GST collection for the month of April 2024 have reported crossed the Rs2 trillion mark for the first time ever. According to the Central Board of Indirect Taxes and Customs (CBIC), this spike was on the back of strong economic momentum and efficient tax administration through the use of technology. On a yoy basis, the GST collections were up 12.4% at Rs2.10 trillion. Also, the finance ministry confirmed that there were no dues pending to the states toward IGST. This is across a total of 1.45 crore registered GST payers.
After being net buyers in equities in February and March 2024, FPIs ended as net sellers in April. For the month of April 2024, FPIs net sold equities to the tune of Rs8,700 crore, largely due to the tweak in India’s tax treaty with Mauritius; apart from the hawkish tone of the Fed resulting in a persistent rise in US bond yields. Ironically, FPIs were net sellers in debt also in April, the first time since the inclusion of Indian debt paper in the global bond indices was announced. The election uncertainty is also a factor in FPI outflows.
SEBI will amend the rules governing mutual funds to have an institutional model for identification and deterrence of potential market abuse. This includes curbing practices like front-running trades and fraudulent transactions. Mutual fund AMCs must put in place such a mechanism so that such surveillance systems, internal control procedures, and escalation processes can effectively identify, monitor, and address specific types of misconduct; like front running, insider trading, and the misuse of sensitive data.
Jindal Stainless will invest Rs5,400 crore to expand capacity to 4.20 million tonne per annum (MTPA). This outlay will be undertaken in next 2 years. Nearly 90% of the funding will come from internal accruals. This will increase the company’s melting capacity by over 40%. In addition, JSL will also expand its downstream lines at Jajpur, Odisha, at an outlay of Rs1,900 crore. The outlays will help JSL achieve global leadership in stainless steel. They are also setting up a stainless steel melt shop in Indonesia with capacity of 1.2MTPA.
Ambuja Cements reported 63.6% increase in net profits for Q4FY24 at Rs1,055 crore. Even on sequential basis, the net profits were up 28.2%. Revenues from operations were up 11.64% at Rs8,894 crore in the fourth quarter. For full year FY24, the net profits were up 38.5% at Rs3,577 crore, even as revenues spiked by 14.8% at Rs33,160 crore in FY24. The performance of the company, in terms of efficiency parameters, has also improved in the recent past, after being taken over by Adani group. Ambuja is doubling capacity.
Aadhar Housing Finance, backed by Blackstone group, has fixed the IPO opening data as May 08th 2024. The Rs3,000 crore IPO will comprise of Rs1,000 crore of fresh issue and Rs2,000 crore of OFS, wherein a fund affiliated to Blackstone will offload shares. Anchor bidding is likely on May 07, 2024. Blackstone is currently holding 98.72%, in Aadhar Housing, with ICICI Bank holding the balance. Out of the fresh issue proceeds, Aadhar Housing will use Rs750 crore to meet future capital requirements for onward lending.
Adani Power reported 47.8% fall in net profits for Q4FY24 at Rs2,737 crore. The net profits were almost flat on a sequential basis. For FY24 fiscal year, the net profits nearly doubled to Rs20,792 crore. For the fourth quarter, the revenues from operations were up 30% at Rs13,364 crore. Adani Power remains a key component of the long-term strategy of supplying power at a low cost in India. Adani Power has been working very deeply in integrating renewable power also into the grid for smooth distribution of power.
PharmEasy, the online pharmacy retailer, just raised Rs1,804 crore in a round led by Manipal Education and Medical Group. Existing investors also participated in the funding round. Against this investment, the company has allocated 186.4 million convertible preference shares. However, this funding has happened at nearly 90% lower valuations compared to the last funding round. The latest funding round values PharmEasy at just about $710 million. PharmEasy had filed IPO papers in 2021 but later pulled out in 2022.