Manufacturing PMI Hits 8-Month High in July - Top Indian Market Updates


Here are some of the major updates that could move the markets tomorrow:

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

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Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

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ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

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GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its "Vredestein" brand.

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