Morning Buzz: Record high for iPhone exports from India, jump in FY24 tax collections, and more
Apple iPhone exports from India hit a record Rs10,000 crore in May.
Image: Sankhadeep Banerjee/NurPhoto via Getty Images
iPhone exports from India hit record high
Apple iPhone exports from India hit a record Rs10,000 crore in May, leading to a surge in the shipments of smartphones to Rs12,000 crore, according to industry data. Smartphones are India’s fifth largest export item after auto diesel fuel, diamonds, turbine fuel and petroleum products. Smartphone exports data trends for FY24 indicate a robustness that could sustain, even as Foxconn, the maker of iPhones is considering to deepen their business in India through an EV manufacturing facility by the year-end.(Economic Times, Quartz)
India’s FY24 tax collections jump
The government’s direct tax collections have risen 12.7 percent to around Rs4.2 lakh crore during the April to June 17 period of the current FY24 year, according to official data, boosted by advance tax collections from corporates and individuals. This not only indicates robustness of corporate earnings for the fiscal year gone by, but also the ability of the government to manage the widening fiscal deficit.(Times of India)
SEBI calls for urgent action against Zee promoters
In the ongoing regulatory battle against Zee promoters, the Securities and Exchange Board of India (Sebi), in a reply to the Securities and Appellate Tribunal has called for urgent action against Zee Entertainment promoters for misleading and false disclosers and to protect investors and other stakeholders. The SAT is hearings the parties concerned after Sebi had on June 12 barred Essel Group chairman Subhash Chandra and Zee Entertainment MD Punit Goenka from holding key managerial personnel in any listed company. This hearing is likely to impact the proposed Zee-Sony Pictures merger deal.(Moneycontrol, Business Standard, Economic Times, Hindu Businessline)
MF equities losing investor interest in 2023
The recent record highs for India's stock markets has got local investors spooked. Equity schemes of mutual funds have seen a 12 percent decline (Rs1.57 lakh crore) in funds raised in 2023, compared to a year ago. In the same period, redemptions have risen by 23 percent. Domestic investors were the driving force for investments into Indian equities in FY22. In 2023, foreign funds have been net buyers of Indian stocks since March – after being net sellers for much of 2022—but the lack of domestic investors support indicates the latter’s’ concerns over current valuations and the fears that the markets could see a 10-15 percent correction in prices over the short term.(Hindu Businessline)
Adani Group initiates stake sale talks for its NBFC arm
The Adani Group has initiated talks with international strategic and financial investors to sell a stake in its non-banking finance business- Adani Capital. The response from these initial talks will decide on how the group will approach bankers to start talks with private equity firms, for the sale. The Group has refuted this stake sale talks and said Adani Capital plans to raise additional growth capital from strategic investors.(Hindu Businessline)
