After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
Dalmia Bharat Ltd on Monday announced the acquisition of the cement assets of Jaypee Group's flagship company Jaiprakash Associates Ltd and its associate firms at an enterprise value of Rs 5,666 crore. In a regulatory filing, Dalmia Bharat informed that its wholly-owned subsidiary Dalmia Cement Bharat Limited (DCBL) has entered into a "binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates Limited and its associate company." The deal includes a total cement capacity of 9.4 Million tones (MnT) per annum, along with clinker capacity of 6.7 MnT and thermal power plants of 280MW at an enterprise value of Rs 5,666 crore, it added.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
Industrial production declined by 8 per cent in August, mainly due to lower output of manufacturing, mining and power generation sectors, official data showed on Monday. According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 8.6 per cent, while the output of mining and power segments fell 9.8 per cent and 1.8 per cent, respectively.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.
Hero MotoCorp, India's largest two-wheeler maker, has seen a decline in its market share in rural areas since 2018, losing ground to major competitors such as TVS Motor Company, Bajaj Auto, and Honda Motorcycle & Scooter India (HMSI), according to data from JATO Dynamics reviewed by Business Standard. Hero's share of rural two-wheeler sales in India has dropped from 40.4 per cent in 2018 to 33.3 per cent in 2023. In contrast, Bajaj's share increased from 12.7 per cent in 2018 to 13.9 per cent, HMSI's from 21.8 per cent to 22.2 per cent, and TVS' from 15.5 per cent to 17.8 per cent. Suzuki Motorcycle India has also seen its share rise from 1.7 per cent to 2.5 per cent.
The Rs 1,989 crore statue being built to honour Sardar Vallabhai Patel has taken 3,000 labourers nearly 5 years to complete.
Bangladesh provides huge business opportunties in different sectors and Indian companies should explore areas of investments, Bangladesh Commerce Minister Tipu Munshi said on Tuesday. He said that government policies in Bangladesh are in favour of businesses. "Please do come and invest in Bangladesh," Munshi said in New Delhi while addressing businesses of both the countries.
Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) eased to 57.7 in July from 57.8 in June. Despite the fall, the Indian manufacturing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, the survey said.
Army and air force contingents have been rushed in to assist in relief and rescue operations.
'It's always disappointing being on the losing team. Looking back at when we had our chance to bat yesterday, cricket is always skill against skill.'
After defeats in their opening two matches, Australia came roaring back, winning their next nine games in succession
Air India has given more time to pilots to accept the revised compensation structure, which has been opposed by two pilot unions, according to a source. The decision to provide more time to pilots who are yet to sign the new contracts also comes days after Air India organised a town hall meeting with many pilots to discuss their concerns. The source said the airline has given time till the end of this week for signing the new contracts apparently due to requests from people who had not earlier accepted the revised compensation structure.
An expert panel of the Central Drugs Standard Control Organisation on July 29 had recommended granting permission for conducting the study.
Coal India Limited's (CIL) October-December quarter of financial year 2023-24 (Q3FY24) results have beaten the Street's estimates. Revenue rose 3 per cent year-on-year (Y-o-Y) to Rs 36,200 crore, led by higher volumes and better realisation from Fuel-Supply Agreement (FSA) coal. The blended average selling price (ASP) was down 6 per cent Y-o-Y to Rs 1,727 per tonne, and the FSA ASP was up 3 per cent Y-o-Y to Rs 1,532 per tonne.
The IPL teams are expected to splurge on players like Pat Cummins, Harry Brook and Mitchell Starc.
'The more educated a young person is, the higher the chances of him or her remaining unemployed.'
To avoid the ignominy of missing the cut for the prestigious Champions Trophy, England must win their remaining two fixtures against the Netherlands and Pakistan.
