ASSIGNMENT

Newspaper Assignment
Assignment-2
WIN SEM 2022-23
MGT 2109 Corporate Accounting
Yukthi Adduri
21BBA7055
VIT AP University, Amaravati
Submitted to : Dr Aparna Vemulapalli
Submitted Deadline : 21-04-2023

1. Tata coffee Q4 profit rises 19.6%to Rs 49 crore
Tata Coffee's consolidated net profit for Q4 of FY23 increased by 19.6% to Rs
49 crore, compared to Rs 41 crore in the same period of the previous year. The
company's revenue from operations also grew by 10.2% to Rs 723 crore during
the quarter. For the entire fiscal year, Tata Coffee reported a consolidated net
profit growth of 78% at Rs 263 crore compared to Rs 148 crore in FY22, while
the revenue from operations grew by 20.6% at Rs 2,850.2 crore in FY23. These
results were disclosed in a regulatory filing by the company.
2. Sensex, Nifty fall for 2nd day on profit taking in oil, banking stocks
On Tuesday, benchmark equity indices, Sensex and Nifty, closed lower for a
second day due to disappointing earnings from IT majors TCS and Infosys.
The fall in index major Reliance Industries, HDFC Bank, and ICICI Bank,
along with fresh foreign fund outflows, also impacted investor sentiment. The
BSE Sensex fell 0.31% to settle at 59,727.01, while the NSE Nifty ended
0.26% lower at 17,660.15. Power Grid, UltraTech Cement, Titan, Reliance
Industries, Bajaj Finance, Mahindra & Mahindra, ICICI Bank, Tata
Consultancy Services, Tech Mahindra, ITC, and HDFC Bank were the major
laggards among the Sensex firms.
3. Maruti and Hyundai’s market share in India fell in FY23
Maruti Suzuki India and Hyundai Motor faced a decline in their market share in
the 2022-23 fiscal year due to a shortage of electronic components, while Tata
Motors, Mahindra & Mahindra, and Kia India witnessed an increase in their
market share based on retail sales. Maruti Suzuki India sold 14,79,221 units and
attained a market share of 40.9%, while Hyundai Motor India sold 5,25,088 units
and had a market share of 14.5%. Tata Motors saw its market share rise to 13.4%
in FY23 from 11.3% in FY22. The data is from the Federation of Automobile
Dealers Associations (FADA).
4. Rupee falls 3 paise to close to 82.04
The Indian rupee fell by 3 paise to close at 82.04 against the US dollar on
Tuesday, reflecting the negative sentiments in the domestic equities market.
However, the fall was resisted by a weak greenback against major currencies and
falling crude prices. The dollar index, which measures the strength of the US
dollar against a basket of six currencies, fell 0.37% to 101.73, while Brent crude
futures declined 0.32% to USD 84.49 per barrel. Foreign institutional investors
(FIIs) were net sellers in the capital markets on Monday, offloading shares worth
Rs 533.20 crore, as per exchange data.
5. PSU banks to list assets for sale to NARCL after FinMin nudge
The National Asset Reconstruction Company (NARCL), a government-promoted
asset reconstruction company, plans to evaluate 300 distressed companies with
cumulated loans of Rs 3 lakh crore for acquisition this fiscal year. Most
government-owned banks have identified the companies they prefer to sell to
NARCL, and NARCL will identify about 20-25 accounts for acquisition. NARCL
has recently offered to acquire Vidarbha Industries, Rolta, and VOVL loans, and
lenders are documenting the acquisition of Dharani Sugars and Chemicals.
NARCL is expected to accelerate its loan acquisition this year after gaining
expertise from being in operation for over a year. In FY23, NARCL acquired
loans of three companies, and all offers have a 15:85 structure paid upfront and on
the recovery of dues with government guarantees for the shortfall.
6. After lighting up the bourses for 2 years, ITC can gain 10% more
ITC stock is expected to gain another 10% in the near term due to positive
earnings prospects and technical strength. The stock has almost doubled in the last
two years and closed at ₹398.5 on Tuesday, after touching an all-time high of
₹402. The increase in excise duty and stable GST, along with a shift from
smuggled trade to domestic cigarettes, have resulted in strong volume growth for
the company. The stock is set for more gains as it has seen a build-up of bullish
positions, making it attractive for investors to buy at current levels with a target of
₹440 and a stop loss of ₹370. The company's FMCG business is expected to see
an improvement in margins, while the hotel industry is also expected to revive
after being hit by the COVID-19 pandemic.
7. Gold back above key $2,000 level
Gold prices increased above $2,000 per ounce as the dollar and Treasury yields
moderated after weak economic data in the US strengthened the argument for a
pause in interest rate hikes by the Federal Reserve. The yellow metal scored a
0.7% rise to $2,006.26 per ounce after hitting a two-week low in previous trading
sessions. While gold continues to look out for the June rate hike, the markets
indicate an 88% probability of a 25-basis-point increase in May, which suggests it
would be the last one, with the Fed holding rates steady for the rest of 2023.
Platinum recorded a 0.4% gain to $1,094.55 per ounce, its highest in more than
three months. Silver rose 0.1% to $25.29, while palladium slipped 1.7% to
$1,588.94.
8. Wadias looking for investor in go first, but to keep in control
The Wadia Group, which owns Go First airline, plans to invest ₹300 crore in the
company to help it deal with issues caused by grounded aircraft with Pratt &
Whitney engines. Go First is also seeking a strategic investor to purchase a
minority stake, with the Wadia Group intending to retain control. The airline is set
to receive a further ₹300 crore from banks under the Emergency Credit Line
Guarantee Scheme. The company has faced service reliability issues due to the
engine problems, with 33 of its 59 aircraft currently grounded. The airline has also
been experiencing financial difficulties since its plan to go public failed due to
valuation issues.
9. India boosts Ericsson’s quarterly profit
Ericsson, the Swedish telecom equipment manufacturer, reported 14% year-on-
year growth in net sales for the January-March 2023 quarter, boosted by strong 5G
equipment sales in markets such as India. India's share of net sales grew to 11%,
up from 6% in the previous quarter. However, sales in more established markets
fell, impacting margins. Ericsson's earnings before interest and taxation for the
quarter decreased to SEK 3 billion ($290 million) from SEK 4.7 billion ($460
million) in the same period last year. The company's top five markets saw a
shakeup, with India becoming a strong number two and the Philippines taking the
third spot. The UK and Japan slipped to fifth and fourth spots, respectively, with
China and France dropping out of the top five.
10. I-T investigation against insurers widens to banks
The income tax department has sent notices to two large private banks in its
ongoing investigation into alleged malpractices involving commission payments
by insurance companies. The investigation initially focused on over 20 insurance
firms and about 500 entities linked to their sales agents, but has now shifted to the
banks due to voluminous transactions that require further explanation. The notices
were sent under Section 131 of the Income Tax Act, which allows the income tax
authorities to conduct inquiries and demand the production of accounting records
and other documents.

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Newspaper Assignment

WIN SEM 2022-23

MGT 2109 Corporate Accounting

VIT AP University, Amaravati

Submitted to : Dr Aparna Vemulapalli

Submitted Deadline : 21-04-2023

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