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Morning Buzz: Macro indicators in positive zone; Murugappa family agreement comes into effect, and more
GST collection increased to Rs1.72 lakh crore in October while car sales rose to a record 391,472. Legal proceedings initiated by some Murugappa family members would be withdrawn
India’s GST collection increased to Rs1.72 lakh crore in October.
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Laptop import proposals worth $10 billion cleared
As the system of pre-clearing laptop imports comes into force, the Centre has received 110 applications for imports of $10 billion. Applications have come in from Lenovo and Xiaomi as well as Dell, Apple and HP. This indicates that the government is planning a liberal clearance policy, and as of now, there is no aim at curbing imports.(Financial Express)
Mutual funds draw flak for investing in Honasa Consumer IPO
Mutual funds that subscribed to the Mamaearth IPO are facing flak on social media. A third of the anchor book was allotted to mutual funds. The issue has been subscribed 70 percent on Day 2. With rich valuations and post listing swings, investors had expected funds to be more circumspect. Investors said that saying it is a minuscule portion of funds invested is not a sufficient justification.(BusinessLine)
Several macro indicators in positive zone
India’s GST collection increased to Rs1.72 lakh crore in October. Car sales rose to a record 391,472 in anticipation of festive season sales in Diwali. Power consumption was up by 21 percent to 138.9 billion units, and diesel and petrol sales rose by 5 percent and 3 percent respectively. Two blips in the data included the manufacturing PMI that slipped to 55.5, indicating the slowest expansion since February. And tractor sales fell to 117,714 units.(Economic Times, Business Standard, Financial Express)
Murugappa family agreement comes into effect
The Murugappa group said a family agreement would come into effect in the coming days and the legal proceedings initiated by some family members would be withdrawn. None of the listed companies of the Murugappa group is party to the family arrangement. The dispute started after the death of MV Murugappan in 2017. His daughter Valli Arunachalam demanded a board seat in the group’s holding company, Ambadi Investments.(Economic Times)
