Nvidia’s $184 billion jump in five charts - Moneycontrol

Rajasthan Chief Minister Ashok Gehlot on Wednesday announced waiving charges for the first 100 units of electricity for all households irrespective of their total consumption per month. "The first 100 units of electricity will be given free of cost to families who consume more than 100 units per month. That is, no matter how much the bill comes, they will not have to pay any electricity charge for the first 100 units," he tweeted. The chief minister said that keeping the middle-class people in mind, those who consume electricity up to 200 units per month, the first 100 units will be free. Along with this, fixed charges, fuel surcharge and all other charges for consumption up to 200 units will be waived, he said. According to sources, only electricity charges need to be given between 100 to 200 units. Gehlot made the announcement based on feedback received during inflation relief camps in which registration for 10 schemes including the free electricity scheme is being done. The Rajasthan chief minister, in a tweet, said the bill of those who consume electricity up to 100 units per month will remain zero and they will not have to pay any bill like before. Gehlot had in the budget earlier this year announced free electricity up to 100 units per month. Assembly elections in Rajasthan are slated to be held later this year.

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India’s GDP grows 7.2% in FY23; 6.1% in January-March quarter - The Indian Express

India’s gross domestic product (GDP) grew 6.1 per cent in the January-March quarter, as compared to 4.4 percent in the previous quarter, the National Statistical Office (NSO) in a release on Wednesday stated.

It added that India’s GDP grew at 7.2 per cent in FY2022-23, as compared to 9.1 per cent in FY2021-22.

It said the real GDP in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the first revised estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore.

The Ministry of Statistics and Programme Implementation (MoSPI) stated that India’s nominal GDP or GDP at current prices in FY2022-23 grew at a rate of 16.1 per cent. For the March quarter, India’s GDP at current prices registered a growth of 10.4 per cent, the MoSPI stated.

In the March quarter, India’s manufacturing sector output climbed 4.5 per cent year-on-year, as compared to 1.1 per cent contraction in the previous quarter. The nation’s farm output increased 5.5 per cent, against to 3.7 per cent growth in the same period.

The data comes as the Reserve Bank of India (RBI) on Tuesday in its annual report for the financial year 2022-23 said that India’s real GDP growth for 2023-24 is projected at 6.5 per cent with risks evenly balanced, while the economy is expected to expand at 7 per cent in the same period.

The RBI said that India’s growth momentum is likely to be sustained in 2023-24 amid easing inflationary pressures despite facing challenges from an uninspiring global outlook.

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India’s GDP grows 7.2% in FY23; 6.1% in January-March quarter - The Indian Express
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Gautam Adani to raise $3.5 billion from share sale in three group companies - Economic Times

Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller. While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over USD 2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to USD 1 billion in the next couple of weeks, sources aware of the matter said.

Post-board approvals, Adani Enterprises Ltd and Adani Transmission Ltd have sought shareholder approval.

Adani Green Energy Ltd's board may meet in the first or second week of June for approving the fundraising, they said.
The entire fundraising of USD 3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal.

The fundraising will be through the issue of shares to qualified institutional buyers.

The sources aware of the matter said investors in Europe and the Middle East have evinced strong interest. Some of the existing investors are likely to subscribe to the offer and some new investors may also join in, according to the sources. GQG Partners, which invested USD 1.87 billion in four Adani group companies in the first week of March, too may join, demonstrating the investor's continued interest in the conglomerate.

The sources said investors continue to believe in the Adani growth story and have evinced interest in putting in more money in the group.

The fundraising was finalised after extensive roadshows abroad with a range of financial institutions and other investors.

This comes three months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report.

The offer was fully subscribed but the company returned the money to subscribers.

The sources said the company stock, which was offered in the price range of Rs 3,112 to Rs 3,276 in the FPO, is now available at Rs 2,494.25 (at Wednesday's closing price).

US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate's market value at its lowest point.

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. The group has recast its ambitions as well as prepaid some loans to assuage investors.

Promoters in March sold stakes worth Rs 15,446 crore in four group companies to leading US-based global equity investment boutique GQG Partners.

The group has been trying to win back market confidence with a series of investor roadshows, early debt repayments and plans to scale back its pace of spending on new projects.

The funds that Adani Group is looking to raise will be the conglomerate's biggest borrowing since the January 24 Hindenburg report. The money raised is intended to be used for funding the group's expansion projects.

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Nvidia becomes first US chipmaker valued at over $1 trillion; joins exclusive FAANG group | Mint - Mint

Nvidia Corp on May 30 breached $1 trillion in market capitalization, making it the first US chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8 per cent in trading before the bell on Tuesday, was valued at $1.03 trillion. AI took center stage after Nvidia stunned investors by reporting a quarterly profit of more than $2 billion and revenue of $7 billion, both exceeding Wall Street expectations.

Meta Platforms Inc , valued at about $670 billion as of last close, clinched the trillion-dollar market capitalization milestone in 2021, while Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com Inc are the other U.S. companies that are part of the club.

Wall Street analysts called Nvidia's forecast "unfathomable" and "cosmological", hiking their price targets in droves. The highest price target valued the company at about $1.6 trillion, on par with Google-parent Alphabet.

Also Read: Nvidia Mcap at $1 trillion: Top 5 things to know about the US chipmaker

Nvidia's chief executive officer Jensen Huang unveiled a new batch of products and services tied to AI, looking to further capitalise on the frenzy that resulted his wealth to soar by almost $7 billion billion last week to hit nearly $35 billion.

"Given the valuation is well above the long-term average, there will be significant pressure to deliver high growth on a consistent basis ... there could be volatility in its share price to come," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.

Nvidia's shares rose about 25 per cent last week sparking a rally in AI-related stocks and boosted other chipmakers, helping the Philadelphia SE Semiconductor index close on Friday at its highest in over a year.

OpenAI-owned ChatGPT's rapid success has prompted tech giants such as Alphabet and Microsoft to make the most of generative AI, which can engage in human-like conversation and craft everything from jokes to poetry.

Nvidia was co-founded in 1993 by Huang. It proved more successful than its peers at developing chips that turn computer code into the realistic images that computer gamers love, and rode out a wave of consolidation that saw its rivals acquired, bankrupted or merged into larger companies.

Under Huang, the company then pushed its technology into new markets, such as data center servers and artificial intelligence processing — a move that’s proving prescient today. In less than a decade, Nvidia’s data center business has grown from $300 million in annual revenue to $15 billion. The chipmaker has won orders to equip giant computing factories by successfully arguing that graphics chips can handle AI workloads better than more standard processors.

