Indians ready to pay Rs 7 lakh to stay in hotels on December 31: Report - Moneycontrol

Industry experts said that Indians who hadn't planned in advance are willing to pay a premium. (Representational image: Unsplash)

The year-end and its parties have had Indians loosen their purse strings significantly with some willing to pay as much as Rs 7 lakh a night to stay in luxury hotels on December 31, Economic Times reported.

At a time when room rates for some branded hotels in the country have touched all-time highs for December 31, Indians seem to be okay with paying a premium to ensure that their last night of the year is spent at a spectacular stay.

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"We have multiple queries for our Maharaja suite priced at Rs 7 lakh a night," Rajat Gera, the commercial director of Leela Palaces Hotels & Resorts, told the publication. "There is an influx of inbound tourism, which had been pretty stagnant and inconsistent so far. Domestic travellers book late and the influx of international tourists has led to rates going up substantially. Those who hadn't planned in advance are willing to pay a premium."

Rents at Leela Palaces Hotels & Resorts properties in Delhi, Jaipur and Udaipur are at record highs, he said adding that The Leela Palace Udaipur, which has no rooms available for December 31. During Christmas, the room rates at the hotel were more than Rs 1 lakh a night, as seen on Booking.com, the Economic Times reported.

Meanwhile, room rates for DoubleTree by Hilton Goa-Panaji, Hilton Goa Resort Candolim, and DoubleTree by Hilton Goa-Arpora-Baga are touching historic highs, Hilton Hotels' representative Akash Kalia told the publication. He listed the reopening of international borders and the re-establishment of routes by international airlines as the reasons for Goa remaining a "relevant" destination during this New Year celebrations.

"The state's unique year-end offerings contribute to its appeal," he said. "It's safe to say that, overall, the numbers for our properties are currently at an all-time high."

Agreeing with him, Akhil Arora, chief executive officer for Espire Hospitality Group, told the Economic Times that rates for the chain's ZANA Lake Resort in Udaipur are higher than last year's, with a two-night stay priced at Rs 55,000 plus taxes.

"It's certainly the peak of the market. Rates are probably at the highest than they have ever been for all leisure markets," Vijay Thacker, managing director of consulting firm Horwath HTL India, told the publication. "What is driving the rates is a combination of the propensity to spend among people and market positivity. People are willing to spend on leisure and luxury experiences. International arrival numbers are also higher than last year for the luxury segment. It's a demand-supply scenario."

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Read more: 25-year-old arrested after cheating Rishabh Pant of Rs 1.63 crore, Taj Hotels of Rs 5.5 lakh

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2023 In Review - Simple Flying

Summary

• Alaska Air Group's plan to acquire Hawaiian Airlines sparked conversation and fears of potential competition reduction.
• Airbus made progress on the highly anticipated A321XLR, with several airlines placing firm orders.
• Paris Air Show saw more major aircraft orders than Dubai, including a record-breaking order by IndiGo.

Firmly in "post-pandemic" territory, 2023 was a big year in aviation. Simple Flying was there to cover it all - from merger proposals to two commercial air shows, there have been several top-talkers in the last 365 days. So which were our biggest stories?

Aircraft manufacturers have made plenty of advancements toward new planes that will shape the future of aviation. Additionally, sustainable fuel alternatives have improved throughout the year as the industry looks to achieve its 2050 goal - these were just some of the big developments over the past year.

The final delivery of the Boeing 747

We kicked off the year with a major landmark in the history of aviation. In January, the last production 747 was handed over to its final customer, Atlas Air. The 747-8 was the 1,574th 747 manufactured since 1969, marking the end of a five-decade-plus saga for the Queen of the Skies.

Alaska – Hawaiian merger plans

In the US, Alaska Air Group’s announcement of its plans to acquire Hawaiian Airlines earlier this month shook the industry. Alaska and Hawaiian have operated and expanded their reach in their respective markets for many years, but the two combining have sparked much conversation among the aviation community.

Photo: EQRoy | Shutterstock

While both airlines would retain their brands should the acquisition follow through, some argue that competition would be reduced. Others believe that Alaska would ultimately erase the Hawaiian brand in the future. Regardless, the airlines must proceed through the legal steps to merge officially. They may face similar hurdles that JetBlue Airways and Spirit Airlines have encountered since announcing their plans to combine last year.

Read More: Hawaiian Airlines Open To Acquisition By Other Carriers

Hawaiian has noted that it is not opposed to seeking other airlines if Alaska’s acquisition is not approved. The notion could indicate that the airline’s financial state is more dire than most may have thought.

New aircraft and SAF

European aircraft manufacturer Airbus has made significant progress on its highly anticipated Airbus A321XLR, which is expected to transform the transatlantic market specifically. As the company is projecting the aircraft to enter service sometime in 2024, several airlines around the world have placed firm orders for the single-aisle jet.

The program faced a setback over the course of 2023, with safety concerns prompting a modification to the aircraft's all-important fuel storage system. These design modifications are set to cut into the A321XLR's gamechanging range, though Airbus says performance changes will be minimal.

Photo: Airbus

With an industry effort to reach zero carbon emissions by 2050, the A321XLR also completed a test flight powered by 30% sustainable aviation fuel (SAF). Boeing and UK carrier Virgin Atlantic also made a notable achievement in November, operating the first transatlantic flight on a 787-9 Dreamliner powered by 100% SAF.

