Tag: windfall taxes

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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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Tata Motors to Supply 1,000 Buses to Haryana Govt – Top Indian Market Updates

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

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

Tata Motors to supply 1,000 buses to Haryana govt

Tata Motors Ltd has secured an order for 1,000 buses from Haryana Roadways. The company will supply 52-seater fully-built diesel buses in a phased manner. The buses offer superior passenger comfort, high fuel efficiency, reliability, and low total cost of ownership. The bidding process was carried out through the state government’s e-tender process.

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Ashok Leyland delivers 150 vehicles to Tanzania Police Force

Ashok Leyland Ltd has delivered 150 trucks and buses to the Tanzania Police Force. The supplies are part of a contract signed between Ashok Leyland and the Ministry of Home Affairs, Tanzania. It is financed through a long-term soft loan extended by the Export-Import (EXIM) Bank of India. Currently, the Tanzania Police Force has a fleet of 625 Ashok Leyland vehicles.

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Kolte Patil Developers raise ₹206Cr from Marubeni Corporation for new residential project

Kolte Patil Developers Ltd has raised ₹206 crore from Japan-based Marubeni Corporation for its upcoming residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area. The Pimple-Nilakh residential project has a total development potential of nearly 8 lakh sq. ft.

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Maruti Suzuki partners with IIT Bombay to drive innovation programs for startups

Maruti Suzuki India Ltd (MSIL) has partnered with the Indian Institute of Technology, Bombay to drive innovation programs for startups. MSIL and the Society for Innovation & Entrepreneurship (SNIE) at IIT Bombay will jointly shortlist startups for some of the complex business problems identified by the automaker. SNIE will also support outreach and incubation of potential startups who can be part of MSIL’s innovation programs.

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Govt hikes windfall tax on domestically produced crude

The Indian government has raised the windfall tax on domestically produced crude oil from ₹9,500 per tonne to ₹10,200 per tonne. [A windfall tax is a higher tax rate levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.] The Centre has also reduced the special additional excise duty on the export of diesel from ₹13.00 per litre to ₹10.50 per litre. The duty on aviation turbine fuel exports remains unchanged at ₹5 a litre.

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Jewellery industry estimated to register 60% growth in Q2 FY 2023: ICRA

According to rating agency ICRA, the domestic jewellery industry is estimated to have registered a healthy growth of 60% in Q2 FY23 compared to pre-Covid levels (Q2 FY20). On a year-on-year basis, the demand recorded a contraction of 2% in Q2 due to a high base. The industry grew 70% YoY in Q2 FY22 due to pent-up demand after easing of Covid-19-related restrictions.

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Blackstone acquires majority stake in R Systems for ₹2,904 crore

Global investment fund Blackstone has acquired a majority stake in R Systems International Ltd for $359 million (~Rs 2,904 crore). R Systems is a leading provider of IT services, specializing in digital product engineering. It serves over 250 customers in the technology, media, telecom, and financial services sectors globally. Blackstone acquired the stake from founder Satinder Singh Rekhi and other current promoters.

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RateGain partners with Booking.com for AI-powered solutions

RateGain Travel Technologies Ltd’s Content AI platform has established a new and improved integration with online travel agency Booking.com. The integration will help in seamless content distribution and easier property management. The Content AI platform will save customers’ time and allow travellers to see up-to-date content and images from the accommodation on Booking.com.

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TCS expands deal with HR services company Randstad

Tata Consultancy Services (TCS) has expanded an existing deal from Dutch multinational human resource consulting firm Randstad. The IT company will modernize Randstad’s application estate on the cloud, strengthen the security posture, and accelerate its transformation journey. Randstad selected TCS as a strategic transformation partner in 2016 to digitise its sourcing solutions.

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Bharti Airtel launches 5G services at Pune airport

Bharti Airtel has deployed its Airtel 5G Plus service at Pune Lohegaon Airport, making it the first airport in Maharashtra to enjoy ultrafast 5G services. Airtel customers with 5G smartphones will enjoy high-speed 5G service on their existing data plans. With this launch, Airtel has deployed its 5G network in 11 cities. 

