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May 13, 2024

News Headlines from Business News Agencies:
Business Standard
Tata Motors Q4 results: Net profit rises over three-fold to Rs 17,407 cr
Tata Power to sell green energy to group companies, MNCs: Praveer Sinha
Uttar Pradesh govt plans to promote agri startups, introduce AI in farming
Southern India tackles water scarcity as reservoir levels down at 15%: CWC
Wipro appoints Vinay Firake as CEO of APMEA strategic market unit
IDBI Bank to increase tech spend to 8-9% of operating expenditure
Next round of talks for India-Asean trade agreement review in July
Flipkart introduces new rate card policy to enhance the seller experience
Sundaram-Clayton Q4 results: PAT at Rs 20.73 cr, total income at Rs 540 cr
SAIL-Bhilai to set up Chhattisgarh's first 15-Mw floating solar plant
Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect
Space industry offers good opportunity for private players: Isro chief
India needs to focus on market reforms to achieve double digit growth: ADB
Economic Times
Cipla Q4 Results: Profit soars 79% YoY to Rs 939 crore; dividend declared at Rs 13 per share
M3M to lease 1.5 million sq ft of commercial space in 2024-25
RBI likely to transfer Rs 1 trillion to govt in FY25
NCLT admits insolvency resolution application against Indira Container Terminal
Grew Energy to set up 3.2 GW module plant in J&K
India's forex reserves up by $3.66 bn to $641.59 bn as of May 03 after 3 weeks slump
Voda Idea's Rs 18,000-crore FPO a significant milestone, says CEO Akshaya Moondra
Zomato, Swiggy Instamart clock record orders on Mother's Day, beat New Year's Eve numbers
Fitch Ratings affirms EXIM Bank's rating; outlook stable
Indian Hotels and CG Hospitality extend partnership to step up presence in experiential segment
FMCG companies expect volume growth in FY25 with improvement in revenue
Gold loan market thriving in Indian states; Unimoni eyes Rs 1,000 crore loan book by FY25
Mint
Bank of Baroda Q4 net profit rises 2.3% YoY to ₹4,886.5 crore
NCLAT asks Google, CCI to respond to firms challenging Play Store billing policy
PNB plans $898 million capital raise via QIP for institutional investors
Tata Motors erases domestic debt, targets net-cash goal for JLR in FY25
Rooftop solar subsidy scheme a billion dollar opportunity for Tata Power
JSW Group's Leadership Role in Transforming the Steel Industry
Apple accelerates AI ambitions with custom chips and cloud servers: Report
ReNew Energy Global Plc. has signed five deals to sell 2.2 GW of renewable energy capacity
India eyes new export markets as trade with traditional partners declines
JK Cement Q4 results: Net profit rises 101% to ₹220 crore
India’s influencer marketing industry to swell to ₹34 billion by 2026
Vistara, Air India step in as Air India Express attempts to stabilize operations
India Daybook – Stocks in News
