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The <keyword id="654379" type="General" weightage="20" keywordseo="Indian-automobile-industry" source="Orion">Indian automobile industry</keyword> is setting out on a journey with hopes for a sustained growth momentum in <keyword id="3249892" type="General" weightage="20" keywordseo="2023" source="Orion">2023</keyword> and further embracing clean technology amid the lurking speed breakers of rising interest rates and cost increases due to new emission and safety norms, having witnessed a strong comeback from the COVID-led downturn this year. While the passenger vehicles (PV) segment is set for record sales in 2022 despite the lingering effects of supply chain constraints and semiconductor shortages, the two-wheeler space is yet to see sustained sales buoyancy after having suffered for most of the year. According to industry estimates, PV sales can reach around 38 lakh units this year. The three-wheelers and commercial vehicles segments have also witnessed good growth in 2022 compared to 2021, albeit on a low base of last year, which was affected by the second wave of COVID-19 and manufacturers will be keen to carry forward the momentum to the new year. As per industry observers, 2023 will also see acceleration in adoption of electric vehicles, which has already started taking root in 2022, especially in the two-wheelers segment. For potential passenger vehicle buyers, 2023 may not ring in the best news as vehicle prices are set to increase next year as companies prepare to conform to stricter emission norms which kick in from April 1, 2023. Many manufacturers like <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword>, <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> and Hyundai have already announced plans to increase prices from January next year. Besides, rising interest rates and not so bright global economic situation and its impact on India in the days to come are some of the factors which are keeping the industry in a cautious mode. "Increase in price always has a certain negative impact on sales. But we still do not know how much the prices will go up and what will happen to input cost and foreign exchange. These are uncertainties which will always be there," Maruti Suzuki India Chairman R C Bhargava told PTI. He, however, stated that the domestic car industry has revived in the last few months and the semiconductor shortages are also going to abate in 2023. "Putting it all together, our estimate would be that next year would probably be a reasonably good year for the industry. I think we should do at least as well if not better than 2022," Bhargava said. The country's largest carmaker will keep bringing in cars, especially more SUV models, to cater to the customer demand, he noted. Industry body Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said the passenger vehicle industry adopted the second phase of fuel efficiency regulations this year from April 2022 and is gearing up to meet the stringent second phase of BS VI emission norms from April 2023. Discussions are also underway to implement various new safety regulations for passenger vehicles in 2023, he said. "Implementation of these new regulations could raise the cost of the vehicles and this coupled with global recessionary trends are of concern going forward in the year 2023," Menon pointed out. Besides, with rising inflation, the RBI was compelled to increase the repo rates a couple of times this year and this increase in interest rate can impact the demand trends for all vehicle segments, he cautioned. Though the overall numbers from January to November 2022 have shown appreciable growth for all segments including passenger vehicles, this has been achieved in the backdrop of a low base in 2021, which was affected by the second wave of COVID-19, Menon stated. Mahindra &amp; Mahindra (M&amp;M) Executive Director (Auto and Farm Sectors) Rajesh Jejurikar, however, remained confident about the industry maintaining the current sales momentum. "At M&amp;M, all models will comply with BS-VI.2 norms as per timelines set by the government and the price / cost difference may not be as steep as it was for the BS-IV to BS-VI transition," he asserted. While acknowledging that the semiconductor shortage continues to be dynamic and rising input costs and interest rates are some other challenges that the industry is managing, he remained optimistic about sales momentum continuing next year. "Apart from these headwinds, we look forward to an action-packed 2023 on the back of huge demand from customers," Jejurikar said. Tata Motors Managing Director - Passenger Vehicle and Electric Vehicles Shailesh Chandra pointed out that it would be worthwhile to see the impact of macroeconomic factors like inflationary pressure on the industry. "I would say that the growth is going to be high this year but next year on a very high base, with the interplay of so many tailwinds and headwinds, it would be still growth, but to what extent that growth would be on the high base, that will be seen," he noted. Kia India Chief Sales Officer Myung-sik Sohn said stricter emission norms are a positive for the industry's collective efforts of trying to minimise pollution from vehicles. However, they will surely have an impact on vehicle prices. "You will see a hike in prices across all OEMs, but looking at the high demand for cars currently, we expect little impact on sales momentum," he noted. Automotive dealer's body Federation of Automobile Dealers Associations (FADA) noted that the PV segment still continues to hold a strong order book for several models which is expected to continue for a few months. "The OEMs (original equipment manufacturers) need to continue with the creation of excitement through new launches, product upgrades etc... We expect the production soon to be back to normal and we can bring down the long waiting period to normal," FADA President Manish Raj Singhania stated. The long waiting period and flexible consumer behaviour during the festive season have helped the industry to see movement in the segment, but once the demand and supply balance is restored, the slow-moving models will be a challenge for the industry, Singhania said. Commenting on the sales growth outlook, ICRA Vice President and Sector Head Corporate Ratings Rohan Kanwar Gupta said the rating agency expects the industry demand to remain steady and volumes to grow by 6-9 per cent in FY2024. "The capex outlay for OEMs is estimated to remain heightened (an estimated outlay of Rs 650 billion over FY2023-FY2025, with the OEMs also budgeting for a substantial outlay towards new product development, including development of capabilities/platforms for electric vehicles," he added. Elaborating on the luxury car segment, Mercedes-Benz India's outgoing Managing Director and CEO Martin Schwenk said, "We have to see how the overall overall economic climate is there. Overall, confidence is there that 2023 should be a good year. The world is dynamic but at the moment, we are starting with a positive momentum into next year." As for the two-wheeler segment, Menon said while an increase in interest rate can impact the demand trends for all vehicle segments, the government has also hiked the long-term insurance premium, which specifically impacts the two-wheeler segment. "Two-wheeler demand has remained weak over the past few years, with consumer sentiments impacted by factors such as income uncertainty during the pandemic period and a persistent hike in two-wheeler prices led by both regulatory changes and inflationary pressures," ICRA's Gupta said.