 

With inputs from Reuters, Bloomberg

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Updated: 30 May 2023, 07:12 PM IST

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Adani Ports Net Profit Rises 9% To Rs 5,393 Crore In 2022-23 - NDTV Profit

The Adani company's revenue increased 40 per cent in the January-March quarter.

Ahmedabad:

Adani Ports and Special Economic Zone on Tuesday announced its results for the fourth quarter and the entire financial year 2022-23. Its net profits (Profit After Tax) increased three per cent in the January-March 2023 quarter to Rs 1,141 crore and 9 per cent for the entire year 2022-23 to Rs 5,393 crore.

The Adani company's revenue increased 40 per cent in the January-March quarter to Rs 5,797 crore, and 22 per cent in the entire year 2022-23 to Rs 20,852 crore.

The company's strategy of geographical diversification, among others, enabled robust growth, Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone, said.

Adani Ports made record investments of around Rs 27,000 crore in 2022-23, which included six major acquisitions totalling around Rs 18,000 crore and organic capex of around Rs 9,000 crore, it said on Tuesday.

For 2023-24, total capital expenditure during the year is expected to be Rs 4,000-4,500 crore.

In 2022-23, it recommended a dividend of Rs 5 per share with a payout of around Rs 1,080 crore. A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

In 2022-23, Adani Ports handled 339.2 million tonnes of cargo, which is 9 per cent higher on a yearly basis.

Cargo volumes are expected to be at 370-390 MMT in 2023-24, resulting in a revenue of Rs 24,000-25,000 crore.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Coal India raises price of non-coking coal | Mint - Mint

New Delhi: A week after approving its new wage agreement allowing higher allowances and benefits for non-executive employees, Coal India Ltd (CIL) raised the price of non-coking coal by 8%.

In a regulatory filing, the company said the revision would come into effect from 31 May. This is the first hike in the price of non-coking coal in five years. The last hike in the prices of non-coking coal was carried out in 2018.

The increase in prices would lead to incremental revenue of ₹2,703 crore for the remaining period of the current fiscal (FY24). “This will be applicable to all subsidiaries of Coal India, including NEC for regulated and non-regulated sectors," it said.

On 26 January, Mintreported CIL is weighing increasing the price of coal.

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Updated: 30 May 2023, 11:30 PM IST

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Coal India goes for an 8% hike in prices after five years - Moneycontrol

China was the biggest market for Tesla's Model Y electric sport utility vehicles, helping it become the world's top selling vehicle in the first quarter of this year, according to data from market research firm JATO shared with Reuters. Elon Musk on Tuesday visited China for the first time in three years, highlighting the importance of the world's biggest electric market. Tesla sold 267,171 Model Ys in the first quarter of this year, of which 94,469 were sold in China, higher than 83,664 in the United States and 71,114 in Europe, according the data. Overall, the United States was the biggest market for Tesla, which does not provide regional breakdown of its global sales. Model Y ranked first in global sales, followed by the Toyota Corolla, Toyota Hilux, Toyota Rav4 and Toyota Camry, according to the data. Model Y is the only pure electric car in the list. Musk recently told CNBC that growing tensions between China and the United States "should be a concern for everyone." Tesla also recently held talks with Indian officials about building a new factory in India. JATO Senior Analyst Felipe Munoz expects the Model Y will be the world's top-seller by the year-end in 2023 because of price cuts that enable the model to access the benefits of public incentives for EVs. More production from Tesla's new plants in Texas and Berlin and easing supply chain issues, as well as increasing EV demand in the developed economies, should also buoy Model Y sales, he said. Unlike many automakers, Tesla has a limited number of models and their variants, which helped the Model Y become the biggest seller. Barclays analyst Dan Levy said there are concerns about Tesla being too reliant on just two models, Model Y and Model 3, adding Tesla may need more models and variants to expand its market. Tesla this year aggressively cut prices, underscoring intense competition especially in the SUV segment, where Tesla's aging Model Y faces a range of newer rivals, according to Ford CEO Jim Farley.

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Indian economy showed resilience, but recovery from Covid pandemic shock not complete: RBI report - The Economic Times

The Indian economy exhibited robust resilience in the previous fiscal, emerging among the fastest-growing economies among major nations. However, weakening consumption in the second half of FY23, subdued rural demand and sustained cost pressures remained a drag, the Reserve Bank of India said in its annual report released Tuesday.
The Indian economy could face downside risks amid slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system, the RBI said.

RBI highlighted the subdued nature of private investment in India in an atmosphere of lingering uncertainty. “Inflation pressures and effects of fragmentation on world trade may be lowering aggregate consumption demand, a slow-moving drag on growth,” it warned.

The Indian economy witnessed a moderation in growth in the second half of the fiscal. The RBI has attributed this to unfavourable base effects, weakening private consumption demand caused by high inflation, a slowdown in export growth and sustained input cost pressures.

This uneven recovery in consumption could be in the sluggish growth in the price-sensitive entry-level cars as compared to the recovery in passenger cars. Rural demand too remained subdued, flagged by the continued lag in two-wheeler sales, 40 per cent of which caters to rural India.
Wage growth for agricultural and non-agricultural labourers remained subdued during FY23, averaging 5.8 per cent and 4.9 per cent, respectively.
RBI noted that rural demand, which was affected deeply by the second wave of the Covid-19 pandemic a year ago, recovered, even if at a slower pace in comparison to the urban economy. However, it said that the real rural wage growth virtually stagnated in FY23, despite a visible uptick in economic activity.

Job demand under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) declined on an annual basis, but still prevailed above the pre-pandemic level in the previous fiscal. This indicates that the recovery, especially in the unorganised segment of the economy is not yet complete, RBI said.

The RBI expects the Indian economy to have recorded a growth of 7 per cent in real GDP in the previous fiscal amidst strong global headwinds. India has contributed more than 12 per cent to global growth on average during the last five years.

RBI opined that India's domestic economic activity does face challenges from external factors. “(However), resilient domestic macroeconomic and financial conditions, expected dividends from past reforms and new growth opportunities from global geo-economic shifts place India at an advantageous position,” it wrote.

"With a stable exchange rate and a normal monsoon -- unless an El Nino event strikes -- the inflation trajectory is expected to move down over 2023-24, with headline inflation edging down to 5.2 per cent from the average level of 6.7 per cent recorded last year," the report said.

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Tech View: Nifty Bank in uncharted zone as it scales new peak. What should traders do on Tuesday - Economic Times

While Nifty Bank ended above record high levels at 44,312, Nifty formed a small-bodied Bearish candle on the daily scale and gave the highest daily close of the last 111 sessions.

Nifty has to hold above 18,500 zone, for an up move towards 18,650 and 18,888 zones, while on the downside support exists at 18,442 and 18,333 zones, said Chandan Taparia of Motilal Oswal.

