DEMAND RECOVERY
Tata Motors domestic sales dip 8 pc in June
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, with passenger vehicle sales at 43,624 units. The company anticipates a demand recovery with a strong enquiry pipeline and the upcoming festive season in August. Focus remains on the SUV portfolio, especially Punch and Nexon models, as the industry prepares for growth.
China's June factory activity contracts again, services slows
China's economic indicators for June painted a challenging picture, with manufacturing activity stagnating and services slipping to a five-month low, according to an official survey released on Sunday. The Purchasing Managers' Index (PMI) remained unchanged at 49.5, below the growth threshold of 50, indicating ongoing economic struggles despite some positive signals in industrial production. Analysts noted that while exports have been a strong driver, both domestic and external demand remain insufficient to fully utilize China's manufacturing capacity, prompting calls for additional policy support to stimulate growth.
Oil prices steady as markets weigh supply tensions, China economic recovery
Oil prices remained steady on Tuesday, balancing concerns over China's economic recovery, tensions in the Middle East, and Ukrainian attacks on Russian refineries.
China's fiscal revenue drops 2.8% in January-May
China's fiscal revenue declined by 2.8% in the first five months of 2024 compared to the same period last year, reflecting a deepening economic slowdown. Weak demand continued to weigh on the recovery, with fiscal expenditure rising by 3.4% during the same period. In May alone, fiscal revenue was down by 3.2% year-on-year, while fiscal spending grew by 2.6%. China has pledged greater fiscal stimulus to support its economy, including the issuance of special treasury bonds and incentives to boost consumer spending.
Asia shares muted on mixed China data, euro pressure
Asian share markets softer on mixed Chinese economic data. European political uncertainty persists. Swiss National Bank may ease. Markets await U.S. retail sales and Fed speeches. French political risks weigh on euro. Gold and oil prices stable.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
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ARCs to see recoveries improve from stressed residential projects
ARC expected to see 5-7% increase in recovery rates of stressed residential projects. Recovery rates to reach 16-18% by March 2025 due to rising prices, demand, and investor interests.
ARCs to see 5-7% higher recoveries from residential realty in FY25: CRISIL Ratings
Additionally, recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations are expected to expedite the resolution of stressed real estate assets in the medium term, enhancing the overall recovery process for ARCs.
Nifty 50 could scale new peak this week, believes Rajesh Palviya
There was uncertainty when the counting was happening. So, most of the bags moved to the defensive sector and in the defensive sector FMCG, pharma, these two pockets were majorly focused by the market participants.
China's May exports rise 7.6%, imports increase 1.8%
China's exports rose 7.6% in May, exceeding forecasts. The $18.6 trillion economy shows varying recovery speeds. Data reflects global demand impact on officials' efforts. Reuters poll had predicted lower growth rates.
Job market recovery may slow, for now
The absence of a decisive mandate in the 2024 elections may impact job market recovery temporarily. Coalition partners will have a stronger voice in policy decisions, affecting investor sentiment. Experts anticipate a short-term slowdown in job creation.
Asian factory activity expands in May on robust global demand
Manufacturing activity in Asia showed growth in May according to private surveys released on Monday, fueled by increasing global demand. This development adds to optimism for a continued economic recovery in the region, particularly with China displaying initial signs of resurgence.
No tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty.
Sinking profits bring reality check to AI-driven rally in emerging market stocks
Unilever Plc’s Indian unit reported a 5.5% drop in net income for the first quarter, missing analyst estimates. Behind the decline was sluggish rural demand combined with high net-worth urban consumers pivoting to other brands. Similar trends can be seen elsewhere, with Chilean retailer Cencosud SA, restaurant chain operator Yum China Holdings Inc. and Swiss-South African jeweler Compagnie Financiere Richemont SA all delivering weaker-than-expected results.
CBIC issues instructions for initiating early GST recovery
The CBIC has authorized Principal Commissioners or Commissioners to demand GST dues within three months of a demand order if necessary for revenue. Generally, recovery starts post the three-month period, but early recovery can be initiated if justified in writing by the proper officer. This move aims to balance revenue protection and business ease, enhancing transparency and predictability in tax administration.