Piramal Pharma: Net profit at Rs 101.3 cr vs Rs 50.1 cr, Revenue up 18% at Rs 2,552.4 cr vs Rs 2,163.6 cr (YoY) (Positive)
ABB: Net profit at Rs 659 cr vs poll Rs 333 cr, Revenue at Rs 3,080.4 cr vs poll of Rs 2,880 cr (Positive)
NCL Ind: Net Profit at Rs 23.9 cr Vs Rs 9.8 cr, Revenue up 13.8% at Rs 495 cr vs Rs 435 cr (YoY) (Positive)
Kalyan Jewel: Net Profit at Rs 137 cr Vs Rs 70 cr, Revenue at Rs 4535 cr vs Rs 3382 cr (YoY) (Positive)
Thermax: Net Profit at Rs 188 cr Vs Rs 156 cr, Revenue at Rs 2764 cr vs Rs 2311 cr (YoY) (Positive)
DLink: Net Profit at Rs 25.1 cr Vs Rs 20.0 cr, Revenue at Rs 334 cr vs Rs 311 cr (YoY) (Positive)
DBL: Net Profit at Rs 3 cr Vs loss Rs 70 cr, Revenue up Rs 3366 cr vs Rs 2841 cr (YoY) (Positive)
Cholamandalam Financial: Profit up 27% at Rs 1,144 cr, NII up 32.3% at Rs 2614 cr QoQ. (Positive)
BEML: Net profit up 62.8% at ₹256.8 cr vs ₹157.7 cr, Revenue up 9.1% at ₹1,513.7 cr vs ₹1,387.9 cr (YoY) (Positive)
JK Cement: Net profit at ₹219.7 cr vs ₹107.7 cr, Revenue up 11.8% at ₹3,105.8 cr vs ₹2,777.9 cr (YoY) (Positive)
Ami Organics: Q4 Sl Net Profit Rs 32.1 cr Rupees Vs Rs 27.2 cr, Revenue at Rs 220 cr vs Rs 186 cr (YoY) (Positive)
Jupiter life: Profit up 187.4% at Rs 45 cr vs Rs 16 cr. YoY, Revenue up 19.9% at Rs 290 cr vs Rs 242 cr YoY (Positive)
Sharda Cropchem: Profit at Rs 143 cr vs Rs 5 cr. QoQ, Revenue up 107.5% at Rs 1,312 cr vs Rs 632 cr QoQ (Positive)
Dodla Dairy: Company Says Commenced Its Commercial Production at Dodderi Plant (Positive)
Lupin: Company re-launches Mirabegron Extended-Release Tablets in the US after the Court lifted the temporary restraining order (Positive)
Infosys: Company partners with ABB FIA Formula E World Championship as its official digital innovation partner (Positive)
Maruti Suzuki: Company expects over 30% jump in CNG vehicle sales at 6 lakh units in FY25 (Positive)
Railtel: Received work order from Central Warehouse corp worth Rs 51.53cr (Positive)
Power Grid: Wins bid for 2 Inter-State transmission system in Rajasthan (Positive)
HUDCO: Company in pact with SITCO for development of Surat Multi Modal Transportation Hub. (Positive)
Andhra Paper: Company in pact with Sweden-based Valmet AB for supply and commissioning of tissue paper production line (Positive)
Lemon Tree Hotels: Company signs pact for upcoming 60-room hotel in Bareilly, Uttar Pradesh. (Positive)
Zydus Lifesciences: Company gets USFDA approval for Dexamethasone Tablets (Positive)
Flair: Construction work starts for new factory in Valsad (Positive)
Reliance Infra: Arm acquires Utility Powertech (JV with NTPC) for Rs 66cr (Positive)
Aarti Ind: Net profit at Rs 132 cr vs poll of Rs 137 cr, Revenue at Rs 1,773 cr vs poll of Rs 1,886 cr (Neutral)
Eicher Motors: Net profit at Rs 983.3 cr vs poll of Rs 1,019 cr, Revenue at Rs 4,192 cr vs poll of Rs 4,204 cr (Neutral)
