Commerce Ministry Additional Secretary Peeyush Kumar has clarified that the basic customs duty rate of 50 per cent on apples will continue only US additional rates have been removed.
“Only the US additional rates have been removed. The basic custom duty rate that is applicable of 50% on apples will continue. We have seven countries that bring in apples. When we have raised this additional duty against America, the US had a disadvantage so they lost certain market which was taken up by the other countries…” Commerce Ministry Additional Secretary Peeyush Kumar said, reported ANI.
Data from the Ministry of Statistics & Programme Implementation showed on Tuesday that industrial output rose 5.7 per cent in July 2023 against 2.2 per cent reported in July 2022.
The CPI based retail inflation eased to 6.83 per cent in August 2023, compared to 7.44 per cent last year. According to data from National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), in August 2023 Consumer Price Index (CPI) stood at 7.02 per cent in rural areas, 6.59 per cent in urban areas. It stood at 7.63 per cent and 7.20 per cent, respectively in July 2023.
State-owned power company NTPC announced on Tuesday a payment of Rs 2,908.99 crore as the final dividend for the fiscal year 2022-23. The final dividend payment makes up about 30 per cent of the paid-up equity share capital of the company, it revealed in it’s statement. The company further informed that the total dividend distributed for FY23 stood at Rs 7,030.08 crore, reported PTI.
UNDP India and the National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding on Tuesday to together develop data-driven innovations in agriculture and food systems to help the smallholder farmers. The organisations issued a joint statement and said that they would be working together under the MoU to enhance the livelihoods of smallholder farmers by helping them with open-source data for product development, technology transfers, and forming agrarian policies.
The two key equity benchmarks, Sensex and Nifty, on Tuesday ended the day flat amid high volatility ahead of the consumer price index (CPI)-based inflation data later today. The S&P BSE Sensex, which hit an intraday high of 67,539 and a low of 66,948, ended at 67,221, up 94 points. On the other hand, the NSE Nifty50 closed at 19,993, down 3 points.
On the 30-share Sensex platform, TCS, L&T, Infosys, UltraTech, ICICI Bank, Nestle were among the gainers. On the downside, PowerGrid, NTPC, Tata Motors, Tata Steel, M&M, Reliance emerged losers.
The rupee gained 9 paise and closed at 82.94 (provisional) against the US dollar on Tuesday on account of fresh foreign fund inflows and expectations of better macroeconomic data. The domestic unit opened at 82.93 on Tuesday morning against the American currency, and moved in the day between 82.86 and 83.01. The rupee finally closed 9 paise higher at 82.94 (provisional) against the previous close. On Monday, the rupee stood at 83.03 against the American currency.
Yatra Online on Tuesday set the price band for it’s initial public offering (IPO) at Rs 135-142 per equity share. The IPO will be available for subscription on September 15 and will close on September 20. The online travel company’s IPO will consist a fresh issue of equity shares worth Rs 602 crore and an offer-for-sale (OFS) of around 12,183,099 shares.
Coal India Ltd announced that it has committed an investment worth Rs 24,750 crore on as many as 61 first-mile connectivity projects (FMC) over the next few years in an attempt to enhance eco-friendly coal transportation. The coal producer in it’s statement informed that the projects will be set up in three phases and will have a combined capacity of 763.5 million tonnes per annum once they are completed, reported PTI.
Union Minister Nitin Gadkari issued a clarification on social media on Tuesday stating, “There is an urgent need to clarify media reports suggesting an additional 10% GST on the sale of diesel vehicles. It is essential to clarify that there is no such proposal currently under active consideration by the government.”
Updater Services Ltd has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The integrated facilities management company will float an IPO consisting of a fresh issue of equity shares worth around Rs 400 crore and an offer-for-sale (OFS) for nearly 1.33 crore equity shares by promoter and existing shareholders, reported PTI.