E-commerce, BFSI, hospitality sectors driving job market in 2024: Report
Driven by economic recovery, the demand for workforce in BFSI increased the maximum by 21 per cent during the first four months of this calender year. The e-commerce sector saw an increase of 17 per cent, services and hospitality industries reported a growth of 13 per cent, according to a report by professional networking platform Apna.
In Focus: Scrips that like a cloud on the horizon
Companies such as Hindustan Unilever (HUL), Britannia, Dabur, Hero Motocorp, Westlife Foodworld, Shoppers Stop and others have already indicated in their commentary a gradual demand recovery if the monsoon forecast turns out to be accurate.
Consumption demand remained subdued in Q4, rural India recovered after several quarters: ITC
FMCG major ITC notes subdued Q4 consumption but rural demand recovery. Q4 profit below estimates at Rs 5,190 crore; revenue up 2% to Rs 19,446.5 crore. Cigarette revenue rises 7.7%, FMCG (excluding cigarettes) up 7.2%, impacted by low priced Chinese supplies and trade restrictions on agri commodities affecting agri business segment.
JK Tyre debt equity ratio is 0.80 to 1, which shows good deleveraging: Raghupati Singhania
Raghupati Singhania discusses the growth in demand for tyres in India, focusing on the passenger segment. He also touches on Mexico operations, EPR impact, net debt reduction, raw material cost increase, and expansion plans for premium sizes.
South India driving office property market recovery
Southern India, particularly Bengaluru, Hyderabad, and Chennai, is set to lead the recovery in India's office property market, with these cities accounting for 60% of the total space requirement by 2025. The tech sector and global capability centers are driving office leasing activities, with Bengaluru leading in demand. Experts anticipate a surge in demand from companies like QuessCorp, Morgan Stanley, Google, and Amazon in 2024.
FMCG demand most in five southern states: Discretionary or essential, sales go north in south
South India leads post-Covid demand recovery with increased FMCG sales, higher consumer spending, and more shopping trips in 2023, a Kantar report shows. Retail sales growth in the peninsula region outperforms the rest of India. The region's rapid recovery is fueled by a young workforce, new-age sectors, and robust manufacturing investment.
Risk-adjusted returns in rural-linked stocks could be quite significant: Anshul Saigal
Lots of segments are monopolies in this space and there is bound to be interest in this space. There will be further interest in this space and there could be further upsides. Again, easy money has been made, but there is still money on the table and one will have to choose pockets.
Strong sales growth for entry-level two-wheelers in H2 of FY24; big relief for automakers
The trend continued in April, driven by an improvement in income levels thanks to healthy economic growth, making the automobile industry bullish of a sustained recovery in the twowheeler segment and sparking green shoots of recovery in small car sales.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
FMCG companies to see muted demand in June quarter, recovery likely in H2
Overall volumes, which indicate the number of products consumers bought, expanded 5.2% in the March quarter, unchanged from the three months to December. Sales volumes in rural markets climbed 5.8%, and in cities by 4.7%, from a year earlier, data from Kantar showed. Kantar monitors branded and unorganised products, including unpackaged voluminous commodities. Nielsen, on the other hand, tracks primarily branded retail sales.
Welcome to the great Indian indoors
The pandemic underscored the need for larger spaces where family members could get on with their daily routines without getting in each other's way. This trend has endured post-pandemic and houses have become larger in gated communities, with an expanding list of add-on features for work and living.
Bank credit surges 16% in fiscal year, marks fastest growth in a decade
Bank credit growth hit a decade high of 16% in the fiscal year, driven by strong retail demand despite rising interest rates and supported by corporate loan demand post HDFC merger, as per RBI data.
Fashion retailer H&M beats expectations in spring recovery
H&M, the world's second-largest listed fashion retailer, beat first-quarter operating profit expectations on Wednesday, as new CEO Daniel Erver said spring collections were well received and sales showed signs of recovery.
Growth recovery not broad-based; expect RBI to cut rates at end of 2024: Economist
Rajani Sinha discusses the disparity in rural India's growth and the expectation of interest rate cuts. Concerns remain about broad-based growth recovery, but improvements in two-wheeler sales and consumer non-durables indicate possible convergence of rural and urban demand. Sinha further says "we expect RBI would look at interest rate cuts towards the end of this year."
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