ITDC: Net profit at Rs 16.3 cr vs Rs 9.7 cr, Revenue at Rs 148.0 cr vs poll of Rs 154.0 cr (Neutral)
Bank India: Net profit up 7% at Rs 1,439 cr vs Rs 1,350 cr, NII up 7% at Rs 5,937 cr vs Rs 5,523 cr (YoY) (Neutral)
Novartis: Net profit down 41.6% at Rs 14.6 cr vs Rs 25 cr, Revenue up 6.7% at Rs 81.2 cr vs Rs 76.1 cr (YoY) (Neutral)
Finolex Ind: Net Profit at Rs 161 cr Vs Rs 158 cr, Revenue at Rs 1235 cr vs Rs 1140 cr (YoY) (Neutral)
JTL: Net profit at Rs 30 cr vs Rs 37 cr, Revenue at Rs 466 cr vs Rs 473 cr (YoY) (Neutral)
Advance Enzymes: Net Profit Down 11.6% At Rs 28.3 Cr Vs Rs 32 Cr, Revenue Up 13.8% At Rs 157.8 Cr Vs Rs 138.7 Cr (YoY) (Neutral)
Tata Motors: Net profit reported at Rs 17704 crore versus poll of Rs 7376 crore, Revenue reported at Rs 1.2 lakh crore versus poll of Rs 1.2 lakh crore (Neutral)
CCL Products: Net profit at ₹65.2 cr vs ₹85.3 cr, Revenue up 39.7% at ₹727.0 cr vs ₹520 cr (YoY) (Neutral)
Aditya Birla Fashion: Company arm, Clothing Retail, allots shares worth Rs 100 crore to company. (Neutral)
JSW Steel: April crude steel production up 0.4% YoY at 21.21 lakh tonnes, (Neutral)
Aurobindo Pharma: U.S. FDA completes inspection at Unit VII of Apitoria Pharma with 1 observation (Neutral)
Bharat Petroleum: Company expects petrol demand growth to be 5% in the near term. (Neutral)
Wipro: Company appoints Vinay Firake as CEO for APMEA Strategic Market Unit. (Neutral)
Vedanta: Company unit buys additional 46.57% in Avanstrate for JPY12.2 bn (Neutral)
CDSL: The transaction charges of CDSL have been cut by 12% on weighted average basis (Neutral)
Prestige Estate: Company’s Venkata Narayana K resigns as CEO (Negative)
PSB: Net profit down 70% at Rs 139.4 cr vs Rs 457 cr, NII up 1% at Rs 689.3 cr vs Rs 683.8 cr (YoY) (Negative)
Neuland Labs: Net profit down 20% at Rs 67.6 cr vs Rs 84.5 cr, Revenue down 5.4% at Rs 385 cr vs Rs 407 cr (YoY) (Negative)
TCI Express: Net profit down 17.9% at Rs 31.6 cr vs Rs 38.5 cr, Revenue down 2.8% at Rs 317.1 cr vs Rs 326.3 cr (YoY) (Negative)
VIP Ind: Net loss at Rs 24 cr vs Rs 4 cr, Revenue up 14.6% at Rs 516 cr vs Rs 451 cr (YoY) (Negative)
APL Apollo: Net Profit Down 15.6% At Rs 170.4 Cr Vs Rs 201.8 Cr, Revenue Up 7.6% At Rs 4,765.7 Cr Vs Rs 4,431 Cr (YoY) (Negative)
Meghmani Organics: Net Loss At Rs 18 Cr Vs Profit Of Rs 54.1 Cr,-Revenue Down 29% At Rs 410 Cr Vs Rs 574 Cr (YoY) (Negative)
Fortis Healthcare; Company receives notice from CBI and Anti-corruption branch (Negative)
CLSA on DR lal
Upgrade to O-P, TP Rs 2590
4QFY24: In line revenue, beat on margin and PAT
Guided for double-digit revenue growth in FY25
Swastfit bundled tests and pan-India expansion should drive growth
MS on DR Lal
OW, TP Rs 2681
4Q witnessed better traction, both on patient and test volumes.
Management is turning positive on industry trends and expects growth momentum to continue in F25
Prefer DLPL for its strong execution, plus valuations appear favorable.
