targeting 5% of the hydrogen produced by it as green hydrogen by 2027-28 and 10% by 2029-30. Discussions are in advanced stages with FIIs and other stakeholders to create a structure for the company.

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RIL is the most valuable company in India: Report

Reliance Industries Ltd has topped the list of 500 most valuable companies in India according to Axis Bank’s Burgundy Private and Hurun India’s latest report. RIL’s value stood at ₹17.2 lakh crore, up 3.6% compared to last year. Tata Consultancy secured the second spot despite its value contracting 10.8% YoY to ₹11.6 lakh crore. It was followed by HDFC Bank with a value of Rs 8.3 lakh crore.

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Adani Green raises ₹1,630 crore via subsidiary

Adani Green Energy Ltd has raised 27,954 million Japanese Yen (~₹1,630 crore) through its subsidiary (Adani Solar Energy AP Six) to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation.

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Tata’s Nelco seeks to offer satellite broadband services

Tata Group company Nelco has applied for the global mobile personal communication by satellite (GMPCS) licence. It has become the fourth company in India to seek the licence for launching broadband-from-space services. The Department of Telecommunications (DoT) has sought more details from Nelco as to how it plans to provide satellite communication services in India. 

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L&T closes $107 million loan with SMBC

Larsen & Toubro Ltd has closed a three-year $107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation (SMBC). The facility incorporates interest rate reductions linked to the achievement of two of L&T’s predetermined sustainability targets– the reduction of greenhouse gas emission intensity and water consumption intensity against target levels.

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Auto sales in November: Highlights

The festive season helped drive strong overall sales for most Indian automakers in November. 

Maruti Suzuki India Ltd posted a 14% year-on-year (YoY) increase in total sales to 1.59 lakh units in Nov 2022. Sales from its utility vehicle segment rose 32.5% YoY to 32,563 units. Exports fell 7.7% YoY to 19,738 units.

Tata Motors Ltd registered a 55% YoY increase in passenger vehicle sales to 46,425 units in Nov. The automaker’s commercial vehicle sales fell 10% YoY to 29,053 units. Electric passenger vehicle sales jumped 146% YoY to 4,451 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 30,392 units in Nov, up 56% YoY. M&M’s tractor segment posted a 10% YoY increase in sales to 30,528 units.  

TVS Motor Company posted a 2% YoY increase in total sales to 2.64 lakh units. Meanwhile, Hero MotoCorp posted a 12% YoY increase in total sales to 3.91 lakh units in Nov. 

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Windfall profit tax on crude oil halved

The Central government on Thursday slashed the windfall profit tax on domestically produced crude oil to less than half. It also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to ₹4,900 per tonne from the existing ₹10,200 per tonne.

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IOCL Eyes Net Zero Carbon Emissions by 2046 – Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

Indian Oil Corp eyes net zero carbon emissions by 2046

Indian Oil Corporation Ltd (IOCL) aims to achieve net zero carbon emissions by 2046. The company has prepared a roadmap to achieve net zero Scope 1 and 2 emissions (relating to emissions from crude refining and energy consumption). IOCL is also targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen.

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HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

HDFC Bank plans to acquire a 9.94% stake in Go Digit Life Insurance Ltd, a company backed by Canada-based Fairfax Group. The bank has proposed an investment of Rs 49.9-69.9 crore (in two rounds) by subscribing to equity shares of the company. Go Digit Life Insurance is awaiting a certificate of registration by the Insurance Regulatory & Development Authority of India (IRDAI) to begin operations.

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PSP Projects secures new orders worth ₹247 crore

PSP Projects Ltd has secured contracts worth ₹247.35 crore from the Precast and Government segments. The total order inflow for the financial year 2022-23 (FY23) to date amounts to Rs 1,344.24 crore. PSP Projects is one of the prominent contractors offering a diversified range of construction and allied services. It focuses on industrial, institutional, government, and residential projects.

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Hero Electric, Jio-bp partner for two-wheeler EV adoption

Hero Electric has announced a partnership with Jio-bp to provide EV charging solutions. The electric scooter maker’s customers will get access to Jio-bp’s charging and battery swapping infrastructure. Both entities will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience. Jio-bp is a joint venture between Reliance Industries Ltd and British oil giant BP 

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REC’s subsidiary hands over project-specific SPV to PowerGrid

REC’s wholly-owned subsidiary, REC Power Development & Consultancy Ltd. (RECPDCL), has handed over the project-specific Special Purpose Vehicle (SPV) formed for the construction of a transmission project (Neemuch Transmission Ltd) to Power Grid Corporation of India Ltd. Power Grid emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India.

Nelco signs pact with Intelsat to offer in-flight connectivity in India’s airspace

US-based Intelsat has signed a commercial agreement with Nelco Ltd to offer inflight connectivity services in Indian skies. The agreement will benefit Intelsat’s airline partners and flyers as they will get end-to-end broadband coverage on domestic and international aircraft flying across the country. Intelsat joins companies such as Reliance Jio, Bharti Airtel, and Vi that have received prior approvals from the Indian govt to offer internet services on-board flights.

