Windfall tax hiked marginally to Rs 4400, export duty on ATF scrapped - The Economic Times

The Government has marginally hiked windfall tax on locally produced crude oil to Rs 4400 per tonne from Rs. 4350 per Tonne.

However, it reduced, the export duty on diesel was slashed to Rs.0.5 per litre and scrapped export duty for Aviation Turbine Fuel (ATF).

Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4.

India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel.

A Rs 23,250 per tonne windfall profit tax on domestic crude production was also levied.
The duty is revised every fortnight, based on the international crude oil prices.

The centre on Monday told parliament that is has estimated to collect Rs 25,000 crore from Special Additional Excise Duty (SAED) for the current fiscal year levied on the windfall tax on domestic production of crude oil and export of Petrol, Diesel and Aviation Turbine Fuel (ATF).

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IndiGo pits Boeing against Airbus in record jet order talks: Report - Hindustan Times

business

Published on Mar 03, 2023 09:25 PM IST

IndiGo, owned by InterGlobe Aviation Ltd, is also comparing the A320neo with the Boeing 737 MAX as it weighs a major new order for narrow-body jets.

Indigo has until now been an exclusive buyer of narrow-body jets from Airbus.(HT_PRINT)

Reuters | | Posted by Shobhit Gupta

Indian budget carrier IndiGo is in talks with both Boeing and its current supplier Airbus to order more than 500 passenger jets, potentially smashing an industry record set by domestic rival Air India a few weeks ago, industry sources said.

India's largest airline has until now been an exclusive buyer of narrow-body jets from Airbus and French Finance Minister Bruno Le Maire said last month that IndiGo was close to ordering several hundred planes from the European planemaker.

Read here: Air India ordered 840 planes, including 370 optional buys, from Airbus, Boeing

But negotiations to keep renewing the budget carrier's fleet from the end of the decade have also broadened to include mid-sized wide-body jets, sparking a contest between Boeing's 787 Dreamliner and the upgraded Airbus A330neo, the sources said.

IndiGo, owned by InterGlobe Aviation Ltd, is also comparing the A320neo with the Boeing 737 MAX as it weighs a major new order for narrow-body jets, they added. The split between wide- and narrow-body jets was not immediately clear.

An IndiGo representative told Reuters the airline is constantly in talks with manufacturers as it plans its next phase of growth. "However, we haven't finalised anything till now."

Airbus declined to comment on any talks, saying it is "always in contact with existing and potential customers". Boeing had no immediate comment.

IndiGo, which counts a 55% share of the domestic market, is widely expected to maintain Airbus as its supplier of narrow-body jets to squeeze out further economies of scale.

It is already one of Airbus's largest customers and has so far ordered a total of 830 Airbus A320-family jets of which 488 are still to be delivered.

But Indian analysts say Airbus will face a tougher fight for the wide-body order. In a departure from its single-aisle strategy, IndiGo last month began international operations with a Boeing 777, its first wide-body aircraft, taken from codeshare partner Turkish Airlines, which provides the pilots.

RECORD DEMAND

Efforts by Indian carriers to keep pace with the world's fastest-growing aviation market, serving what is soon to become the largest population, have sent industry records tumbling even though manufacturers are struggling to meet output goals.

Tata-owned Air India last month sealed deals for a record 470 jets from Airbus and Boeing and plans to lease another 25 for immediate needs, bringing the acquisition to 495 aircraft.

The head of budget airline Akasa Air told Reuters last month it would place a "substantially" large order for new narrowbody jets this year on top of an existing Boeing 737 MAX order.

Industry publication CAPA reported last month that IndiGo was looking at around 500 jets as Air India closed its own deal.

Indian aviation has been hobbled in the past by airline failures, weak infrastructure and questions over the rights of foreign leasing companies that step in to finance the sales.

Read here: IndiGo flight from Cochin to Delhi diverted to Bhopal due to medical emergency

While analysts have warned the market could overheat again, Dublin-based Avolon, one of the largest lessors, has said consolidation and airport upgrades have improved the outlook and India is set to remain a major source of growth.

Indigo began operations in 2006 and flies to more than 75 Indian cities including to remote destinations in the country's northeast. It also flies internationally to nearby places including Dubai, Singapore, Hanoi and Maldives and is expanding into Europe through its partnership with Turkish Airlines.

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Global market today: SGX Nifty to US dollar — key triggers that may dictate Dalal Street on Friday | Mint - Mint

Global market today: On account of investors' optimism of pause on aggressive interest rate hike by US Fed officials, US stock market posted big jump as all key benchmark indices finished higher on Thursday deals. US dollar rates also posted sharp upside move in late session yesterday as Dollar Index once again came close to 105 levels and finished at 104.948 levels. However, SGX Nifty today opened higher, which signals positive opening for the Indian stock market today.

