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Shares of SpiceJet fell nearly 3 percent on September 17 as investors rushed to booked profits The slump comes a day after the stock rallied as the company opened a Qualified Institutional Placement (QIP) to raise up to Rs 3,000 crore at a floor price of Rs 64.79 per share.

The airline said it may offer a discount on the floor price. CNBC-TV18 reported citing sources that the Indicative Issue price of the QIP is Rs 61.60 per share, which is at a discount of 20.81 percent to Monday’s closing price.

Though the size of the QIP has not been disclosed officially, SpiceJet said in the past it has board approval to raise Rs 3,000 crore. The entire proceeds of the fund raise will be available to the airline, the statement added.

The airline has been making efforts to infuse funds to get more aircraft off the ground as well as to reduce the debt liability on the company.

At 9:40 am, SpiceJet shares were trading 2.9 percent lower at Rs 75.51 on BSE. The stock has rallied over 24 percent so far this year, outperforming benchmark Sensex’s returns of 14 percent. In the past 12 months, the counter has gained 98 percent, nearly doubling investors’ money. In comparison, Sensex rose 22 percent during this period.

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The Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.

In a move that may lead to lower fuel prices, the Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective from September 18. Previously set at Rs 1,850 per metric ton, this tax cut follows a decline in global crude prices. The decision could bring down the cost of petrol and diesel for consumers.

OMCs may reduce fuel prices

Petroleum Secretary Pankaj Jain had earlier hinted that oil marketing companies (OMCs) would consider reducing fuel prices if crude oil prices remained low for a prolonged period. With the windfall tax now removed, OMCs are likely to evaluate a potential reduction in petrol and diesel prices in the coming days.

Tax revisions and fortnightly reviews

The windfall tax, also known as Special Additional Excise Duty (SAED), is adjusted every two weeks based on average oil prices. The last revision on August 31 had set the windfall tax on crude at Rs 1,850 per tonne, while the SAED on diesel, petrol, and jet fuel exports remained at nil. The new rates take effect from September 18, as per the official notification.

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Tata Motors said TML Securities Trust has sold 1,14,97,462 new ordinary shares on the stock exchanges today for the purpose of distribution of fractional share entitlement as well as towards tax liabilities, as per the scheme. 

Tata Motors Ltd on Tuesday informed stock exchanges that TML Securities Trust has sold 1,14,97,462 new ordinary shares (NOS) on the stock exchanges for the purpose of distribution of fractional share entitlement to DVR shareholders as well as towards tax liabilities, as per the scheme of arrangement. 

Tata Motors said it would intimate the ‘A’ ordinary shareholders individually as well as to the stock exchanges upon the distribution of cash as well as credit of NOS. Tata Motors DVR shares were suspended for trading from stock exchanges and the record date for the same was September 1. 

On Tuesday, Tata Motors shares fell 2.42 per cent to Rs 964.25 level. The Tata group stock saw a turnover of Rs 3,461.09 crore on NSE and Rs 520 crore on BSE. Media reports suggested that 1.9 crore shares Tata Motors shares or 0.4 per cent of the total equity of the company changed hands in a block deal today. 

In a filing to BSE, Tata Motors Ltd said: “The aforesaid intimation has been communicated to us today by Axis Trustee Services Limited, the Independent Trustee, which will now proceed to distribute sale proceeds in cash to the eligible ‘A’ Ordinary shareholders and credit the balance NOS as per entitlement to their respective demat accounts, shortly.”

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India’s wholesale price index (WPI)-based inflation for the month of August softened to 1.31 per cent on an annual basis in comparison to 2.04 per cent in July, showed the provisional data released by the Ministry of Commerce & Industry on Tuesday. This was primarily due to a reduction in the prices of manufactured products and food items. In June, WPI inflation rose to 3.36 per cent, and it was at 2.61 per cent in May.

“Positive rate of inflation in August, 2024 is primarily due to increase in prices of food articles, processed food products, other manufacturing, manufacture of textiles and manufacture of machinery & equipment, etc.,” Ministry of Commerce & Industry said in a statement.