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ABFRL to bring French Galeries Lafayette stores to Delhi, Mumbai

Aditya Birla Fashion & Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next 2-3 years. They will also open a dedicated e-commerce platform. Galeries Lafayette is known for its luxury store at Boulevard Haussmann in Paris. The flagship stores in India will bring more than 200 luxury and designer brands under one roof.

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Wipro Reports 21% YoY Decline in Net Profit in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: Net profit falls 21% YoY to Rs 2,563 crore

Wipro Ltd reported a 20.9% YoY decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 17.9% YoY to Rs 21,528.6 crore during the same period. Compared to last quarter, its operating margin in the IT services segment fell by 200 basis points (bps) to 15% in Q1.

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India cuts windfall taxes on fuel exports as global prices fall

The Central Govt has reduced windfall tax and exports levy after the oil prices softened in the international market. It has reduced the windfall tax on domestically produced crude to Rs 17,000 per tonne and also cut the levy on exports of diesel by Rs 2 and aviation-fuel exports by Rs 2 per litre. The move will offer relief for top fuel exporters like Reliance Industries and state-run Oil & Natural Gas Corp.

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IndusInd Bank Q1 Results: Net profit rises 64% YoY to Rs 1,603 crore

IndusInd Bank Ltd reported a 64% YoY increase in net profit to Rs 1,603.29 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 16% YoY (or 4% QoQ) to Rs 4,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.35% in Q1 FY23, compared to 2.88% in the previous quarter (Q4 FY22). Provisions fell 30% YoY to Rs 1,251 crore.

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NCLT admits Bank of India’s insolvency plea against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Future Retail Ltd (FRL). In April 2022, Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. FRL has defaulted on payments of Rs 5,322.32 crore to its lenders amidst the ongoing litigations with Amazon and other related issues.

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Gland Pharma Q1 Results: Net profit falls 35% YoY to Rs 229 crore

Gland Pharma Ltd reported a 35% YoY (or 20% QoQ) decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 26% YoY to Rs 857 crore during the same period. Core markets of the US, Europe, Canada, and Australia accounted for 82% of revenue during Q1. These markets posted a de-growth of 6% YoY.

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About 13 lakh electric vehicles registered in India: Nitin Gadkari

Union Minister Nitin Gadkari said more than 13 lakh electric vehicles (EVs) are registered in India, excluding those in Andhra Pradesh, Madhya Pradesh, Telangana, and Lakshadweep. Around 2,877 public EV charging stations have been sanctioned in 68 cities and 1,576 EV charging stations across 9 expressways and 16 highways. 

In other news, state-controlled Convergence Energy Services Ltd. is planning a $10-billion tender for 50,000 electric buses that will drive India’s plans to decarbonize public transport and help meet its goals for net zero emissions.

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Tata Steel, BHP to jointly explore ways to cut emissions in iron and steel production

Tata Steel Ltd has signed a Memorandum of Understanding (MoU) with Australia-based mining company BHP to jointly study and explore ways to reduce carbon emissions in iron and steelmaking. The two entities will work on ways to reduce emissions from blast furnaces. About 60% of the steel produced in India uses the blast furnace route for making iron. The technologies explored by the two entities could cut emissions of integrated steel mills by up to 30%.

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ITC to revive restructuring plans for its hotel business

ITC Ltd is reviving plans to create an alternative structure for the hotel business due to improvement in the hospitality industry recovery post-Covid. The company runs India’s second-largest hotel chain with 113 properties. ITC has adopted an ‘asset-right’ strategy that provides greater thrust on management contracts through three brands— Welcomhotel, Mementos, and Storii. 

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DoT clears Jio, Airtel, Vi, Adani as final bidders for 5G spectrum auction

The Department of Telecommunications (DoT) has approved Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks as the final participants in the first ever auction of 5G spectrum in India, scheduled to start on July 26. The Centre plans to auction 72 gigahertz (Ghz) of spectrum valid for 20 years worth Rs 4.3 lakh crore at base price. Jio has submitted an earnest money deposit (EMD) of Rs 14,000 crore, the highest among all the companies bidding for 5G airwaves.

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