Business News Live: GST collections rise 6.5% YoY to Rs 1.75 lakh crore in Sept

WhatsApp has introduced new features to improve the video calling experience across all platforms. Mark Zuckerberg, the CEO of Meta, revealed on Tuesday that WhatsApp users can now access up to ten new filters during video calls. Along with the standard beauty filters, the new collection includes filters like 'fisheye' and 'vintage TV' to add variety to videos. The messaging app has also incorporated new virtual backgrounds, such as a beach, cafe, or office.

In a post on his channel, Zuckerberg said, “Rolling out some new filters and backgrounds for video calls so had to test them out.” His message was followed by a handful of screengrabs of him with new filters and backgrounds during a video call with his wife Priscilla Chan.

The government on Tuesday appointed Prof Ram Singh, director of the Delhi School of Economics; economist Saugata Bhattacharya; and the Institute for Studies in Industrial Development’s director and chief executive, Dr Nagesh Kumar, as members of the Monetary Policy Committee (MPC).

Over 98 per cent of Rs 2,000 denomination notes returned since RBI 's decision to withdraw them in May 2023; the Value of these circulation has dwindled to Rs 7,117 crore from as high as Rs 3.56 lakh crore. The surprise decision of the RBI to withdraw the Rs 2,000 notes on May 19, 2023, is quality-related to the currency notes.

The first release after the demonising move, which ran in November 2016, to curb black money and promote cashless economy activities, had made the withdrawal process clear about the stand taken by the RBI which is that the Rs 2,000 notes continue to be valid tender and can still be used for the transactions till they are fully phased out.

The RBI has also established facilities at 19 of its issue offices all over the country for those who want to swap their Rs 2,000 notes. One can approach them in person or send them by post which will be credited to bank accounts and smoothen out the still-holding currency transition. This high rate of return reflects not only the will of the public to abide by the withdrawal plan of the RBI but also reflects the current changes in India's currency.

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Maruti Suzuki , Hyundai and Tata Motors reported a decline in wholesales in September as the companies curtailed dispatches to dealers to reduce inventory build-up amid a decline in demand. Maruti Suzuki India reported a 4 per cent dip in total domestic passenger vehicle wholesales last month to 1,44,962 units compared to 1,50,812 units in the year-ago month. The auto major said sales of mini segment cars, comprising Alto and S-Presso, grew marginally to 10,363 units against 10,351 units in September 2023.

Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift and WagonR, however, declined to 60,480 units compared to 68,551 units in the year-ago month. Utility vehicles, consisting of Brezza, Ertiga, S-Cross and XL6, sales grew 4 per cent to 61,549 units last month from 59,272 units earlier.

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Hyundai Motor India on Tuesday reported a 10 per cent year-on-year decline in total sales to 64,201 units in September.

The company sold a total of 71,641 units in September 2023, the automaker said in a statement.

Domestic dispatch of vehicles to dealers saw a 6 per cent dip to 51,101 units last month from 54,241 units in the year-ago period.

Exports declined 25 per cent in September to 13,100 units compared to 17,400 units in the year-ago period.

Hyundai COO Tarun Garg said SUVs now account for 70 per cent of the company's overall sales.

"With the festive season kicking in, we have introduced many new models and variants to meet customers aspirations, and our dealer touch-points are fully geared up to delight customers with deliveries of their favourite Hyundai cars in this auspicious period," he added.

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The GST collections in September rose 6.5 per cent year-on-year to Rs 1.73 lakh crore. In the last month of August, the GST collection stood at Rs 1,74,962 crore, the government data on Tuesday showed. In Sep 2023, the total collection was to the tune of Rs 1.62 lakh crore. Till now in 2024, the GST collection has risen by 9.5 per cent to Rs 10.9 lakh crore 

U.S. stock index futures were mixed on Tuesday ahead of the first of multiple labor market reports this week, a day after Federal Reserve Chair Jerome Powell pushed back against market expectations for outsized interest rate cuts.

At an economics conference on Monday Powell reiterated that the central bank is likely to reduce borrowing costs by an additional 50 basis points by year-end, based on data that pointed to robust consumer spending and gross domestic income.

Traders, who were divided over the size of the Fed's upcoming interest rate cuts, are now pricing in a 25 bps reduction at the November meeting with a 60.2% probability, compared with 41.8% a week ago, as per the CME Group's FedWatch Tool.

With inflation nearing the central bank's 2% target, focus is squarely on the labor market, the mandate the Fed is focused on after kicking off its monetary policy easing cycle in September.