Auto industry looks to sustain growth momentum in 2023

Mumbai, Apr 28 () Aviation and gems and jewellery sectors face high credit risks due to the current business disruptions and prolonged recovery caused by the COVID-19 crisis, according to a report. Besides these two sectors, microfinance institutions (MFIs) and tourism and hotels industries also face high credit risks, according to the report by ICRA Ratings. It said that because of the COVID-19 crisis, the credit profile of a large number of sectors and entities has become vulnerable. "The high-risk sectors -- aviation, gems &amp; jewellery, tourism &amp; hotels, microfinance institutions -- are the ones that face severe business disruption over the immediate term and where the recovery is more likely to be prolonged," the rating agency's Head (Credit Policy) Jitin Makkar said. The medium-risk sectors that include automobile OEMs (original equipment manufactures) and auto-ancillaries, construction, consumer durables and power, among others, face relatively lower degree of business disruptions and credit risks. The rating agency, however, expects that the after-effects of the COVID-19 crisis on these sectors may not persist for long. The sectors that face low risk are agri-products, education, fast-moving consumer goods (FMCG) and telecom. "These industries are unlikely to face material business disruption, or a material increase in credit risks over the near term, triggered solely by the COVID-19 crisis," Makkar said. The agency said that amid the current coronavirus-induced crisis scenario, it is undertaking a review of its portfolio of ratings by following an approach that involves risk assessment both at the sector level as well as the entity level. Aside from undertaking a review of the liquidity position of the rated entities over the near term, ICRA may also redraw its projections for various cases, by assuming that a 'business as usual' operating environment may not return soon. "Subsequent to our FY2020 ratings action, the current COVID-19 pandemic triggered crisis has led to a widespread deterioration in the credit quality of India Inc. The credit challenges are overwhelming and would impact the credit profiles of a large number of entities across sectors in an unprecedented manner," Makkar said. There is a lot of uncertainty as regards the acuteness of the impact and much would depend on how quickly the pandemic is contained, the measures taken by the government to soften the harmful impact, and the dynamics of the individual sectors, he said. ICRA said the credit quality of India Inc faced headwinds in 2019-20 due to economic slowdown coupled with sluggish consumption and investment demand, which led to increase in rating downgrades. Ratings of 584 entities were downgraded in 2019-20, reflecting a downgrade rate of 16 per cent which was significantly higher than the past five-year average of 9 per cent. The volume of debt downgraded in 2019-20 was also high at Rs 7 lakh crore and was more than double the previous financial year's figure of Rs 3 lakh crore. This was mainly because of the downgrade in ratings of several financial sector entities, including housing finance companies, non-banking finance companies and private sector banks, the rating agency said. HV HRS