The central government plans to propose imposing an additional 10 per cent tax on diesel engine vehicles as “pollution tax” in a attempt to reduce pollution from diesel vehicles in India, the world’s third largest car market.
Financial solutions company Razorpay announced on Tuesday that it has acquired digital invoicing and customer engagement startup BillMe. Razorpay co-founder and managing director, Shashank Kumar, stated that the deal with the Mumbai-based startup will help the company cater to a large base of offline retail brands. The company didn’t disclose the deal value, reported PTI.
Markets displayed their volatility in the first hour of morning trade on Tuesday. After opening near 67,500 mark, the BSE Sensex fell below yesterday’s closing. The benchmark equity index was trading at 67,105.42 as of 10:16 AM on Tuesday. While the Nifty50 opened above the 20,000 record, it also took some hits and was trading at 19,984.10, below Monday’s closing.
Sensex and Nifty, the two key equity benchmarks, on Tuesday extended their gains in the morning trade defying tepid Asian trends. At 9.40 am, the BSE Sensex edged up 200 points to 67,328. On the other hand, the NSE Nifty50 index is trading at 20,033, up 36 points.
On the 30-share Sensex platform, L&T, ICICI Bank, Sun Pharma, JSW Steel, TCS, Infosys, Axis Bank were among the early gainers. On the downside, NTPC, Maruti, HUL, Tata Motors, PowerGrid, Reliance were the top laggards.
The rupee gained 10 paise and stood at 82.93 against the US dollar in early trade on Tuesday. The domestic unit stood at 83.03 against the American currency on Monday.
Background
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The domestic markets on Monday entered a new era. Both the equity benchmarks Sensex and Nifty, on Monday, touched new highs amid a broad-based rally, defying muted global sentiment across the globe. The BSE Sensex reclaimed the 67,000 mark and ended at 67,127, up 528 points. On the other hand, the Nifty50 index hit an all-time high of 20,008, surpassing the previous high of 19,991.85. It, eventually, closed at 19,996, up 176 points.
Global oil benchmark Brent crude declined 0.23 per cent to $90.35 a barrel. The rupee fell 1 paisa to close at 83.03 (provisional) against the US dollar on Monday, as investors remained concerned about increasing crude oil prices even as the domestic equities market continued their positive trajectory. Forex traders noted that a weak US dollar helped the domestic unit and limited it’s fall. At the interbank foreign exchange market, the rupee opened at 82.93 against the US dollar and ranged between 82.83 and 83.06. It finally settled 1 paisa lower at 83.03 against the previous close.
Here are some important factors that can impact the market on September 12.
Market Movers
The domestic market is expected to rally forward on the highs of the previous close. However, it is likely to be impacted by the domestic retail inflation data expected to be announced today. The retail inflation numbers will provide guidance on the Reserve Bank of India’s repo rate movements.
In the week, several macroeconomic factors will be keenly observed by investors. The US is scheduled to share it’s consumer price index (CPI) inflation on September 13. Additionally, it will announce industrial production, and retail sales data, among others in the week. Notably, the CPI gained in July by 3.2 per cent, on a year-on-year (YoY) basis. This was the first time in more than a year that the CPI registered an upward trajectory.
Further, the Eurozone is scheduled to come out with it’s industrial production data, and the European Central Bank is expected to make a decision on the interest rates going forward. China is also scheduled to announce it’s industrial production data, retail sales numbers, and unemployment rate in the week.
Additionally, Apple is expected to launch the iPhone 15 lineup on September 12 in India and globally and the company is likely to launch four iPhone models this year. The market will be keen to see how consumers react and what price the premium phone maker will launch the new phones at.
IPOs
The market will see some action this week with regards to IPOs. Chavda Infra IPO and Kundan Edifice IPO will be available for subscription from Tuesday. Further, RR Kabel IPO will start on September 13, and Samhi Hotels IPO will start accepting bids from September 14. Another major IPO to open in the week is Zaggle Prepaid Ocean Services, which will open on September 14.
