Adani Shares Hit by Selloff in Wake of MSCI Index Review - Bloomberg

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1. Adani Shares Hit by Selloff in Wake of MSCI Index Review  Bloomberg
2. Why are multibagger Adani Group stocks facing heavy selloff?  Economic Times
3. It's Time to be Careful About Adani Power! Take a Look at this Chart and Video  Investing.com India
4. Adani Wilmar stock rises after three sessions, hits 5% upper circuit  Business Today
5. Adani Green shares up 4.28% as Nifty gains  Economic Times
6. View Full coverage on Google News

Adani Shares Hit by Selloff in Wake of MSCI Index Review - Bloomberg
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Air India launches VRS for some permanent employees; starts fresh hiring - Times of India

NEW DELHI: The Tatas have started fresh hiring for Air India and on Wednesday, the airline rolled out a voluntary retirement scheme (VRS) for some permanent employees — including cabin crew for the first time ever in AI’s history — who are either over 55 years of age or have completed two decades of service.
For certain cabin crew members and other sections of employees, the age to opt for VRS has been relaxed to 40 years.
“An ex-gratia amount will also be provided to employees who apply for voluntary retirement from June 1, to July 31, 2022, as a one-time benefit. (Those doing so) will also will also receive an additional incentive over and above the ex-gratia amount,” says the order issued Wednesday by AI’s chief human resource officer, Suresh Dutt Tripathi, a Tata Steel veteran brought in by the group after taking over the Maharaja.
“The acceptance of your application for (these) benefits and the date of release shall be subject to management discretion. For further information on eligibility, computation of ex-gratia amount, application process and other queries related to the circular, please get in touch with the GM (personnel) of your respective region,” Tripathi’s order adds.
Apart from certain cabin crew members, the age to opt for VRS to 40 has also been relaxed for some grades of clerical and unskilled employees. Even under government ownership in the last two years AI had rolled out a VRS for some of its employees.
The unions are questioning this move on the grounds that AI new owners have to retain employees for a certain time as per the terms of sale. Whether rolling out a voluntary scheme violates violates the same, remains to be seen.
Last October while announcing Tatas as the winners for AI bid, aviation secretary and last CMD of AI Rajiv Bansal had said: “AI has 12,085 employees (8,084 permanent and 4,001 contractual). AI Express has 1,534 employees. They all have to be retained for a year. In the second year if someone has to be removed/retrenched, VRS will have to be paid.”
About 5,000 AI employees were to retire in the next five years, meaning 1,000 annually. Sources had that day said the VRS will be only for permanent employees and not contractual — a problem for AI Express where everyone except pilots as on contract.

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Exclusive | ITC, Unilever, Dabur in talks with ONDC; Shopify may join too - Moneycontrol

Representatative image

Major FMCG players like ITC, Unilever, Dabur and Nivea are in talks with ONDC (Open Network for Digital Commerce), which is building technology to enable interoperability among e-commerce platforms, to join the network, according to sources familiar with developments.

The Indian open network for e-commerce is also exploring ways to build a system that will help the FMCG companies offer separate deals and price points to distributors, retailers and individual consumers.

“Discussions are on with Shopify also. If it comes on board, then all the sellers on Shopify will come on board automatically,” said an official working with ONDC.

Moneycontrol reached out to ITC, Unilever and Dabur for a confirmation, but didn’t get any response till the time of publishing. Nivea and Shopify could not be reached.

"There are also talks going on with several banks and not just the ones who have invested in ONDC", the official said, without specifying which ones.

Some of the banks who have funded the open network are State Bank of India, Axis Bank, Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Punjab National Bank, among others.

News agency Reuters reported last week that Alphabet Inc’s Google is also in talks with the Indian government to integrate its shopping services with the country’s open e-commerce network ONDC.

The ONDC programme aims to join 30 million sellers and 10 million merchants online, and cover at least 100 cities and towns by August, when it is planning to schedule a grand launch.

In April, the network piloted a soft launch in five cities – Bengaluru, Delhi NCR, Shillong, Bhopal and Coimbatore.  