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Indian Hotels looks at greenfield, brownfield opportunities in Gujarat

Indian Hotels Company Ltd (IHCL) is looking at growth opportunities in greenfield and brownfield projects to strengthen its footprint in Gujarat. The company is also looking at new commercial hubs like Bharuch and Vapi, wildlife destinations, and pilgrimages in the state. IHCL, which recently opened 111-room Ginger and 175-key Vivanta in Ahmedabad, has 19 properties in Gujarat. 

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Listed private non-finance companies report 41% sales growth in Q1 FY23: RBI

A Reserve Bank of India (RBI) report stated that listed private non-financial companies recorded a 41% sales growth during the first quarter of FY23. The manufacturing segment posted sales growth of 41.6%, driven by broad-based demand expansion across industries due to volume and price effects. Sales growth of information technology (IT) firms stood at 21.3% in Q1 FY23.

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Lupin, I’rom signs licensing pact for Denosumab biosimilar in Japan

Lupin Ltd has entered into an exclusive licensing agreement with Japan-based I’rom Group Co. Ltd. The two entities will conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab is used for the treatment of postmenopausal women with osteoporosis (bones becoming fragile) at high risk of fracture. It is also used to prevent skeletal-related events in patients with bone metastases.

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IGX to start LNG trade from October

The Indian Gas Exchange (IGX) is planning to start trade in liquefied natural gas (LNG) from October to help last-mile areas unconnected with pipelines get access to natural gas. Liquid gas will now be arranged at terminals. Buyers can take in LNG tankers to far-away locations (200-300 km) that are not yet connected with pipelines.

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Services PMI Falls to 3 Month Low in December – Top Indian Market News

Services PMI falls to 3 month low in December

India’s services sector activity fell to a three-month low in December but remained in the expansion zone. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 55.5 in December 2021, compared to 58.1 in November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The increase in new orders was centered on the domestic market, while new business from abroad fell further due to Covid-related restrictions.

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Adani Transmission to transfer certain assets, liabilities to new unit

Adani Transmission Ltd (ATL) intends to transfer certain of the company’s assets and liabilities to a newly incorporated subsidiary— Adani Transmission Step-One Ltd. The assets and liabilities include ATL’s shares in Adani Transmission India Ltd (ATIL) and Maharashtra Eastern Grid Power Transmission Ltd (MEGPTCL). It also includes inter-corporate debt provided by the company to ATIL and MEGPTCL.

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Coal India’s April-December capex rises 37% YoY to Rs 10,717 crore

Coal India Ltd (CIL) incurred a capital expenditure (capex) of Rs 10,717 crore till December of the current financial year, registering a 37.4% year-on-year (YoY) growth. CIL’s capex spend during the period marks 86.3% of the target achievement. Construction of coal handling plants, silos with Rs 1,344 crore, and rail sidings and rail corridors at Rs 1,785 crore made up 29% of CIL’s entire capex during the period.

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L&T Heavy Engineering secures significant orders in Q3

Larsen & Toubro’s Heavy Engineering arm has secured significant contracts for its various business segments in the third quarter (Q3 FY22). The modification, revamp, and upgrade (MRU) business of the company has received a contract from a key hydrocarbon sector customer in the Middle East. The MRU business has also won a project for RFCC (residue fluid catalytic cracking) revamp as part of the expansion of the Barauni Refinery (BR-9) by Indian Oil Corporation Ltd.

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HFCL partners with Apercomm to power its network offerings with AI

HFCL Ltd will integrate artificial intelligence (AI) into its entire IO products portfolio in partnership with Apercomm, an AI-powered Wi-Fi analytics tech provider. The telecom company’s wireless solutions will be able to monitor customer experience in real-time and calibrate Wi-Fi network through its cloud management platform. HFCL plans to offer this AI solution to its existing customers for over 100,000 existing deployments. 

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Nelco secures contract worth Rs 40 crore from ONGC

Nelco Ltd has secured a contract from Oil and Natural Gas Corporation (ONGC) to provide satellite communications at offshore sites. The contract is worth Rs 40 crore. The scope of the project includes the supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT)-based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites. 

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ABB India launches flameproof low voltage motors for explosive atmospheres

ABB India Ltd, an engineering services company, has unveiled a new range of flameproof (FLP) motors. The motors are a safe choice for applications in potentially explosive environments. The FLP motors offer considerable benefits, including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements. The product will be manufactured at ABB India’s facility in Faridabad, Haryana.

Arbitration between Amazon, Future put on hold by Delhi HC

The Delhi High Court halted Future Group’s ongoing arbitration with Amazon.com, Inc. in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides. The e-commerce giant successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries Ltd, alleging breach of certain contracts.

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JSL supplies 2,000 tonne stainless steel for Kanpur Metro Project

Jindal Stainless Ltd (JSL) has supplied 2,000-tonne steel for the Kanpur Metro Project, which was inaugurated by PM Narendra Modi last week. The company provided high-quality stainless steel in various tempers (strength levels) to rolling stock manufacturer Alstom. The first train set was handed over to Uttar Pradesh Metro Rail Corporation (UPMRC) by Alstom on September 18, 2021. The scope of the metro project included the design and development of 201 coaches.

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