GS on DR Lal
Sell, TP Rs 2150
Subdued vol growth despite favorable base; guidance implies growth to remain below pre-Covid levels
EBITDA margins at 26.5%, (+156bps yoy)
Believe emergence of credible competition in co’s key regions led to structural vol decline
JPM on Cipla
OW, TP raised to Rs 1540
Healthy outlook; encouraging margin guidance
4Q rev/EBITDA broadly in line
PAT ahead aided by higher other income & lower taxes
Key catalysts- Goa reinspection (likely 1HFY25)& gAdvair launches by FY26
EBITDA guidance of 24.5-25.5% for FY25
Jefferies on Cipla
Hold, TP Rs 1400
4Q rev marginally missed est; EBITDA miss 5% while PAT beat helped by other income
EBITDA margin guidance of 24.5-25.5%, higher by 180bps at midpoint than previous est
Key US product (gAbraxane, gRevlimid) launch timelines pushed back again
HSBC on Cipla
Buy, TP Rs 1600
Slight rev miss, though higher GM on better mix & cost efficiency led to c50bps beat at EBITDA margin
Expects FY25e EBITDA margin of 24.5%-25.5%
FDA clearance of Goa plant & differentiated launches in US are catalysts
UBS on ABB
Buy, TP raised to Rs 8830
Delivered top-line/EBITDA/PAT 4%/27%/25% above UBS est.
New order run rate, at Rs36bn (up 15% YoY/ QoQ), was 2%/9% above UBS/consensus est.
Recurring EBITDA margin, at 16.6% (up 520/180 bps YoY/QoQ), fared 160/270bps better than UBS/consensus
Nomura on ABB
Neutral, TP Rs 6660
1QCY24: EBITDA beat of 49% vs est.
Gross margin stood at 40.2%, up 393bp y-y
Management anticipates increased demand for technologically superior solutions, + govts capital expenditure has significantly driven order momentum
Jefferies on ABB
Buy, TP Raised to Rs 8845
1QCY24 EBITDA 52% higher than expectations
as margins expanded by 650 bps YoY to 18.3% vs expectations of 12.2%.
Order flows rose 15% YoY
Co ’s release indicates that there is no material one-off in margins
CITI on Polycab
Buy, TP raised to Rs 7708
Strong Q4 on strong growth in C&W biz
4Q rev/EBITDA/ PAT at Rs56bn/Rs7.6bn/Rs5.5bn grew 29%/25%/29% YoY & ahead of est
Internals strong with healthy cash accretion & good control on WC
GS on Polycab
Buy, TP Rs 6360
Reported 4Q revenue growth of 29% yoy, +11% vs GSe & VA consensus primarily driven by 24% yoy growth in Cables and Wires along with 17% yoy growth in FMEG (albeit on a low base)
Mgmt announced RDSS orders of Rs48bn to be executed over next 2-3 yrs
Kotak Inst Eqt on Polycab
Sell, TP raised to Rs 4260
Reported strong 4Q that topped expectations amid continued robust demand for cables
Co has upsized its capex plan to Rs10-11 bn per yr (from Rs6-7 bn previously) for next 2-3 yrs in view of demand strength
Sell on rich vals
"SEBI (Securities and Exchange Board of India) would come out with stricter norms to curb index and derivative trading. So before that comes FIIs are exiting their positions and that is creating pressure on others to sell”
'Ambani, Adani, Tata will move to Dubai if India imposes inheritance tax'
Source: ANI - Edited By: Hemant Waje
May 08, 2024
Political economist and author Gautam Sen has said the idea to impose a wealth tax in India will lead to the country's super rich, the Ambanis and the Adanis, moving their bases out to countries like Dubai to avoid paying tax.
He further explained that the wealthiest individuals in India, such as Ambani, Adani, and Tata, would likely emigrate to tax havens resulting in a substantial loss of wealth for India.
Sen who retired from the London School of Economics and was formerly a member of the Indo-UK Roundtable and Senior Consultant at UNDP, offered his insights on the proposal of implementing an inheritance tax in India, drawing comparisons with the United States and discussing its potential impacts on the Indian economy and security.
"The very rich, that is the Ambanis, the Adanis, the Mahindras, the Tatas, and I presume not more than 500 or less of the very rich, the billionaire class, they will emigrate from India to Dubai. Most Indian millionaires who have been leaving the country have gone to Dubai, 70 per cent in fact, because Dubai has no income tax. And they will re-register their businesses in UAE, which means India will only be able to collect corporate taxes from them because their business will remain in India," Sen said.