Nifty Bank is likely to face resistance at the 45,000 mark on Tuesday.

India VIX was up by 3.34% from 11.90 to 12.29 levels. Volatility was slightly up and thus giving some consolidation at the record high index levels.

Options data suggests a broader trading range between 18,300-18,800 zones, while an immediate trading range between 18,400-18,750 zones.

What should traders do? Here’s what analysts said:
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The daily momentum indicator, which was lagging, has finally provided a bullish crossover which is now in sync with price action.
The daily Bollinger bands have begun to expand and with prices moving along the upper band suggests that the uptrend is likely to continue. Thus, now both price and momentum indicators are pointing towards a continuation of the positive momentum.Overall, from a short-term perspective, we expect Nifty to target levels of 18,800. In terms of levels, 18,700 – 18,800 shall act as an immediate hurdle zone, while the gap area formed today in the range of 18,500 – 18,580 shall act as a crucial support zone from a short-term perspective.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The key support levels for the bulls are 18,550 and 18,500 while the crucial resistance areas are expected to be 18,650-18,700. Traders may consider exiting their long positions if the market falls below 18,500.

Gaurav Bissa, InCred Equities
While the overall texture of the Nifty remains strong, it can witness small profit booking on account of a bearish harmonic deep crab pattern that is formed on the hourly charts. This is expected to result in a small profit-booking with options data suggesting 18500 is a formidable support on an immediate basis.

Since Nifty Bank witnessed fresh breakouts, unlike Nifty, which has been trading considerably above the previous breakouts, one can expect strong outperformance by the banking index going forward.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Onboard WiFi & brand new interiors on Air India planes soon - Indiatimes.com

NEW DELHI: In the next two years Air India (AI) flyers can enjoy on-flight WiFi services sitting in redecorated wide-body aircraft.
The AI will by next year start offering onboard WiFi. The process will begin with the six new wide-body Airbus A350 which will join its fleet in the coming months, AI MD-CEO Campbell Wilson told TOI Monday.
Subsequently other wide-body planes — first new inductions and then the existing fleet — will get this facility, followed by some single-aisles too. Also the entire AI wide-body fleet will have brand new interiors in the next two years.
“We will induct 19 new wide-body aircraft by the end of next March. These new planes will get onboard WiFi first. From mid 2024 we will start sending our 40 existing wide-body (27 Boeing 787s and 13 B777s) for complete refurbishment. Their interiors will be scrapped and they will get everything brand new from seats to inflight entrainment (IFE) and onboard Wifi as part of our $400 million upgrade project. By mid 2025, all our twin aisles will have absolutely new cabin product,” Wilson said.
While 17 of the 19 twin aisles will be used for augmenting fleet, AI has recently started talks for indicting two more B777s so that it can retire two wide-bodies.
A majority of AI group’s full service single aisles will also get a complete makeover by next September. “We are going to induct 50 single aisles this fiscal. By September 2024, 75-80% of our full service single aisles will be brand new,” he said. The remaining 20-25% will be refurbished for being used by the low-cost arm, AI Express. This means in the next two years, AI full-service arm planes would have completely new interiors.
Meanwhile, AI has begun reinstating six of the 47 weekly non-stop flights to the United States that were temporarily suspended this March due to a shortage of B777 crew. “We are reinstating three of those flights this month and the remaining three next month. We are now hiring five and 10 times more pilots and cabin crew per month than last year. We are hiring 600 crew (550 cabin crew and 50 pilots) every month,” Wilson, who was selected managing director-chief executive officer by Tata Group last May, said.

Go First fallout: AI asks Airbus to give it its undelivered planes

Go First, which has suspended flights since May 3, had over 80 Airbus A320neo family planes still on order that were yet to be delivered. Since the airline faces an uncertain future due to which Airbus has suspended deliveries to it, sources say many global carriers, including AI and IndiGo, have asked the European aerospace major to give Go First delivery-slot planes. Sources say anywhere from 10 to 12 new Airbus A320s would have been delivered to Go First had the airline not seen such financial troubles.
“We have spoken to Airbus, seeking faster deliveries and they are yet to decide. We want to take these planes with CFM engines (Go used Pratt & Whitney). Airbus can deliver that combination with the required lead time,” Air India MD-CEO Wilson told TOI.
Basically AI is also eying the A320neo family planes that have been ordered by Go First and whose delivery slots are now available but in CFM engines.
Asked if AI has the required crew to operate more A320s, Wilson said, “We will be able to use them.” Close to 200 Go First pilots have joined AI since the Wadia Group airline cancelled flights from May 3.

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Atomberg raises $86M in Series C round led by Temasek and Steadview Capital - YourStory

Consumer appliances brand Atomberg Technology has raised $86 million in a mix of primary and secondary issuances in its Series C funding round led by Temasek and Steadview Capital. Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also participated in the round.

The company will use the funds to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions, and consolidate the company's position in India’s consumer appliance market.

The Mumbai-based startup also aims to expand on its new offerings, including mixer grinders, the ‘Aris’ fan series, and smart locks. Additionally, it seeks to enhance R&D capabilities to aid new product launches across various categories.

The company had last raised $20 million in growth capital in December 2021 led by Jungle Ventures and Inflexor Ventures.

“Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry-leading products. With this round of fundraising, our focus is on enhancing product development and improving our product suite," said Manoj Meena, Co-founder and CEO, Atomberg.

"We are extremely excited to partner with Temasek, Steadview, and Trifecta as we continue on our growth journey to disrupt the Indian consumer appliance market,” he added.

Founded in 2012 by IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg is an engineering-led product-first company focused on solving latent consumer problems. Its ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India has continuously innovated and improved the technology.

“We are thrilled to invest in the Series C funding round for Atomberg and support their vision of revolutionising the consumer appliance market in India. Atomberg's deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest-growing companies across the consumer and technology sectors in India,” Ravi Mehta, Founder and CIO, Steadview Capital, said.

“The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market, leveraging strong R&D capabilities to develop premium, energy-efficient products. We had the opportunity to support them with venture debt three years ago," said Sandeep Bapat, Partner at Trifecta Growth Equity.

"Given their ability to redefine the industry through innovation and build a large business, we are now excited to support their growth journey by investing from our Growth Equity Fund,” he added.

Avendus Capital acted as the exclusive financial advisor to Atomberg on this transaction.

(This story was updated to add additional information.)

