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Centre's April-November fiscal deficit Rs 9.78 lakh crore, 58.9% of FY budget estimate

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The central government's fiscal deficit widened to Rs 9.78 lakh crore in April-November period, accounting for 58.9 percent of the full-year target, data released on December 30 by the Controller General of Accounts showed.

The fiscal deficit in the first eight months of the last financial year was 46.2 percent of last year’s target.

The total receipts during April-November stood at Rs 14.64 lakh crore or 64.1 percent of the current year's budget estimate. In the comparable year-ago period, total receipts had hit 69.8 percent of the budget estimate.

The Centre’s total expenditure during April-November stood at Rs 24.42 lakh crore, or 61.9 percent of the budget estimate, which is higher than 59.6 percent in the year-ago period.

The net tax revenue for April-November stood at Rs 12.25 lakh crore, 63.3 percent of the budget estimate, against 73.5 percent in the corresponding period of last financial year.

Capital expenditure in April-November was Rs 4.47 lakh crore, 59.6 percent of the full year target. Disinvestments were Rs 28,399 crore, 44 percent of the target.

Spandana Sphoorty shares rally on sale of Rs 323-crore stressed loan to ARC

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Spandana, a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22. The firm's scrip is currently trading at Rs 548.95 on the BSE.

Spandana Sphoorty Financial, a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI), reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22.

Shares of Spandana Sphoorty Financial rallied over 5 percent after the company approved the transfer of its stressed loan portfolio, including written-off loans, to an asset reconstruction company (ARC), amounting to Rs 95 crore. The written-off portfolio had an outstanding of Rs 323.08 crore as on September 30.

The microfinancier shall follow Swiss Challenge Method for the amount.

"The board has approved the transfer of stressed loan portfolio including written off loans of Rs.323.08 Crore outstanding as on September 30, 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for a consideration of Rs.95 Crore," the firm said in a release.

The rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22.  The firm's scrip is currently trading at Rs 548.95 on the BSE.

Videocon case: CBI to produce Chanda Kochhar, husband at Mumbai spl court

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The CBI will produce ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar at a Mumbai Special Court Saturday afternoon in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies, officials said.

The agency will seek a police remand of both accused to interrogate them in connection with the case, they said.

A team of CBI officials is accompanying the couple on a flight to Mumbai this morning, the officials said.

The Kochhars were called to the agency headquarters on Friday and arrested after a brief questioning session.

The CBI has alleged that they were evasive in their responses and did not cooperate in the investigation.

Sources said the agency is likely to move at a swift pace to file the first charge sheet in the case, in which the Kochhars could be named along with Venugopal Dhoot of Videocon Group.

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.

The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

It is alleged that during the tenure of Chanda Kochhar at ICICI Bank, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies during 2009-11. In two cases, she was on the sanctioning committees, according to the FIR.

Chanda Kochhar was on the sanctioning committee deciding two loans -- Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries Limited on October 31, 2011, it has alleged.

The loans were issued in alleged violation of laid-down policies and regulations of the bank, the FIR alleged.

Most of these loans became non-performing assets, causing a loss of Rs 1,730 crore to the bank, it alleged.

A day after the Rs 300-crore loan was disbursed by ICICI Bank to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it further alleged.

The transfer of Rs 64 crore was made from Videocon Industries Ltd through SEPL.

"This was the first major capital received by NRL (Nupower Renewables) to acquire the first power plant. Chanda Kochhar got illegal gratification, undue benefit through her husband from VIL/VN Dhoot for sanctioning Rs 300 crore loan to VIEL," the FIR alleged.

On May 1, 2009, Chanda Kochhar has taken over the charge of ICICI Bank as Managing Director and CEO.

China's budget deficit hits record $1.1 trillion on Covid zero slump

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The lockdowns, testing and quarantine rules that were key to the Covid Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter

China’s broad budget deficit hit a record so far this year, showing how damaging the now abandoned Covid Zero policy and the ongoing housing slump have been to the economy and to the government’s finances.

The augmented fiscal deficit was 7.75 trillion yuan ($1.1 trillion) in January to November, according to Bloomberg calculations based on data from the Ministry of Finance. That was more than double the same period last year and larger than in 2020, when the economy was battered by the initial Covid outbreak and growth was the slowest in decades.

The worsening deficit underscores just how bad the economy was at the end of November, shortly before the government in Beijing effectively scrapped its strict policy of trying to contain Covid infections.

The lockdowns, testing and quarantine rules that were key to the Covid Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter. A surge in infections this quarter has already caused a drop in retail sales in October and November.

The Covid policy was also increasingly expensive to maintain. Local governments had to bear huge costs to test and quarantine residents, while their income from land sales and taxes plummeted amid a slump in the housing market.

With Covid infections now sweeping across the country, local governments are unlikely to see an immediate improvement in tax revenue and finances. Healthcare spending is likely to jump as more people fall sick, even if spending on testing and quarantines fall. There’s also little immediate prospect for an improvement in the property market, which will likely keep land sales revenue subdued.

