News Wrap: Q3 Earnings Of Tata Motors, Indian Oil; Economic Survey 2022 & More...
January 31, 2022:
The benchmark indices Sensex and Nifty50 end higher ahead of Budget day!
BSE Sensex rose 813.94, or 1.42% to close at 58.014.17.
The NSE Nifty closed 273 points, or 1.39% higher at 17,339.85.
Japan’s Nikkei 225 closed 1.07% or 284 points higher at 27,001.98.
Hong Kong’s Hang Seng index jumped almost 1% to 23,802.26.
Australia’s ASX 200 declined 0.24% to 6971.6.
South Korea’s KOSPI was closed due to Korean New Year.
Earnings In Focus:
TATA Motors Reports Consolidated Net Loss Of 1,516 Cr In Q3
Tata Motors reported a consolidated net loss of Rs 1,516 crore for the quarter ended December 31, 2020, against a net profit of Rs 2,906.5 crore a year ago.
Its consolidated revenue in Q3FY22 declined 4.5 percent year-on-year to Rs 72,229 crore.
Overall, the operating profit stood at Rs. 7,400 crore and a 460-basis-point contraction in the margin to 10.2 percent.
Indian Oil Consolidated Profit Rises; Announces Second Interim Dividend
Indian Oil Corporation (IOC) posted a consolidated net profit of Rs 6,143.08 crore in the quarter ended December 2021, up 40.9 percent against Rs 4,359.11 crore a year ago.
Revenue from operations jumped 35% to Rs 1,99,375.30 crore from Rs 1,47,676.04 crore a year ago.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortization) rose 10 percent YoY to Rs 10,773.63 crore.
IOC declared a second interim dividend of 40 percent i.e. Rs. 4.00 per equity share for fiscal 22. The interim dividend would be paid to eligible shareholders on or before March 2, 2022.
IOC's board has set February 10, 2022, as the "record date" to ascertain the eligibility of shareholders for payment of the second interim dividend.
Collects of Goods and Services Tax (GST) rose 15 YoY to Rs 1,38,394 crore in January. It was 25% higher than the GST revenues collected in Jan 2020.
The government gave a thumbs up to sell loss-making Neelachal Ispat Nigam Ltd (NINL) to Tata Steel Long Products Ltd for Rs 12,100 crore.
Besides Tata, the consortium of Jindal Steel & Power Limited & Nalwa Steel and Power Ltd and JSW Steel Limited had put in financial bids for buying NINL.
Economic Survey 2021-22:
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha.
The principal economic adviser Sanjeev Sanyal and other officials prepared this year’s Eco Survey as the CEA post was vacant. Former CEA Krishnamurthy Subramaniam's term ended in December last year.
The survey estimates the Indian GDP to grow at the rate of 8-8.5 percent for the next fiscal year.
Oil prices will be in the range of $70-75/bbl against the current price of $90/bbl.
The agriculture sector was least affected by the pandemic.
It will grow 3.9% in 2021-22, up from 3.6% in 2020-21.
The industrial sector may grow at the rate of 11.8%.
The service sector is likely to grow 8.2% in FY22.
India's overall GVA increased by 8.6 percent year-over-year in 2021-22, after contracting 6.2% in the preceding fiscal, PEA Sanjeev Sanyal said.
The Indian government's capital expenditure increased 13.5 percent YoY during April-November. The government's main focus was on infrastructure-intensive sectors.
Total exports to likely increase 16.5% in FY22, outdoing pre-pandemic levels.
Imports are likely to grow by 29.4% in FY22.
Government spending boosted consumption, reporting a seven percent increase in 2021-22.
After China and the US, India has the third-largest startup ecosystem globally.
Delhi becomes the startup capital, replacing Bengaluru! Delhi saw 5k+ new startups against Bengaluru with 4514 startups between April 2019-December 2021.
The contribution of individual investors in total NSE turnover grew to 44.7%.
Rs 1.81 lakh crore raised via equity issue in 2021-22.
During April-November 2021, 221 lakh individuals opened Demat accounts.