"So there will be a huge loss of wealth to India. Now, if you think about other countries, Sweden used to have a very significant inheritance tax. And Sweden is one of the highest tax countries in the world in history. But you know, Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden," he said.
"And what they found after removing inheritance tax, that a lot of the wealth came back, economic growth improved, and tax collecting also improved. So with that extra taxes, they could redistribute to the less well-off in Sweden. So, in fact, not having inheritance tax or wealth tax was beneficial to the ordinary Sweden. Now, in India, if you inflict this amount of chaos, you must bear in mind you can't do it to agricultural land", the economist added.
Modi's 'redistribution' charge gets Pitroda's booster
Congress leader Sam Pitroda had recently suggested that India to adopt an inheritance tax similar to that prevailing in the US, however Sen pointed out that it is not a suitable analogy for India.
Sen emphasized that redistribution occurs in all economies and societies, and India has witnessed significant improvements in the welfare of rural areas and the poorest sections of society over the past decade.
"The US example is not a good analogy for India at all. The issue is like this. Re-distribution is something that takes place in all economies, and all societies. In fact, the redistribution that happened in India in the last 10 years hasn't happened in a thousand years. We've had massive increases in the welfare of rural India for the first time. And the poorest parts of India have also improved their relative status. So actually in India, we are doing well. The question is, how do you achieve this? The proposal made to survey all households and businesses is impractical for many reasons."
Sen expressed concerns regarding the practicality of implementing an inheritance tax, and the Congress' proposal to survey all households and businesses.
He highlighted that only a small percentage of people in India pay personal income tax, and attempting to redistribute wealth from this group would have minimal impact on overall wealth distribution.
"In India, 2.4 per cent or a little bit fewer people pay income tax. that is personal tax. Of that group, I think not more than 1.2 million, maybe a little bit more, have personal assets which are mainly in their own residence. 77 per cent of all household wealth is in residence, 7 per cent in gold and durables like motorcycles, fans, almirahs. You have to survey all of this and take it away from them.
Put all these people in the street if you want equality. But the total amount of money you will generate from this very small number compared to the rest of India would be very, very small."
Sen referenced Sweden's experience with inheritance tax, noting that its removal resulted in increased economic growth and wealth retention.
Addressing the redistribution of wealth proposed by Congress leader Rahul Gandhi, Sen argues that the practical implementation of such a policy would be highly challenging.
He explained that liquidating assets from the wealthiest individuals, who primarily invest in businesses, would disrupt the economy and negatively impact small and medium industries, the largest employers outside of agriculture.
Sen said, "...But almost all of this is invested in their businesses. So you will have to liquidate their businesses in order to take away their wealth. So your local shopkeeper, your... Local store, your repair shop, all of this will be worth Rs 5 crore, maybe Rs 10 crore, maximum less."
He further added, "All of these people will have to surrender everything they have. Now, the economy will come to a halt. But even if that were not the case, consider the biggest single employer outside agriculture in India is small and medium industry. These people have one big problem in India that the government is trying to solve, which is they have cash flow problem. They receive their income in the future and to pay their expenses up front."
"These people will try to find as much as they can from their cash flow to meet the demands of an inheritance tax, which means they really will not be able to operate at all. But even that will not be enough. My argument is that the total amount of tax you will generate from taking everything away from anybody who has something that is less than 1.5 per cent of the population will not make the remaining 98, 99 per cent better off. They will simply suffer within the next six months. And bear in mind, you will have to do this survey every year for every two years to see how the wealth distribution is", Sen said
Regarding the feasibility of tax inspectors visiting every household and business, Sen expressed scepticism, stating that such an undertaking would be impractical.
He emphasized that India has seen significant improvements in living standards through initiatives like infrastructure development, healthcare, and sanitation, and praised the current government's efforts in this regard.