COVID-19 crisis: Aviation, jewellery sectors face high credit risks, says report

Fully imported cars, including electric vehicles, will cost more with <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announcing hike in <keyword id="6360806" type="General" weightage="80" keywordseo="customs" source="Orion">customs</keyword> duty in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2023-24. Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity of less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been raised from 60 per cent to 70 per cent, as per the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> document. Similarly, customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than USD 40,000, has also been raised to 70 per cent from 60 per cent. The Budget also outlined that customs duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will rise to 35 per cent from 30 per cent earlier. Already, cars imported as CBUs with CIF of more than USD 40,000 or with engine capacity of more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles attract 100 per cent customs duty. "The Government has proposed to increase the duties on completely built units (CBUs) to 70 per cent from 60 per cent earlier. "This is unlikely to have a material impact as most of the luxury cars are now assembled in India, barring the top-end variants. Nonetheless, an increase in customs duty will further aim to promote domestic manufacturing going ahead," Icra Senior Vice President &amp; Group Head Corporate Ratings Shamsher Dewan said. On the other hand, Sitharaman proposed "to further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles. The Finance Minister also noted that replacing old polluting vehicles is an important part of "greening the country's economy". "In furtherance of the vehicle scrapping policy mentioned in Budget 2021-22, I have allocated adequate funds to scrap old vehicles of the Central Government," she said. States will also be supported in replacing old vehicles and ambulances, Sitharaman added. "Multiple proposals in the Union Budget are seen favourable for the automotive sector. A sharp 33 per cent increase in capital investment outlay, identification of critical transport projects for first and last-mile connectivity, and relaxation in personal tax rates shall aid the demand for the auto sector," Dewan stated. Thrust on green energy continues with specific budgetary allocation for old vehicle scrappage, energy transition, and viability gap funding for battery storage solutions with 4000 MWh, he added. Customs duty exemption on the import of capital assets for manufacturing lithium-ion cells for batteries used in electric vehicles shall facilitate EV ecosystem development and aid faster penetration, Dewan said. "An increase in the duty rates on compounded rubber from 10 per cent to Rs 25 (or) 30 per kg, whichever is less, is a challenge for the tyre industry, which significantly depends on imported rubber," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-stipend-to-47-lakh-youth-under-apprenticeship-scheme/articleshow/97522243.cms">Budget for stipend to 47 lakh youth under apprenticeship scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-will-fulfil-dreams-of-aspirational-society-farmers-and-middle-class-pm-modi/articleshow/97522670.cms">Budget will fulfil dreams of aspirational society, farmers and middle class: PM Modi</a>