Here we list out important global market news that may dictate Dalal Street on Friday:

US stock market

After investors' optimism on 'slow and steady' rate hike hint by US Fed officials, all key benchmark indices on Wall Street ended in green territory on Thursday. Dow Jones finished surged 1.05 per cent, S&P 500 ended 0.76 per cent higher whereas Nasdaq shot up 0.73 per cent on Thursday.

On reasons for US stock market rally, Marc Despallieres, Chief Strategy and Trading Officer at Vantage said, "US stocks advanced higher on Thursday, ending its two days of losses and closed Thursday’s session higher after Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could be in a position to pause rate hikes sometime this summer. While Bostic’s remarks boosted sentiment on Thursday, other central-bank officials in recent days have reinforced their hawkish rhetoric as Boston Fed President Susan Collins said on Thursday that more rate hikes are required to bring inflation back in control."

Asian markets

In early morning session on Friday, Japanese Nikkei is up 1.36 per cent, Shanghai index 0.30 per cent, Hang Seng surged 0.70 per cent whereas South Korean KOSPI went off 0.10 per cent.

Adani backer GQG Partners shares fall 3% in Australian trade

GQG Partners Inc's listed at Australian bourses fell 3 per cent in early morning deals on Friday after the global investment firm pumped $1.87 billion into four Adani group companies. As per the latest regulatory filing by Adani group, the Florida-based firm bought 3.4 per cent stake in Adani Enterprises Ltd for about $662 million, 4.1 per cent stake in Adani Ports and Special Economic Zone Ltd for $640 million, 2.5 per cent stake in Adani Transmission Ltd for $230 million and 3.5 per cent stake in Adani Green Energy Ltd for $340 million.

SGX Nifty today

Signaling positive opening for Indian stock market today, SGX Nifty today opened upside at 217,439 and went on to hit an intraday high of 17,483.

Decoding SGX Nifty gains Anuj Gupta, Vice President — Research at IIFL Securities said, "This strong opening can be attributed to the short covering, which was widely expected today. SGX Nifty has gained over 100 points in early morning session that signals positive opening of the Indian stock market today."

US dollar rate

After climbing in later session on Thursday deals, US dollar is witnessing some profit booking in morning Friday deals. After closing at 104.948 levels on Thursday, Dollar Index is currently quoting 104.828, 0.12 per cent lower from its Thursday close.

"The US dollar advanced higher on Thursday, erasing its recent losses and extended the intraday rally to a daily high above 105.10 mark on the back of US economic data and higher US yields. The escalating fears of inflation and higher rates from major central banks allowed the US Dollar to post the biggest daily jump since early February. However, late Thursday’s comments from Federal Reserve Bank of Atlanta President Raphael Bostic joined the cautious mood and let the greenback held onto its gains," Marc Despallieres said.

US bond yield

US Treasury bond yields rallied multi-month high amid escalating fears of inflation and higher rates from major central banks, which lend support to the US dollar. However, in early morning session on Friday, US 10 year bond yield corrected 0.43. per cent to 4.056 while US 30 year bond yield 0.36 per cent to 4.007 levels.

Crude oil price

In early morning session, crude oil price is trading flat in international spot market. West Texas Intermediate (WTI) crude oil price fell 0.4 per cent to $77.83 per barrel.

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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All new 2023 Hyundai Verna: New teaser reveals fresh details of the India-spec sedan - CarToq.com

As the launch date of 21st March is approaching the South Korean multinational automaker Hyundai is revealing new details of its highly popular mid-size sedan – the 2023 Verna. In its most recent revelation, the company announced that the new Verna will have the highest width in its segment and will also have the largest wheelbase as well. Apart from this the company also revealed its other dimensions as well. Hyundai also released an all-new teaser showcasing the increased legroom in the rear of the car.

The South Korean automaker announced that the new all-new 2023 Verna will measure 4,535 mm in length, 1,765 in width mm and 1,475 mm in height. Furthermore, the company revealed that it will boast the largest wheelbase in its entire segment which will measure 2 670 mm.

Also read: All-new Hyundai Verna spotted testing; Will launch in India as well

Additionally, the company added that the sedan will also feature enhanced shoulder room for front and rear-seat passengers. Furthermore, it will also get a spacious boot with a storage capacity of 528 l which will also be the best in its segment. Other features of the new Verna as revealed by Hyundai are a wider trunk opening, a phone holder, multi bottle holder, multi-purpose console and a cooled glovebox.

Commenting the announcement, Tarun Garg, Chief Operating Officer, Hyundai Motor India Ltd., said, “The all-new Hyundai VERNA has been conceptualized to induce smart and spacious mobility. We have developed this new sedan to redefine customer expectations by elevating the quotient of luxury and space for an unparalleled in-cabin experience. With its premium and up-market interiors, advanced technologies and futuristic design, the all-new Hyundai VERNA will enthrall our customers and drive a higher affinity towards the sedan segment.”