Consumers in some cities are avoiding crowded places, and labor shortages and factory disruptions are expected to increase in coming months as infections spread. Car sales, a rare bright spot for consumption this year, declined for the first time in six months in November, while the fall in home purchases deepened even though local authorities further eased curbs on buying.

Spending Up, Revenue Down

Total income from the general public and government fund budgets was 18.6 trillion yuan in the first 11 months of this year. That was down 3% from a year earlier, a slowdown from the 4.5% drop in the first 10 months. It would have risen 6.1% had it not been for tax rebates the government mostly handed out earlier in the year, according to the finance ministry.

Governments across the country made 715 billion yuan from selling land in November, compared with the 552 billion yuan earned in the previous month but down about 13% from a year earlier. Land sales revenue has slumped by double digits almost every month this year, and may “remain subdued in coming months given developers’ still-tight funding conditions and the ongoing Covid ‘exit wave’,” economists from Goldman Sachs Group Inc. wrote in a report after the data was released.

Revenue from deed taxes slid 23.8% in the first 11 months of the year from the same period in 2021.

Total government spending in the first 11 months was 22.7 trillion yuan, which was up 6.2% from a year earlier and compares with a 6.4% rise in the January-October period. Expenditure under the government fund budget rose 5.5%, decelerating from a 9.8% increase in the first 10 months.

Total fiscal spending is expected to total 26.3 trillion yuan this year, Finance Minister Liu Kun wrote in an article published by the official publication Study Times Monday. That compares with expenditure of 24.6 trillion yuan in 2021.

Why You Should Look for Stock Advice Online

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Do you have any idea why you should look for stock advice online? The stock market is not surely a piece of cake – it is a very intricate, well-organized, but at the same time totally volatile and unpredictable marketplace. So what about online advise? Go for it! Online advice, if it comes from a well trusted source, is the most effective, up-to-date and powerful form of stock market advice available anywhere on earth. You have got to understand that along with stock market knowledge, it is equally important to first acquire first hand stock market experience. This can only be achievable when you take into service a stock broker. Go ahead and hire one and prepare to be his apprentice. Make all your transactions though your stock broker and observe him carefully. Eventually, maybe in a couple of months, some of your stock broker’s perceptions and ploys will have chafed on you. You will at that time be knowledgeable, experienced and self confident enough to take the plunge into the stock market on your own! You should know and understand the different terms of the online stock market as well.


Get reliable internet connection

Even if you have enough knowledge and experience of the stock market and are raring to go the whole nine yards alone, you must also have a sufficiently fast and utterly reliable internet connection. There are several real life instances of people having their internet connection suddenly failing when they are making online contracts. A great many of these unfortunate people have had lasting trouble recovering their money lost due to an unstable internet connection. So, it is absolutely essential to have a consistent World Wide Web affiliation – in plain English, get a fast and dependable internet connection as soon as possible!


Get valuable online advice

Just the once you have got hold of the requirements of internet stock trading, you can as a final point formulate the hop. However furthermore be sentient that there will be thousands, if not more, of online dealers just like you, waiting to be on the same wavelength. So many online players will certainly effect a very quick change in market scenarios. Before you know, the market will have soared or fallen. So the best thing you can do is to get to be an affiliate of an online traders’ group. This will help you to get valuable online advice and your much required stock market props. Also, you will for the most part undeniably come across hi-tech problems in the vein of a dawdling business deal, grave online passage, or a terrible server. As a result for the most part intellectual activity to do at this juncture is to get hold of a ready backup. A backup will be capable of substituting for the regular connection for as long as necessary. It can be an ordinary touchtone phone line, a fax machine or maybe even your mobile handset.


Shape up an individual line

There are numerous websites that provide valuable information about the share market. Important topics like “How to start an account in the stock market”, “How and when to buy/sell” etc are all covered. Shape up an individual line of attack with the intention of you being able to rely on intently. Just the once you have shaped up your personal line of attack of carrying out business, bond devotedly to it. There will be encumbrances – there will be many attackers in the market who will tend to ill-advise you. Don’t advance on shares conditional on a random tip not including thorough examination. You must in no way be frightful. The stock market is very impulsive. The whole market picture might transform in no time at all! It possibly will so take place that the shares you have bought just the other day might be rapidly depreciating in value all of a sudden because of the dip in the stock market. Don’t hastily sell off all those shares immediately. Let your shares remain as they are unless anything elementary is amiss with your trusted company. This is why you should look for stock advice online.

Why Yes Bank shares are up 20% in two days

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Yes Bank shares are in uptrend over past few says despite weakness on Dalal Street. After logging near 11 per cent rise on Friday deals, Yes Bank share price today opened with an upside gap and went on to hit 2-year high of ₹21.15 apiece levels, ascending near 20 per cent in last two trade sessions. 

According to stock market experts, Yes Bank shares are rising after the private lender's disclosure on Friday where it informed Indian bourses about the positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. They said that Yes Bank share price has given sideways trend breakout on chart pattern and it may go up to ₹28 apiece levels in short to medium term. They advised positional investors to maintain buy-on dips-strategy in the scrip till it is above ₹18 apiece levels.