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Trade setup for Tuesday: Top 15 things to know before the opening bell - Moneycontrol

The market extended gains for the third consecutive session on May 29, with the Nifty50 climbing to the highest level of the current calendar year. Banking and financial services, auto, FMCG and metal stocks supported benchmark indices. The BSE Sensex rallied 345 points to 62,846, while the Nifty50 jumped 99 points to 18,599 and formed a Doji kind of candlestick pattern on the daily charts, indicating indecisiveness among buyers and sellers about future trends, especially after a significant rally in the last few sessions. "The Nifty experienced a relatively stable trading session, after opening with an upside gap. However, it managed to break out of its consolidation phase, indicating a potential shift in market direction," Rupak De, Senior Technical at LKP Securities said. He further said there was an increase in Call writing activity at the 18,800 level, suggesting a resistance zone, while Put writing was observed at the 18,600 level, indicating a potential support zone in the near term. Furthermore, the 18,500 level is expected to act as a significant support level for the index. These observations suggest that the market may remain within a defined range with a bullish undertone in the coming days, De said. On the broader markets front, the Nifty Midcap 100 and Smallcap 100 indices underperformed frontliners, rising 0.4 percent and 0.3 percent respectively. We have collated 15 data points to help you spot profitable trades: Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data and not just the current month. Key support, resistance levels on Nifty As per pivot charts, the Nifty may get support at 18,584, followed by 18,570 and 18,547. If the index advances, 18,630 would be the key resistance level to watch out for followed by 18,644 and 18,667. Nifty Bank The Bank Nifty performed better than broader markets as well as Nifty50, climbing over the 44,000 mark. The index was up 294 points at 44,312 and formed a Doji sort of candlestick pattern on the daily scale. "The index successfully surpassed the immediate hurdle of 44,000, indicating the strength of the bullish trend. The next resistance level on the upside is now identified at 45,000," Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said. In terms of options data, he said the highest open interest for Put options is observed at 43,500, suggesting that traders have significant interest in that strike price as a potential support level. On the other hand, the highest open interest for Call options was seen at 45,000, indicating that traders anticipate potential resistance at that level, he added. As per the pivot point calculator, the Bank Nifty is expected to take support at 44,219, followed by 44,151 and 44,040. The key resistance level to watch out for would be 44,440, followed by 44,509, and 44,619. Call options data On the weekly options front, the maximum Call open interest (OI) was at 18,800 strike, with 92.14 lakh contracts, which is expected to be a crucial resistance level for the Nifty. This was followed by 18,700 strike comprising 85.65 lakh contracts and 19,000 strike with more than 83.54 lakh contracts. The meaningful Call writing was seen at 18,800 strike, which added 36.65 lakh contracts, followed by 18,600 strike, which added 23.34 lakh contracts, and 18,700 strike, which added 20.86 lakh contracts. The meaningful Call unwinding was at 18,500 strike, which shed 30.22 lakh contracts, followed by 18,400 strike, which shed 18.82 lakh contracts, and 18,300 strike, which shed 6.85 lakh contracts. Put option data On the Put side, the maximum open interest was at 18,300 strike, with 1.07 crore contracts, which is expected to be an important support in the coming sessions. This was followed by the 18,400 strike, comprising 94.53 lakh contracts, and the 18,000 strike with 89.49 lakh contracts. We have seen Put writing at 18,600 strike, which added 46.70 lakh contracts, followed by 18,500 strike, which added 31.98 lakh contracts, and 18,000 strike that added 28.88 lakh contracts. Put unwinding was seen at 17,800 strike, which shed 22.12 lakh contracts, followed by 18,100 strike, which shed 9.66 lakh contracts, and 17,700 strike which shed 5.89 lakh contracts. Stocks with high delivery percentage A high delivery percentage suggests that investors are showing interest in the stock. The highest delivery was seen in Ramco Cements, United Breweries, United Spirits, Bharti Airtel, and PI Industries among others. 87 stocks see a long build-up An increase in open interest (OI) and price typically indicates a build-up of long positions. Based on the OI percentage, 87 stocks, including Astral, Lupin, Indiabulls Housing Finance, Titan Company and National Aluminium Company, saw long build-ups. 22 stocks see long unwinding A decline in OI and price generally indicates a long unwinding. Based on the OI percentage, 22 stocks, including ONGC, Maruti Suzuki, Siemens, Oberoi Realty and Godrej Consumer Products, saw long unwinding. 28 stocks see a short build-up An increase in OI along with a price decrease indicates a build-up of short positions. Based on the OI percentage, 28 stocks, including City Union Bank, Bosch, Balkrishna Industries, GMR Airports Infrastructure and Hindustan Aeronautics saw a short build-up. 52 stocks see short-covering A decrease in OI along with a price increase is an indication of short-covering. Based on the OI percentage, 52 stocks were on the short-covering list. These included Chambal Fertilizers, ICICI Lombard General Insurance, SAIL, Dabur India, and Max Financial Services. Bulk deals Clean Science & Technology: Think India Opportunities Master Fund LP bought 8.82 lakh equity shares in the company via open market transactions at an average price of Rs 1,406 per share. However, promoters - Nilima Krishnakumar Boob sold 8.78 lakh shares in the company at an average price of Rs 1,406.64 per share, Asha Ashok Boob offloaded 18.65 lakh shares at an average price of Rs 1,407.22 per share, and Asha Ashok Sikchi sold 9.84 lakh shares at an average price of Rs 1,406 per share. Gravita India: Promoter Rajat Agrawal has offloaded 32 lakh shares or 4.63 percent stake in the company via open market transaction at an average price of Rs 565 per share. However, Employees Provident Fund Board Managed by Nomura Asset Management Malaysia SDN BHD bought 5.5 lakh shares, The Nomura Trust and Banking Co Ltd as the trustee of Nomura India Stock purchased 7.5 lakh shares, The MTBJ A/C Nomura India Inves FD purchased 15 lakh shares, and Nomura Funds Ireland Public Limited Company- Nomura Funds Ireland - India Equity Fund bought 4 lakh shares, at an average price of Rs 565 per share. (For more bulk deals, click here) Results on May 30 Adani Ports and Special Economic Zone, Mankind Pharma, Torrent Pharmaceuticals, Action Construction Equipment, Aegis Logistics, Apollo Hospitals Enterprise, Astrazeneca Pharma India, Bajaj Healthcare, Birla Tyres, Gujarat Mineral Development Corporation, Graphite India, Greenply Industries, Heranba Industries, Indiabulls Real Estate, Insecticides (India), KRBL, Lemon Tree Hotels, Lumax Auto Technologies, Lux Industries, Marksans Pharma, Mazagon Dock Shipbuilders, Panacea Biotec, Patanjali Foods, PC Jeweller, Peninsula Land, Prestige Estates Projects, Rashtriya Chemicals & Fertilizers, Reliance Infrastructure, Suzlon Energy, Uflex, Vakrangee, V-Guard Industries, Vivimed Labs, and Welspun Corp will be in focus ahead of quarterly earnings on May 30. Stocks in the news Reliance Industries: NBC Universal (NBCU) and JioCinema, Viacom18’s streaming service, have entered into a multi-year partnership to offer films and TV series in India. Under the partnership, the over-the-top (OTT) platform will stream Comcast NBCUniversal’s production entities and brands. The deal will give JioCinema's premium subscribers access to popular Hollywood shows. JioCinema is the streaming platform run by Reliance Industries. Rail Vikas Nigam: The state-owned railway company has recorded a 5 percent year-on-year decline in consolidated profit at Rs 359 crore for the quarter ended March FY23, impacted by lower topline. Consolidated revenue from operations dropped 11.1 percent to Rs 5,720 crore compared to the corresponding period last fiscal, but the operating profit margin was better due to lower operating expenses. Torrent Power: The power utility has registered a consolidated profit of Rs 449 crore for the quarter ended March FY23, against a loss of Rs 488 crore in the year-ago period. Profit in Q4FY23 was boosted by healthy revenue growth, while loss in Q4FY22 was due to a one-time loss of Rs 1,300 crore. Revenue from operations grew by 61.3 percent to Rs 6,038 crore compared to the corresponding period last fiscal. Sobha: The south-based real estate company has reported a massive 242 percent year-on-year growth in consolidated profit at Rs 48.6 crore for the March FY23 quarter despite weak operating margin, driven by healthy topline growth. Revenue from operations surged 70.3 percent to Rs 1,210 crore compared to the corresponding period last year, with consistently higher sales, the highest-ever collections and healthy customer deliveries. The board recommended a dividend of Rs 3 per share for FY23. NBCC (India): The public sector enterprise has registered a whopping 206 percent year-on-year growth in consolidated profit at Rs 108.4 crore for the fourth quarter of FY23, driven by healthy operating performance. Consolidated revenue from operations for the quarter stood at Rs 2,790 crore, increasing 14.3 percent over a year-ago period. Jubilant Pharmova: The pharma company has posted a consolidated loss of Rs 97.8 crore for the quarter ended March FY23, against a profit of Rs 59.5 crore in the same period last year. The profitability was impacted by dismal operating numbers with a significant rise in depreciation, higher inventory, and input cost. Revenue from operations grew by 9.7 percent to Rs 1,661 crore compared to the corresponding period last fiscal. ISGEC Heavy Engineering: The engineering company has reported consolidated profit at Rs 86.13 crore for the fourth quarter of the last financial year 2022-23, growing 129 percent over the corresponding period last fiscal, driven by healthy topline as well as operating numbers. Revenue from operations for the quarter stood at Rs 2,043 crore, increasing 28 percent over the year-ago period. The board recommended a dividend of Rs 3 per share for FY23. Fund Flow FII and DII data Foreign institutional investors (FIIs) bought shares worth Rs 1,758.16 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 853.57 crore on May 29, provisional data from the National Stock Exchange shows. Stocks under F&O ban on NSE The National Stock Exchange has not added any stock to its F&O ban list for May 30. Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions. Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Ahead of Market: 10 things that will decide D-Street action on Monday - Economic Times