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Indian police detain 912 workers, union members from Samsung Electronics as protests at the company's home appliances plant in Tamil Nadu rise. The strike, now in its fourth week, began on September 9 and saw over 1,000 workers striking for higher wages and official union recognition.

The Indian rupee closed little changed on Tuesday as exporters' dollar sales helped offset the decline in Asian currencies, which were pressured by tempered hopes of another hefty interest rate cut by the U.S. Federal Reserve.

Global factory activity weakened in September as soft demand and economic uncertainty pointed to a tough outlook, surveys showed, keeping policymakers under pressure to shore up fragile growth.

Eurozone inflation drops to 1.8 percent in September; the first time it has fallen below 2 percent since mid-2021, strengthening the expectation of further interest rate cuts by the European Central Bank (ECB) this month. This marks the sharpest decline since February 2017, partly due to declining energy costs and stable prices for goods, Eurostat data shows on Tuesday. Analysts had foreseen a slighter contraction, predicting inflation to be 1.9 percent.

Shares of Anil Ambani-backed Reliance Power were locked in 5 per cent upper circuit for tenth consecutive day on Tuesday as it surged to a fresh 52-week high of Rs 51.10 at BSE. As per BSE data, Reliance Power shares have surged a whopping 71 per cent in the last ten trading sessions.

Reliance Power shares have been on investors’ radar for quite some time after its subsidiary, Rosa Power, prepaid nearly Rs 850 crore of its debt to Singapore-based lender Varde Partners. The company informed that it would consider multiple fund-raising options, such as the sale of a stake in its power business to institutional investors, so that it can fuel its growth plans.

Reliance Power will consider raising funds via multiple options, including equity sale and foreign currency convertible bonds, in a board meeting scheduled for October 3. It would be the second round of fund raising within last 15 days after the company had approved Rs 1,525 crore in a preferential allotment.
 

Aluminium prices on Tuesday marginally climbed to Rs 237.65 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the Multi Commodity Exchange, aluminium contracts for October delivery increased 5 paise or 0.02 per cent to Rs 237.65 per kg in a business turnover of 3,293 lots.

Solar module maker Vikram Solar on Tuesday said it has filed draft papers with market regulator Sebi seeking permission to raise Rs 1,500 crore through an initial public offering (IPO).

The initial share sale will include fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoter group, the Kolkata-based firm said.

Sun Pharmaceutical Industries on Tuesday said it has inked a global licensing pact with Italian-Swiss firm Philogen for an anti-cancer drug.

As per the agreement, Sun Pharma will have the exclusive worldwide rights to commercialise Fibromun, a speciality product of Philogen.

Fibromun, an innovative anti-cancer immunotherapy, is being investigated in registration trials by Philogen for the treatment of soft tissue sarcoma and glioblastoma.

As per the pact, Philogen will complete the ongoing pivotal clinical trials for the product, pursue marketing authorisation with regulatory authorities, and manufacture commercial supplies, the Mumbai-based drug major said in a statement.
 

Toyota Kirloskar Motor on Tuesday reported a 14 per cent year-on-year increase in wholesales at 26,847 units in September.

The automaker had dispatched 23,590 units to its dealers in September last year.

The company sold 23,802 units in the domestic market and exported 3,045 units, Toyota Kirloskar Motor (TKM) said in a statement.

Growth in India's manufacturing industry cooled to an eight-month low in September as solid demand and output eased slightly, according to a business survey that also showed weaker price increases despite rising input cost inflation.

Factory production growth has been weakening since June and is likely to have further affected the expansion rate in Asia's third-largest economy last quarter, after the rise in gross domestic product (GDP) softened to 6.7 per cent in April-June.

The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 56.5 last month from 57.5 in August - the weakest since January - and slightly below a preliminary estimate of 56.7.

However, the reading has been above the 50-mark, which separates growth from contraction, since July 2021.
 

Bajaj Auto on Tuesday said its vehicle sales jumped 20 per cent to 4,69,531 units in September 2024 from 3,92,558 units sold in the same month of last year.

During the reporting month, domestic sales rose 23 per cent to 3,11,887 vehicles from 2,53,193 units sold in September last year, while exports grew 13 per cent year-on-year to 1,57,644 units.

The US Mission in India has released an additional 250,000 visa appointments which will be made available for Indians travelling to the United States. The measure would significantly decrease the long queues faced by people trying to get an appointment for a visa interview and ensure timely appointments for Indian applicants, creating opportunities for travel between the two nations.
 

Rupee fell 2 paise to 83.81 against the US dollar in early trade on Tuesday, tracking massive outflow of foreign funds amid volatile global markets.

