- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, December 6, 2023:
India witnessed a surge in retail sales for passenger vehicles (PV) and two-wheelers, with increases of 17 per cent and 21 per cent, respectively, in November, reaching record highs, according to a dealers’ association on Wednesday. The ongoing wedding season has contributed to this growth, propelling sales of PVs to 360,000 units and two-wheelers to 2.2 million units. Overall retail sales, totaling 2.9 million units, marked an 18 per cent year-on-year rise, as reported by the Federation of Automobile Dealers Association, which tracks sales made by dealers to customers. The festive and wedding season has led to robust retail sales, given the tendency for significant purchases during such occasions in India.
Tata Group-owned Air India, which placed a 250-aircraft order with Airbus earlier this year, has rejigged the order, which will now have more number of A321neo aircraft, according to sources. As part of the 250 aircraft order with Airbus, the airline was to acquire 210 narrowbody A320 family planes, comprising 140 A320neo and 70 A321neo and remaining 40 widebody A350s, consisting of six A350-900 and 34 A350-1000s. Air India has tweaked the order with Airbus and will now acquire 140 A321neo and 70 A320neo, while the order for 40 A350s has also been rejigged, the source said. As against the earlier order of six A350-900 and 34 A350-1000s, Air India has changed it to 20 A350-900s and 20 A350-1000s, the source added.
India’s TV18 Broadcast and Network18 Media & Investments are set to merge in a $1.2 billion (£953.3 million) all-stock deal, facilitating expansion and cost reduction for the Reliance-owned entities. The merger will integrate Reliance’s broadcast and digital enterprises, encompassing platforms such as Moneycontrol and JioCinema. This strategic move is expected to enhance viewer and consumer outreach, leading to improved advertising revenue, according to Karan Taurani, a media analyst at Elara Capital. Media companies, including TV18 and rival NDTV, owned by Gautam Adani, have reported earnings challenges due to subdued advertising revenue in recent quarters.
Indian billionaire Gautam Adani’s conglomerate is poised to unveil its strategy for the $1.25 billion (£993 million) Adani Green Energy Ltd. notes due next year, Bloomberg reported. The conglomerate, spanning ports, solar energy, and coal, is anticipated to present its initial plans for either redeeming or extending its overseas bonds, addressing concerns raised by shortseller Hindenburg Research’s fraud allegations. Contractual obligations for two Adani Green securities necessitate several months’ notice, and with a deadline looming for a refinancing plan, a clear and definitive strategy is the need of the day, Abhishek Dangra, a Singapore-based infrastructure analyst at S&P Global said.
The Narendra Modi government and the Asian Development Bank (ADB) have signed a $175 million (£139 million) loan agreement to improve the connectivity and resilience of roads in the central state of Madhya Pradesh. The signatories to the loan agreement were Juhi Mukherjee, joint secretary, department of economic affairs in the Indian finance ministry, and Takeo Konishi, country director of ADB’s India Resident Mission, for ADB. After signing the loan agreement on Tuesday, Mukherjee stated that this project will enhance connectivity in the state road network across 14 districts of Madhya Pradesh.
The government of the southern Indian state of Kerala on Wednesday proposed to bring an ordinance to make the necessary changes for imposing 28 per cent tax on online gaming, casinos, and horse racing in the state. The state cabinet’s decision is in line with the last Goods and Services Tax Council meeting, wherein it had decided to impose a 28 per cent tax on online gaming, casinos, and horse racing. On August 11, the Lok Sabha or the Lower House of the Indian parliament, during its final session of the monsoon season, passed amendments to two GST laws with a voice vote and minimal debate. These amendments relate to the Integrated Goods and Services Tax (Amendment) Bill, of 2023, and the Central Goods and Services Tax (Amendment) Bill, of 2023.
(With agencies)