Dynamic pricing, inventory management and optimisation of delivery cost are the three important things in ONDC which will help reduce the cost of doing business for everybody, including retailers.

The government has set up a nine-member advisory council, including Nandan Nilekani from Infosys and National Health Authority CEO R S Sharma, to ascertain steps required to design and accelerate adoption of ONDC.

The foundations of ONDC are to be open protocols for all aspects in the entire chain of activities in exchange of goods and services, similar to hypertext transfer protocol for information exchange over internet, simple mail transfer protocol for exchange of emails and unified payments interface for payments.

These open protocols would be used for establishing public digital infrastructure in the form of open registries and open network gateways to enable exchange of information between providers and consumers. Providers and consumers would be able to use any compatible application of their choice for exchange of information and carrying out transactions over ONDC.

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Exclusive | ITC, Unilever, Dabur in talks with ONDC; Shopify may join too - Moneycontrol
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Maruti Sold 1.61+ Lakh Cars In May 2022; Highest Ever Monthly Exports - GaadiWaadi.com

Maruti Suzuki posted 1,24,474 units in the month of May 2022 against 32,903 units during the same period in 2021 with a YoY sales surge of 278.3 per cent

Maruti Suzuki India Limited (MSIL) sold a cumulative domestic total of 1,61,413 units in the month of May 2022 including 1,28,000 units locally, 6,222 units in supply to the other OEM and the highest ever monthly export tally of 27,191 units. The largest carmaker in the country noted that the shortage of electronic components had a minor impact on vehicle production, especially on domestic models.

The Indo-Japanese company has taken all possible measures to minimise the impact. The sales volume last month is not comparable to that of the same period in 2021 as the operations took a big hit due to the health crisis. The combined sales of Alto and S-Presso stood at 17,408 units against 4,760 units with a YoY positive growth of 265.7 per cent.

The combined sales of Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR in the compact space led to a total of 67,947 units last month against 20,343 units in May 2021 with a YoY volume increase of 234 per cent. The Ciaz midsize sedan posted 586 units against 349 units in May 2021 with a YoY growth of 67.9 per cent.

The Utility Vehicle range comprising Ertiga, S-Cross, Vitara Brezza and XL6 combined to record a total of 28,051 unit sales against 6,355 units during the corresponding period last year with a YoY sales surge of 341.4 per cent. The Eeco van is due a mild update soon and it managed a total of 10,482 units against 1,096 units with a growth of 856.3 per cent on a YoY basis.

The Super Carry LCV registered 3,526 unit sales last month against 868 units in May 2021 with a YoY growth of 306.2 per cent. The domestic passenger vehicle sales alone stood at 1,24,474 units against 32,903 units with a YoY sales surge of 278.3 per cent and combined with the LCV numbers, it was at 1,28,000 units against 33,771 units with a YoY growth of 279 per cent.

The total domestic sales including PVs, LCV, sales to the other OEM and exports stood at 1,61,413 units against 46,555 units during the same period in 2021 with a growth of 246.7 per cent. MSIL has so far introduced new-gen Celerio, Dzire CNG, mildly updated WagonR, heavily updated Baleno, facelifted Ertiga and XL6 this year while the revised Brezza and an all-new midsize SUV will further strengthen the SUV lineup in 2022.

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Maruti Sold 1.61+ Lakh Cars In May 2022; Highest Ever Monthly Exports - GaadiWaadi.com
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GST collections fall 16% to Rs 1.41 lakh crore in May from record highs a month back - Moneycontrol

This is the 11th month in a row that the total GST mop-up has come in above the Rs 1-lakh-crore mark

Goods and Services Tax (GST) collections fell to Rs 1.41 lakh crore in May, down 16 percent from April's all-time high of Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed.

On a year-on-year basis, GST collections in May were up 44 percent.

"The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year," the finance ministry said in a statement.

"However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark," it added.