Forex traders said the Indian unit was weighed down by a strengthening American currency against major rivals, though a retreating crude oil prices and recovery in domestic equity markets resisted a steep fall in the rupee.

The domestic bourses opened in green after Monday's rout with IT stocks, Mahindra & Mahindra, and Bajaj Auto taking the lead. 

Nifty has opened above the 25,900 mark on Tuesday while BSE's Sensex inched 250 points in the first few minutes of the trade. 

Prices of new homes in China rose slightly in September, traditionally a peak season for house hunting, a private survey showed on Tuesday, extending months of feeble gain in a crisis-hit market that has worried the country's leaders.

The average price across 100 cities edged up 0.14 per cent, compared with the previous month's 0.11 per cent, according to data released by property researcher China Index Academy.

Qatar Airways will buy 25 per cent stake in Virgin Australia from US private equity firm Bain Capital, posing a tougher contest for Qantas Airways that has dominated Australian routes and pushed back against giving access to the Middle Eastern carrier.

The purchase of the minority stake for an undisclosed amount will need to be signed off by Australia's government, which denied Qatar Airways' requests last year to fly additional services into Sydney, Melbourne, Brisbane and Perth.

"This partnership brings the missing piece to Virgin Australia's longer-term strategy," Virgin Australia CEO Jayne Hrdlicka said in a statement.

"It means that we've got an important shareholder who has a scale that we don't have, who has the expertise that we don't have, that can help us compete better domestically by giving us access to that scale," Hrdlicka said later in an interview with ABC television on Tuesday.

The Indian equity benchmarks are set to open higher as indicated by Nifty futures traded at Gift City in Gandhinagar. Nifty futures at Gift City rose 25 points to 26,000 amid mixed cues from Asian markets.

Most of the Asian markets were trading lower. Japan's Nikkei rose 1.51 per cent, South Korea's KOSPI fell 2.11 per cent, Taiwan Weighted declined 2.62 per cent and Singapore's Starits Times declined 0.2 per cent. China's stock markets were shut for a week on account of holiday.

Overnight, the S&P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.

The Dow also posted an all-time closing high. The three major U.S. stock indexes registered gains for the quarter and for the month.
 

The government bond yields are expected to trend marginally higher in early trading on Tuesday, tracking overnight gains in US Treasury yields after bets of another outsized rate cut from the Federal Reserve nosedived.

However, the Indian government's surprise announcement to sell a new 10-year bond is likely to limit any major rise.

Federal Reserve Chair Jerome Powell indicated on Monday the US central bank would likely stick with quarter-percentage-point interest rate cuts moving forward and was not "in a hurry" after new data boosted confidence in ongoing economic growth and consumer spending.

"This is not a committee that feels like it is in a hurry to cut rates quickly," Powell told a National Association for Business Economics conference, even though the policy-setting Federal Open Market Committee kicked off its easing cycle with a larger-than-expected half-percentage-point reduction at its Sept. 17-18 meeting.

Shigeru Ishiba was set to be voted in by parliament as Japan's next prime minister on Tuesday and unveil his cabinet as he seeks to heal party divisions and prepare for an Oct. 27 election.

The 67-year-old former defence minister, who won a close-fought contest to lead the ruling Liberal Democratic Party last week, is virtually assured of being formerly designated premier due to his party's majority in parliament.

South Korea's export growth slowed in September, with shipments to the United States barely increasing, in an outcome that may support market expectations for an easing of monetary policy as early as next week.

Exports increased 7.5 per cent in September from a year ago, decelerating from an 11.2 per cent rise in the previous month, the customs service agency reported on Tuesday.

Bank of Japan policymakers discussed the need for caution over near-term interest rate hikes with some voicing concern over unstable financial markets and the U.S. economic outlook, a summary of their September meeting showed on Tuesday.

"Overseas economic uncertainties have heightened. We should scrutinise overseas and market developments closely for the time being. In terms of further adjustment to our monetary support, it should be done when such uncertainties are reduced," one member was quoted as saying.

 Japan's Nikkei share average rose more than 1 per cent in early trade on Tuesday, rebounding from a nearly 5 per cent drop in the last session, as a softer yen supported exporters including automakers.

The Nikkei .N225 was up 1.09 per cent to 38,333.6, as of 0008 GMT, and the broader Topix .TOPX had risen 0.88 per cent to 2,669.14.

The Nikkei fell 4.8 per cent on Monday in reaction to a sharply stronger yen after perceived monetary policy hawk Shigeru Ishiba won a leadership contest to become the country's prime minister. .T