Budget 2023: Fully imported cars, including EVs, to cost more

<ul><li>closerAt 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a flat note on Thursday, led by mixed cues from the global markets. The Indian markets ended at record highs on Wednesday, with Nifty inching to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50. On Wednesday, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-end-higher-as-600-stimulus-checks-set-to-arrive-this-week/articleshow/80037170.cms">US stocks closed higher</a> as $600 stimulus checks were set to hit the bank accounts of millions of Americans later this week, according to Treasury Secretary Steven Mnuchin. The Dow Jones Industrial Average closed 0.24% higher, and the S&amp;P 500 was up 0.13%. These are the stocks to watch out for during the trading session today: Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks will be in focus during trade today. The auto companies are slated to report their <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">monthly sales</a> for December tomorrow . Tata Steel Tata Steel CEO TV Narendran in his outlook for 2021 <a href="https://www.business-standard.com/article/companies/despite-covid-19-pandemic-tata-steel-bullish-on-fy22-demand-in-india-120123100070_1.html">said</a> the company is optimistic about demand for steel in India. And, the steel demand is expected to grow proportional to or higher than the GDP growth in FY22. Vedanta Vedanta emerged as the highest bidder for Radhikapur west coal block in Odisha. The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of 6 million tonnes. Adani Green Energy Adani Green Energy said it had commissioned a 100 megawatt (MW) solar power project at Khirasara in Gujarat. V-Mart Retail V-Mart Retail informed investors that it had opened four new stores, three in the state of Uttar Pradesh, one in the state of Jharkhand, taking its total number of stores in the country to 274. Shriram Transport Finance Shriram Transport Finance has approved and allotted senior secured rated, listed redeemable non-convertible debentures (NCD) of the face value of ₹10 lakh each on a private placement basis. Dewan Housing Finance Corporation (DHFL) Kapil Wadhawan has yet again come up with a revised proposal for acquiring Dewan Housing Finance Corporation (DHFL). In a letter to RBI, DHFL administrator R Subramaniakumar and the Committee of Creditors (CoC), the erstwhile promoter of the bankrupt NBFC said that he would make an upfront payment of ₹9,000 crore in cash and ₹31,000 crore will be paid within a period of seven years in equal annual instalments with 8.5% per annum interest. Indian Bank Indian Bank said it had raised ₹392 crore through perpetual bonds. The bank has further raised tier 1 capital funds through a private placement of Basel III compliant AT-1 perpetual bonds aggregating to ₹392 crore, the public sector bank said in a regulatory filing. Fortis Healthcare The rating agency ICRA has upgraded the long-term rating for the line of credit of Fortis Healthcare’s subsidiaries — SRL Limited and SRL Diagnostics Private Limited. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/mitch-mcconnell-says-the-senate-will-consider-trumps-demand-for-2000-stimulus-checks-but-rejects-initial-vote/articleshow/80017236.cms" data-type="tilCustomLink">Mitch McConnell says the Senate will consider Trump's demand for $2,000 stimulus checks but rejects initial vote</a> <a href="https://www.businessinsider.in/thelife/news/american-airlines-just-completed-the-boeing-737-maxs-first-passenger-flight-in-the-us-since-march-2019/articleshow/80016117.cms" data-type="tilCustomLink">American Airlines just completed the Boeing 737 Max's first passenger flight in the US since March 2019</a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink">The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</a>

Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&M, DHFL, V-Mart, Indian Bank, and others

