Business News Highlights: GST Collections Jump 11% YoY To Rs 1.59 Lakh Crore In August
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The Competition Commission of India (CCI) has approved merger of Tata SIA Airlines into Air India, and acquisition of certain shareholding by Singapore Airlines in Air India subject to compliance of voluntary commitments offered by the parties.
The Goods and Services Tax (GST) collections jumped 10.8 per cent year-on-year (YoY) in August to Rs 1.59 lakh crore, the Ministry of Finance said on Friday. At Rs 1.59 lakh crore, the August GST collections is 3.7 per cent lower than the Rs 1.65 lakh crore collected in July and is the sixth month in a row that the monthly mop-up has come in above the Rs 1.5-lakh-crore mark.
"Comprehensive security arrangements have been made in Delhi in view of G20 Summit 2023 along with making sure that it does not cause any inconvenience to the people," said Special CP Madhup Kumar Tiwari on G20 Summit preparations, PTI reported.
The two benchmark indices, Sensex and Nifty, closed higher driven by buying across the sectors barring a few.
At the closing bell, the Sensex gained 555.75 points or 0.86 per cent, reaching 65,387.16, while the Nifty rose by 181.50 points or 0.94 per cent, closing at 19,435.30.
The top gainers on the Nifty included NTPC, ONGC, JSW Steel, Tata Steel, and Maruti Suzuki. On the other hand, the losers were Cipla, HDFC Life, Dr. Reddy's Laboratories, UltraTech Cement, and Nestle India.
Maruti Suzuki India saw its highest-ever monthly wholesales in August, reaching 189,082 units, the company said in an exchange filing. The automaker reported a 14 per cent increase in dispatches to dealers compared to the 165,173 units delivered in August 2022. The company reported a 16 per cent growth in total domestic passenger vehicle sales.
However, sales in the mini segment, including Alto and S-Presso, declined to 12,209 units last month from 22,162 units in August 2022, the company said. Meanwhile, dispatches of compact cars, such as Baleno, Celerio, Dzire, Ignis, and Swift, increased to 72,451 units from 71,557 units in the same period last year. The utility vehicle category, encompassing Brezza, Grand Vitara, Jimny, Ertiga, and XL6, recorded sales of 58,746 units, a jump from 26,932 units in August last year.
Tata Motors on Friday reported a slight decrease in its total global sales for August, with 78,010 units sold compared to 78,843 units in August 2022. The company's total domestic sales also saw a marginal dip, totaling 76,261 units compared to 76,479 units in the same period last year, as per a regulatory filing.
Within the domestic market, passenger vehicle sales, including electric vehicles, dropped by 3.5 per cent to 45,513 units last month, down from 47,166 units in August 2022. However, passenger electric vehicle sales, including global markets, saw a significant increase of 54.9 per cent, reaching 6,236 units compared to 4,026 units in the corresponding month of the last year.
Total commercial vehicle sales stood at 32,077 units, up 1.9 per cent from 31,492 units in the same month last year.
Mahindra & Mahindra (M&M) reported a 19 per cent increase in total automotive wholesales for August, with 70,350 units delivered. In August 2022, the company dispatched 59,049 units to its dealers. The Mumbai-based automotive major noted a 25 per cent growth in domestic passenger vehicle sales, reaching 37,270 units last month, compared to 29,852 units in the same period the previous year, according to a statement by the company.
At 2 a.m. the Sensex rose 515.45 points to 0.80 per cent, reaching 65,346.86, while the Nifty rose by 169.40 points or 0.88 per cent, to trade at 19,423.20.
Hyundai Motor India reported a 15 per cent year-on-year increase in wholesales for August, with 71,435 units delivered to dealers compared to 62,210 units in the same month last year. Domestic sales also witnessed a 9 percent growth, reaching 53,830 units in the past month, up from 49,510 units in the corresponding period of the last year, as announced by the automaker in a statement. Exports surged by 39 per cent to 17,605 units compared to August 2022.