The air shows

On the commercial air show front, the aviation world saw the Paris Air Show over the summer and the Dubai Airshow in November. While both events had major aircraft orders from airlines, Paris had much more than Dubai. Tipping the scales was Indian low-cost giant IndiGo, which placed a record-breaking order for 500 A320 family aircraft in June. This marked the most significant order in aviation history and brings the carrier’s order backlog to more than 1,330 aircraft.

Dive Deeper: Which Commercial Airshows Saw The Most Orders In 2023?

Over in the Middle East, airBaltic was the first to place an order at the Dubai Airshow, signing a purchase agreement for 30 A220-300s. Combining its outstanding orders, the airline will become one of the largest operators of the aircraft type. Emirates, one of the United Arab Emirates’ flag carriers, ordered 15 additional A350-900 aircraft to an existing order and placed massive firm commitments for the 777X, at 90 planes. The deal with Boeing brings its order backlog to more than 200 for the new widebody jet.

On the YouTube front

Emirates was also part of another notable headline this year after an A380 operated by the airline was halted on a runway at London Gatwick Airport in July. Suffering a hydraulic failure after landing, the incident resulted in several diversions of other aircraft and dozens of delayed flights.

The incident was also the most-watched video of the year on Simple Flying’s YouTube Channel.

With a year full of firsts, progress, and innovations, the sky seems to be the limit for aviation in 2024. As the industry evolves, several more milestones and headlines will occur in the new year, and Simple Flying will cover it all and keep you informed!

What was your favorite story in 2023? Let us know by leaving a comment!

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New Year Outlook: 9 things you need to know about Dalal Street action in 2024 - D-Street Outlook - The Economic Times

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Agencies

1/10

D-Street Outlook

For Dalal Street, 2023 turned out to be one of the best years in history, with equity markets clocking their highest gains in two years. The Nifty 50 and Sensex ended the year with about 20% gains each and also hit fresh lifetime highs.

As we enter into 2024, the bulls are holding the strings tight, but analysts expect overall returns to moderate in the next year.

Here’s how 2024 is set to look like for Dalal Street, according to a survey by ETMarkets:

Agencies

2/10

Bullish or Bearish

Stepping into 2024, around 86% of the 24 analysts that participated in ETMarkets survey are bullish on Indian equities.

Agencies

3/10

Nifty 50 Target

About 57% of the respondents see benchmark Nifty 50 at 23000 odd levels by the end of 2024. This implies an upside of around 6% from the current levels.

Agencies

4/10

Sensex Target

About 57% of the respondents see benchmark Sensex at 74000 odd levels by the end of 2024. This implies an upside of over 2% from the current levels.

Agencies

5/10

Election Impact

Analysts are divided on whether equity indices will hit upper circuit if the incumbent government attains victory for the third straight time in the upcoming general elections in 2024. Around 45% of the respondents don’t see indices hitting upper circuits, while an equal number of analysts aren’t able to predict.

Agencies

6/10

FII Flow Picture

Over 76% of the respondents see foreign institutional inflows (FII) in 2024 to be higher than that in 2023.

Agencies

7/10

DII Flows

About 70% of the analysts expect inflows from domestic institutional investors outpacing levels of 2023 in 2024.

Agencies

8/10

Largecap vs Smallcap

After the stellar run in 2023, experts remain divided about returns in smallcap stocks in 2024. Around 38% of the analysts expect largecap stocks to outperform midcap and smallcap stocks in 2024, while an equal amount of the respondents don’t see that happening.

Agencies

9/10

Asset Class Performance

Even though returns could moderate in 2024, about 81% of the analysts expect equity as an asset class to outperform debt, gold, and real estate.

Agencies

10/10

Rupee Movement

About 75% of the survey respondents expect the local currency to move in the band of 82-84 a dollar in 2024.

(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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L&T wins Rs 1,040 cr contract for part of Bengaluru suburban rail project - Business Standard

The tender for Corridor-1 and Corridor-3 will also be invited shortly, the officials said.

Larsen and Toubro was issued the Letter of Acceptance on Saturday for the design and construction of an elevated viaduct including associated works between Heelalige and Rajanukunte of Corridor-4 of the Bengaluru Suburban Rail project, officials said.

The contract price is Rs 1,040.51 crore including GST and the contract period is 30 months. The physical work is expected to commence shortly, they said.

In a statement, Karnataka's Rail Infrastructure Development Company (K-RIDE) said, "Larsen and Toubro has been issued the Letter of Acceptance today for the design and construction of elevated viaduct of length 8.960 km and At-Grade of length 37.920 km (excluding station buildings) including associated works between Heelalige and Rajanukunte, on EPC (Engineering, Procurement and Construction) mode, in Corridor-4 or 'Kanaka' line of Bengaluru Suburban Railway Project (BSRP)."

This contract also includes construction of a double decker alignment of 1.2 km length for BSRP Corridor-1 and Corridor-4 near Yelahanka, construction of a BSRP elevated viaduct of length 500 m below BMRCL (Bangalore Metro Rail Corporation Limited) viaduct near Benniganahalli, duly sharing right of way between BSRP and BMRCL. This is first of its kind in India, it said.

"Previously, the work of Corridor-2 (Chillabanawara to Baiyappanahalli for 25.2 km) was also awarded to L&T and the construction activities are going on in full swing. With the current tender award, total length of 72.08 km of civil work (elevated and at-grade for BSRP has been awarded, which is around 50 per cent of BSRP total project alignment. Corridor 2 and 4 were the phase-1 priority corridors as fixed by Government of Karnataka," K-RIDE said.

