Tata Motors sales in the November 2022, up by 21.36%

Opening Bell:

SGX Nifty is down by 58 points in the early morning trade, indicating a negative opening for Indian stock market.

Markets in the Asia-Pacific fell while investors looked for clarity after China signalled slight easing of its stringent Covid restrictions. All the major indices turned red.

Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested US data that suggested the Federal Reserve’s interest rate hikes are working.

Stocks News:

?tata Motors sales in the domestic & international market for November 2022 stood at 75,478 vehicles, up by 21.36% as compared to 62,192 units sold during November 2021. While total commercial vehicle (CV) sales fell by 10% to 29,053 units, total passenger vehicles (includes EV) sales jumped 55% to 46,425 units in November 2022 over November 2021.

?Piramal Enterprises board of directors approved the issuance of market linked non-convertible debentures (NCDs) aggregating up to Rs 250 crore, on private placement basis. The size of the issue is up to Rs 50 crore along with an option to retain over subscription of up to Rs 200 crore, aggregating up to Rs 250 crore.

?Hero MotoCorp sold 3.9 lakh units in November 2022, a growth of 12 percent over the corresponding month of the previous year. The company had sold 3.49 lakh units in November 2021. Hero expects the momentum to build-up in coming quarters on favourable economic indicators, including encouraging farm activity and positive consumer sentiments along with upcoming marriage season.

?NMDC said that its iron ore production for November stood at 3.61 million tonnes, as against 3.34 million tonnes in same month last year. Iron ore sales increased to 3.04 million tonnes, from 2.88 million tonnes on year-on-year basis.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 1,565.93 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,664.98 crore on December 1, as per provisional data available on the NSE.

Domestic and International Events

• The Central government on December 1 said that it has further cut windfall tax on locally produced crude oil and diesel exports. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne, as per a government notification.
• India collected Rs 1.46 lakh crore as Goods and Services Tax (GST) in November, the finance ministry said on December 1. At Rs 1.46 lakh crore, the GST collections for November are up 10.9 percent compared to the same month last year, but 3.9 percent lower from October.
• Oil prices settled largely narrowly mixed on Thursday, retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major Chinese cities.
• The central government’s fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6% of the full-year target, data released on 30 November 2022 by the Controller General of Accounts showed.

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