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Govt to monetize assets worth Rs. 75,200 cr in the coal mining sector in FY23 | Top Market Updates

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Govt to monetize assets worth Rs. 75,200 cr in the coal mining sector in FY23

With divestments likely to go slow in this fiscal, the government is now planning to monetize assets worth Rs75,220 crore in the coal mining sector in FY23. The coal blocks will monetize Rs 52,200 crore, while Rs 20,320 crore will be monetized through the MDO (mine developer and operator) model. In FY22, total revenues from coal monetization were Rs40,090 crore, which included Rs28,986 crore from coal blocks and Rs9,593 crore from the MDO model. A total of 39 coal blocks are likely to be taken up for monetization in FY23.

HDFC-HDFC Bank merger: Parekh expects a fair, judicious regulatory response

According to the HDFC Chairman, Deepak Parekh, demand for home loans is expected to double to $600 billion (Rs46 trillion) over the next five years. This would coincide with India transforming into a $5 trillion economy. However, despite this expansion, the mortgage penetration would remain relatively low at 13% of GDP in India. The normal mortgage to GDP ratio is closer to 30% in Asia. Parekh expressed a high level of confidence that the HDFC Ltd and HDFC Bank merger would act as a catalyst for mortgage growth in India.

The World Bank has reduced India’s growth forecast for FY23 to 7.5 percent

The World Bank has further trimmed India’s GDP growth forecast for FY23 to 7.5%. In April 2022, World Bank had trimmed its forecast by 70 bps from 8.7% to 8%. Now another 50 bps has been cut. World Bank has pointed to key headwinds like rising inflation, supply chain disruptions, and geopolitical tensions offsetting the broad recovery in the services sector. Manufacturing is likely to be hit, especially by the supply chain constraints. For FY24, the World Bank has further trimmed its GDP growth projection to 7.1%.

MRPL and Chennai Petroleum rose up to 19% on a positive business outlook

MRPL and Chennai Petro rallied 19-20%and hit their 52-week highs on Tuesday amid high volumes. That was the highlight of an otherwise dull day. Meanwhile, the Singapore gross refining margin (GRM) has risen to a record level of $25.2/bbl, which bodes well for oil refiners. In the last 3 months, CPCL is up more than 3-fold. MPRL and Chennai Petro are downstream oil companies. MRPL is 71.6% owned by ONGC. The product cracks of transport fuels are trading at multi-quarter highs boosting the GRMs to record levels.

Adani Group intends to enter into a wholesale and sourcing agreement with Flipkart

Adani Group and a unit of Flipkart are in advanced talks to expand their partnership beyond warehousing and data centers. They may even collaborate in areas like wholesale e-commerce, sourcing of groceries and household goods, etc. They are likely to enter into a fresh strategic partnership. This is part of Adani’s strategy to enhance its presence in the e-commerce space. This will help Flipkart to compete on a stronger footing against rival wholesalers like Udaan, Amazon, and JioMart. The deal was originally signed in April.

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