Meanwhile, the tender for Corridor-1 and Corridor-3 will also be invited shortly, it added.

South Western Railways is in the advance stage of handing over the Railway land (115.5 acres) to Corridor-4 and is expected soon, the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Dec 30 2023 | 9:16 PM IST

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Concerns Arise Among Pune Dealers as Petrol and Diesel Prices May See Drastic Cuts Again - Punekar News

Pune, 30th December 2023: The recent news circulating for the past two days regarding a potential reduction in petrol and diesel prices by 8-10 rupees has raised concerns among the dealers in the district. Having experienced massive cuts of similar magnitude twice before, the dealers have incurred losses amounting to a minimum of 8-10 lakhs in a single day. This has significantly impacted the financial stability of the dealer community.

In a statement, Dhruv Ruparel, President of the Petrol Dealers Association (PDA) Pune, emphasized the need for a balanced approach that considers both consumer relief and the financial well-being of the dealers.

While the dealer fraternity supports the idea of providing relief to consumers, they appeal to the government not to slash the prices of petroleum products by 8-10 rupees in a single day. Such abrupt reductions have proven detrimental to the dealers, and they seek a more measured approach to ensure financial sustainability.

Additionally, the dealers request oil marketing companies and the Ministry of Petroleum to address their pending request for the revision of dealer margins. This plea, pending for 6-7 years, is crucial to shielding dealers from further financial distress.

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Meet world’s first woman to have $100 billion fortune; ‘plays piano for hours’ - Hindustan Times

ByHT News Desk

Dec 29, 2023 08:30 PM IST

Bettencourt Meyers holds one-third stake in L'Oréal, oversees family's ownership

Françoise Bettencourt Meyers, heiress to the L'Oréal beauty empire, has made history as the world's first woman to surpass a net worth of $100 billion, according to the Bloomberg Billionaires Index.

Françoise Bettencourt Meyers(X/MeyersFrancoise)

This milestone was achieved through the surge in L'Oréal S.A. stock, reaching a record high on Thursday. As of that day, her net worth stood at $100.1 billion, shows Bloomberg’s data.

Wrap up the year gone by & gear up for 2024 with HT! Click here

Established in 1909 by Bettencourt Meyers' chemist grandfather, Eugene Schueller to sale a hair dye, the company has been led by non-family executives for many decades.

Who is Françoise Bettencourt Meyers?

1. Bettencourt Meyers holds a one-third stake in L'Oréal, the world's largest cosmetics manufacturer.

2. As the chairperson of the family's holding company, she oversees the family's ownership, a role previously held by her mother Liliane until her passing in 2017.

3. Bettencourt Meyers is known to keep her life private, shunning the glitzy social life sought by many the world’s wealthy.

4. She has written two books — a five-volume study of the Bible and a genealogy of the Greek gods — and is known for playing piano for hours every day.

5. L'Oréal, with brands like Lancome and Garnier, generated a revenue of 38.3 billion euros $41.9 billion in 2022. Her sons, Jean-Victor Meyers and Nicolas Meyers, are also directors.

How did the billionaires fare in 2023?

In the aftermath of the global recovery from Covid, the combined wealth of the top 500 richest individuals experienced a remarkable surge of $1.5 trillion, fully recuperating from the $1.4 trillion decline observed in the preceding year. Once again, their financial success closely mirrored the performance of technology stocks, which achieved unprecedented highs despite concerns about a potential recession, ongoing inflation, elevated interest rates, and geopolitical unrest.

Also read: Gautam Adani fortune tanked ₹3 lakh crore in 2023. How Mukesh Ambani fared?

Who secured the top position in wealth for 2023?

Elon Musk, regaining the distinction of being the world's wealthiest individual from L'Oréal competitor and French luxury magnate Bernard Arnault, outshone all others. The CEO of Tesla accumulated an additional $95.4 billion by the close of Thursday, propelled by the triumphs of Tesla and SpaceX, rebounding from a staggering $138 billion loss in 2022.

Musk's current net worth exceeds Arnault's by more than $50 billion, influenced by a global slowdown in the demand for luxury goods that affected the shares of LVMH Moet Hennessy Louis Vuitton SE.

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  Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

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India to ban URLs of 9 crypto exchanges, including Binance, for non-compliance with anti-money laundering law - India Today

The Financial Intelligence Unit (FIU), that comes under the Indian Finance Ministry has issued a show cause notice to 9 offshore crypto exchanges, and has asked the Ministry of Electronics and Information Technology (MeitY) to block their URLs in India. The action has been taken for alleged non-compliance with Indian anti-money laundering law. As per the notice sent out by FIU, these 9 crypto exchanges, which includes Binance and Kucoin, have been operating illegally in India. The nine exchanges that have received the show cause notice include, Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.

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“As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA),” the show cause notice reads.

Virtual digital asset service providers, whether operating within or outside India, involved in activities such as virtual digital asset-to-fiat currency exchanges, virtual digital asset transfers, safekeeping or administration of virtual digital assets, or facilitating control over virtual digital assets, must register with FIU India as a 'Reporting Entity.' They are obligated to adhere to the stipulated requirements mandated under the Prevention of Money Laundering Act (PMLA) of 2002.

“The regulation casts reporting, record keeping, and other obligations on the Virtual Digital Asset Service Providers (VDA SPs) under the PML Act which also includes registration with the FIU India,” the notice further reads.