Mumbai, Feb 6 () Bankers and analysts were positively surprised with the slew of liquidity-enabling measures announced in an otherwise expected RBI monetary policy that left the key rates unchanged at 5.15 per cent. The market has taken the long-term repos worth Rs 1 lakh crore as the biggest developmental and regulatory step that came out of the blue, they said. So is the CRR buffer benefits for lending to the growth-oriented sectors such as to housing, auto and small units. The Reserve Bank announced long-term repurchase agreements (repos) of one-year and three-year tenors of appropriate sizes, totalling Rs 1 lakh crore at the policy repo rate, from the fortnight beginning on February 15. Bankers and analysts are unanimous that these measures would infuse liquidity on one hand and ensure cheaper credit flow to the needy-segments of the economy. SBI Chairman Rajnish Kumar said the policy is "a statement of intent" carefully using a repository of policy novelties to address the current delicate balance of growth and inflation. "While keeping rates on hold was anticipated, the bouquet of developmental and regulatory steps is a positive surprise to the financial ecosystem. "Long-term repos for 1-year and 3 year at the repo rate, will bring down cost of funds for banks and will facilitate better transmission within the current constraints of downward rigidity of deposit rates," Kumar said. Similarly, exemption of CRR maintenance for all additional loans given for retail loans like auto, housing, and to MSMEs is positive for all banks and to these targeted sectors. This will also help lower the cost of funds. Extension of date of commencement of commercial operations of project loans for commercial realty by one more year without downgrading the asset classification will allow realtors to focus on project completion. Extending the date of recasting MSME loans will also help the sector to navigate the current downturn and is a logical corollary of budget announcement, Kumar said. Welcoming the policy, Icra's Aditi Nayar said the dovish tone along with reiteration that policy space is available for future action is a big positive. "We anticipate that the stance will be maintained as accommodative as long as RBI perceives the output gap to be negative, regardless of the level of inflation. So we no longer expect the stance to be changed to neutral in the next few policies," she said. Zarin Daruwala of Standard Chartered Bank India said, "The MPC delivered a strong pro-growth policy in the face of sluggish growth and high inflation." Cash reserve ratio leeway for fresh retail and MSME loans, a one-time permission to extend restructuring of MSME loans and concessional one-to-three year repo funds are all positive steps to bring down lending rates, she said. Crisil's Krishnan Sitaraman said, "The move to exempt banks from CRR requirements for incremental loans to auto, housing and MSMEs will have a salutary effect on channeling of credit to these sectors and can play a role in addressing the sluggishness seen in these sectors." Similarly, the extension of date of commencement of commercial operations by one more year for project loans for commercial realty will bring some relief to projects which are genuinely delayed due to business reasons. This can arrest the fresh slippages in this segment. Linking MSME loans to external benchmarks will accelerate interest rate transmission and lighten interest burden. Also, extending the one-time restructuring window for them will bring some more relief to the sector and keep sectoral NPAs under control. Terming the RBI policy as "quite progressive and forward looking" A K Das of Bank of India said the long-term repos open up ways to transmit the signal rate changes. Measures for realty and MSMEs and CRR exemption for incremental retail and housing loans are growth-oriented and will give an impetus to bank lending, he added. Describing the policy as a "whatever it takes" moment for the country and policymakers, B Prasanna of ICICI Bank said these steps show willingness of MPC to think laterally. "The crowning glory of all measures is the provision of long-term repos at the repo rate that is intended towards facilitating better transmission in the bond and loan markets. Besides lowering rates in the short end of the sovereign curve it is also likely to lower corporate bond yields, deposit rates and lending rates," he said. Sunil Kumar Sinha of India Ratings said, "If the monsoon does not turn out to be normal, then the inflation forecast can have adverse impact on the food inflation which is already witnessing pressure from rising prices of items such as pulses and coarse cereals." "Given this, despite continuing with the accommodative stance, RBI is unlikely to tinker with the policy rate till the second quarter of FY21," he said. BEN ABMABM

Bankers, analysts hail liquidity boosting policy measures

<ul><li>Indian investors have lost nearly ₹5 lakh crore in the Indian stock market as it plummets under the aftershock of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> outbreak.</li><li>The <keyword id="53232" type="COMPANY" weightage="20" keywordseo="BSE-sensex">BSE Sensex</keyword> is down by 1,248 points and the NSE Nifty 50 has plunged by 363 points.</li><li>Tata Motors, Tata Steel and Bajaj Finance are among the worst hit in the stock market. </li></ul>Investors have lost nearly ₹5 lakh crore as the Indian stock market nose-dived on fears of extending pandemic of Coronavirus, today (February 28). Most of the stocks on BSE Sensex are trading in the red and, overall, the market is down by 1,248 points. The impact of the coronavirus has investors scrambling to hit the sell button on some of the top stocks in the Indian economy. Making matters worse, the outbreak of the virus currently shows no signs of slowing down. <a href="https://www.businessinsider.com/world-prepares-for-coronavirus-pandemic-global-recession-forecast-2020-2?IR=T">Researchers now fear a</a> global recession as the pandemic spreads to Italy, Iran and more. It’s raining red in the NSE Nifty 50 as well as it plunged by 363 points. The individual sectoral indices were in the red as well with the Nifty Bank index falling by over 1,000 points. The Nifty Metal index is headed for its biggest weekly fall since October 2008, when the global financial crisis was at its peak. “From extreme calmness to extreme pessimism, D-Street is also the victim of the virus outbreak in other countries,” said Umesh Mehta, head of research from Samco Securities. “However, when the entire world is blaming the coronavirus for the fall, we feel that valuations have a big part to play in this bearishness,” he added. According to PTI, the volatile equity market wiped out ₹4.7 lakh crore worth of investor wealth and the total market capitalisation dropped to ₹148 lakh crore from ₹152 lakh crore at market closing on Thursday. Here’s a look at the biggest losers on the BSE Sensex today: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.41% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.59% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.06% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.06% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.84% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.52 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.40 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.39 </td></tr></tbody></table> Stocks like SBI Gold ETF, Gillette India, Hexaware Tech, Jubilant Industries and Baja Auto are concurrent losers having lost value consecutively over the last three days. The impact of the coronavirus on the Indian stock market is indicative of how the global market might be headed for turbulent waters as coronavirus continues to spread. The outbreak is already affected sectors associated with travel and tourism as travellers cancelled their flights to countries with reported infections. Moreso, global events like One Mobile Congress were cancelled and Facebook also cancelled its annual developers meet to be held in May. Shares of airlines companies have already taken a 10% plunge. Interglobe Aviation, IndiGo’s parent company, is down by 9.99% while SpiceJet fell by 6.06%. Rating agency ICRA notes that the outlook for airline stocks continues to look bleak in view of the outbreak. See also: <a href="https://www.businessinsider.in/business/corporates/news/sensex-sheds-1100-points-as-coronavirus-fear-grips-the-market-nifty-loses-335/articleshow/74372756.cms">Sensex sheds 1,100 points as coronavirus fear grips the market; Nifty loses 335</a> <a href="https://www.businessinsider.in/business/news/market-mayhem-continues-sensex-below-40k-level-as-virus-fears-grow/articleshow/74319579.cms">Market mayhem continues; Sensex below 40K level as virus fears grow</a>

