BUSINESS
Indian Overseas Bank's Q3FY22 net profit up 113%
The net profit rose to Rs 454 crore during the period under review as against Rs 213 crore for the quarter ended December 2020. Besides, interest income stood at Rs 4,198 crore for the quarter ended December 31, 2021 compared to Rs 4,244 crore for the corresponding period of the previous year. The lender's gross NPA as on December 31, 2021 stood at Rs 15,427 crore as against Rs 16,753 crore as of December 31, 2020. "The GNPA reduced by 1.74% on a YoY basis," the IOB said.
Third Covid wave, microchip shortage dented auto sector's Jan sales: Experts
"On account of Covid-19, sluggish rural sentiments due to crop loss because of untimely rains impacted realisations the sales of 2 wheelers and tractors which have been under pressure and both these segments are still saddled with higher inventory on the dealer front leading to sluggishness in offtake for these segments. In case of premium motorcycles demand is reasonable but chip shortage is limiting growth," said Hemal Thakkar, Director, Crisil Research.
Budget FY23 disinvestment target more achievable: Fitch Ratings
In his preliminary comments on India's budget, Jeremy Zook, Director and Primary Sovereign Analyst for India, Fitch Ratings said: "The economic and revenue assumptions underpinning the budget are largely credible and the target for disinvestment is more achievable than in last year's budget. "The government also appears to be following through on its efforts to improve budget transparency by keeping previously off-budget spending on budget."
Adani Total Gas reports 9M FY22 Results
CNG volume has increased by 71 per cent on account of addition of new CNG stations and strong recovery of economic activity. PNG volume has increased by 26 per cent due to addition of new customers and recovery of economic activity. Revenue increased by 83 per cent on account of higher volume coupled with increase in sales price. EBITDA increased by 28 per cent on account of strong operational performance.
Budget FY23, global cues lift equity indices; realty stocks jump
The Sensex closed the day's session at 59,558.33 points, up by 695.76 points or 1.18 per cent from its previous close. Similarly, Nifty made gains on Wednesday, rising by 203.15 points or 1.16 per cent to 17,780 points. Globally, markets seem set for their biggest four-day rally since November 2020 as companies from the US to Europe reported better-than-expected earnings while dip-buying returned to technology shares.
Maruti Suzuki's Jan production rises despite semiconductor shortages
The rise comes despite a major microchip shortage that has hindered production all throughout last year. In January 2022, the company's total production of passenger as well as commercial vehicles rose to 161,383 units from 160,975 units manufactured during the corresponding month of last year. Segment wise, the company produced 157,668 units of passenger vehicles during the month under review, up from 156,439 units manufactured in January 2021.
Banking indices outperform broader markets, rise 10-20% in Jan
In the past one-month period, Nifty bank index rose nearly 11 per cent to 39,330 points. Just on Wednesday, it gained over 2 per cent. "Payment activity continues to be strong. Loan growth saw some signs of revival as it climbed up to 8 per cent YoY led by retail and MSMEs. The interest rate environment seems to be turning, accompanied by a narrowing of term spreads and credit spreads," said brokerage house Kotak Securities.
Corporate tax buoyancy lowest in five decades
The most critical situation is regarding the corporation tax buoyancy and income tax buoyancy which is the lowest in five decades and three decades, respectively. Thus, the decline in tax revenue in the current decade is more to do with corporate tax shortfall rather than others and this result is indeed an eye-opener, the report said. Against this background with corporate taxes now picking up significantly, it is likely that tax buoyancy will be overachieved.
40% tariff lines saw increase in import duties in last five years
In a post-Budget report, Credit Suisse said 2020 saw fall in import duties, mainly for agriculture, textiles, metals and autos. Several sectors have been on the government radar for a while, as seen in the imposition or hiking of import duties over the past few years. It added that much of the increase in FY22 spending was from spending induced by the pandemic: Food subsidy, NREGA spending and vaccines. Some, like higher fertiliser subsidy, should also roll off.
Leading e-commerce players unlikely to participate in CAIT's 'Seedha Samvad' programme
the trader's body cannot be the platform to have discussion when they themselves are the interested party in the whole process. Moreover, there already is a parallel stakeholders discussions which is taking place under the aegis DPIIT, Government of India. One such dialogue was recently organised under DPIIT and chaired by Additional secretary Anil Agarwal. The department has asked all the stakeholders to give their feedback on e-commerce policy in writing too.
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