With progress seen in the debt ceiling negotiation in the US, Indian equities mirroring world markets advanced. Also, gains in the heavyweight Reliance Industries and IT giants propelled Nifty to scale to 18,500 levels, marking gains of around 1%. Meanwhile, Nifty Bank and broader markets underperformed the headline indices.

Here's how analysts read the market pulse:
“Despite weak cues from global markets, the domestic market defied the trend and experienced a widespread rally, driven by the strong growth forecast for the Indian economy. With the upcoming Q4 GDP data, it is anticipated that India's FY23 GDP will marginally surpass the earlier projected 7.0% growth rate. Additionally, the expectation of a normal monsoon and consistent FII buying further boosted confidence among domestic investors,” Vinod Nair, Head of Research at Geojit Financial Services, said.

“Nifty might face some near-term resistance between 18700 and 18800, but that would only be a speed-breaker in the scheme of things. The OI of the Puts have already started rising in the June month expiry right from the 18100, 18200, and 18,300 levels, and the final push will come once you see the 18,500 puts get written,” Rahul Ghose, Founder & CEO – Hedged.
That said, here’s a look at what some key indicators are suggesting for Monday’s action:

Global Markets
Wall Street's main indexes rose and European shares logged their largest one-day gain in two months on Friday as talks on raising the U.S. debt ceiling progressed. The Dow Jones Industrial Average rose 1.00% to 33,093.34, the S&P 500 gained 1.30% to 4,205.45 and the Nasdaq Composite climbed 2.19% to 12,975.69.

The pan-European STOXX 600 index closed 1.2% higher, bouncing back from Thursday's eight-week low. Swedish gaming company Embracer jumped 13.1% to top the index, and Faurecia added 7.5% after Jefferies upgraded the French car parts maker to "buy".

Tech View: Bullish candle
Nifty, which has been forming higher highs from the last nine weeks, today formed a bullish candle on the weekly charts as it broke out of the sideways consolidation move.
Now it has to hold above 18442 zones for an up move towards 18600 and 18888 zones, while on the downside, support exists at 18333 and 18281 zones, said Chandan Taparia of Motilal Oswal.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Zomato, Zee Entertainment, IDFC First Bank, NALCO and Indus Towers, among others.

The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.

Stocks signaling weakness ahead
The MACD showed bearish signs on the counters of Coffee Day Enterprises, KPI Green Energy, NCL Industries, Cyient and Sobha, among others.

A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.

Most active stocks in value terms
HDFC Bank (Rs 2146 crore), HDFC (Rs 1651 crore), Page Industries (Rs 1523 crore), RIL (Rs 1451 crore) and ICICI Bank (Rs 1035 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.

Most active stocks in volume terms
Suzlon Energy (Shares traded: 14.93 crore), Zomato (Shares traded: 8.64 crore) , Vodafone Idea (Shares traded: 7.83 crore), IRFC (Shares traded: 5.23 crore) and Zee Entertainment (Rs 4.68 crore) among the most traded stocks in the session on NSE.

Stocks showing buying interest
Shares of VRL Logistics, Varun Beverages, Cummins India and Glenmark Life witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.

Stocks seeing selling pressure
Shares of Page Industries, Aavas Financiers, Saregama India and Zee Entertainment, among others, hit their 52-week lows, signalling bearish sentiment on the counters.