Sen said, "I can't see any possibility of this happening. and I will repeat we've had better redistribution in the last 10 years from growth from real goods like creating road networks bringing water to people's zones giving them toilets giving them health care giving them subsidized gas which is an improvement in the real living standards of people and that has already been measured by UNICEF as amounting just from the toilet to 4000 rupees per month per household."
He further said, "The current administration led by Narendra Modi is deeply committed to improving the welfare of the poor, all his actions indicate that the poor have a very high priority for him and his government. And this really has not happened in a thousand years. Right through the Islamic period, the British period, and the decades after independence, this has never happened."
"The progress is always going to be slow because we cannot have 15 per cent growth suddenly. But if we achieve 8 per cent growth you will see a massive difference in 10 years in the welfare of the poor people. The 25 crores who have been lifted out of the poverty line level already in the last six, or seven years. Now, this is an achievement of which all Indians can be proud. We have to keep doing it even more sincerely and with greater determination and our confidence that this government will continue its efforts in this regard", Sen added.
Responding to concerns about wealth inequality, Dr. Sen acknowledged that certain sectors may benefit more from economic growth initially, leading to increased inequality.
However, he emphasized that the absolute well-being of the poorest has improved, and over time, there will be a redistribution of relative incomes.
Sen emphasized, "It always happens that in a growing economy those who are in the growing sectors. But this is a temporary phenomenon. As it stabilizes, they will be ending up paying a much larger share. In the initial period of growth, the growth sectors enrich some people. But bear in mind that the absolute level of well-being of the poorest has improved. Their relative share has fallen. But in absolute terms, they have made advances."
He further said, "So this temporary phenomenon will diminish over time. And that is what growth will deliver. as there is more competition, as the economy opens up, the relative influence of those sectors which have been growing, you know, it happened in America. The people in Silicon Valley became much richer than everybody else. In fact, they became richer than the other rich sectors earlier which was manufacturing."
He further added, "The same thing is happening in India, but you know, it is a temporary phenomenon. If you want to have growth, you have to live with this. It looks morally wrong, I agree with you, but What you must look at is the absolute level of well-being of the poorest. And that has definitely been improving. And that is what we want. And we want a flattening of the equity levels."
Sen cautioned against the implementation of an inheritance tax, warning that it could lead to social and political chaos, as well as vulnerability to foreign military intervention.
He argued that such radical measures could provoke resistance and unrest, creating opportunities for adversaries like China to exploit India's internal divisions.
Sen said, "India is in the way of China's total dominance of Asia. India is the one country apart from Japan which is a problem for China because China wants complete dominance in Asia. At the moment, they have a condominium in the United States. They do not accept even that. They would accept a condominium with the US at a global level. But in Asia, they want to be totally dominant. And India really is the one country that is big enough and potentially prosperous enough to resist this. So they will act. Now, striking against India is a very good time because India is in a phase of transition. But of course, they know Striking against India is not costly. India is militarily quite a tough nut to crack."
Regarding the current trends in the Indian economy, Sen expressed optimism, highlighting India's status as the fastest-growing major economy in the world and praising the government's infrastructure investments.
He emphasized the importance of stability and continuity in government policy to sustain economic growth and prosperity in the long term.
Sen stated, "The Indian economy is performing very well. It is the fastest-growing major economy in the world. If we can reach 8 per cent, which I think is possible, The size of the economy will go up by three times in 14 years. So at the moment, we are about 3.8, 3.9, maybe a little bit more. We will reach over 13 trillion USD. That is an impressive level of change in the next 14 years."
He added, "But I think India will reach 7 trillion by 2031. This is really, in historical terms, spectacular. We are very fortunate. that we have a stable government. You see, the most important thing is to have a stable government so we manage our national resources sensibly. That we have. We have a stable government with a majority which Atal Bihari Vajpayee did not have."
Sen urged for continued efforts towards stability and economic development, emphasizing the need to avoid policies that could jeopardize India's progress.
He expressed confidence in India's economic prospects, provided there is consistent and sensible governance in place.

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