Just a few days an undisguised Verna which is sold as the Accent in South Korea was spotted on the road. The  pictures showed the forthcoming model in all it glory and it looked quite attractive. The 2023 Verna will sport the Hyundai’s newest Sensuous Sportiness design language which we have already seen on models like the Tucson, I20 and Venue. This new design language gives the front of the car a jewel-like parametric grille which has a massive presence at the front. It will also get a fairly aggressive front bumper.

Another noticeable aspect of the new sedan’s front end will be its split headlight design for 2023, the Verna. Speaking of standout characteristics, the 2023 Verna’s linked LED DRL at the top of the grille will be its most pronounced front-end design feature. Sharp body lines will also be present on the sides, and the rear will also have a connected strip of LED lights running from end to end. Also, it will receive a set of distinctive and stylish L-shaped LED taillights that are tailored just for the Verna.

Hyundai could offer 2023 with two engine choices in terms of powertrain options. First up is a 1.5L naturally aspirated engine from the outgoing Creta, which generates 250Nm of torque at 2700 rpm and 115PS of power at 4000 rpm. The alternative might be a the newest 1.5L turbo petrol engine that Hyundai has introduced with the 2023 Alcazar. This engine in the Alcazar produces a maximum power of 160 PS at 5500 rpm and a maximum torque of 253 Nm at 1500–3 500 rpm. It will be available with either a 7DCT or 6MT gearbox option. The 2023 Verna will likely also feature ADAS.

Also read: Skoda Kushaq Monte Carlo: New details surface

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RCap resolution: NCLAT okays another bidding round for Reliance Capital | Mint - Mint

Setting aside an order passed by National Company Law Tribunal (NCLT), a two-member bench of the quasi-judicial National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital (RCap) seeking another round of auction for the debt-ridden firm undergoing insolvency process.

The bench also said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.

The NCLT also permitted the CoC to continue with the challenge mechanism and invite bids after two weeks.

The appellate tribunal's order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted RCap, challenging an order of NCLT which restricted further auction of the bankrupt firm.

RCap has a consolidated debt of around ₹40,000 crore.

The RCap matter

In the RCap issue, Torrent Investments had emerged as the highest bidder with a resolution plan of ₹8,640 crore.

However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid.

This was challenged by Torrent Investments before the Mumbai bench of NCLT.

Earlier on 2 February, the NCLT said the challenge mechanism for financial bids stood concluded as on 21 December last year, with the bid of Torrent Investments at ₹8,640 crore being the highest.

Torrent Investments had filed a plea on 9 January, requesting the tribunal to quash the lenders' plan to hold a fresh auction for takeover of RCap. Then, IIHL also filed a petition challenging the NCLT order.

Torrent Investments was the highest bidder offering ₹8,640 crore in the last round of the '' challenge mechanism''.

IIHL has also challenged the NCLT order before the appellate tribunal.

With agency inputs

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Adani group denies report of securing $3 billion from sovereign wealth fund - Moneycontrol

The logo of the Adani group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India (Image: Reuters)

The Adani group on March 1 denied a report which claimed that the embattled Indian conglomerate has secured a $3 billion loan from a sovereign wealth fund.

The denial came hours after news agency Reuters reported that it has learnt from Adani group sources that a $3 billion loan has been secured by the company from a Middle East-based sovereign wealth fund.

While an official statement was awaited, Bloomberg reported that the company has clarified it, saying that the Reuters report is not true.

The BSE had also sought a clarification from the Adani group in response to the news report.

The listed entities of Adani have cumulatively lost over Rs 12 lakh crore in the stock market since January 24, when US-based short seller Hindenburg Research released a report alleging "stocks manipulation" and "accounting fraud" by the company.

The ports-to-power conglomerate has denied the allegations, and has accused Hindenburg of committing a "calculated securities fraud". Since then, Adani has also been swiftly repaying and prepaying debts, in what is being seen as a comeback strategy.

The Reuters report, which said that Adani has secured a $3 billion loan, further learnt from sources that the credit line from the sovereign wealth fund could be increased to $5 billion.

The news of a fresh fundraising plan comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by end-March.

The plans are being unveiled as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid steep share price falls and a regulatory probe.

Meanwhile, all the 10 listed entities of the Adani group closed higher on March 1, with the flagship Adani Enterprises advancing almost 15 percent. It settled at Rs 1,564.55, which is over Rs 200 higher as compared to the last closing price.

With inputs from Reuters

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February auto sales: Hero MotoCorp sales rise 10% but exports decline, Royal Enfield sales up 21% — check how - CNBCTV18

Maruti Suzuki  | India's one of the leading carmaker sold a total of 172,321 units in February 2023. Total sales in
the month include domestic sales of 150,823 units, sales to other OEM of 4,291 units and exports of 17,207 units.

The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models, Maruti Suzuki said in a regulatory filling.

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