As per the notice by FIU, as of now, 31 VDA SPs have completed registration with FIU India. Nonetheless, a number of offshore entities, despite serving a significant portion of Indian users, have been avoiding registration and thus falling outside the purview of the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.

The FIU India serves as the primary national agency tasked with everything from receiving, processing, analysing, to sharing information concerning suspicious financial transactions with enforcement agencies and foreign Financial Intelligence Units.

Published By:

Nandini Yadav

Published On:

Dec 29, 2023

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After Wipro, Infosys joins poaching war against Cognizant, loses 4 executives - Hindustan Times

ByVaishnawi Sinha

Dec 28, 2023 07:34 AM IST

After Wipro sued two of its executives who joined Cognizant last month, Infosys sent a notice to the firm.

The war between major league IT firms and Cognizant seems to be intensifying as Infosys sent a notice to the firm, soon after IT giant Wipro had sued two of its former executives just days after joining Cognizant.

Infosys has sent a notice to Cognizant amid poaching bid.

Wipro filed a lawsuit against former Chief Executive Officer Jatin Dalal and executives Mohd Haque just days after they joined Cognizant. Now, Infosys has also sent a letter to the firm, accusing it of poaching valuable employees.

Wrap up the year gone by & gear up for 2024 with HT! Click here

In its notice, Infosys has accused Cognizant of using "unethical poaching techniques" after a few of its top management executives joined the firm, reported Moneycontrol. Till now, four top executives from Infosys have joined Cognizant.

"Non-compete clauses are not enforceable but this communication to Cognizant was more of a deterrent," said a source quoted by Moneycontrol. This comes shortly after Cognizant completed its hiring of over 20 people in top management positions.

Poaching wars against Cognizant

Former Infosys executive and current Cognizant CEO Ravi Kumar has till now hired 20 people as executive vice presidents and four vice presidents in the company. A majority of these top managers are from Infosys and Wipro, which is why the two companies are now going after Cognizant.

Over the last year, rival companies have been successful in poaching over 15 top-level executives from Wipro and Infosys. From Infosys, Cognizant has till now hired Anurag Vardhan Sinha, Nageswar Cherukupalli, Narsimha Rao Mannepalli and Shweta Arora for top posts.

Wipro, taking the poaching war to the next level, filed a lawsuit against ex-CFO Jatin Dalal and executive Mohd Haque after the two joined Cognizant. The firm had also recently lost its chief growth officer Stephanie Trautman to a rival company.

Wipro shares struggle amid CFO exit

Wipro shares have been buzzing ever since the CFO left the company to join the rival firm Cognizant. Not only this, but trouble has been mounting on CEO Thierry Delaporte amid rumours of a change in the top post.

Wipro is considering former L&T Infotech CEO Sanjay Jalona to take the top post to boost growth in the company. The IT giant, however, has dismissed this rumour. However, this development has caused a strain on the growth of Wipro share prices.

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Banks' asset quality improves to decadal high at end-Sept: RBI report - Business Standard

Indian banks' gross non-performing asset (GNPA) ratio continued to improve in the second quarter of the current financial year, easing to a fresh decadal low, a Reserve Bank of India report published on Wednesday showed.

The improvement in the asset quality of banks that began in 2018-19 continued into the first half of 2023-24, with the GNPA ratio falling to 3.2% at end-September from 3.9% at end-March, the RBI said in its 'Trend and Progress of Banking' report.

The central bank said the banking system and the non-banking financial companies (NBFCs) remain resilient, backed by high capital ratios, improved asset quality and robust earnings growth.

"This is supporting double-digit credit growth and domestic economic activity," the RBI said.

"Sustaining this improvement requires further strengthening of governance and risk management practices and building up of additional buffers."

The GNPA ratio remained the highest for the agricultural sector and the lowest for retail loans, the report showed.

The consolidated balance sheet of commercial banks grew by 12.2% in 2022/23, the highest in nine years, driven mainly by credit growth expanding at its fastest pace in more than a decade, the report said.

During 2022/23, the total amount of frauds reported by banks declined to a six-year low, while the average amount involved in frauds was the lowest in a decade, the RBI said.

Even NBFCs' balance sheets expanded at a fast pace in 2023/23, led by double-digit credit growth.

However, notwithstanding the overall robust health of the sector, certain concerns remain, the central bank warned.

Given the strategic importance of NBFCs in the financial system, the high level of interconnectedness between banks and non-banks merits close attention, it said.

"Although banks are well-capitalised, they need to constantly evaluate their exposure to NBFCs as well as the exposure of individual NBFCs to multiple banks," it added.

NBFCs on their part should focus on broad-basing their funding sources and reduce over-dependence on bank funding.

"Overall, banks and NBFCs need to further strengthen their balance sheets through robust governance and risk management practices to meet the growing aspirations of the Indian economy."

First Published: Dec 27 2023 | 7:02 PM IST

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SEBI extends Dec 31 deadline for mutual fund and demat account nomination - Moneycontrol

December 27, 2023 / 07:20 PM IST

As per a circular issued on December 27, SEBI has extended the last date for nomination to June 30, 2024.

With barely a few days left for the December 31 deadline for mutual fund (MF) and stock market investors to complete nomination for their investments, the securities market regulator SEBI yet again extended this deadline.

As per a circular issued on December 27, the regulator has extended the last date to June 30, 2024. By this date, investors must either choose a nominee/s or explicitly opt out of nomination by submitting a declaration.

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“Based on representations received from the market participants, for ease of compliance and investor convenience, it has been decided to extend the last date for submission of ‘choice of nomination’ for demat accounts and  mutual  fund folios to June 30, 2024,” said the SEBI circular.

