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Shares of HDFC Bank jumped 1.8% to hit a record high on Tuesday, December 3. The market capitalisation of the private lender also crossed ₹14 lakh crore.

The stock surged 1.81% to ₹1,837.40 per share, its all-time high level, on the National Stock Exchange.

At 11:36 am, HDFC shares were up 1.67% to ₹1,834.75. The market capitalisation stood at ₹14,02,287.40 crore.

The scrip rose 16.9% in the last six months and 7.2% year-to-date.

HDFC Bank share price: What’s driving the rally?

This development follows a block deal in which 21.7 lakh equity shares worth around ₹392 changed hands. The details of the parties involved were not immediately known.

The increase in weightage of HDFC Bank in the MSCI indexes also contributed to the stock’s robust performance.

HDFC Bank had posted a 5% rise in its standalone net profit to ₹16,821 crore in the quarter ended September 2024, compared to ₹15,976 crore post-tax profit in the year ago period.

The total income jumped ₹85,500 during the quarter under review, reflecting a 9% increase from ₹78,406 crore in the same period last year.

The bank’s interest income climbed 9.3% to ₹74,017 crore in the second quarter of the financial year 2024-25 from ₹67,698 crore in the corresponding period previous fiscal.

Meanwhile, benchmark indices NIFTY and SENSEX rose on Tuesday amid surges in heavyweights like Reliance, L&T, State Bank of India, and Axis Bank, in addition to HDFC Bank.

The SENSEX climbed 566 points to 80,815, while NIFTY jumped 66% to 24,436.

The biggest gainers from the 50-share NIFTY pack were Adani Ports, Adani Enterprises, UltraTech Cement, Cipla, and ONGC.

ITC, Trent, HDFC Life, Bharti Airtel and Tata Consumer Products were among the laggards.

In Asian markets, Tokyo, Shanghai, Seoul and Hong Kong were trading higher.

On Monday, US markets ended mostly in the positive territory.

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Shares of Godrej Properties rallied as much as 2.3% to ₹2,968.55 apiece on the BSE on Tuesday, December 3, a day after the company said it has raised ₹6,000 crore by selling shares to institutional investors on a qualified institutional placement (QIP) basis as it looks to expand business amid strong demand for residential plots and apartments.

Last week, the company launched its QIP issue to raise up to ₹6,000 crore.

In a regulatory filing on Monday, Godrej Properties informed that the board’s QIP Placement Committee approved the closure of the issue on Monday.

The panel approved the issue price of ₹2,595 per equity share, which is at a discount of ₹132.44 (4.86% of the floor price) to the floor price of ₹2,727.44 per equity share.

The committee also approved the allocation of 2,31,21,387 equity shares to be allotted to eligible qualified institutional buyers.

Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. It has entered the Hyderabad market recently.

Godrej Properties Q2 FY25 Results

The realty firm reported a five-fold jump in its consolidated net profit to ₹335.21 crore for the quarter ended September 30, 2024 (Q2 FY25) on higher income.

Its net profit stood at ₹66.80 crore in the year-ago period.

Total income more than doubled to ₹1,346.54 crore in the second quarter of this fiscal year from ₹605.11 crore in the corresponding period of the previous year, according to a regulatory filing.

In November, Godrej Properties said its net debt rose 2% during the September quarter to ₹7,572 crore, with the company focusing on land acquisition for future growth.

Its net debt stood at ₹7,432 crore at the end of the June quarter, according to an investors’ presentation.

Godrej Properties has been actively purchasing land and also partnering with landowners to create a pipeline for future development of projects.

During the last fiscal year, the company’s sales bookings jumped 84% to a record ₹22,527 crore, the highest among listed realty firms in 2023-24.

It has set a target of ₹27,500 crore worth of sales bookings for the current financial year.

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After being in existence for almost over two years, the government has decided to scrap the windfall tax on aviation turbine fuel (ATF), crude products, diesel and petrol products, confirming a CNBC-TV18 newsbreak.

Sources earlier told CNBC-TV18 that the top government, including the Prime Minister’s office, took a detailed review of the levy with the Revenue Department and the Petroleum Ministry, post which it decided to “discontinue with the tax”.

According to sources, some of the reasons behind the decision of discontinuation of the tax include the fact that of late the levy was not yielding much revenue. “The industry, since its existence, was unhappy with the tax. The levy was not making the industry enhance production levels, thus the PMO decided to discontinue the tax.”

