Finvezto Daily Market Bytes, 02 Jan 2025
December Car Sales shoot up; Adani Smart Meter Deal Fails; GST December Dips; Key Stock Updates
In today’s edition, we cover:
December Car Sales shoot up
Adani Smart Meter Deal Fails
GST December Dips
Key Stock Updates
December Car Sales shoot up
Maruti Suzuki and Toyota lead December's car sales surge, with Maruti hitting 1.78 lakh units and 30% YoY growth.
Maruti Suzuki hit all cylinders firing - domestic sales up 24%, exports jumping 39%, and OEM sales doubling.
Mahindra's SUV story keeps getting better. They sold 41,424 SUVs, pushing their total sales up 16% YoY.
However, there were few underperformers too. Tata Motors barely squeezed out 1% growth, while Hyundai saw numbers dip 2.4%.
Honda took the biggest hit. Their domestic car sales tumbling from 7,902 to 5,603 units.
The new kid on the block, JSW MG Motor, witnessed a 55% YoY growth.
Adani Smart Meter Deal Fails
Tamil Nadu scraps Adani Energy's smart meter contract.
Adani Energy was set to install close to 82 Lac smart meters in 8 districts in TN including Chennai. But it stands cancelled now.
Why the sudden change?
The primary reason cited for the cancellation was the “high costs” quoted by Adani Energy.
Fresh tenders are likely on the horizon.
GST December Dips
December GST collection falls to ₹1.76 lac crore from ₹1.82 Lac crore in November.
Although it fell on a monthly basis, it was still a 7% YoY growth compared to December 2023.
The fall in December is understable and seasonal. After the Diwali sales season in November, GST was expected to cool down in December.
Key Stock Updates
NEW ORDERS:
🟢 DCX Systems secured ₹19.3 Cr export order from Israel's Elta Systems for manufacturing backplane module assemblies.
🟢 Power Mech Projects secured ₹294 Cr order from Adani Power.
🟢 RailTel Corporation received ₹78.43 Cr work order from Bharat Coking Coal for infrastructure services.
🟢 Vishnu Prakash R Punglia secured ₹31.3 Cr order for academic blocks elevation at Fintech Digital Institute from Rajasthan IT department.
PARTNERSHIPS/INVESTMENTS/ACQUISITIONS:
🟢 Godawari Power completed acquisition of 51% stake in Jammu Pigments to diversify into non-ferrous metals recycling business.
CORE BUSINESS UPDATES:
🔴 NMDC reported iron ore sales drop of 6.7% YoY to 3.91 MT in December, while production rose 5.1% to 4.71 MT.
🔴 Tamil Nadu government cancels smart meter tender awarded to Adani Energy Solutions.
🟢 Sandur Manganese received approval to enhance iron ore production limit from 3.81 MTPA to 4.36 MTPA.
🟢 Air India rolls out WiFi service on select domestic aircraft, becoming first airline to offer in India.
INDIAN ECONOMY:
🔴 Banks' loan growth dropped for the fifth straight month in November as tighter lending rules impact credit expansion.
🔴 Rupee touched another record low, ending at 85.645 against US dollar for seventh consecutive session.
🔴 Net GST growth slumps to 3.3% in December as revenues slow and refunds rise 45%.
🟢 India's coal production rises 5.33% in December to 726.29 MT.
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This daily update highlights market trends for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.