This is not the first time the deadline has been extended. Even a few months ago as the September 30 deadline approached, SEBI pushed this further to December 31. With many investor failing to complete their nomination on time, the deadline extension saves them from the problem of their MF folios or demat accounts being frozen for debits. That is,  investors would not be able to make redemptions/ withdrawals from their MF folios / demat accounts if they had failed to complete  the nomination process.

According to numbers from the registrar and transfer agent (RTA) CAMS, about 25 lakh PAN holders had not updated nomination in their MF folios as of September-end 2023. An email sent to CAMS asking for the latest data remained unanswered.

A nominee plays an important role in transmission - passing on assets to the next of kin after the investor's demise. In the absence of a nominee, the process of transmission can become very complex.

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Production incentive scheme, startups, ONDC star in DPIIT's year-end review | Mint - Mint

The government's production-linked incentive scheme to boost manufacturing and exports in different sectors has emerged a significant driver of economic growth, according to the ministry of commerce and industry's year-end review.

More than ₹95,000 crore in investments were channeled through the PLI scheme in 2023, generating employment for about 640,000 individuals, according to a statement on Tuesday from the ministry's department for promotion of industry and internal trade (DPIIT).

The ministry in 2023 approved 746 applications under the scheme, which targets 14 key sectors, including mobile manufacturing, telecom, pharmaceuticals, and the burgeoning drone industry.

Overall, DPIIT said it is working with 24 sub-sectors, including furniture, aluminium, agrochemicals, robotics, and gym equipment, to promote domestic manufacturing, boost exports and reduce imports.

DPIIT is also coordinating action plans for 15 manufacturing sectors under the government's ‘Make in India 2.0’ plan, while department of commerce is coordinating for 12 service sectors, the commerce ministry said in the statement.

Industrial performance, as measured by the index of industrial production (IIP), expanded by 6.9% during April-October.

India's startup ecosystem, too, reached new heights, with the government recognising more than 114,000 startups during the year. These companies collectively contributed to the creation of more than 1.2 million jobs, according to the statement.

The government's fund of funds for startups invested ₹17,272 crore across 915 startups.

Apart from startups, the Open Network for Digital Commerce also emerged as a game-changer in facilitating digital transactions. 

Boasting more than 230,000 sellers and service providers across 500 cities, ONDC recorded over 6.3 million transactions in November alone, according to the statement.

A significant milestone was achieved with a successful pilot for exports, making Singapore the inaugural market to purchase products through the ONDC network.

The 'One District One Product' (ODOP) initiative aimed at promoting and selling region-specific products also gained traction, with over 1,200 products identified across 767 districts. Overall, Unity Malls have been approved in 17 states under the initiative, backed by investment of ₹2,944 crore.

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Published: 26 Dec 2023, 02:11 PM IST

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India's current account deficit narrows to 1% of GDP in July-September: RBI | Mint - Mint

MUMBAI : India’s current account deficit (CAD) declined to 1% of gross domestic product (GDP) in the second quarter, down from 1.1% in the preceding quarter, and 3.8% a year ago.

The CAD decreased to $8.3 billion in the September quarter of 2023-24 against a deficit of $9.2 billion in the preceding three months, according to the Reserve Bank of India (RBI) data released on Tuesday. In the second quarter of 2022-23, the current account balance recorded a deficit of $30.9 billion.

 

The decline is largely due to a narrowing of the merchandise trade deficit from $78.3 billion in Q2FY23 to $61 billion in Q2FY24.

“Services exports grew by 4.2% on a year-on-year (y-o-y) basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and on a y-o-y basis," a central bank statement said.

Aditi Nayar, chief economist and head of research and outreach at ratings agency Icra Ltd, said the Q2FY24 deficit was well below its expectation of around $13 billion, led by a smaller-than-anticipated merchandise trade deficit.

However, Nayar expects the deficit to widen in the December quarter. “Following the expansion in the merchandise trade deficit in October, we expect the CAD for the ongoing quarter to widen appreciably, to around $18-20 billion. Nevertheless, we now foresee the FY24 CAD in a range of 1.5-1.6% of GDP, unless commodity prices chart a sharp rebound."

Private transfer receipts in the September quarter, mainly representing remittances by Indians employed overseas, stood at $28.1 billion, an increase of 2.6% from the same period last year.

In the financial account, net FDI (foreign direct investment) in Q2FY24 saw an outflow of $0.3 billion, compared to an inflow of $6.2 billion a year ago, while foreign portfolio investments (FPI) recorded net inflows of $4.9 billion, lower than $6.5 billion recorded in Q2FY23.

According to RBI, external commercial borrowings recorded an outflow of $1.8 billion in Q2FY24, compared to a net outflow of $0.5 billion a year ago.

Non-resident deposits showed net inflows of $3.2 billion, as against net inflows of $2.5 billion in Q2FY23.

That apart, there was an accretion of foreign exchange reserves, on a balance of payments basis, at $2.5 billion in Q2, compared to a depletion of $30.4 billion a year ago.

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Published: 26 Dec 2023, 05:52 PM IST

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India's current account deficit narrows to 1% of GDP in July-September: RBI | Mint - Mint
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Defence stock jumps 4.6% after company bags orders worth ₹ 678 Cr from UP Govt - Trade Brains

Shares of this defence stock jumped up to 5 percent in Tuesday’s trading session after bagging an order worth Rs 678 crores from the government. The company’s stock has gained more than 70 percent for its stakeholders on a YTD basis. 

