Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
Among the Sensex firms, Asian Paints, Tata Steel, HCL Technologies, Nestle, Maruti, JSW Steel, NTPC and Larsen & Toubro were the major laggards. Sun Pharma, Bajaj Finserv, Reliance Industries, State Bank of India and Bharti Airtel were the gainers.
Eleven companies have launched their initial public offerings (IPOs) in December 2023, making this month the second-best December for public offerings since 1996. Collectively, they are raising Rs 8,182.7 crore this month. In December 2021, 11 companies raised Rs 9,534 crore. However, excluding December 2021, this month marks the best December for IPOs since 1996.
Equity benchmark indices Sensex and Nifty declined for the second straight session on Friday following selling in banking, financial and select IT shares amid a weak trend in global markets. The 30-share BSE Sensex dropped by 125.65 points or 0.19 per cent to close at 66,282.74 as 16 of its constituents fell and 14 advanced. The index opened lower and fell further by around 513 points to the day's low of 65,895.41 in morning deals.
From the Sensex pack, Tata Consultancy Services, Reliance Industries, NTPC, Bharti Airtel, Power Grid, Larsen & Toubro, HDFC Bank, Kotak Mahindra Bank, Tech Mahindra and HDFC were the major laggards. Maruti, Tata Motors, Titan, UltraTech Cement, Bajaj Finserv, Mahindra & Mahindra, State Bank of India and IndusInd Bank were the biggest gainers.
Amid economic slowdown, Auto Expo, the biggest spectacle in the Indian automobile sector, will begin next week with the industry hoping for a reignition of demand through the show, which will see 70 new unveilings.
The optimism stems from benign fuel prices, adequate and well distributed rainfall and the recent measures announced by the government to boost liquidity at banks and NBFCs.
Nifty50's earnings growth, estimated at 20 per cent by global research and brokerage firm Jefferies for financial year 2023-24 (FY24), will be amongst the top three in the Asian region, and is likely to outperform peers. Asean 40 index with 29.1 per cent estimated earnings growth and Straits Times Index (STI) with 29.1 per cent estimated earnings growth are the only two other indices in the Asian region that are likely to outperform India, suggests the recent Jefferies report, coauthored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar.
The government is working out a scheme that will facilitate finance for the auto component industry hit by economic slowdown and increasing competition from abroad.
Auto component sourcing has touched $3 billion in India and is expected to double by next financial year-end. Such sourcing has provided Indian players with the opportunity to charge a premium that varies between 5 and 10 per cent.
The record contraction in the growth rate of eight core sectors will have its impact on IIP.
The eighth Auto Expo kicks off on Thursday promising new launches and big announcements by domestic and global automobile giants, even as the booming industry sought flexibility in labour laws to maintain the growth momentum.
While retail sales at dealerships have suffered the full impact of demonetisation, the growth in wholesale volumes comes as dealers had relatively lower inventory after Diwali in October.
The auto boom is not only the start of a prosperity boom but it also is a leading indicator of slowing prosperity. And the way it seems, the rut is far from over.
New products being designed mainly for auto, oil & gas sectors; firm is raising Kalinganagar plant capacity from three mtpa to eight mtpa
Reliance Industries, headed by India's richest man Mukesh Ambani, has bought an ultra-luxury Rolls Royce hatchback costing Rs 13.14 crore.
According to the Society of Indian Automobile Manufacturers, total sales of vehicles across categories registered a growth of 13.40 per cent to 13,70,786 units in May, as against 12,08,820 units in the same month last year.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
The ongoing second quarter earnings, movement of oil benchmark Brent crude and the uncertainty in the Middle East would dictate terms in the domestic markets this week, analysts said. Furthermore, the activities of Foreign Institutional Investors (FIIs) will also influence trading in the markets. "A slew of earnings reports from heavyweights expected this week will significantly impact market direction.
'Some companies have agreed to 2-3% incentive but the automakers and SIAM have to decide amongst themselves'
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
Foundries in Taiwan account for more than 75 per cent of the chips that mobile devices made in India need, according to estimates by the Indian Cellular and Electronics Association (ICEA), which represents global and domestic manufacturers. The number is slightly lower, 60 per cent, if one considers all chips -- those of consumer electronics, PCs, laptops, autos, etc. This ties in with the fact that foundries in Taiwan, led by TSMC, account for over 70 per cent of the world's microchip supply, according to estimates by Gartner.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
Benchmark BSE Sensex recovered from early lows to close at a five-month high on Friday, riding on gains in banking and auto stocks ahead of the release of key inflation data. The 30-share index gained 123.38 points or 0.20 per cent to settle at 62,027.90, the highest closing level since December 12, 2022. The barometer opened lower due to early weakness in energy, power and IT stocks and touched a low of 61,578.15 in the day trade.
The FM said, change in the mindset of the millennials not to commit any EMIs towards buying an automobile and instead taking Ola, Uber or the Metro (train) services also led to automobile sector slowdown.
The company decides to launch premium, entry-level bikes after competition hits high gear.
Liquidity continues to be a worry for both, customers and dealers, with the latter facing working capital issues.
White-collar hiring witnessed an 8.6 per cent annual decline in September, following a negative trend in sectors including IT, BPO or ITES and FMCG, a report said on Monday. On a month-on-month basis, however, there has been a growth of almost 6 per cent in job postings. In September, there were 2,835 white-collar job postings, down by 8.6 per cent compared to the same month last year when 3,103 jobs were posted, according to Naukri.com's monthly 'Naukri JobSpeak Index'.
High lending rates, fuel prices, higher input costs and labour trouble impact profitability.
'The Nifty index looks to be 20 per cent overvalued as per our model after moving up more than 10 per cent in the last two months.'
It will be priced slightly higher than the current WagonR and Maruti will sell both alongside.
New York Auto Show is one of the most awaited motoring events in the world.
The auto industry has had a mixed month. The build up to Dhanteras and Diwali was good but the demand tapered off subsequently.
Manufacturers view the agreement - when it is signed - as a defence against the slowdown in the car market.
Reliance has a 24 per cent conversion rate of 'oil-to-chemicals' at present and may be targeting 70 per cent conversion.
China's largest commercial vehicle manufacturer, Beiqi Foton, is understood to be considering setting up a greenfield facility in India shortly.
Component makers don't see any recovery yet, but manufacturers believe the end of poor sales is nearing its end.
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