Following Joe Root's shocking dismissal, England, after being well-placed on 224/2, lost their last eight wickets for 95 runs to be bowled out for 319
ITC stock slipped over 4 per cent on Thursday (February 8) after British American Tobacco (BAT) said it could sell some of its stake in the company, recovering partially in trade. The stock of the cigarette-to-hotels conglomerate traded at Rs 420 levels, rising 1.3 per cent in intraday deals as compared to the S&P BSE Sensex that traded flat for most part of the day. The development, meanwhile, saw Jefferies downgrade the stock to 'hold' from 'buy' earlier with a target price of Rs 430, down a huge 17.3 per cent from its earlier price target of Rs 520.
'Obviously, this has been done to give an exit route to some accused.'
Aviation regulator DGCA has asked Tata Group-owned Air India to repair its aircraft after a passenger complained on social media on Monday about the plane's shabby interiors, including a broken armrest, officials said. The Directorate General of Civil Aviation (DGCA) had last Wednesday grounded a SpiceJet aircraft over a passenger's complaint of dirty seats and malfunctioning cabin panels. The SpiceJet plane took to the skies a day later after all the suggested repairs were effected.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
'Another term for the government under the prime minister would likely be a step forward on the path to Hindu Rashtra.' 'No question of going back or any slowing down.'
The government on Friday announced it will release onion from its buffer stock in the targeted regions with immediate effect to ensure prices remain under check till the new crop arrives from October onward. The government is exploring multiple options for disposal of onion: e-auction, e-commerce as well as through states at discounted rates via retail outlets of their consumer cooperatives and corporations, it said. The government has currently maintained 3 lakh tonnes of onion under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.
Air India's financially and operational condition is being appropriately dealt with without compromising on our service levels" Meenakshi Malik, director-commercial, Air India.
Ahmedabad is home to the strangest of cuisines and is a city of contrasts, if you look beyond the tourist places.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
Auto mobile retail sales in India witnessed a 10 per cent annual growth in July driven by robust sales across passenger vehicles, two-wheelers and commercial vehicles, industry body FADA said on Monday. Total retail sales across segments rose to 17,70,181 units last month, as compared to 16,09,217 units in July 2022. Passenger vehicle sales saw an increase of 4 per cent to 284,064 units last month, as compared to 273,055 units in the year-ago period, the Federation of Automobile Dealers Associations (FADA) said in a statement.
India's industrial production slipped to an 18-month low, contracting by 0.8 per cent in August, mainly due to a decline in output of the manufacturing and mining sectors, according to official data released on Wednesday. The data showed that the previous low in industrial output growth was a contraction of 3.2 per cent in February 2021. Factory output, measured in terms of the Index of Industrial Production (IIP), had expanded by 13 per cent in August 2021. The IIP grew by 2.2 per cent in July this year.
'The policy focus of the government should have been on creating more good quality jobs but that was not their focus.'
The Asian Cricket Council is set to play a role in helping grow the game in Africa through a plan prepared by ACC chief Jay Shah.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
UltraTech Cement's third quarter of financial year 2023-24 (Q3FY24) performance saw a combination of 6 per cent year-on-year (Y-o-Y) volume growth and 8 per cent revenue growth coupled with better realisations per tonne. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at Rs 3,250 crore and Ebitda per tonne was Rs 1,191. Profit after tax (PAT) was reported at Rs 1,780 crore. Other income dipped and interest costs rose.
SpiceJet said its freighter aircraft, which was heading to Chongqing in China, returned to Kolkata on Tuesday as the pilots realised after take off that its weather radar was not working.
State-owned Oil and Natural Gas Corporation (ONGC) has cancelled the bids received for its Daman upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day.
It is a tribute to a system so robustly meritocratic that this team represents India's diversity better than any other institution: The Union Cabinet, our chief ministers, the civil services, the leadership of our armed forces and security agencies, the judiciary and more than all of these, our typical newsroom. That is the biggest message from this breathless rise of Indian cricket, asserts Shekhar Gupta.
Sources said that Velingkar was planning to float a new political outfit to fight the ruling BJP in the state which has not gone down well with the RSS.
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