TVS Motors crossed the 1-million two-wheeler export milestone for the first time in a fiscal. FY22 still has more than a month left. Its key exports are Apache series, HLX series, Raider and Neo series. In last few years, TVS has been making a conscious effort to improve its exports to de-risk the business model; what Bajaj Auto has done extremely effectively. TVS Motors has a presence across 80 countries in Africa, Southeast Asia, South Asia and Central & Latin America and has plans for Europe and North America too.
Indian stock exchanges as well as all market infrastructure institutions will switch to (T+1) settlement cycle in a phased manner from 25th February, the day after the current F&O settlement. Under T+1, all trade-related settlements must be cleared within a day of the actual transaction. India has been on the T+2 system for the last 18 years. The implementation will be done in a phased manner, starting with the bottom-100 companies and progressively adding 500 companies with each successive F&O settlement.
Reliance chairman Mukesh Ambani has projected India’s green energy exports to cross $500 billion in next 20 years. This was mentioned in a fireside chat with Dr. Mashelkar. Reliance already has aggressive plans in green energy sector, encompassing solar equipment manufacturing, green hydrogen production and energy storage. He underlined that UK benefited from the rise of coal and the US gained from the rise of oil, but India could vastly gain from rise of green energy. He expects green energy to be India’s next IT.
UK based Vodafone PLC will sell blocks worth 2.3% in Indus Towers shares in the open market. Vodafone currently holds 75.78 crore shares in Indus Towers equivalent to 28.1% stake. Promoters of Indus Towers, Bharti Airtel and Vodafone Group, currently hold 41.73 percent and 28.1% in the company. Vodafone is planning two more rounds of stake sale in Indus Towers. It is estimated that Bharti Airtel could be keen on picking up a 4.7% stake in Indus Towers from Vodafone. Vodafone reiterated its commitment to VI.
Government of India has received Rs.1,939 crore as dividend from Indian Oil Corporation and Rs.67 crore from CONCOR. This was disclosed by DIPAM secretary, Tuhin Kant Pandey. Government has earned total dividends of Rs.43,000 crore from CPSEs so far in FY22, very close to its revised estimates of Rs.46,000 crore. It may be recollected that in the 2016 Union Budget, the government revised dividend distribution policy of PSU entities, asking them to pay 30% of post-tax profit or 5% of net worth, whichever was higher.
Bosch, a leading mobility ecosystem provider, acquired 26% minority stake in Autozilla Solutions, a digital B2B-marketplace for the independent aftermarket (IAM) in India. This deal will enhance Bosch’s market pull via its Bosch car service outlets and independent garages enrolled under the “extra” loyalty program. With the backing of Bosch, Autozilla platform gets better acceptability and visibility in the market. Bosch will integrate Autozilla’s e-commerce platform with its digital platforms to enhance customer experience.
Crompton Greaves will acquire up to 55% in Butterfly Gandhimathi Appliances for Rs.1,380 crore at a price of Rs.1,403 per share. Crompton will pay an additional Rs.30.38 crore for certain trade-marks of Butterfly. In addition, Crompton will also launch the mandatory open offer to public shareholders to buy 26% stake at a price of Rs.1,433.90 per equity share valued at Rs.667 crore. Effectively, Crompton will get 81% stake in Butterfly for Rs.2,077 crore. This will give a boost to Crompton in small domestic appliances segment.
According to RBI deputy governor, Michael Patra, CPI inflation may have peaked in Jan-22 and would ease to 4% by 2023. Inflation was at a level of 6.01% in Jan-22. In the Fed-22 monetary policy, the MPC had voted to maintain status quo on the repo rates, reverse repo rates and also the monetary stance. The MPC had set an aggressively low inflation target of 4.5% for FY23. Patra also added that the RBI was not overly concerned about the risk of monetary divergence and would stick to a path best suited to India.