With a market capitalization of Rs. 1,33,842 crores, the shares of Bharat Electronics Ltd started Tuesday’s trading session on a higher note at Rs. 178 compared to its previous high of Rs. 174.80. The shares hit a high of Rs. 184.50, gaining around 5 percent, which is also the company’s fresh 52-week high. 

Such a positive movement in the share price was observed after the company in an exchange filing announced receiving multiple orders worth Rs. 678 crores. The company signed a contract for a value of Rs. 445 crores with the UP Government for the next-generation UP Dial 112 project. 

For this, the company will be providing comprehensive and state-of-the-art hardware, AI-based software tools and cybersecurity solutions, which are spread across the entire state of Uttar Pradesh. BEL will be utilizing the ecosystem of domestic suppliers, including MSMEs, for the execution of this project. 

With the above, in the current financial year, Bharat Electronics Ltd, to date, has a cumulative order book worth Rs Rs. 26,613 crores. 

Furthermore, the company also received an additional order worth Rs 233 crores since the last disclosure on 22nd Dec 2023 and these orders pertain to Communication Display Units, Thermal Imaging cameras and other miscellaneous spares and services. 

During the recent financial quarters, the company’s prime indicators of business such as operating revenues and net profits exhibited an increase with the former taking a shift from Rs 3,532.94 crores during the June quarter to Rs 4,009.06 crores during the September quarter, and, the latter, during the same period, shifting from Rs 528.6 crores to Rs 780.73 crores. 

According to the annual report, BEL will enable the scaling of R&D for innovative Products or Services across the organisation to align with the objectives of growth, diversification and transformation and they plan to continue investing in R&D to offer advanced products or solutions for meeting the continuously evolving requirements of customers. Moreover, the company is targeting an increase in the share of ‘non-defence’ revenue in the next two to three years. 

Headquartered in Bengaluru, Bharat Electronics Ltd was incorporated in 1954. The company is engaged in the business of designing, manufacturing and supplying electronic equipment and systems for the defence and civilian markets in India. Its product portfolio includes defence communication products, naval systems, land-based radars, avionics, electro-optics, tanks, etc. 

Written By Vaibhav Patil

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

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Significant rise in gap between standalone, consolidated net profit of RIL - Business Standard

The gap between Reliance Industries Ltd's standalone and consolidated net profit has more than doubled to Rs 22,400 crore in the last couple of years, as the retail and telecom businesses housed in separate subsidiaries saw significant growth, a report said.

"The gap between Reliance's standalone and consolidated profit after tax (PAT) has increased significantly - from Rs 8,400 crore in FY20 (April 2019 to March 2020) to Rs 22,400 crore in FY23, as telecom and retail have ramped up," JP Morgan said in a note that used data from the firm's annual reports to reconcile the difference between the two reported profit numbers.

Reliance reported a standalone net profit of Rs 30,902 crore in 2019-20 fiscal year, which grew to Rs 44,205 crore in 2022-23 fiscal. Consolidated net profit soared from Rs 39,354 crore in FY20 to Rs 66,702 crore in FY23.

As many as 335 individual standalone companies/associates/joint ventures accounted for the difference between Reliance's consolidated and standalone PAT for the year FY23. Around 40 per cent of these (133) reported profits for the year.

This breadth of companies is down from 498, which were part of consolidated accounts in FY20.

"These look like large numbers, but several standalone subsidiary companies are part of a single business group / operation (such as for US shale, or the multiple ethane shipping JVs)," it said.

Reliance's telecom and retail subsidiaries / associates / JV accounted for around 89 per cent of the gap between consolidated and standalone profits (pre-minority / eliminations) in FY23 - but that still leaves about USD 400 million in net profits from other businesses.

Dwelling into the annual reports, JP Morgan said there is a sharp increase in profitability of group companies that seem to be in the business of trading crude/product/petchem/ethane in FY23 (from Rs 170 crore in FY22 to Rs 1,460 crore).

"This could be on account of widened cracks, crude discounts and global supply chain disruptions," the report said.

The demerged petcoke gasifiers company reported PAT of Rs 3,300 crore - a relatively low return on the estimated capex for the project, it said, adding Reliance's fuel retailing JV with BP has swung into a large loss in FY23 (loss of Rs 910 crore compared to a profit of Rs 330 crore in the previous year) - likely on account of high crude and capped retail prices.

Companies part of the recently acquired REC solar group have reported total losses of Rs 280 crore in FY23.

Other businesses that suffered large losses in FY23 included Saavn (online music; loss of Rs 1,060 crore) due to a large write-off, Sterling and Wilson (Solar, loss of Rs 470 crore), Reliance Brands (loss of Rs 180 crore), Reliance Infratel (loss of Rs 150 crore) and skyTran (urban mobility, loss of Rs 150 crore) amongst others.

