India's Financial News on January 9, 2024 — India’s Bullet Train Project Has Acquired 99% of Required Land

1. Data released by the Petroleum Planning and Analysis Cell (PPAC) under India’s Ministry of Petroleum showed that fuel consumption—a key indicator of oil demand—rose 6.2% month-on-month in December to approximately 20.054 million tonnes. 2. Vehicle retail data for December: two-wheelers rose 28%, three-wheelers rose 36%, passenger vehicles rose 3%, and commercial vehicles rose 1.3%. Overall vehicle retail sales for 2023 rose 11% year-on-year. 3. Indian Solar Industries Ltd. received export orders worth ₹9.94 billion to supply products for defense applications. 4. Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, announced the discovery of new oil deposits: “The first oil was extracted yesterday, 30 km off the coast of Kakinada in the Krishna-Godavari Basin. Work began in 2016–17 but faced delays due to the pandemic. I am confident that four of the 26 wells there are already operational. Not only will we soon begin producing natural gas, but by May and June, we aim to produce 45,000 barrels per day—accounting for 7% of our total crude oil output and 7% of our natural gas output…” 5. The Indian government will invest ₹600 billion in inland cruise tourism. At the first meeting of the Inland Waterways Development Council, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal stated: “This meeting aims to define goals to be achieved by 2047 and address 21st-century challenges facing ports, shipping, and waterways… We will increase the number of passengers using inland cruise vessels from 200,000 to 1.5 million, investing ₹450 billion for this purpose. Additionally, ₹150 billion will be invested in the shipbuilding and cruise sector. Green vessel development initiatives will also be undertaken…” 6. Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, said processed food exports from India have grown by 150% over the past nine years. He added that agricultural exports during this period totaled approximately $53 billion. The minister praised India’s diversified food industry and rapidly growing global demand for Indian food, emphasizing the need for large-scale food processing, product branding, and export promotion to deliver better value to farmers, generate employment, and boost national income. Under the ‘One District One Product’ initiative, India has registered 158 food and agricultural Geographical Indications (GIs), and identified 708 distinct regional food items. Speaking at the inauguration of ‘India Food 2024’—an exhibition showcasing India’s vibrant and diverse food ecosystem at the India Expo Centre in Greater Noida—the minister also highlighted India’s economic strength as the fastest-growing major economy, attributing its success to a sound macroeconomic foundation and a young demographic dividend. Despite recent federal directives urging trade and industry to lower prices, non-basmati, non-premium rice prices remain firm. Surprisingly, rice prices have stayed resilient even amid paddy harvests and an export ban. Traders attribute the high prices of non-basmati, non-premium rice varieties primarily to reduced market supply, resulting from decreased monthly free distribution and sales of rice by the Food Corporation of India (FCI). 7. Data shows that India’s monthly rice imports in September, October, and November 2023 fell nearly 50% year-on-year. Rice purchases in September and October 2023 stood at 2,838 tonnes and 3,098 tonnes respectively, compared with 5,848 tonnes and 5,386 tonnes in the same months of 2022. In November 2023, rice purchases totaled 3.126 million tonnes, down from 7.083 million tonnes in November 2022. 8. Under the Rooftop Solar Programme, the Union Government increased the benchmark central financial assistance for the residential sector to promote such projects and offset higher solar panel costs. According to a notification issued by the Ministry of New and Renewable Energy, the support for general states for systems up to 3 kW capacity has been raised from ₹14,588 per kW to ₹18,000 per kW—an increase of 23.4%. 9. In a notification issued on January 5, 2024, the Union Ministry of Road Transport and Highways stated that all bi-fuel vehicles equipped with flexible fuel options must undergo testing for gaseous pollutants as well as particulate mass and number emissions, whereas hydrogen-fueled vehicles need only undergo nitrogen oxide (NOx) emission testing. 10. In November, India’s coal imports rose 11.7% year-on-year to 20.95 million tonnes. However, total coal imports from April to November of the current fiscal year declined to 169.08 million tonnes, down from 173.47 million tonnes in the same period last year. This decline is attributable to adequate domestic supply and slowing demand following price hikes.

