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Today’s Latest Business News at 5:30 pm on 17th November 2022
“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
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The government on Wednesday increased windfall tax on domestically produced crude oil, while the levy on export of diesel was reduced. The tax on crude oil produced by domestic firms such as state-owned Oil and Natural Gas Corporation, was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne earlier, with effect from 17 November, according to the government notification. In the ninth fortnightly revision of windfall tax, the tax rate on export of diesel has been cut to Rs 10.5 per litre, from Rs 13 per litre earlier. The export tax on jet fuel or ATF, which was set at Rs 5 a litre in the last review, has been kept unchanged. Note that the windfall tax is levied as a special additional excise duty which is aimed at absorbing the super-profits earned by domestic crude oil producers due to high global crude, product prices, and is revised every fortnight by the central government. The rates of the levies are being changed depending on crude prices and the refining spread.
Meanwhile, One of the biggest EV summit kicked off in Delhi on Thursday. It is the second edition of the FE Electric Mobility Summit which brought all the industry stakeholders together to discuss the opportunities, challenges pertaining to EV ecosystem in India. The main objective of the summit is to bring together India’s ambitious plan of leading the electric mobility space through eminent leaders and industry veterans deliberating on issues to be addressed and upcoming business opportunities. The main partners of the summit are Invest Punjab, Skill-Lync and Greenfuel Energy Solutions. The guests of honor for the summit are Shri Randheer Singh, Director – Electric Mobility & Senior Team Member for Advanced Chemistry Cells Program, NITI Aayog and Dr Vibha Dhawan, Director General, The Energy and Resources Institute. Randheer Singh and Vibha Dhawan will also be presenting a special address.
On to some market news. Kaynes Technology India IPO, which was subscribed 34.16 times over the 1.04 crore shares that were on offer, will finalise the basis of share allotment today. The initiation of refunds or unblocking of funds from ASBA account will take place on Friday, and the equity shares will get credited to allottees demat account on 21st November, according to the red herring documents. Kaynes Technology India shares are likely to debut on stock exchanges on 22nf November. The IPO shares were commanding a grey market premium of Rs 180 apiece, according to the people who deal in unlisted shares of the companies. The price band was fixed in the range of Rs 559-587 per share. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar of the issue is Link Intime India Private Ltd, a SEBI-registered entity, responsible for the IPO allotment and refund processing.
“In some more market news, Paytm‘s share price fell 9% on Thursday to Rs 546 on BSE. The fall comes a day after reports surfaced that Softbank announced a large stake sale in the homegrown financial services app’s parent, One 97 Communications via a block deal. Investors are rushing to exit their holding in the digital payments platform, as the price of stock plummets below Rs 560. The sale of 2.9 crore shares, within the price band of Rs 555-601, is to be completed on Thursday. Softbank is conducting a series of divestments, after its unit Vision Fund booked almost $50 billion in losses over the period of six months. The news about the sale came after the lock-in period for Paytm’s IPO investors ended. One 97 Communications stock ended 4% on Wednesday at Rs 601, after touching a new 5-month low intraday. Paytm’s issue price was set at Rs 2,150, but the stock is over 72% under.
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On the technology front, Oppo has launched the all-new Oppo A1 Pro smartphone in China. The phone comes with a 6.7-inch display and Qualcomm Snapdragon 695 chip. As of now, the company has still not confirmed the availability and pricing of the smartphones. The phone has been launched in China in two storage configurations. It comes in 8 GB + 128 GB variant which is priced at CNY 1,7999 which is roughly Rs 20,581 and 12 GB + 256 GB which is priced at CNY 2,229 (roughly Rs 25,513).
And lastly, the share market. Indian benchmark indices trimmed losses to trade flat in afternoon deals, supported by gains across index heavyweights like Reliance Industries, Bajaj Twins, ITC, Asian Paints, and Hindustan Unilever. While NSE Nifty 50 was down 10 points just shy of 18,400 levels, the S&P BSE Sensex slipped marginally to trade above 61,900-mark. Broader markets also traded in the red as Nifty MidCap 100 and Nifty SmallCap 100 indices declined 0.2%.
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