"We count close to 80 acquisitions and investments Reliance has made over the last 6 years in a range of businesses (estimated cost about USD 5 billion) - some in new/nascent technologies as well. The consolidated accounts suggest few currently make money. There could be a minor surprise in earnings if any of these turn," it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Dec 25 2023 | 2:31 PM IST

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First rupee payment for oil to UAE: India looks for more deals, no targets, says officials - IndiaTimes

NEW DELHI: India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. With the nation more than 85 per cent dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil.
While the strategy helped save billions of dollars, when it ramped up imports of Russian oil that was shunned by some in West post Ukraine war, it is looking to settle trade in rupees instead of dollars in a bid to cut transaction costs by eliminating dollar conversions.
India in July signed an agreement with the UAE for rupee settlement and soon after Indian Oil Corporation (IOC) made payments for purchase of a million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC) in Indian rupees.
Some of the Russian oil imports too have been settled in rupee.
Officials said the default payment currency for import of crude oil has been the US dollar for several decades and the currency traditionally has liquidity as well as lower hedging cost.
But to boost the rupee's role in cross-border payments, the Reserve Bank of India allowed more than a dozen banks to settle trades in rupees with 18 countries since last year.
Since then, India has been encouraging big oil exporters such as the UAE and Saudi Arabia to accept the Indian currency for trade settlements, officials said, adding the first success happened in August this year when IOC made the rupee payment to ADNOC.
More such deals may happen in future, they said, insisting there was no target as internationalisation is a process and cannot happen overnight.
"We have to be mindful that it (rupee settlement) does not lead to increase in cost and is in no way detrimental to the trade," an official said.
"Settling a trade in rupee where the amount is not big does not pose much problem but when you have each shipload of crude oil costing millions of dollars, there are issues." India, they said, is navigating the situation keeping overarching national interest in mind.
The internationalization of the rupee will help reduce dollar demand and make the Indian economy less vulnerable to global currency shocks.
A parliamentary standing committee report, tabled in Parliament last week, stated that there were not many takers for Indian rupee.
Officials said that situation was true for 2022-23 fiscal and there has been a rupee trade this year.
"During FY 2022-23, no crude oil imports by oil PSUs were settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation risks," the ministry told the panel.
The ministry, whose subimissions are part of the committee's report which was tabled in Parliament last week, said India Oil Corporation (IOC) has informed that it incurred high transaction costs as crude oil suppliers pass on the additional transactional costs to IOC."

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Nifty at 24700: Shifting orbit on election thrust; ICICI Direct bets big on RIL, PNB, Hindalco and 6 others - ET Now

Nifty at 24700: Shifting orbit on election thrust; ICICI Direct bets big on RIL, PNB, Hindalco and 6 others (Pic: iStock/ET NOW News)

TOPICS COVERED:

Nifty Outlook 2024: Indian equities are poised to enter 2024 on a buoyant note. As India enters election year, ICICI Direct presents a prognosis for 2024. The brokerage in its report reiterated the 2030 target of 50,000 which it had presented in its 2023 edition.

The brokerage said that its prognosis is a culmination of triangulation model which projected Nifty 2024 target of 24,700 while key support is placed at 18,900.

The sectoral leadership and bottom up stock analysis indicate glaring resemblance with 2004-07 bull run, it said.

Notably, the general election cycle is a major phenomena in the equity markets. It is divided into four parts - election year, post- election year, midterm years and pre-e1lection year. "2024 being an election year, will have a significant bearing on sentiments in equity markets. It has been observed that benchmark indices have performed well in election years despite spikes in volatility," the brokerage said.

"Going by four decade history, median returns in election year has been 17 per cent. Therefore, one should use volatility during election year as a buying opportunity," the report said.

Nifty Performance In Election Years

Nifty In 2024: 5 Themes

1. Historically, equity returns in general election year has been positive on nine out of eleven occasions (median 17%).

2. Empirically (since past four decades) fourth year of a decade has always been rewarding with median 15% returns.

3. Large caps, which have been laggards, to catchup post couple of years underperformance.

4. Capital Goods & Infra, PSU, Metal, Energy turning to be leaders after decadal underperformance, while BFSI and IT would maintain their upward trajectory.

5. Technically, global market setups becomes more supportive as US and European indices are coming out of two years of hiatus.

ICICI Direct has recommended 9 stocks that with an average potential gain of of 21 per cent in 2024:

Reliance Industries Share Price Target 2024: Buy: Rs 2500-2575; Target: Rs 3030; Support: Rs 2220; Upside: 18%

Hindalco Share Price Target 2024: Buy: Rs 545-575; Target: 675; Support: Rs 456; Upside: 19%

Tech Mahindra Share Price Target 2024: Buy: Rs 1220-1285; Target: 1500; Support: Rs 1096; Upside: 18%

PNB Share Price Target 2024: Buy: Rs 85-92, Target: Rs 112; Support: Rs 78; Upside: 26%

Glaxo Pharma Share Price Target 2024: Buy: Rs 1690-1770; Target: Rs 2180; Support: Rs 1540; Upside: 25%

LIC Housing Finance Share Price Target 2024: Buy: Rs 490-525; Target: Rs 670; Support: Rs 450; Upside: 30%

CESC Share Price Target 2024: Buy: Rs 115-123; Target: Rs 160; Support: Rs 101; Upside: 36%

Tega Industries Share Price Target 2024: Buy: Rs 1050-1120; Target: Rs 1350; Support: Rs 905; Upside: 24%

Arvind Fashion Share Price Target 2024: Buy: Rs 390-420; Target: Rs 525; Support: Rs 335; Upside: 29%

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Airbus A350 joins Air India fleet: What new services can you expect? - Hindustan Times

BySingh Rahul Sunilkumar

Dec 24, 2023 11:25 AM IST

Air India's A350 wide-body aircraft is scheduled to enter commercial service in January 2024.

Air India's first A350-900, adorned with a fresh brand livery, landed at Indira Gandhi International Airport in Delhi from Airbus' Toulouse facility in France on Saturday. Registered as VT-JRA, this marks the Tata Group-owned airline as the first in India to operate this wide-body aircraft type in its fleet,.