Sentiment meter favours bulls
Overall, market breadth favoured bears as 1,907 stocks ended in the green, while 1,600 names settled with losses.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Gold Rate Today: Is it time to buy physical gold as yellow metal prices fall in India? Check gold price in - The Economic Times

The near-term outlook for gold remains weak as the US debt ceiling crisis nears a resolution and the Dollar Index remains strong. Traders can look to book profits in gold and silver futures. As for buyers of physical gold and silver, the correction will bring an opportunity to buy bullion.
The price of physical gold in Delhi is around Rs 60,800 per 10 grams, while that of silver is Rs 73,000 per kg, Anuj Gupta, Vice President, Commodity and Currency Research at IIFL Securities said. In Ahmedabad, 10 grams of gold is available at around Rs 60,300 while 1 kg of silver is priced at Rs 73,100, he added.Prices could come down to Rs 59,000 per 10 grams in gold while Silver prices could fall to Rs 68,000 per kg, Gupta further said.

Trading Bets
MCX June Gold futures ended at Rs 59,372, down Rs 88 or 0.15% from the Thursday closing price. Meanwhile, the July Silver futures settled at Rs 71,291, up by Rs 1,049 or 1.49%.

On the Comex, gold futures ended at $1,946.10, up by $2.40 or 0.12% while Silver futures finished at $23.445, up by $0.535 or 2.34%.
Gold is taking cues from the developments around the US debt ceiling crisis which is likely to get resolved soon, Gupta said.

US economic resilience will force the US Federal Reserve to keep rates higher for longer though in the latest Fed minutes the Central Bank has indicated that it may consider keeping interest rates unchanged, the IIFL Securities analyst said.

"For a very short term we are recommending sell on Gold and silver futures on the MCX," Gupta said. He sees support in June Gold futures at Rs 58,800 - Rs 59,400 and resistance at Rs 60,000 - Rs 60,400.

As on Comex, Gold futures have support at $1920 - $1890, while resistance at $1960 - $1980, Gupta said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Gold Rate Today: Is it time to buy physical gold as yellow metal prices fall in India? Check gold price in - The Economic Times
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India top destination being explored by MNCs as alternative to China, finds global CEO survey - Economic Times

India is the top destination being explored by multinational corporations as an alternative to China, according to a survey of 100 CEOs who primarily represent foreign B2B-focused firms.

The CEOs also consider Vietnam, Thailand and their own home countries as potential options.

Amid China’s increasing geopolitical assertiveness, questionable trade and business practices, and rising labour costs, 88% of the CEOs who participated in research firm IMA India’s 2023 Global Operations Benchmarking Survey opted for India as their primary alternative to China. The survey was run among companies with a presence in India.
“In the last five years foreign MNCs have increased their onground presence in India, partly as a result of diversification away from China. In particular, the IT & ITES companies are ramping up the share of their global workforce that is based in India,” said Suraj Saigal, Research Director, IMA India.

According to a report based on the survey, nearly 70% of the firms saw substantial changes to their business strategies and onground operations in China in the past three years. The industrial sector shows a more prominent pull-back compared to the services sector. Among those implementing changes 56% have decreased their sourcing from China and 41% reduced investments.

While a minority completely exited, 6% of the surveyed companies have scaled back their market engagement.

The research also examined how businesses are perceiving and capitalising on the opportunities presented by India, taking into account the recent shifts in commercial and geopolitical strategies.

From FY18 to FY23, India's estimated global share in workforce has increased from 22.4% to 24.9% in mean percentage terms, while revenue share has risen from 14.8% to 15.8%. These figures demonstrate incremental growth for India on the global stage during this period.
As per the study, a larger proportion of manufacturing companies, in comparison to service-based companies, has chosen India, Vietnam or Thailand as their alternative to China.

This trend suggests that many businesses are actively considering the necessity of derisking their supply chains. Over 80% of the surveyed services companies said their recent expansion of Indian operations was influenced to some extent by considerations related to a China-plus strategy. Industrial companies show a lower percentage, with over 37% potentially more drawn to alternative geographical locations. When asked about their strategic options regarding off-shoring, re-shoring, friendshoring, or near-shoring, survey respondents indicated a slight preference for offshoring. About 45% of the companies have either already implemented or are seriously considering offshoring as their preferred choice, surpassing other alternatives.

However, even those that did choose India indicated infrastructure, regulation and skill-related issues as serious challenges. The study identified the increasing popularity of friend-shoring as a result of the global shift away from multilateral trade towards bilateral trade relations. The rise of "deglobalisation", protectionism, and nationalism has created an environment where countries prioritise working with partners with existing friendly bilateral ties rather than relying on global or regional trade agreements.

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India top destination being explored by MNCs as alternative to China, finds global CEO survey - Economic Times
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Sun Pharma reports Rs 1,985 crore net profit in Q4FY23 - The Economic Times

Sun Pharma Q4 Results: India's largest drugmaker reports net profit of Rs 1,985 crore

Sun Pharma, India's largest drugmaker, on Friday, reported a Rs 1985 crore net profit in Q4FY23, led by an improvement in global specialty drug sales, along with strong sales momentum in the domestic formulation and emerging markets.
The company reported a net loss of Rs. 2277 crore in the corresponding quarter of the previous year.Excluding the exceptional items, the adjusted net profit for Q4FY23 was Rs. 2156 crore. Gross revenue rose 14.3% year-on-year (YoY) to Rs. 10,726 crore million, a growth in Q4FY23.

Earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 19.7% YoY to Rs 2,802 crore, while the Ebitda margin improved 80 basis points to 25.6%.

Global specialty drug sales were $244 million, including a $6.8 million milestone received in the quarter. Ex-milestone, the specialty sales were up 28% YoY.
Formulation sales in the US were $430 million, up 10.5% over the fourth quarter of the previous year, accounting for around 33% of total consolidated sales.

Sales of formulations in India rose 8.7% by Rs 3,364 crore, also accounting for about 31% of total sales. Excluding Covid-related product sales in the previous year, sales growth for the first nine months of this fiscal year was 10.2%.

Sun Pharma holds an 8.3% market share in the over Rs 1.85 lakh crore Indian pharmaceutical market, as per an AWACS MAT March-2023 report.

In the third fiscal quarter, the company launched 26 products in the Indian market.

Formulation sales in emerging markets were $221 million for the past quarter, 7.5% higher from a year earlier and accounting for about 17% of total sales.
The rest-of-the-world markets, which account for 17%, grew 7.4% to $191 million in Q4FY23.

R&D investments stood at Rs. 666 crore in Q4FY23, representing about 6.2% of sales.

“Several of our businesses, including specialty, India, and emerging markets have continued to progress well," said Dilip Shanghvi, managing director of Sun Pharma.