Indian investors lose ₹5 lakh crore as the coronavirus sweeps over the stock market

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday laid down plans for expansion of national natural gas pipeline network to 27,000 km from the present 16,200 km and pricing reforms as the government looks at boosting use of environment friendly fuel.
 The government has set a target of raising the share of natural gas in primary energy basket to 15 per cent by 2030 from current 6.2 per cent. Connecting gas sources to consumption hubs is a key to achieving this.
 Presently, most of the gas pipelines are concentrated in the western and northern part of the country with a few lines in the east and south.
 In her speech while presenting the Budget for 2020-21, Sitharaman said more gas pricing reforms are in the offing.
 "To deepen gas markets in India, further reforms will be undertaken to facilitate transparent price discovery and ease of transactions," she said.
 Presently, the price of natural gas produced domestically is fixed by a formula that averages out rates in gas surplus nations such as Russia and the US.
 "Further, it is proposed to expand the national gas grid from the present 16,200 km to 27,000 km," she said without giving a timeline.
 Oil Minister Dharmendra Pradhan said the Budet lays emphasis on creating next generation financial markets, boosting income and investment and several infrastructural reforms for accelerated economic growth.
 Commenting on the Budget, Nitin Prasad, Chairman, Shell Companies in India said, "The policy reforms announced in the Union Budget by the Finance Minister sustain the Prime Minister's vision for India's journey towards a climate resilient and clean energy society under pinned on electro-mobility, a gas based economy and renewable power delivered through accelerating innovation from start-ups."
 Raju Kumar, Tax Partner, Oil &amp; Gas practice, EY India said the budget announcement of planned increase in natural gas pipeline network and plan to facilitate transparency in price discovery is likely to strengthen the natural gas market in India. "This will also support further expansion of city gas distribution."
 "We are happy that the government has taken a categorical note of the pressing air quality issues in India," said Suyash Gupta, Director General, Indian Auto LPG Coalition (IAC). 
 "While the intent is positive and clear, yet it is important to note that the goal can be met only with more and more vehicles adopting to cleaner fuels such as Auto LPG. The absence of any immediate declaration of incentives for state governments who have been working towards the goal or intend to do so in near future can delay the adoption of cleaner fuels as state level governments may just prefer a 'wait and watch' approach," Gupta said.
 Pankaj Kalra, CFO &amp; Head-Strategy, Essar Exploration &amp; Production, said expansion of gas grid will definitely be a huge opportunity for players in the unconventional hydrocarbon sectors whose assets are mostly classified as stranded because of lack of evacuation infrastructure.
 "As conventional hydrocarbon resources are dwindling and new resource accretions are few and far between, unconventional hydrocarbons, like CBM (as an established source) and Shale Gas (in the long run) will assume greater significance," he said 
 "The gas grid expansion, coupled with the liberal policies introduced over the last few years, will revive investor confidence in the upstream sector," Kalra added.
 K. Ravichandran of ICRA said the Budget proposals for oil and gas industry are positive, which include sufficient allocation of subsidy for the downstream sector, policy support for gas economy and abolition of dividend distribution tax.
 Subsidy provided for cooking fuels for 2020-21 is Rs 38,781 crore, which will leave the downstream oil industry with a backlog of around Rs 11,600 crore by the end of fiscal 2020-21, significantly lower compared to the backlog of Rs 33,000 crore at the beginning of fiscal 2019-20.
 This is on account of lower subsidy required due to fall in oil prices and substantial reduction in kerosene allocation. Actual subsidy required for FY 2019-20 and FY 2020-21 is expected to be Rs 23,600 crore and Rs 27,500 crore, respectively.
 "Abolition of dividend distribution tax (DDT) is a positive as the PSU oil and gas companies pay large dividend and any savings in this regard will be beneficial for them, unless they hike the dividend rate further," he said. ANZ RVK

