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Fuel excise cuts to create downside risks to fiscal deficit target: Moody’s

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Mumbai, Oct 10 (IANS) Global credit ratings, research and risk analysis firm Moody’s Investors Service on Tuesday said the recent reduction in excise cuts on petrol and diesel will “create material downside risks” to the central government’s fiscal deficit target.

According to a Moody’s note, the excise cuts will reduce government revenue by Rs 105 billion (about $1.4 billion) or 0.05 per cent of the GDP for the remainder of fiscal 2018, which ends in March 2019.

“These measures create material downside risks to the central government’s fiscal deficit target of 3.3 per cent of GDP for fiscal 2018. Because the government had already met 94.7 per cent of the budgeted annual deficit by August 2018, to achieve its deficit target it will likely need to compress capital expenditure,” the note said.

“Consequently, we expect the central government deficit target to slip modestly to 3.4 per cent of GDP, while the combined general government deficit (central and state) should remain at about 6.3 per cent of GDP.”

On October 5, the central government had effected a reduction in the excise duty on petrol and diesel of Rs 1.5 per litre and asked public sector oil-marketing companies to absorb an additional Re 1 per litre reduction in petrol and diesel prices.

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Hyundai Motor India launches all new Santro

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

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2018 Hyundai Santro launch
New Delhi: Hyundai Motor India Ltd MD and CEO Y K Koo and actor Shah Rukh Khan pose with the newly launched 2018 Hyundai Santro in New Delhi, on Oct 23, 2018. (Photo: Amlan Paliwal/IANS)

New Delhi, Oct 23 : Automobile major Hyundai Motor India (HMIL) on Tuesday launched ‘the all new Santro’ with an introductory price starting at Rs 3.89 lakh.

“The all new Santro is a true example of Hyundai’s Made-in-India philosophy and a shining result of our numerous product clinics and rigorous durability test on various terrains in India,” Y.K. Koo, MD and CEO, HMIL said in a statement.

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

According to the company, the new passenger car is equipped with a 4-cylinder 1.1 litre petrol engine which offers 69 ps of power. It is mated with option of MT (manual transmission) and in-house developed ‘Smart Auto’ AMT (automatic manual transmission).

The petrol powered vehicle comes with a fuel mileage of 20.3 km per litre. It also has the option for a factory fitted CNG (60 L water equivalent).

Currently, the company has ten car models across segments – Eon, All New Santro, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra, Creta and Tucson.

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Q2 results, global cues subdue indices; Sensex sheds 290 points

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Sensex equity Nifty

Mumbai, Oct 23: Mixed second quarter results, combined with negative global cues and concerns over a liquidity crisis in the NBFC sector, subdued the key domestic indices on Tuesday.

“The weakness in the market is because of the overall negative trends…, domestic as well as global,” Astha Jain, Hem Securities, told IANS.

“The quarterly results are mixed, adding to the negative sentiments among the investors.”

Heavy selling pressure was witnessed in IT, healthcare and TECK (technology, entertainment and media) counters which fell over two per cent.

Besides, the Indian rupee traded flat and the crude oil price was below the $80 mark.

Index-wise, the S&P BSE Sensex provisionally closed at 33,847.23 points down 287.15 points or 0.84 per cent.

The Sensex touched a intra-day high of 34,073.92 points and low of 33,742.75 points.

Similarly, the Nifty50 of the National Stock Exchange (NSE) ended the day’s trade at 10,146.80 points, down 98.45 points or 0.96 per cent.

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Xiaomi leads India smartphone shipments in Q3 2018: Counterpoint

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New Delhi, Oct 23: With a 27 per cent market share, Chinese handset maker Xiaomi dominated India smartphone shipments in the third quarter of this year, Counterpoint Research said on Tuesday.

Xiaomi Redmi 6 Pro

India smartphone shipments during the July-September period of this year grew 24 per cent sequentially and five per cent year-over-year, the report said.

Xiaomi, which recorded its highest ever shipments in India in a single quarter driven by the new Redmi 6 series and expansion in offline channels, was followed by Samsung (23 per cent), Vivo (10 per cent) Micromax (nine per cent), and OPPO (eight per cent).

“India’s shipments surpassed those of the US during the quarter; the second time this has occurred,” said Karn Chauhan, Research Analyst at Counterpoint.

The top five brands captured 77 per cent share of the total smartphone market during the quarter, the report said, adding that the smartphone segment contributed to half of the total handset market during the July-September period of this year.

“The record shipments happened at a time when the Indian Rupee has hit a record low against the US Dollar,” Counterpoint Research Analyst Anshika Jain noted.

India, which now has over 400 million smartphone users, recently surpassed the US to become the second largest smartphone market in the world after China.

“The $150-$250 segment contributed to almost one third of the volume during the (third) quarter as many new products are launching at this level,” Chauhan said.

The launch of a new sub brand, Pocophone, also helped Xiaomi lead the India smartphone market in terms of shipments, the report said.

Samsung’s shipments were driven by the J series as the demand for J6 and J8 remained strong. Apart from this, the South Korean tech giant also launched the Android Go edition, Galaxy J2 core, giving it a much-needed offering in the sub $100 segment, the report said.

Vivo shipments reached their highest ever as it refreshed its V series with the launch of the V11 and V11 Pro.

Micromax was back among the top five brands for the first time in two years. Micromax, along with Reliance Jio, has won an order from the Chhattisgarh government under which it will be the sole supplier of five million smartphones to be distributed to women and students in the state.

However, shipments are likely to decline following completion of the order, the report added.

OPPO shipments also increased during the quarter driven by refreshed product lines, notably the F9 series.

IANS

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