"Our Specialty business remains on a growth path, and we are committed to continue scaling it up. The acquisition of Concert helps further strengthen our portfolio in dermatology. I believe deuruxolitinib can become a leading product to address a highly unmet need in alopecia areata patients,” Shanghvi added.

( Originally published on May 26, 2023 )

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Sun Pharma reports Rs 1,985 crore net profit in Q4FY23 - The Economic Times
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I-T invites comments on draft rules for valuing startup investment by non-residents - Moneycontrol

Just a day after notifying 21 countries that non-resident Indian investment in unlisted startups will not attract angel tax, the income tax department on Friday invited comments from stakeholders on rules for valuation methods for such fundings. Read | CBDT notifies 21 nations from where investment in startups will be exempt from angel tax The Central Board of Direct Taxes (CBDT) has, in a draft notification, invited comments on the draft rule 11UA of Income-tax Rules, 1962 on the computation of Fair Market Value (FMV) of unquoted equity shares through five methods under Section 56(2)(VIIb) of Income-tax Act, 1961. Rule 11UA, which is now in practice, prescribes two valuation methods - Discounted Cash Flow (DCF) and Net Asset Value (NAV) - for resident investors. The government intends to include five additional valuation methods specifically for non-resident investors, in addition to the existing DCF and NAV methods. "The new valuation methodologies released by CBDT offers significant clarity on angel tax. These methods are internationally accepted and form the basis of valuation of companies with traction and an operating history. The big question that still remains is how deviations of performance vs projections will be handled by the department," said Siddarth Pai, managing partner at venture capital firm 3One4Capital. "The industry would welcome clarity on how the tax officers will view such changes. An SOP would add clarity and ensure that legitimate capital is not prejudiced due to normal business changes," he added. The draft rules provide startup investors 10 percent variation from the determined value. This gives room for concessions for forex fluctuations, bidding processes, and variations in other economic indicators. In case a company receives any consideration for issuing of shares to a non-resident entity, the price of the equity shares may be taken as the fair market value. This will be if the consideration from such FMV does not exceed the aggregate consideration that is received from the notified entity within a period of 90 days from the date of issue of shares which are the subject matter of valuation. "The 10% safe harbour in valuation, the concept of price matching and the proposed five new methods of valuation are all very welcome. Though all newly proposed five valuation methodologies for arriving at fair market value (FMV) of unquoted shares to be issued to non-resident investors, as such need to be determined by Category I Merchant Banker registered with SEBI only, who were earlier also authorised to issue valuation report under DCF method as well," Salman Waris, managing partner at technology-focussed law firm TechLegis. On similar lines, price matching for resident and non-resident investors would be available with reference to investment by venture capital funds or specified funds. The same 90-day cap is proposed for the valuation report by a merchant banker for the purpose of this rule. Stakeholders and the general public can send suggestions and comments on the draft rules by June 5 to ustpl2@nic.in, the CBDT tweeted. Bhavin Shah, Deals Leader at PwC India, said “Almost all fresh investments by VC Funds in start ups has historically been through compulsorily convertible preference shares. The relaxation provided under draft rules for price matching and 10% safe harbour is restricted to equity shares. It is important that these relaxations are extended to investments by way of CCPS as well.” Also Read | Startup investors breathe a sigh of relief as government proposes tweaks in angel tax On May 20, Moneycontrol had reported that the finance ministry’s proposals to exclude certain parties, like pension funds and sovereign wealth funds, from the ambit of the angel tax. This move was considered after Industry bodies of startups and venture capital investors suggested a raft of measures to the central government so that its move to include investments from foreign investors under the ambit of angel tax doesn’t hurt start-up funding. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and above the fair market value, which was referred to as angel tax. A few experts highlighted that while these changes don't have any implications on AIFs, but because it impacts non-residents, it also ends up impacting startups in general. That was primarily because a large number of companies raise rounds from angels and others who are non-residents, therefore any implication on the non-residents would have an influence on the ecosystem at large. Karthik Reddy, co-founder, Blume Ventures and chairperson, IVCA, also pointed out that, "Secondary transactions are generally at a discount to the primary infusion and these are generally constructed together. With this change, a company will always end up paying tax on the primary price to the extent it exceeds the secondary price/valuation report. This would lead to exits/ liquidity not being preferred/rounds not getting constructed." Pallav Pradyumn Narang, Partner, CNK said, "he introduction of these new methods will provide additional pricing options to the investors. It may be noted that the previously allowed methods, namely NAV and DCF as certified by a merchant banker have not been tinkered with. The valuation rules have gained greater significance in recent times on account of the withdrawal of exemptions granted to non-resident investors under section 56(2)(viib). Given that the difference between the fair market value and the investment value of these shares will be subjected to tax in India. it is important from an investor as well as investee perspective to have the FMV dialled down in line with the investment values. The addition of the new methods will allow the investors and investees to be able to map FMV against investment values and reduce tax impacts, if any." S. Vasudevan, Executive Partner, Lakshmikumaran & Sridharan attorneys said. "The recent changes proposed by the CBDT to income tax rules prescribing the manner of arriving at the fair market value (FMV) is likely to bring much-needed relief to the start-up ecosystem in India. The draft rules give an option to the start-ups and non-resident investors to choose from a range of valuation methods to arrive at FMV." The angel tax regime had originally started in 2012 as an anti-abuse measure to prevent money laundering. It mandated that a startup’s fundraising could be taxed whenever the funding round happened at a valuation above the fair value of shares – as determined by a merchant banker.

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Amid EV hype, hybrids & CNG-run passenger cars shift gears - Economic Times

Most of the excitement in the automotive sector may be around electric vehicles, but sales of hybrids and CNG-powered passenger vehicles too are increasing at a quick pace, outpacing the industry growth.

The share of hybrids in total passenger vehicle sales in India has rose to 11.5% from 8.13% in three years, show data collated by Jato Dynamics. CNG now powers 10.3% of the new vehicles sold in the market, against 6.4% three years ago.

Petrol is still the fuel of choice for as much as 60% of buyers, followed by diesel at 16%. But the share of the two fossil fuels in the overall mix is reducing.
Electric vehicles may be the fastest growing in sales, but they account for just 1.6% of the passenger vehicle market. Adoption of EVs is constrained by two factors: high cost of acquisition and poor public infrastructure for charging the vehicles. Hybrids, which use both an electric motor and fossil fuel, address the range anxiety of the consumer, while also being environmentally more sustainable and lower on fuel consumption than fossil fuel-powered vehicles. Industry experts expect their sales to continue to grow at a fast clip.