Gas grid to be expanded to 27,000 km, pricing reforms in offing

Mumbai, Nov 26 () Market benchmark BSE Sensex retreated from its record high level to close down by around 68 points on Tuesday mainly due to profit booking in telecom, IT and auto stocks amid growth concerns and evolving political drama in Maharashtra.
 The 30-share index touched its all-time intra-day high of 41,120.28 before closing down by 67.93 points or 0.17 per cent at 40,821.30.
 The broader Nifty of the National Stock Exchange also soared to a new peak of 12,132.45 in day trade before giving up gains to end lower by 36.05 points or 0.30 per cent at 12,037.70.
 Bharti Airtel was the biggest loser among Sensex stocks, dropping by 4.34 per cent after ICRA downgraded the long-term rating of the company due to higher-than-anticipated provision pertaining to the Supreme Court judgement on dues payable towards license fees on adjusted gross revenues (AGR) as well as spectrum usage charge in the latest quarterly results.
 Key IT stocks TCS and Infosys also dropped by 1.6 per cent and 1.05 per cent, respectively, as investors preferred to book profits at high levels. HCL Tech fell by 1.29 per cent.
 Auto stocks also declined due to growth concerns. Maruti fell by 1.52 per cent, M&amp;M by 1.67 per cent and Tata Motors by 1.36 per cent.
 PowerGrid dropped by 2.26 per cent, Sun Pharma by 1.75 per cent,
 Fitch group firm India Ratings and Research said that Indian economy may have slowed for the sixth consecutive quarter in July-September to 4.7 per cent while lowering its GDP growth forecast for the current fiscal for the fourth time.
 "Market elevated to a record high coupled with global cheer on trade deal and domestic earnings revival expectation. However, volatility ahead of derivative expiry, political drama and caution on upcoming GDP data led investors to book some profit," Vinod Nair, Head of Research at Geojit Financial Services
 Rising foreign inflows and confidence that government will address the fiscal gaps through divestment can maintain the buoyancy in the market, he added.
 "Profit booking was clearly on investors' radar ahead of expiry and before the crucial GDP data due on Friday as investors avoided taking long positions," Paras Bothra, President of Equity Research, Ashika Stock Broking, commented.
 Among the gainers, ICICI Bank rose 2.26 per cent, IndusInd Bank by 1.46 per cent, Tata Steel by 1.17 per cent and ITC by 0.52 per cent.
 Sectorally, BSE telecom index plunged 4.93 per cent, followed by teck, IT, capital goods, industrials, auto, realty and power indices that declined up to 1.95 per cent.
 However, BSE bankex, finance and FMCG indices closed in green.
 Broader BSE midcap and smallcap indices declined up to 0.79 per cent at close.
 Dhiraj Relli, MD &amp; CEO, HDFC Securities said though macros have still not turned positive and corporate earnings growth remains sluggish, investors are enthused by ample liquidity in the system driving transmission, gradual normalisation of risk appetite of banks, unsold housing inventory beginning to correct, PSU banks being recapitalised, NPA cycle peaking out and base becoming easier post December quarter.
 On the currency front, the rupee appreciated 20 paise (intra-day) against the US dollar to 71.53.
 Brent futures, the global oil benchmark, rose 0.18 per cent to USD 62.73 per barrel.
 Among Asian markets, Shanghai and Tokyo ended higher while those in Hong Kong and Seoul settled lower. Stocks in Europe were trading on a mixed note. ANS MR