“Of late, average crude prices had become comfortable because of which most of the segments of the tax, be it the levy on ATF, petrol, or diesel, were continuing as a nil tax, thus the government did not want to continue with a tax which was not garnering much revenue,” they added.

The windfall tax, which is revised every 15 days based on international crude oil prices, was first introduced on July 1, 2022, to help the government tide over the aftereffects of Covid-19 and garner more revenue from the industry.

The tax rates were reviewed every fortnight, based on the average oil price in the last two weeks.

The tax formula is managed by the Department of Revenue and adjusts according to fluctuations in global oil prices.

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The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and cess at Rs 13,253 crore, according to government data released on Sunday.

GST Revenue Growth in November 2024

The total gross GST revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in the same month a year ago, it said.

October 2024: A Strong GST Performance

In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.

Domestic vs. Import-Based GST Collections

During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore.

Refunds and Net GST Collection

Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 per cent decline over the year-ago period.

After adjusting refunds, net GST collection increased by 11 per cent to Rs 1.63 lakh crore.

Expert Insights on Trends and Projections

Saurabh Agarwal, Tax Partner, EY India, said, “While the recent surge in tax collections, especially in states like Delhi, Maharashtra, and Karnataka, can be linked to the festive season, it’s too early to celebrate this as a broader economic trend. Month-on-month collections have declined, even after the festive boost.”

Economic Outlook and Regional Highlights

Agarwal added that considering the recent GDP data for the September 2024 quarter, “we anticipate a slowdown in tax collections over the next four months.”

The global geopolitical scenario and potential consumer spending cuts could further exacerbate short-term economic growth, Agarwal pointed out.

However, “the uptick in collections from states like Jammu & Kashmir, Bihar, Sikkim, Mizoram, Tripura, Assam, and Odisha points towards positive economic momentum in these regions,” Agarwal highlighted.

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India’s steel giant JSW Group plans to enter the electric vehicle (EV) market under its brand, reported The Financial Times on Monday. In an interview, Chairman Sajjan Jindal signalled JSW’s aim to establish itself as a key player in India’s growing EV industry. 

This move follows JSW’s earlier announcement of a $1.5 billion joint venture (JV) with SAIC Motor, the Chinese automaker behind the MG brand, to produce and sell MG EVs in India. 

JSW to manufacture EVs in Maharashtra

JSW plans to establish its EV production facility in Maharashtra’s Aurangabad, specifically for its in-house brand. The Aurangabad Industrial City (AURIC) confirmed the company’s investment of Rs 27,200 crore ($3.2 billion), expected to create over 5,200 jobs and manufacture both passenger and commercial EVs, the report said.

India’s EV Market

While battery-powered two-wheelers have gained immense popularity in India, adoption of full-size EVs remains slow. EVs currently account for just 2 per cent of passenger car sales, translating to around 100,000 units annually, according to S&P Global Mobility, as reported by The Financial Times. 

Comparatively, in China, generous subsidies and incentives have driven mass EV adoption. China has the largest EV industry in the world, accounting for about 58 per cent of global production, according to a report by Al Jazeera. Elon Musk-led Tesla continues to lead the EV market in the United States. 

However, rising interest among affluent Indian buyers is boosting demand. For instance, MG Motor India’s Windsor crossover EV, priced at Rs 13.5 lakh, was fully booked for the next few months following its September launch, despite capacity constraints at its Gujarat plant limiting sales to 50,000 units.

Other car manufacturers who have already entered the EV market in India include industry majors Tata Motors, Mahindra & Mahindra, and newcomers like Ola Electric. Other players include two-wheeler market leader Hero Electric and Ashok Leyland, which is focused on electric buses under the Switch Mobility brand.

Meanwhile, Maruti Suzuki is also exploring or expanding their EV offerings. 

EV prices in India start at Rs 6.9 lakh, depending on the model and offerings. 

Indian govt’s EV push

India’s EV push has been supported by government subsidy initiatives such as the ‘faster adoption and manufacturing of electric vehicles’ (Fame) scheme, which offered subsidies to manufacturers and buyers. The second phase concluded earlier this year and was followed by a temporary Electric Mobility Promotion Scheme (EMPS) that also ended in September. The third phase of Fame is expected to be cleared by the end of the year. 

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