Business News at 05:30 pm on 10th October 2023

Let’s begin. Adani Group has released a media statement which condemned the ‘renewed attempt’ by the Financial Times and its collaborators to ‘rehash old and baseless allegations to tarnish the name and standing of the Adani Group’. The conglomerate said, quote, “This is part of their extended campaign to advance vested interests under the guise of public interest,” unquote. Adani Group in a statement further added, quote, “Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times, who jointly with the OCCRP put out a false narrative against the Adani Group on 31 August 2023. The OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group,” unquote.

In some more industrial news, Indian household spending is expected to rise for 53 per cent of families surveyed by Axis My India, though it highlighted a nuanced 2 per cent dip from the last month. Axis My India is a consumer intelligence company which unveiled the insights from the India Consumer Sentiment Index, revealing the key trends in consumer behaviour. Additionally, it said that the festive spirit seems to be in a full swing with 55 per cent of respondents planning to prioritize spending on festive delights, from food and groceries to clothing and accessories. According to the survey, spending on essentials like personal care & household items have increased for 43 per cent of families.

Meanwhile, L&T Construction on Tuesday announced that its Water & Effluent Treatment Business has secured an Engineering, Procurement and Construction order from the Public Health Engineering Department, Rajasthan to construct a water supply project for 648 villages of the district of Chittorgarh from the Chambal River under the Jal Jeevan Mission, the company said in a regulatory filing. The project, L&T added, also includes automation and SCADA work including operation and maintenance for 10 years. Further, the business has also secured an order from the Guwahati Water Supply and Sewerage Board, Assam for construction and commissioning of balance works of 107 MLD Capacity South Guwahati West Water Supply Project.

Moving on. Sizeable capacity additions over the past two fiscals and the resultant oversupply will beat down profitability of Indian flexible packaging industry to a decadal low of ~8 per cent this fiscal, said a report by CRISIL Ratings. Additionally, it said, the weakness in export demand will contribute to the dent in profitability. Revenue too will decline 3-5 per cent as realisations remain subdued due to the supply glut. CRISIL Ratings analysis of eight large flexible packaging players said, quote, “The credit risk profiles of manufacturers will remain under pressure till an expected recovery in operating performance kicks in towards the end of the fiscal,” unquote. The industry, it said, has historically seen cycles of chunky capacity addition and oversupply.

Next up, money matters. Fibe, (formerly known as EarlySalary) and Axis Bank have partnered to launch India’s first-ever numberless credit card for tech-savvy Gen Zs. With a numberless credit card, customers get an added level of security as there is no card number, expiry date or CVV printed on the card plastic. This reduces the risk of identity theft or unauthorised access to customer’s card details ensuring absolute security and privacy. Customers can easily access their Fibe Axis Bank Credit Card details on the Fibe app, giving them complete control over their information. The co-branded credit card offers features like cashback of flat 3% on online food delivery across all restaurant aggregators, local commute on leading ride-hailing apps and entertainment on online ticketing platforms.

India’s crude steel production rose 14.7 per cent to 69.65 million tonne during April-September period of 2023-24 fiscal year, according to SteelMint India. The steel output in the year-ago period was 61.06 MT, the market research firm said. The increase in production was mainly on account of improved capacity utilisation rates coupled with the ramping up of capacities by key Indian steel players, it said. According to SteelMint, these factors will continue to support the growth in production in the second half of the ongoing fiscal as well. The domestic consumption of finished steel also rose 14.77 per cent to 63.99 MT from 55.75 MT in the six-month period a year ago. During the period, the country saw exports shrinking 10.25 per cent to 3.23 MT.

Lastly the share market. Benchmark indices ended higher on October 10 with Nifty around 19,700 amid buying across the sectors. At close, the Sensex was up 566.97 points or 0.87 percent at 66,079.36, and the Nifty was up 177.50 points or 0.91 percent at 19,689.80. About 2481 shares advanced, 1052 shares declined, and 135 shares unchanged. Coal India, Bharti Airtel, Adani Ports, Hindalco Industries and Adani Enterprises are among the top gainers on the Nifty, while losers were IndusInd Bank, Cipla, Dr Reddy’s Laboratories, TCS and Asian Paints.