Speaking on the reason for Yes Bank share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Yes Bank shares witnessed strong upside on Friday after the private lender informed Indian bourses about positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. The private lender has claimed that the Reserve Bank of India (RBI) has given conditional approval to each investors with respect to the proposed acquisition by each of them of up to 9.99% of paid up share capital of the Yes Bank. This fundamentally strong news is expected to improve asset quality of the bank, which has attracted attraction of market bulls."

Yes Bank share price target

Advising positional investors to maintain 'buy on dips' strategy in regard to Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Yes Bank shares have given sideways trend breakout at ₹18 apiece levels and it may go up to ₹24 and ₹28 levels in short and medium term. Those who have Yes Bank in their stock portfolio are advised to maintain trailing stop loss at ₹17 and keep on accumulating for ₹24 and ₹28 targets."

For those who want to buy Yes Bank stocks, Sumeet Bagadia of Choice Broking said, "Yes Bank shares have already surged a lot. So, one should wait for the profit booking trigger and once it settles down above ₹18 levels, then only one can buy Yes Bank shares for ₹24 and ₹28 targets maintaining strict stop loss at ₹17 levels."

Yes Bank news that fueled stock price

In its latest exchange communication, Yes Bank said, "This is in relation to the proposed investment by CA Basque Investments (CA Basque Investments is part of the group of entities doing business globally as ‘The Carlyle Group’) and Verventa Holdings Limited (affiliate of funds advised/managed by Advent) (each, an “Investor" and collectively, the “Investors") in the equity shares of face value Rs. 2 (Rupees Two only) each and share warrants of Yes Bank Limited (the “Bank" and together with the foregoing, the “Subscription Securities")," adding, "Further to the Reserve Bank of India, issuing a conditional approval to each Investor with respect to the proposed acquisition by each of them of up to 9.99% of paid up share capital of the Bank through subscription to equity shares and share warrants of the Bank vide separate letters dated November 30, 2022, we wish to hereby inform that the Bank is now in receipt of two further letters (separate to each investor) from the RBI in relation to the proposed investment. Pursuant to which, the Bank shall now engage with the Investors for the completion of the proposed capital raise, subject to various regulatory compliances and conditions precedent as per the respective Investment Agreements."

Sula Vineyards raises Rs 288.10 crore from anchor book ahead of IPO

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India's largest wine producer and seller Sula Vineyards on December 9 said it has garnered Rs 288.10 crore from anchor investors, ahead of its initial public offering.

The company in its BSE filing said it has finalised allocation of 80.70 lakh shares to anchor investors, at the upper end of the price band.

The price band for the offer, which will open for subscription on December 12, has been fixed at Rs 340-357 per share. The public issue will close on December 14.

Total 22 investors bought shares of the company via anchor book including marquee participants - Abu Dhabi Investment Authority, Goldman Sachs, New York State Teachers Retirement System, Ashoka India Equity Investment Trust Plc, Segantii India Mauritius, Morgan Stanley, BNP Paribas Arbitrage, and Citigroup Global Markets Mauritius.

Domestic investors like Aditya Birla Sun Life Trustee, HDFC Mutual Fund, SBI Mutual Fund, ICICI Prudential Life Insurance, HDFC Life Insurance, Aditya Birla Sun Life Insurance, and Max Life Insurance also bought shares in the company.

"Out of the total allocation to the anchor investors, 25.21 lakh shares were allocated to 3 domestic mutual funds through a total of 5 schemes," Sula Vineyards said.

Sula Vineyards aims to raise more than Rs 960 crore by issuing over 2.69 crore shares via IPO. It is entirely an offer for sale by promoter Rajeev Samant, and investors Cofintra SA, Verlinvest SA, Verlinvest France SA, Saama Capital III Ltd, SWIP Holdings, and Haystack Investments.

Reliance Industries makes rare buy of Russian naphtha, ups fuel oil imports

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India's Reliance Industries, operator of the world's largest refining complex, is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports, trade flows data from Refinitiv showed.

Western sanctions against Russia over its invasion of Ukraine have led to an emergence of rare trade routes for Russian crude and refined products that were mainly sold to European countries.

India imported about 410,000 tonnes of naphtha, used for making petrochemicals, in Sept-Oct, the Refinitiv data showed.

Of this figure, Reliance received about 150,000 tonnes from the Russian ports of Ust-Luga, Tuapse and Novorossiysk during the two months, the data showed.

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed.

The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha.

"With European countries shutting down Russia, they need to find outlets for their naphtha," a trader based in India said, referring to Russian firms.

Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said.


Reliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

It also buys straight run fuel oil from countries, including Iraq and Russia, to process at cokers in the two refineries in the western Indian state of Gujarat to boost refining margins.

Reliance's fuel oil imports from Russia have surged to a record 3 million tonnes since the beginning of this fiscal year in April, versus about 1.6 million for all of 2021/22, Refinitiv data shows.

Reliance is expected to receive about 409,000 tonnes of fuel oil in December, the data showed.

Reliance did not respond to Reuters emails seeking comments.

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