Business News Highlights: GST Collections Soar To Record Rs 2.10 Lakh Crore In April
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Automobile manufacturer Maruti Suzuki India announced a 4.7 per cent rise in total sales, reaching 1,68,089 units in April. According to a statement from the company, it delivered 1,60,529 units to its dealers during the corresponding month last year. Domestic passenger vehicle sales were 1,37,952 units, slightly up from 1,37,320 units in the same period the previous year.
Edelweiss Financial Services announced on Wednesday that its subsidiary, Ecap Equities, has been served an income tax demand notice amounting to Rs 28.78 crore for the assessment year 2022-23. Ecap Equities Ltd's subsidiary received the assessment order and demand notice dated April 30, 2024, under Section 143(3) of the Income Tax Act, 1961.
This notice entails a tax demand of Rs 28.78 crore, inclusive of interest, attributed to certain disallowances, as disclosed in Edelweiss's filing to the Bombay Stock Exchange (BSE).
Ambuja Cements Ltd, a subsidiary of the Adani Group, recorded a consolidated net profit of Rs 1,525.78 crore for the fourth quarter ending in March 2024. This marks a significant increase from the net profit of Rs 763.30 crore reported in the January-March quarter of the previous year, as indicated by a regulatory filing on Wednesday. The company's consolidated revenue from operations during the quarter amounted to Rs 8,893.99 crore, compared to Rs 7,965.98 crore in the corresponding period of the previous fiscal year, according to the filing.
Tata Motors Ltd announced on Wednesday that authorities have issued a tax demand of nearly Rs 25 crore, including penalties and interest, due to discrepancies in tax payment and credit utilisation. The order, issued on April 30, 2024, by the Sales Tax Officer Class II / AVTO Ward 204, Zone 11, Delhi, was received by the company on May 1, 2024.
Supam Maheshwari, the Co-Founder and CEO of FirstCry, saw a substantial decline in his monthly remuneration, plummeting by at least 49 per cent to Rs 8.6 crore, according to the revised Draft Red Herring Prospectus (DRHP) of FirstCry. The company has resubmitted its DRHP for an Initial Public Offer (IPO) with the Securities and Exchange Board of India (SEBI), aiming to raise Rs 1,816 crore by issuing fresh shares.
Tata Motors reported an 11.5 per cent year-on-year increase in total wholesales for the previous month, reaching 77,521 units, up from 69,599 units in April 2023. The company's domestic dispatches surged by 12 per cent at 76,399 units compared to 68,514 units in the same period last year.
In terms of passenger vehicles, sales saw a 2 per cent rise, reaching 47,983 units in April 2024, compared to 47,107 units in April 2023. Meanwhile, commercial vehicle sales experienced a substantial surge, jumping by 31 per cent to 29,538 units last month, up from 22,492 units in April 2023.
Hyundai Motor India announced a 9.5 per cent year-on-year increase in wholesales for April, reaching 63,701 units. This marks a significant uptick from the 58,201 units dispatched in the same month last year. Domestic wholesales also experienced a modest 1 per cent rise at 50,201 units compared to 49,701 units in the corresponding period last year. Meanwhile, exports surged by 59 per cent, hitting 13,500 units in April 2024, compared to 8,500 units in April 2023.
Hyundai Motor India's COO, Tarun Garg, highlighted the achievement of four consecutive months of domestic sales exceeding 50,000 units this year. Garg attributed this success to the continued popularity of SUV models such as Creta, Venue, and Exter, which collectively contributed 67 per cent to the automaker's domestic sales.
Star Health and Allied Insurance Company Ltd. (Star Health Insurance) revealed solid financial performance for its Q4 and FY2024. In FY'24, the company achieved a profit of Rs 845 crore, marking a 37 per cent increase, alongside an 18 per cent rise in Gross Written Premium (GWP) to Rs 15,254 crore. For Q4FY24, the Profit After Tax (PAT) reached Rs 142 crore, reflecting a 40 per cent year-on-year growth, while GWP surged by 18 per cent year-on-year to Rs 4,968 crore.
The Korea Automobile & Mobility Association (KAMA) said on Wednesday that South Korean exports of environmentally friendly vehicles experienced a decline for the first time in the first quarter. This follows 12 consecutive quarters of year-on-year increases. Shipments of eco-friendly vehicles dropped by 5.6 per cent compared to the same period last year, totalling 178,003 units in the January-March quarter, down from 188,607 units.
The government announced on Tuesday a reduction in the windfall tax on petroleum crude to Rs 8,400 per metric ton from the previous rate of 9,600 rupees, effective from May 1. This tax, reviewed every fortnight, remained unaltered at zero for diesel and aviation turbine fuel.
The Securities and Exchange Board of India (SEBI) granted permission for non-resident Indians (NRIs) to hold up to 100 per cent ownership in global funds within the GIFT City while also increasing passive funds' exposure to group companies. Presently, NRIs and Overseas Citizens of India (OCIs) are restricted from owning more than 50 per cent of a foreign portfolio investor (FPI).
Oil marketing companies have adjusted the prices of commercial liquefied petroleum gas (LPG) cylinders, reducing the rate of 19 kg cylinders by Rs 19, effective Wednesday. In Delhi, the retail sale price of the 19 kg commercial LPG cylinder now stands at Rs 1,745.50, down from the previous price of Rs 1,764.50.
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 Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain shut on Wednesday on account of Maharashtra Day (Labour Day). This closure will include trading activities in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives for the day.
In the previous trading session on Tuesday, the two primary equity indices, Sensex and Nifty, experienced a late-session decline, primarily attributed to profit booking and a decrease in metal and IT stocks. The BSE Sensex concluded at 74,482, marking a drop of 189 points from its intraday high of 75,111. Meanwhile, the NSE Nifty50, which reached an intraday peak of 22,783, closed 39 points lower at 22,605.
Furthermore, according to data released by the Ministry of Commerce and Industry on Tuesday, India's eight core sectors recorded a growth rate of 5.2 per cent in March. Although this growth rate was slower than the 7.1 per cent recorded in February 2024, it surpassed the 4.2 per cent growth reported in March 2023. The eight core sectors include coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas. The combined output of these sectors in 2023-24 registered a year-on-year decline of 7.5 per cent, compared to 7.8 per cent in 2022-23.
The slowdown in core sector growth in March was attributed to five of the eight sectors either contracting or experiencing slower growth than the previous month. For instance, crude oil production growth decelerated to 2 per cent in March, down from 7.9 per cent in February 2024.
In addition, Kotak Mahindra Bank said on Tuesday that K V S Manian, the joint managing director and a long-standing figure at the private sector lender, has resigned from his position. Having devoted almost three decades to the institution, Manian was appointed to his role during a management restructuring in January. His decision to step down follows the imposition of stringent business restrictions by the Reserve Bank of India, which include a suspension of new credit card issuance due to technological infrastructure shortcomings, as reported by news agency PTI.
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