“The compelling reason for the hybrid technology is that there is no ‘range anxiety’ as it can run on battery or gasoline. Charging infrastructure inadequacy is therefore not an impediment as these are self-charging vehicles,” said Shashank Srivastava, senior executive director at Maruti Suzuki which sells both CNG and hybrid cars.

Hybrids also offer great fuel efficiency and low running cost. In fact, depending on the driving conditions, strong hybrids work on battery alone almost 40% of the time, said Srivastava.

Maruti Suzuki sells a strong-hybrid version of the Grand Vitara SUV.

A recent study conducted by the Engine Research Laboratory at IIT-Kanpur to evaluate the lifecycle emissions and total cost of ownership for battery electric vehicles, hybrid electric vehicles and internal combustion engine vehicles available in India showed that in the current scenario, the total cost of ownership of battery EVs was lesser than hybrids. But that was primarily due to lower tax — battery EVs are taxed at one-tenth of hybrids.
But the study stated that the current lower taxes and subsidy schemes applied on battery EVs were unsustainable in the long term and would be removed due to the huge financial burden to the government. Once a level playing field is established, hybrids would become an economical and environmentally sustainable powertrain option. This could also influence the production strategy of automakers, said experts.

“OEMs (automakers) need to consider the total cost of ownership and profitability of each option when deciding which ones to focus on. The availability of infrastructure and support for different propulsion options can also influence their adoption and profitability,” said Ravi Bhatia, president of Jato Dynamics.

Given the regulatory burden on diesel, automakers are challenged to decide their long-term strategy to contain diesel. Electric vehicles also face several friction points. This leaves the companies no other choice but to focus on petrol, full hybrids and CNG, he said, adding: “Our research and data reflect that these three options would continue to dominate in near future.”

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ONGC standalone loss at Rs 248 cr in Q4 FY23, declares 225% dividend - The Financial Express

By Manish Gupta

State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a standalone net loss of Rs 248 crore in Q4 FY23, against a net profit of Rs 8,860 crore in the year-ago quarter due to an exception provision of Rs 12,107 crore towards disputed taxes.

The corporation recorded 5.2% hike in its gross revenue to Rs 36,293 crore in the quarter ending March 2023 as against Rs 34,497 crore in the Q4 FY22, as per the company financial results filed in an exchange.

For full year FY23, the net profit fell 3.7% to Rs 38,829 crore and the gross revenue shot up 40.9% to Rs 1,55,517 crore.

ONGC declared highest ever total dividend of 225% for FY23 (Rs 11.25 per share of face value Rs 5 each) with a total payout of Rs 14,153 crore. This includes interim dividend of 215% (Rs 10.75 per share) already paid during the year and final dividend of 10% (Rs 0.50 per share).

The company has provided Rs 12,107 crore towards disputed taxes of service tax/GST on royalty for the period from April 1, 2016 to March 31, 2023 together with interest thereon, it said in a statement.

ONGC has reviewed the entire issue of disputed service tax and GST on royalty and has decided to make a provision “as a prudent and conservative practice”.

“However, the company shall continue to contest such disputed matters before various forums based on the legal opinion,” it

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PTC India logs 8% decline in FY23 net profit at ₹507.15 crore | Mint - Mint

New Delhi: State-run PTC India Ltd on Saturday reported 8.07% decline in its consolidated net profit for the last financial year (FY23) at ₹507.15 crore.

In FY22 the company had registered a net profit of ₹551.67 crore.

PTC India’s revenue from operations in the last financial year was ₹15,492.05 crore, 4.8% lower from ₹16,279.25 crore earned in FY22.

The trading volumes were down by 19% in FY23 to 70,610 million units (MU) compared to 87,515 (MU) in FY22 on account of decrease of around 15.1 BUs in low margin power exchange traded volumes. The per unit core margin realized during the year has increased by 13.5% to 3.20 paisa per unit, compared to 2.82 paisa per unit, said a company statement.

Commenting on the results, Rajib K. Mishra, Chairman & Managing Director, PTC India Ltd, said: “We are pleased to announce the financial results for Q4FY23 & FY23, both on a standalone and consolidated basis. The board of directors has recommended a dividend of ₹7.8 per equity share for FY23, reiterating the confidence in PTC’s business model and prospects of the business in the future. FY23 for PTC India was a year of consolidation by taking strategic calls, ceding volumes to avoid negative impact on cost of funds and reorienting the business model."

He added that throughout the year, PTC India prioritized core margins over volumes as a part of the business strategy.

The company in a statement said that its subsidiaries have shown a turnaround in business operations with demonstrated profitability resulting in the consolidated numbers of PTC Group showing a significant resilience in a volatile year.

While PTC Energy Limited reported a profit after tax of ₹13.88 crores for FY23, PTC India Financial Services Limited (PFS) contributed ₹175.81 crore to the group profitability. Also, PFS has declared a dividend of ₹1 per share for FY23, subject to approval of its shareholders.

Shares of PTC India on the BSE closed at ₹93.47 on the BSE on Friday lower by 0.40% from its previous close.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.

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Updated: 27 May 2023, 10:11 PM IST

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Gold, silver prices on May 27: Check latest rates in your city - Hindustan Times

ByHT News Desk

May 27, 2023 02:10 PM IST

In India, the gold prices are sourced from reputed jewellers and are based on factors including global demand, currency, interest rates and government policies.

Gold prices have gone down for the third consecutive day on Saturday and on the other hand the cost of silver has gone up today.

Today Gold Price, Silver Price: Gold Rate and along with other precious metal prices in India on Thursday, Nov 04, 2021

According Goodreturns, the cost of 10 grams of 22-carat gold has reduced to ₹55,550 and the cost of the same quantity of 24-carat gold is come down to ₹60,600.

Similarly, the cost of 8 grams of 22-carat gold is ₹44,440 and of 24-carat gold is ₹48,480.

Similarly, the cost of 100 grams of silver has gone up to ₹7,300.

Check out gold-silver prices in some of the important cities:

Cities	Gold (22K/10 gram)	Silver (per 100 gram)
Delhi	₹55,650	₹7,300
Mumbai	₹55,550	₹7,300
Kolkata	₹55,550	₹7,300
Chennai	₹55,940	₹7,700
Bengaluru	₹55,600	₹7,700

In India, the gold prices are sourced from reputed jewellers and are based on factors including global demand, currency, interest rates and government policies.

Last month, the 22k gold achieved the highest rate of ₹56,650 on April 14, while 24k of gold was priced at ₹61,800 on the same day. The lowest rate in the month for 22k gold was recorded at ₹54,700 on April 3 while 24k gold was priced at ₹59,670 on the same day.

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Gold, silver prices on May 27: Check latest rates in your city - Hindustan Times
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