Business News at 05:30 pm on 1st November 2023

You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Let’s begin – The Adani Group-owned cement manufacturing company Ambuja Cements on Wednesday posted profit for the second quarter of FY24 at Rs 792.96 crore, up 751% as against Rs 93.18 crore during the same period last year, surpassing estimates. It posted revenue from operations at Rs 7,423.95 crore, up 4.1% in comparison to Rs 7,131.39 crore during second quarter of FY23. According to a CNBC TV18 poll, Ambuja Cements was expected to post Q2 profit at Rs 515 crore and revenue at Rs 4,099 crore for the quarter ended September 2023. The company EBITDA, meanwhile, was up 106% from Rs 1,438 crore to Rs 2,969 crore. Ambuja Cements recorded sales volume growth of 5.9% at 28.5 MioT.

Next up – Bharat Heavy Electricals Ltd on Wednesday announced that Koppu Sadashiv Murthy took charge as the Chairman and Managing Director of the public sector engineering and manufacturing enterprise today. Prior to this, Koppu Sadashiv Murthy was the Executive Director of the Corporate Operations Management group at BHEL, and also simultaneously held additional charge of Chairman and Managing Director of Bharat Pumps and Compressors Limited. An Electrical Engineering graduate from Bhopal University with an MBA in Finance, Koppu Sadashiv Murthy joined BHEL in 1989 at its Jhansi manufacturing unit. During his 34 years at BHEL, Murthy has wide-ranging and hands-on experience in BHEL’s Corporate Office and in various manufacturing units such as Hyderabad, Bhopal, Jhansi, and Varanasi.

Moving on – Hyundai Motor India, the second largest by market share, registered total sales of 68,728 units in October. Total sales include domestic sales of 55,128 units and export of 13,600 units. It’s domestic sales rose 14% YoY on the back of steady demand for its recent launches. Hyundai’s exports though have seen slight decline on a month-on-month basis, there is a steady upmove at the year-on-year level. Hyundai Motor India also continues to be a key part of Hyundai Motor Company’s export hub with exports from the Chennai facility spanning 88 countries across Africa, the Middle East, Latam.

In another development – Sun Pharmaceutical Industries Limited on Wednesday posted fiscal second quarter profit at Rs 2375.51 crore, up 5 per cent in comparison to Rs 2262.22 crore during the second quarter of FY23, beating estimates. It posted revenue from operations at Rs 12,192.41 crore, up 11.3 per cent as against Rs 10,952.28 crore during the quarter ended September 2022. The company EBITDA stood at Rs 3179 crore during the quarter and EBITDA margin for Q2 was at 26.1 per cent vs 27 per cent for Q2 last year. According to a CNBC TV18 poll, Sun Pharma was expected to post Q2 profit at Rs 2187 crore and revenue at Rs 12,005.5 crore. Sun Pharmaceutical recorded gross sales at Rs 12003.10 crore, up 11.0 per cent on-year.

Meanwhile – GST collections in October stood at Rs 1.72 lakh crore, the second highest-ever, the finance ministry said on Wednesday. The collections are 13 per cent higher than the Rs 1.52 lakh crore collected in October 2022. The highest-ever revenue from Goods and Services Tax (GST) was recorded in April 2023 at Rs 1.87 lakh crore. The average gross monthly GST collection in the FY 2023-24 now stands at Rs 1.66 lakh crore, 11 per cent higher than the year-ago period.

In other news – In a notable step reflecting its commitment to environmental concerns, the Board of Control for Cricket in India has declared that there will be no fireworks presentation during the World Cup 2023 fixtures in Mumbai and Delhi. The decision comes as the metro cities witness increasing levels of air pollution, which have raised significant concerns. In his statement, BCCI secretary Jay Shah said the BCCI’s unwavering commitment to addressing environmental concerns and affirmed the organization’s dedication to prioritizing the well-being of fans and stakeholders. In the ICC World Cup 2023, India currently leads the standings with a flawless record, having triumphed in all six matches they’ve contested. Following closely are South Africa, New Zealand, and Australia. Remarkably, the defending champions, England, find themselves at the bottom of the table.

Lastly – The festive season is finally here and, as always, real estate developers have started betting big on it. Buyers prefer making big-ticket purchases during this period as it is considered auspicious by a majority of them. Sales of all kinds of things soar during the festive time — including those of real estate. Thankfully, housing sales in the nation’s top 7 cities have already remained at an all-time high in Q3 2023, denoting a 36% annual growth at over 1.20 lakh units, and are expected to rise further during this time despite rising property prices. Industry experts say during festive seasons, a sense of optimism, hope, and joy pervades the atmosphere that always has a positive impact on the real estate market.