GST's Mixed Bag
GST continues to reshape various sectors. While diamond and jewellery sectors saw relief, other areas experienced revenue losses. Car prices are down due
to GST reduction. GST has also been a factor in Gameskraft's profit decline. SBI reports a Rs 3,700 Cr revenue loss due to these reforms, impacting auto sales. Sony expects a 10% boost in TV demand due to GST cuts. The impact is being felt across the board.
Investment & Acquisitions
Vedanta's significant acquisition of JAL for Rs 17,000 Cr over Adani Group highlights the competitive landscape. Shriram Properties announced a Rs 500 Cr project in Bengaluru. A $100M rental homes fund from Colive, Bain, and Sattva also signifies growing investment interest. L&T Semicon acquired Fujitsu Power Module assets. Lokesh sought support for Andhra investment.
Market & Finance
The Rupee hit a record low of 88.27 against USD. India's forex reserves rose to USD 694.23 Billion. The Sensex and Nifty experienced a flat after volatile trade session. Karur Vysya Bank cut lending rates. The focus is on financial management, with Odisha Govt and TCS implementing an AI-enabled system. Reliance & Russian Oil impact EBITDA. Charter Speed IPO filed with Sebi.
Sector Specific Updates
Several sectors witnessed specific developments. Tata Motors reduced car prices following GST cuts. Hatsun Agro saw transformations in the dairy sector. Glenmark's lung cancer drug entered Phase 3 trials. SpiceJet reported a Q1 loss of Rs 238 Cr due to higher costs. Diageo reported India's value contribution rising with premiumisation. Ashok Leyland and Punjab Gramin Bank have announced a tie-up.
Miscellaneous News
From DGCA allowing the import of 20-year-old aircraft to Usha Shriram entering FMCG with packaged water, several developments occurred. Ajay Devgn launched Lens Vault Studios. Delhi Airport opened a luxury bus to Noida and Greater Noida. Bengaluru markets were closed for Eid Milad-un-Nabi. The Punjab floods generated a damage report to be presented to the PM Modi.