Stock indices retreat from record levels on profit booking

Mumbai, Mar 27 () Market benchmark BSE Sensex closed lower by 131 points or 0.44 per cent in volatile trade on Friday, cutting short its three-day winning run due to deepening growth concerns and a less-than-expected moratorium on loans announced by the RBI in its monetary policy. Stock markets had rallied around 4 per cent in opening trade in line with firm global markets and ahead of the RBI governor's address. However, stocks lost steam after the policy announcement with the benchmark indices paring sharp gains. The 30-share Sensex ended 131.18 points or 0.44 per cent lower at 29,815.59. It hit a high of 31,126.03 and a low of 29,346.99 in day trade. The broad-based NSE Nifty managed to end with gains, closing higher by 18.80 points or 0.22 per cent at 8,660.25 as energy, FMCG and select banking stocks advanced. On a weekly basis, both the indices closed in the red, marking their sixth week of losses due to heavy selling after lockdowns in major economies to contain coronavirus spread. "In such uncertain times, instead of fresh funds entities want to save their skin, RBI's relaxation of only 3 months instead of 6 months for a moratorium on interest on loans and working capital has disappointed many," Jimeet Modi, Founder and CEO, Samco Securities said. In a bid to support the economy during the pandemic, RBI Governor Shaktikanta Das unveiled a slew of measures, including its steepest interest rate cuts in more than 11 years. The repo has been cut by 75 basis points to 4.4 per cent - the lowest in at least 15 years. Further, the Reserve Bank reduced the cash reserve ratio (CRR) for all banks by 100 basis points to 3 per cent to release Rs 1.37 lakh crore across the banking system. It also allowed banks to put on hold monthly instalment payments on all term loans for three months. The RBI is playing every card in its pocket to prevent a crisis-like situation by giving banks the ability to lend more, but as such no direct helping hand has been given to ailing industries as of now, Modi observed. "Indices ended almost flat following the RBI measures. The markets were up in the last two sessions on expectations of these announcements from the government and the RBI. Now, focus comes back on the spread of the virus and its damage on the already reeling economy," Vinod Nair, Head of Research at Geojit Financial Services said. Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&amp;M were among the top gainers. Sector-wise, BSE bankex, metal, power, IT and healthcare indices ended on a positive note while BSE telecom, auto, oil and gas, basic materials and realty indices ended in the red. Broader BSE midcap closed 0.29 per cent lower, while smallcap rose by 0.28 per cent. Despite massive rate cuts, the domestic market turned negative on concerns over the annual economic growth amid rising uncertainty over the COVID-19 pandemic, traders said. Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Das said that no projection for growth and inflation was being given in view of the uncertainty created by the outbreak of the deadly virus. He further said that the growth projection of 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the whole fiscal was "at risk." Rating agency ICRA said that despite the RBI's mega push, the GDP is likely to contract by 4.5 per cent in April-June and would rise by just 2 per cent in 2020-21 on the coronavirus impact. Joseph Thomas, Head of Research - Emkay Wealth Management said that at the current juncture the growth variables are solely dependent on how quickly a cure for COVID-19 is found and the world is able to control the pandemic. Meanwhile globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher, while benchmarks in Europe were trading in the red. International oil benchmark Brent crude fell 2.20 per cent to USD 25.76 per barrel in futures trade. On the currency front, the rupee depreciated marginally to 75.20 against the US dollar in intra-day trade. The death toll due to COVID-19 rose to 17 in the country on Friday and the number of coronavirus cases climbed to 724, according to the Health Ministry. The number of deaths around the world linked to the new coronavirus has crossed over 24,000. ANS MRMR

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