The company's COO, Tarun Garg, in a statement, highlighted strong Onam sales in Kerala as a positive start to the festival season and noted that SUVs contributed over 60 per cent to domestic wholesales in August.
Revenue Secretary Sanjay Malhotra on Friday said that the GST revenues for August grew by 11 per cent year-on-year to Rs 1.60 lakh crore, reported PTI. GST collection in August 2022 stood at Rs 1,43,612 crore.
The GST revenue figures for August are due to be released later on Friday. Revenue Secretary Malhotra also took note of that the GDP, which expanded by 7.8 per cent in the June quarter, with nominal growth reaching 8 per cent. Additionally, GST revenues for the June quarter exhibited robust growth, surging by over 11 percent. As a result, the tax-to-GDP ratio stood at over 1.3, according to Malhotra, reported PTI.
Bajaj Auto reported a 15 per cent decline in total vehicle sales for August, including commercial vehicles, with a total of 341,648 units sold. In the same period last year, the company sold 401,595 units. Domestic sales witnessed a 20 per cent drop, reaching 205,100 units for the month, compared to 256,755 units in August 2022, as per a statement by Bajaj Auto Ltd.
Total vehicle exports also saw a 6 per cent decrease year-on-year, with 136,548 units exported in August, down from 144,840 units shipped in the previous year.
Specifically, the total two-wheeler sales fell by 20 per cent to 285,031 units for the month, in contrast to the 355,625 units sold in August 2022. However, two-wheeler exports showed a 2 per cent increase, reaching 124,211 units in August 2023, compared to 121,787 units during the same month the previous year.
Toyota Kirloskar Motor (TKM) reported its best-ever monthly sales at 22,910 units in August. The company on Friday said that it's total dispatches to dealers increased by 53 per cent in August to 22,910 units as against 14,959 units in August 2022.
20,970 units were sold in the domestic market, while exports stood at 1,940 units, the company said. Toyota Urban Cruiser Hyryder and Innova Hycross continue to register a strong demand, TKM Vice President of Sales, and Strategic Marketing Atul Sood said in a statement.
The company introduced the all-new Vellfire and Rumion MPV last month.
MG Motor India on Friday reported a 9 per cent year-on-year increase in retail sales at 4,185 units in August. The company had sold 3,823 units in August 2022. In a statement on Friday, the carmaker said that it is gearing up and building further on the current momentum in the festive season. The company is going to introduce the Black Edition of its mid-sized SUV Astor.
India's manufacturing Purchasing Managers' Index (PMI), rose to 58.6 in August from 57.7 in July, said S&P Global on Thursday.
"Rising from 57.7 in July to 58.6 in August, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) indicated the second-best improvement in the health of the sector for nearly three years," said S&P Global.
The two key equity benchmarks, Sensex and Nifty, trading in the positive zone amid mixed global trends. At 9.36 am, the BSE Sensex gained 137 points to 64,968. On the other hand, the NSE Nifty was trading at 19,310, up 56 points.
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US Treasury Secretary Janet Yellen will travel to New Delhi to participate in the G20 Leaders' Summit from September 7 to September 10, said an official release Thursday, reported PTI. During the visit, she will focus on strengthening the global economy and supporting low and middle-income countries by advancing Multilateral Development Bank (MDB) evolution, debt restructuring, and the IMF's Poverty Reduction and Growth Trust (PRGT), said the release.
The two benchmark indices, Sensex and Nifty, start trading with gains amid mixed global cues. The Sensex saw an uptick of 100 points reaching over 64,900, whereas the Nifty rose 40 reaching 19,298 at 9.20 am. On the Nifty, ONGC, Hindalco Industries, Tata Steel, Power Grid Corporation, and Bajaj Auto were among the gainers. On the other hand, NTPC, Adani Ports, Adani Enterprises, HDFC Life, and Asian Paints were among the losers.
According to provisional data from the National Stock Exchange (NSE), on Thursday, foreign institutional investors (FIIs) offloaded shares amounting to Rs 2,973.10 crore, whereas domestic institutional investors (DIIs) acquired stocks worth Rs 4,382.76 crore.