Air India Airbus A350 lands at Delhi airport.(Air India)

The aircraft is the first delivery of Air India's order for 20 Airbus A350-900, with an additional five slated for delivery by March 2024. Furthermore, Air India’s firm orders for 250 new aircraft with Airbus include 20 A350-1000.

Wrap up the year gone by & gear up for 2024 with HT! Click here

What new features come with Air India A350?

• Air India's A350-900 aircraft offers a three-class cabin configuration.

• The cabin includes 28 private Business Class suites with full-flat beds for enhanced comfort.

• Additionally, there are 24 Premium Economy seats featuring extra legroom and various distinctive features.

• The majority of the cabin consists of 264 spacious Economy Class seats.

• All seats are equipped with the latest-generation Panasonic eX3 in-flight entertainment system.

• High-definition screens are provided across all classes to ensure a superior flying experience.

• Air India’s cabin crew and pilots will be seen in the new uniforms designed by Indian celebrity couturier Manish Malhotra, starting with the entry of service of the A350.

Also read- Air India's first wide-body Airbus A350 has arrived: Check out cabin interiors pics

When can passengers fly on Air India A350?

Air India's A350 is set to commence commercial service in January 2024. Initially, it will operate domestically for crew familiarisation, followed by extended flights to destinations across continents, the airline said in a statement.

The schedule for commercial operations with the A350 will be disclosed in the coming weeks, it added.

Also read- India's first wide-body A350 aircraft: 5 features of the new Air India flight

Campbell Wilson, chief executive officer and managing director said: “This moment marks a red-letter day for all of us at Air India. The A350 is not just metal and engines; it’s the flying embodiment of the relentless efforts of all Air India employees towards our airline’s continuing transformation and of our commitment to setting new benchmarks.”

“As a symbol of the new age of flying, the A350 promises a world-class, long-haul travel experience on our non-stop routes, providing an unparallelled level of comfort. Its excellent flight economics and state-of-the-art technology underscore our dedication to commercially successful operations and to achieving our sustainability goals,” Wilson added.

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FPIs turn sharply positive in December, pump ₹57,313 crore in Indian equities; Will the inflows continue? | Mint - Mint

FPIs have bought ₹57,313 crore worth of Indian equities and the total inflow stands at ₹77,388 crore as of December 22, taking into account debt, hybrid, debt-VRR, and equities, according to National Securities Depository Ltd (NSDL) data. FPIs heavily bought stocks in financial services, according to analysts.

"FPI inflows which were negative in the previous three months have sharply turned positive in December. Total FPI inflows in December through 22nd is ₹57,313 crores including the buying through stock exchanges and primary market. The steady decline in US bond yields have caused this sudden change in the strategy of FPIs,'' said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

FPI activity in Indian markets

FPIs were net sellers in August, September and October on a sharp spike in US bond yields amid ongoing geopolitical tensions in the Middle East. FPIs were net buyers till November 15, but reversed the selling trend and invested on November 15 and 16. During August, September October and till November 15, FPIs cumulatively sold stocks for ₹83,422 crore through the exchanges.

FPI inflows into Indian equities during November stood at ₹9,001 crore, compared to over ₹39,000 crore worth of shares sold in September and October together, according to NSDL data. Taking into account debt, hybrid, debt-VRR, and equities, FPI inflows were at ₹24,546 crore during the month.

Why did FPI reverse selling streak by end of November?

Among global cues, the US Fed's December policy decision has led to an increased inflow in Indian equities. The Federal Open Market Committee (FOMC) meeting left the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent for the third straight meeting, in line with Street estimates.

Among domestic cues, the Indian economy grew 7.6 per cent during the July-September quarter for fiscal 2023-24 (Q2FY24), remaining the fastest-growing major economy in the world, according to the gross domestic product (GDP) data released by the statistics ministry.

Also, the BJP winning by a majority of votes in the the hindi heartland - Madhya Pradesh, Rajasthan, and Chhattisgarh in the state assembly elections on December 13, instilled a sense of political stability ahead of General Elections 2024. Market analysts say that a stable political environment could boost investor confidence and drive the market higher.

‘’The indication of political stability after the 2024 General elections, strong growth momentum in the Indian economy, inflation cooling off, steady decline in US bond yields and the correction in Brent crude have turned the situation in India’s favour,'' said Dr. V K Vijayakumar.

FPI inflow likely to continue; Here's why

Going forward, FPI buying is likely to sustain, according to analysts. FPIs have turned buyers in leading banks where they have been sellers. Large caps in segments like IT, telecom, automobiles and capital goods are also witnessing buying. Moreover, the US Fed's dovish stance and rate cuts beginning from March 2024 will also likely sustain FPI interest in Indian markets.

‘’FPIs were big buyers in financial services. This explains the resilience of this segment in recent days. FPIs also bought in sectors like autos, capital goods and telecom. Since 2024 is expected to witness further declines in US interest rates, FPIs are likely to increase their purchases in 2024 too,'' said Geojits' Dr. V K Vijayakumar.

‘’India is one of the top investment destinations of FPIs. There is a near consensus now in the global investing community that India has the best prospects among the emerging economies for sustained growth for many years to come. This growth has the potential to create phenomenal wealth through the stock market. FPIs are investing to benefit from this potential wealth creation,'' added Dr. V K Vijayakumar.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 23 Dec 2023, 04:43 PM IST

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