 

TREND IN TOTAL GST COLLECTIONS
Month	Amount (in Rs crore)	YoY change
May 2022	1,40,885	44%
April 2022	1,67,540	20%
March 2022	1,42,095	15%
February 2022	1,33,026	18%
January 2022	1,40,986	18%
December 2021	1,29,780	13%
November 2021	1,31,526	25%
October 2021	1,30,127	24%
September 2021	1,17,010	23%
August 2021	1,12,020	30%
July 2021	1,16,393	33%
June 2021	92,800	2%

Of the total GST collections in May, Central GST was Rs 25,036 crore, State GST was Rs 32,001 crore, Integrated GST was Rs 73,345 crore, and compensation cess was Rs 10,502 crore.

In May, the government settled Rs 27,924 crore to Central GST and Rs 23,123 crore to State GST from Integrated GST. As a result, the total revenue for the month after settlement was Rs 52,960 crore for the Centre and Rs 55,124 crore for State GST.

This is the 11th month in a row that the total GST mop-up has come in above the Rs 1-lakh-crore mark.

Moneycontrol News

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GST collections fall 16% to Rs 1.41 lakh crore in May from record highs a month back - Moneycontrol
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Adani Group Shares Hit By Selloff Amid Msci Index Rejig | Mint - Mint

Some shares part of billionaire Gautam Adani’s conglomerate took a beating on Tuesday as investors adjusted their holdings to reflect changes in the composition and weighings in the MSCI India Index, according to an analyst who publishes at Smartkarma.

Adani Green Energy Ltd., the group’s biggest firm by market value, led the rout, plunging a record 12% in trading volume about nine times the average of the past three months. Adani Total Gas Ltd. Adani Transmission Ltd. and Adani Power Ltd. fell by at least 5% each.

MSCI Inc. published additions and deletions to its global indexes last month but the announcement didn’t detail changes to the weightings of individual stocks in its indexes. The changes took effect at close of trading on Tuesday and analysts said Adani Green’s weighting in the MSCI India Index was cut as it admitted new stocks. Emails to the Adani group and MSCI went unanswered outside business hours.

The moves underscore how shares of Adani’s companies are vulnerable to outsized swings, compounded by lower liquidity relative to those of stocks such as Reliance Industries Ltd., which backs the fortune of multi-billionaire peer Mukesh Ambani. 

“Adani Green soured sentiment for the group’s stocks as its weighting reduction in MSCI India Index took effect," Brian Freitas, an analyst for independent research platform Smartkarma, said by phone. “Adani Power saw profit taking as it had run up ahead of its inclusion in the same index."

While Adani remains among the top-10 richest people in the world, his wealth dropped by $3.7 billion yesterday, the Bloomberg Billionaires Index shows. That brought his fortune closer to that of Mukesh Ambani, a fellow countryman and Asia’s second-richest person.

A share rally in the companies of the ports-to-power conglomerate had taken Adani ahead of Ambani as Asia’s richest person earlier this year.

Shares of Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. dodged Tuesday’s selloff to end the day slightly higher.

Lack of analyst coverage and high valuations on some of the group’s stocks such as Adani Green, Adani Total Gas and Adani Enterprises have baffled some market participants in the past.

“Its very difficult to get any information as there are hardly any analyst covering some of the group stocks," Freitas said. “Valuations versus peers show heaven and earth difference."

Following the change in Adani Green’s weight in the MSCI India Index, the stock could see outflows of about $220 million, Abhilash Pagaria, an analyst with Edelweiss Alternative & Quantitative Research, wrote in a note earlier this month.

 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Stock Market Today: Top 10 things to know before the market opens today - Moneycontrol

Stock market news, Share Market

The market is expected to open in the red as trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 24 points.

The BSE Sensex fell more than 350 points to 55,566 after rising more than 2,100 points in previous three straight sessions, while the Nifty50 declined 77 points to 16,584.5 and formed Inside Bar or Doji kind of pattern on the daily charts.

As per the pivot charts, the key support level for the Nifty is placed at 16,507, followed by 16,430. If the index moves up, the key resistance levels to watch out for are 16,676 and 16,768.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

Wall Street's three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official.