The rupee opened at 82.57 per dollar on Friday, 21 paise higher compared to Thursday's close of 82.78.
During the pre-opening session, the benchmark indices exhibited a neutral trend. The Sensex rose 16.36 points or 0.03 per cent, reaching 64,847.77, while the Nifty saw a slight uptick of 6.20 points or 0.03 per cent, reaching 19,260, at 9.00 am.
The government has exempted imports of LPG, liquified propane, and liquified butane from a 15 per cent agri cess with effect from Friday, reported PTI. The Finance Ministry in a notification said that imports of LPG, liquified propane, and liquified butane have been fully exempted from Agriculture Infrastructure Development cess (AIDC) effective September 1.
Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, will be dropped from all the S&P BSE Indices, including Sensex, on September 1, the stock exchange BSE said on Thursday.
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Asian Markets were trading in positive territory with Japan's Nikkei, Taiwan Weighted, and Shanghai Composite up 0.5 per cent each. Australia's S&P 200 index dropped 0.4 per cent in early trade.
On Thursday, Wall Street Ended trade on a mixed note. The S&P 500 declined 0.16 per cent to end at 4,507.66 points. The Nasdaq gained 0.11 per cent to 14,034.97 points, while the Dow Jones Industrial Average declined 0.48 per cent to 34,721.91 points. This movement came as U.S. inflation data aligned with predictions, highlighting the possibility that the Federal Reserve might halt its efforts to tighten monetary policies.
The two key equity benchmarks, Sensex and Nifty, on Thursday closed in the red as the indices succumbed to the selling pressure, mostly exerted by financials and FMCG stocks. The S&P BSE Sensex closed at 64,831, down 256 points. On the other hand, the NSE Nifty ended at 19,254, down 94 points.
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Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
The Ministry of Statistics and Programme Implementation announced on August 31 that India's Gross Domestic Product (GDP) growth rate reached a four-quarter peak in April-June quarter, at 7.8 per cent. Although this quarterly growth figure is slightly below the expectations of the RBI's 8 per cent estimate. In the preceding quarter of January-March, the Indian economy had grown by 6.1 per cent, and in the same period of April-June 2022, it had expanded by 13.1 per cent.
However, India still remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.
Chief Economic Adviser V Anantha Nageswaran said that the April-June GDP growth rate of 7.8 per cent is a good number and that the Finance Ministry and the RBI are comfortable in holding on to their full-year growth forecast of 6.5 per cent. He said, "At the moment, the central bank and the Ministry of Finance are quite comfortable with the 6.5 percent real GDP growth outlook for 2023-24."
Meanwhile, India's eight core sectors clocked growth of 8 per cent in July, according to data released by the Ministry of Commerce and Industry on Thursday. At 8 per cent, the growth in eight key infrastructure industries, coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, in July is slightly lower than the 8.2 per cent logged in June.
On the other hand, the fiscal deficit of the Union government widened to Rs 6.06 lakh crore during April-July from Rs 4.51 lakh crore in April-June, according to data from the Controller General of Accounts (CGA) on Thursday. This represents 33.9 per cent of the full-year target of Rs 17.87 lakh crore set for the current financial year 2022-23. In comparison, the fiscal deficit for April-July 2022 stood at 20.5 per cent of the target for 2022-23.
On Thursday, the Stocks Market gained in early hours driven by the information technology sector due to reduced concerns about interest rates in the United States. However, the increase was limited due to cautiousness before the release of the gross domestic product (GDP) data for the June quarter. The benchmark indices, Sensex and Nifty, closed Thursday's trading session with losses. The selling pressure was largely influenced by financial and FMCG (Fast-Moving Consumer Goods) stocks. The S&P BSE Sensex finished at 64,831, marking a decline of 256 points. Meanwhile, the NSE Nifty closed at 19,254, down by 94 points.
As the month drew to a close, there was profit booking in the market, likely in anticipation of the forthcoming GDP data and the monthly expiry of futures and options (FNO) contracts.
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