BUSINESS
SpiceJet taken off ‘enhanced surveillance’ by DGCA
The airline, which has faced several challenges, was placed under close monitoring by the aviation watchdog. A senior DGCA official revealed that the move to enhance surveillance was prompted by past observations regarding inadequate maintenance, along with incidents during the previous monsoon season.
Corporate earnings season starts on weak note
The miss in terms of operating earnings was largely driven by IT services, cement, and FMCG. Overall, the domestic demand momentum continues in banks, cement, and real estate; while FMCG was a laggard. Broadly, we continue to believe that the market appears to be capped in the near term given elevated valuation amidst slower growth in advanced economies in the near term, the report said.
Banks cautious over Vedanta’s dividend payout to parent company
Banks are said to be worried about their exposures to Vedanta Limited and its financial health in the midst of this high dividend spree. VEDL’s net debt stood at Rs 592b and net debt/EBITDA stood at 1.88x in 1QFY24 as against 1.28x as on Mar’23. Vedanta paid out Rs 18.5 as the first interim dividend for FY24, Motilal Oswal Financial Services said in a note.
Personal consumption, residential investments would grow slowly in FY24
Household NFS had fallen to a three-decade low of 6 per cent of the GDP in FY23E, almost half of the peak in FY21 and down from 7.5-8.0 per cent of the GDP in the pre-Covid period. Due to weak income growth and an assumed rise in NFS, personal consumption and/or residential investments growth would grow slowly in FY24, which could disrupt the retail lending boom this year.
1 lakh notices sent in cases of misrepresentation of income, says Finance Minister
As many as 55,000 one-time cases were opened following a Supreme Court order, she said. In her address at the 164th Income Tax Day event, the Finance Minister said that tax rates have not gone up over the years, yet revenue has been constantly rising over the past three-four years.
RIL has industry-leading capabilities to drive robust 14-15% EPS CAGR over next 3-5 years
Digital EBITDA was in line; ARPU and subscriber addition were a tad higher than expected, while retail business EBITDA was up 34 per cent YoY on continued strong store addition, the report said. Reported consolidated PAT (after minority interest) was also 1 per cent above estimates at Rs 160 billion, though it was 6 per cent below consensus due to normalisation of tax rate to 25 per cent (PBT was in line with consensus).
Demerger of ITC's hotels business positive as it allays concerns about capital allocation
To note, the company had flagged its decision to explore alternate structures for its hotels business in its FY20 annual report, which was subsequently delayed by the pandemic. The proposed reorganisation will ensure continued interest of the company in the hospitality business, provide long-term stability and strategic support to the new entity, and support sustained value creation by also enabling leverage of synergies, the report said.
Telangana’s tomato farmer earns Rs 2 crore
Bansuvada Mahipal Reddy of Mohammed Nagar in Kaudipalli mandal of Medak district became a millionaire overnight due to the skyrocketing price of tomatoes. With the price of tomatoes soaring to Rs 150 per kg in the market and lack of adequate supply from Madanapalle in neighbouring Andhra Pradesh and other places, Mahipal Reddy catered to the demand in Hyderabad market.
Tesla execs to meet commerce minister as China fumes at India’s BYD plant rejection
According to a Reuters report, citing sources, the meeting with Goyal will be the highest-level one since Musk met Prime Minister Narendra Modi in the US last month and said he plans to bring Tesla to India as soon as humanly possible. Tesla was yet to comment on the report.
Centre ratifies 8.15% interest rate for EPF subscribers for 2022-23
On March 28, the EPFO had slightly hiked the interest rate on EPF deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.
As per convention, the labour ministry sends the interest rate recommendations to the Finance Ministry for ratification.
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