The Dow Jones Industrial Average fell 222.84 points, or 0.67 percent, to 32,990.12, the S&P 500 lost 26.09 points, or 0.63 percent, to 4,132.15 and the Nasdaq Composite dropped 49.74 points, or 0.41 percent, to 12,081.39.

Asian Markets

Shares in Asia-Pacific largely rose in Wednesday morning trade, with investors watching for market reaction to the release of a private survey on Chinese factory activity for May. Mainland Chinese stocks edged higher, with the Shanghai Composite rising 0.1 percent, while the Shenzhen Component was up fractionally. Hong Kong’s Hang Seng index slipped 0.12 percent.

The Nikkei 225 in Japan gained 0.62 percent, while the Topix index advanced 1.16 percent. In Australia, the S&P/ASX 200 climbed 0.23 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 24 points. The Nifty futures were trading around 16,535 levels on the Singaporean exchange.

Oil prices open higher on EU Russian oil ban, end of Shanghai lockdown

Oil prices rose in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China ended its Covid-19 lockdown in Shanghai.

Brent crude for August delivery was up 78 cents, or 0.7 percent, at $116.38 a barrel at 0037 GMT. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1 percent. US West Texas Intermediate (WTI) crude rose 63 cents, or 0.6 percent, to $115.30 a barrel. Both benchmarks ended the month of May higher, marking the sixth straight month of rising prices.

Government lowers FY22 GDP growth estimate to 8.7% as growth slides to 4.1% in Q4

India's GDP is estimated to have grown by 8.7 percent in FY22 after growth slid to 4.1 percent in January-March quarter (Q4FY22), data released on May 31 by the Ministry of Statistics and Programme Implementation showed.

Growth likely slowed down in the first quarter of the calendar year 2022 because of the hit to activity from the Omicron variant-led third COVID-19 wave and the Russia-Ukraine war. If the GDP for FY22 is compared to that of FY20 - before the pandemic hit the economy - the growth rate is a mere 1.5 percent.

Centre’s FY22 fiscal deficit at 6.7%, undershoots revised target by 20 bps

Indian central government’s fiscal deficit for FY22 has come in at 6.7 percent of Gross Domestic Product (GDP), undershooting the revised target of 6.9 percent, data released on May 31 by the Controller General of Accounts showed.

The fiscal deficit for FY22 was Rs 15.87 lakh crore - Rs 4,552 crore lower than the revised target of Rs 15.91 lakh crore.

While the FY22 fiscal deficit has come in lower than expected, the Centre's finances for FY23 have already taken a turn for the worse following the cut in excise duty on fuel products and other measures announced earlier this month by the finance ministry to contain elevated inflation.

India core sector growth quickens to 8.4% in April

India's eight core sectors grew 8.4 percent in April, quickening from a revised 4.9 percent in March, the commerce ministry said on May 31. Output in six of the eight core sectors grew in April. These sectors were coal, electricity, refinery products, fertilizers, cement, and natural gas.

The growth rate of the eight sectors during April-March 2021-2022 was 10.4 percent as compared to the corresponding period of the last financial year.

Eurozone inflation hits record 8.1% amid rising energy costs

Inflation in the 19 countries that use the euro currency hit a record 8.1 percent in May amid surging energy costs prompted in part by Russia’s war in Ukraine, authorities said Tuesday. Annual inflation in the eurozone soared past the previous record of 7.4 percent reached in March and April, according to the latest data from European Union statistics agency Eurostat.

FII and DII data

Foreign institutional investors (FIIs) have net sold Rs 1,003.56 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,845.15 crore worth of shares on May 31, as per provisional data available on the NSE.

Gold hits near 2-week low as US bond yields, dollar firm

Gold prices hit a near two-week low on Wednesday, as rising Treasury yields and a strengthening US dollar continued to sap demand for greenback-priced bullion.

Spot gold was down 0.2 percent at $1,834.09 per ounce, as of 0044 GMT, its lowest since May 20. US gold futures fell 0.6 percent to $1,838.20.

With inputs from Reuters and other agencies

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