PremiumShares began the year mixed, with European benchmarks ending higher on Monday after a lacklustre session for the few Asian markets not closed for the New Year holidays. The impact of China removing strict COVID-19 policies that crimped production for raw materials and goods and discouraged travel will have on the global economy remains uncertain.
ONGC/Reliance: India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said. The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed. (Read More)
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are GMR Infra and Coromandel International.
GMR Infra: Buy GMR Infra at ₹40.75, stop loss ₹40, target ₹42
Coromandel International: Buy COROMANDEL INTL at ₹897, stop loss ₹888, target ₹927 (Read More)
Commercial vehicles maker Ashok Leyland on Monday reported a 45 per cent increase in total sales at 18,138 units in December 2022.
The company had registered total sales of 12,518 units in the same month a year ago, it said in a statement.
Domestic sales were higher by 49 per cent last month at 17,112 units as compared to 11,493 units in December 2021.
Exports were flat at 1,026 units last month as against 1,025 units in the previous year. (PTI)
Bharat Forge on Monday announced that its step-down subsidiary J S Auto Cast Foundry India has entered into a business transfer agreement (BTA) with Indo Shell Mould Limited ("ISML") for acquiring their SEZ Unit in SIPCOT in Tamil Nadu's Erode.
The closing of the transaction is subject to customary conditions and regulatory approvals, Bharat Forge said in a regulatory filing on Monday.
The Special Economic Zone unit with a capacity of 42,000 million tonnes per annum (MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the 3rd manufacturing unit of Bharat Forge's JS Auto. (PTI)
The Initial Public Offer (IPO) of Sah Polymers was subscribed 2.37 times on the second day of subscription on Monday. The IPO received bids for 1,33,06,420 shares against 56,10,000 shares on offer, as per the exchange data. The offer opened for public subscription on Friday, December 30, 2022 and will conclude on Wednesday, January 3, 2023.
According to market observers, Sah Polymers shares are commanding a premium of ₹6 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Thursday, January 12, 2023. (Read More)
CIL's coal supply to the power sector rose 11 per cent to 432.7 million tonne in the April-December period of current financial year.
In the year-ago period, the supply was 390.2 MT.
The supply to the non-power sector last month was 10.5 MT due to increased output.
Coal India Ltd's output in April-December 2022-23 increased to 479 MT from 413.6 MT in the year-ago period.
"To outdo the annual output target of 700 MT, CIL has to produce 221 MT in Q4 FY23 against 209 MT for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favour is large quantities of overburden removal. We feel positive about scaling over the output target," the company said in a statement. (PTI)
The government has proposed to bring online real money gaming platforms under the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which also regulates social media platforms. The new rules could hurt foreign betting firms while boosting the business of Indian fantasy sports and other gaming companies, experts said.
The ministry of electronics and IT (MeitY), which became the nodal ministry to govern online gaming on 23 December, released a draft for public consultation on Monday. The final amendment to the IT rules after industry consultation will be notified by April, the ministry said. (Read More)
BharatPe’s chief executive Suhail Sameer, who has been overseeing the beleaguered fintech company after it ousted co-founder Ashneer Grover alleging financial misappropriation, is stepping down from the company, a person familiar with the development said. A leadership transition is being planned at the firm, and an announcement in this regard will likely be made later this month.
Sameer’s departure will be the latest in a slew of recent top-level exits at the Tiger Global investee firm. Last month, three senior executives—chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products—resigned from the company. (Read More)
Tesla said Monday it had delivered 1.31 million electric vehicles in 2022 -- a record for the US automaker and a 40 percent jump from a year before, but still short of its own and Wall Street's expectations.
The Elon Musk-led company has set a long-term goal of increasing its deliveries by 50 percent a year on average.
Tesla regularly says the objective may fluctuate based on operations and in a statement Monday, it noted "significant Covid and supply chain-related challenges" had affected its 2022 output.
Production was suspended at its Shanghai plant for several weeks during the course of last year due to Covid restrictions.
In October, the company's chief financial officer Zach Kirkhorn said that Tesla might fall short of its goal. (AFP)
Zomato co-founder and chief technology officer Gunjan Patidar resigned from his position on Monday, in the fourth senior-level exit at the food delivery platform since November. Patidar, one of the first employees at Zomato, leaves after over a decade at the Gurugram-based company. He built the “core tech systems" for the company, and also set up a tech leadership team at Zomato during his tenure, the company said in an exchange filing. (Read More)
India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said.
The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed.
India, the world's largest consumer and importer of oil, has been buying Russian crude barrels at well below a $60 price cap agreed by the West. (Read More)
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