Business News at 05:30 pm on 2nd April, 2024

Let’s begin. India’s manufacturing Purchasing Managers’ Index for the month of March continued to expand with HSBC PMI for the sector coming in at 59.1 as against 56.9 in February. According to the HSBC India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, the March numbers climbed to a 16-year high on the back of the strongest increases in output and new orders since October 2020, parallel to the second-sharpest upturn in input inventories in the history of the survey. The notable improvement in operating conditions reflected stronger growth of new orders, output and input stocks as well as renewed job creation, it said.

Meanwhile, Adani Power’s share price surged by 5 per cent to hit its upper circuit for the second consecutive session on Tuesday, April 2, despite overall market weakness. Opening at Rs 574.05, a 2.4 per cent increase from its previous close of Rs 560.35, the stock quickly rose to Rs 588.35, the upper price band, on the BSE. This follows a similar 5% surge in the previous session, attributed to Adani Power’s announcement regarding Reliance Industries, led by Mukesh Ambani, acquiring a 26 per cent stake in a Madhya Pradesh power project owned by Gautam Adani. Additionally, a pact was signed allowing Reliance Industries to utilize 500 MW of electricity from the plants for captive use.

Moving on. The March GST revenue showcasing second-highest collection at Rs 1.78 lakh crore reflects not only a robust economic trajectory for India but also the efficiency of tax administration and compliance by taxpayers, said experts. Per the data released by the finance ministry, India recorded gross Good and Services Tax revenue for March 2024 at Rs 1.78 lakh crore, posting an increase of 11.5 per cent on-year. The ministry had stated that the surge was driven by a 17.6 per cent increase in GST collection from domestic transactions. Harsh Shah, Partner, Economic Laws Practice, said, quote, “the overall GST collection for FY 2023-24 is Rs 20.14 lakh crore, thereby surpassing the revised Budget estimate of Rs 18.10 lakh crore,” unquote.

On to IPOs. Bharti Hexacom IPO will open tomorrow for retail bidding on April 03. The company set its IPO price band in a range of Rs 542- 570 per equity share. It will end the bidding on April 05. The subsidiary of Bharti Airtel wants to raise Rs 4,275 crore by selling 75 million offer-for-sale shares. Bharati Hexacom is expected to list on April 12 and shares are expected to allot on April 08. A retail bidder needs to subscribe to a minimum of 26 shares valued at Rs 14,820 when multiplied by the upper band of Rs 570. As it is an entirely an OFS, the collected money will go to the account of shareholders selling their stake through it.

Over to technology. The PlayStation 5 slim, the mid-cycle refresh of Sony’s flagship PS5 game console, has finally made its way to India — nearly six months after launch in the US. That’s classic Sony, for those keeping track, but if you’re into gaming and have been eyeing the PS5, you have two options. You can consider the “slim” now or wait for Sony to release the highly anticipated PS5 Pro. As you can probably tell by the name, the slim is technically a scaled down version of the original PS5, in terms of look and footprint. And the design and internals have been fine-tuned further to make it “more than 30 per cent” smaller.

Next up, auto. Skoda is set to relaunch the new Superb in India tomorrow, which will be available in limited numbers, according to various sources and dealers. The new Skoda Superb will be available in a single top-spec L&K variant and will be sold as a CBU in India. In terms of features, the new Skoda Superb will get ADAS tech that can assist in various scenarios up to 210kmph. The Superb is also expected to get a 360-degree camera and park assist. Other features include electrically adjustable seats, wireless phone connectivity, a three-zone climate control, ventilated seats with massage function, and more. However, it will miss out on a sunroof.

Lastly, the share market. The benchmark equity indices ended Tuesday’s trading session in the muted territory. The NSE Nifty 50 ends lower by just 8.70 points or 0.04% to settle at 22,453.30, while the BSE Sensex dropped 110.64 points or 0.15% to 73,903.91. Bank Nifty index ended lower by 32.80 points or 0.07% to settle at 47,545.45. The broader indices ended in mixed territory, with gain led by Small-cap and Mid-cap stocks. Tata Consumers, Mahindra & Mahindra, BPCL, Bajaj Auto, and Adani Ports and SEZ are the top gainers on NSE Nifty 50 index whereas top laggards include Hero MotoCorp, Kotak Mahindra Bank, HCL Tech, ICICI Bank, and SBI Life Insurance.