The month over month change in WPI for the month of August 2024 stood at -0.45 per cent as compared to July 2024. The rate of inflation based on WPI Food Index decreased from 3.55 per cent in July 2024 to 3.26 per cent in August 2024, the data showed. 

According to the release, inflation for food articles stood at 3.11 per cent in August as compared to 3.45 per cent in July. The inflation rate for the primary articles came in at 2.42 per cent in August from 3.08 per cent in July. The fuel and power inflation was at -0.67 per cent in August as against 1.72 per cent in July. And manufactured products inflation stood at 1.22 per cent in August. 

Under the food articles category, vegetable inflation was recorded at -10.01 in August from -8.93 per cent in July. Pulses inflation during the month of August was at 18.57 per cent, while the inflation for wheat came in at 7.28 per cent in August as against 7.00 per cent in July. Cereals inflation was at 8.44 per cent. Eggs, Meat & Fish inflation came in at -0.69 per cent in August. Potato and onion reported inflation at 77.96 per cent and 65.75 per cent respectively. 

The non-food articles reported WPI inflation at -2.08 per cent. Minerals inflation was at 8.76 per cent and Crude Petroleum & Natural gas posted wholesale inflation at 1.77 per cent in August and crude petroleum was at -0.98 per cent.

Reacting on the data, Rahul Agrawal, Senior Economist, ICRA Ltd, said, “The core WPI inflation dipped to 0.7 per cent in August 2024 from 1.2 per cent in July 2024, amidst a continued softening in global commodity prices. The WPI-food inflation print eased slightly to a 10-month low of 3.3 per cent in August 2024 from 3.6 per cent in July 2024, amid a sharp sequential decline in the primary food articles index. While prices of most food items have eased further on a month-on-month basis in September 2024, an adverse base would push up the YoY inflation prints for the primary food articles category significantly in the ongoing month (+11.4%/+3.8% in August 2023/September 2023). This would exert upward pressure to the headline WPI inflation print for September 2024.”

ICRA expects the WPI inflation to rise to ~2.0 per cent in September 2024 from 1.3 per cent in August 2024.

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Adani group has won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a rate of ₹4.08 per unit. Adani group has won this bid, which is nearly ₹1 lower than the current procurement cost of electricity in the state, by beating companies like JSW Energy and Torrent Power.

Adani group will sign a long-term Power Purchase Agreement (PPA) with MSEDCL to supply 5,000 MW of solar energy from Adani Green Energy’s Khavda Renewable Energy Park in Gujarat and 1,496 MW of thermal power from a new ultra-supercritical plant being developed by Adani Power. The power supply is set to begin within four years, after the final award of the letter of intent.

As per the terms of the tender, Adani power will supply solar power at a fixed cost of ₹2.70 per unit throughout the entire supply period of 25 years, while that from coal will be indexed to coal prices.

MSEDCL in March, floated a unique tender for sourcing 5,000 MW of electricity generated from sunlight and 1,600 MW of power generated from coal.

That tender was floated just ahead of the model code of conduct for the Lok Sabha elections was set in place, and it was awarded to Adani before the announcement of the assembly elections in the state.

Sagar Adani, executive director, Adani Green Energy, said, “We are glad to collaborate with MSEDCL to meet the states’ rising energy demand through renewable sources and fulfill its commitments. Our goal is to accelerate India’s clean energy transition. This is a crucial step towards the country’s energy independence and building a sustainable future. Adani Green is well positioned to achieve the 50 GW target with secured resource rich sites in strategic locations, portfolio mix of renewables and storage solutions, robust supply chain and clear evacuation plans.”

While Anil Sardana, Managing Director, Adani Power, said that as India advances in achieving its economic growth targets while maintaining a keen focus on sustainability, the role of conventional power in helping stabilise the grid and supplying base load power assumes greater importance. “Adani Power is proud to partner a leading industrialised state like Maharashtra by becoming one of its key suppliers of reliable and competitive power from its existing and upcoming capacities, while enabling it to integrate an ever-increasing quantum of renewable energy in its grid.”

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