India’s Financial News on September 5, 2023 — India’s Sensitive ‘Onion’ Security

1. Vijay Shekhar Sharma, billionaire founder and CEO of India’s largest digital payments company Paytm, said he would consider increasing his stake in the company as Paytm nears profitability. Disclosed on Sunday, Sharma acquired shares in Paytm from China’s Ant Group, becoming Paytm’s largest investor. Paytm’s parent company is officially named One97 Communications Ltd. Sharma now holds 19.42% of the company, surpassing Ant Group’s current 9.9% stake. Sharma stated that Paytm—headquartered in the New Delhi suburb of Noida—will continue expanding its payment business, including credit services, as it draws closer to profitability. SoftBank Group is also among the company’s investors. In February this year, the company reported achieving operational profitability before accounting for employee stock option plan (ESOP) expenses. 2. Paytm launched the Paytm Card Speaker, aiming to elevate merchant payments in India to a new level. Merchants can purchase the device for ₹999. On Monday, Paytm launched this $12 device, enabling customers to pay via QR code scanning or card swiping; it notifies merchants when funds are credited. The device accepts all major credit card networks, including India’s indigenous RuPay. In India’s rapidly growing digital payments market, Paytm competes with payment platforms operated by Alphabet Inc.’s Google and Walmart-owned PhonePe. PhonePe also offers a smart speaker similar to Paytm’s so-called speaker device. 3. SpiceJet issued preferential shares to its lessors to settle a $28 million outstanding debt. 4. Salary hikes for Indian IT employees this year varied significantly, reflecting challenges posed by a weakening business environment. Several leading IT firms made divergent decisions regarding employee compensation. Infosys and HCLTech reportedly chose not to grant salary increases this time. Typically, Infosys announces hikes in June or July, effective from April. HCLTech opted to skip salary increments for mid- and senior-level employees this fiscal year and deferred hikes for junior staff by one quarter. 5. Tata-owned Air India Express is merging with AirAsia India. The merged entity will launch its new brand in the coming months and expand both its fleet and network. Alok Singh, CEO and Managing Director of Air India Express and AIX Connect, stated on Monday that the airline will establish key differentiators by building meaningful connectivity, delivering unique experiences, and offering exceptional value. Air India Express—currently merging with AIX Connect—will unveil its new brand and scale up its fleet and network in the coming months. 6. Indian retailers and market tracking agencies report persistently weak consumer demand for smartphones ahead of the August festive shopping season, despite multiple rounds of online sales and improved margins. They anticipate only single-digit sales growth during the festival period—far below the double-digit growth seen in previous years. Sangeetha Mobile, a South Indian mobile retail chain, reported a slight dip in July and August following the conclusion of its anniversary sale that began in June; for others in the market, the slowdown began as early as June. 7. Sources indicate that Adani Logistics, JSW Jaigarh Port (owned by Sajjan Jindal), TVS Group, and Welspun Group have all expressed interest in bidding for Renaissance Indus Infra—a warehouse and industrial park developer currently undergoing insolvency resolution. 8. Dunzo delayed paying part of its employees’ salaries for August until the end of this week. The company has struggled to close a crucial new funding round, with valuation disagreements among investors acting as a key obstacle. Over the past eight months, Dunzo has laid off nearly 400 employees. 9. Cement producers in eastern, western, and central India raised prices by 3–10% in September, prompting a rise in cement company stocks. Shares of UltraTech Cement, ACC, Ambuja Cement, Shree Cement, Dalmia Bharat, Gujarat Ambuja Exports, Birla Corp, Ramco Cement, Nuvoco Vistas, ACC, and Ambuja Cement rose 2–9% on the National Stock Exchange. 10. Senior executives at India’s leading fast-moving consumer goods (FMCG) companies stated that edible oil prices are unlikely to rise during the upcoming festive season, thanks to robust international supply. However, prices may increase between December and April–May next year due to El Niño’s impact on oil-producing nations.

India's ACC posts 91% plunge in quarterly profit on higher fuel costs, weaker sales

18 hours ago

Adani-owned cement maker ACC saw Q2 profit plunge 91% to 1.01 billion rupees amid rising fuel costs and lower sales. Demand is expected to strengthen post-monsoon driven by government infrastructure spending.

reuters

2026-10-27

India's ACC posts 91% plunge in quarterly profit on higher fuel costs, weaker sales

India's ACC posts 91% plunge in quarterly profit on higher fuel costs, weaker sales

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