*Indian refiners may need a rethink amid shrinking Russian crude discounts* India’s appetite may be waning for crude oil from Russia, the country’s biggest source, with discounts shrinking by 77 per cent from a record high in early 2023, and by 61 per cent from the months after the invasion of Ukraine in February, suggests exclusive data accessed by Business Standard. But even record-low discounts at present are offering value to India’s state-run refiners, which are grappling with the inability to adjust pump prices for nearly two years. They lowered petrol and diesel rates by Rs 2 per litre last month, despite rising crude oil prices. Discounts on Russian crude oil could currently be contributing $1.5 to $2.5 per barrel to gross refining margins (GRMs) of state oil refiners, but there are no official numbers available, said Swarnendu Bhushan, co-head of research at Mumbai-based brokerage Prabhudas Lilladher. The refiners are securing 20-30 per cent of their crude oil imports from Russia, he added. The contribution accounted for around 15 per cent of the average GRMs posted in the nine months to December 2023. *Net direct tax collection surpasses RE in FY24; corp tax receipts a miss* Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion. The actual collection (including securities transaction tax), however, exceeded the RE by 2.1 per cent at Rs 10.44 trillion. On the other hand, the RE for corporation tax was kept at the same level as the BE, at Rs 9.23 trillion for the year. Even then, the mopup fell short of the estimates by Rs 12,000 crore, or 1.3 per cent, at Rs 9.11 trillion. *Global market action* Dow Jones – Up by 0.20% or 75.16 points FTSE – Up by 0.24% or 18.80 points CAC – Down by 0.01% or 0.85 points DAX – Down by 0.56% or 100.04 points Gift Nifty – Up by 0.79% or 174 points *FII/DII activities* FII – Bought 129.39 Cr worth of shares DII – Sold 52.50 Cr worth of shares. *Stocks with high delivery Percentage* TTK Prestige Ltd – 94.9% Sundaram Fasteners Ltd – 89.3% Grindwell Norton Ltd – 86% JB Chemicals & Pharma Ltd – 84.9% Eris Lifesciences Ltd – 84.7% *Primary market activities* IPOs opening today Varyaa Creations Ltd (BSE SME) – Issue size 20.10Cr Listing today Greenhitech Ventures Ltd (BSE SME) – Subscribed 769.95x *Commodities updates* Gold – Rs 75875/10gm, Silver – Rs 83524/kg, Brcrude – Rs 6893/barrel, Copper – Rs 845.4/kg. *Corporate News* Hero MotoCorp opens assembly facility with 75,000 units capacity in Nepal. UltraTech Cement buys grinding unit from India Cements, announces expansion. ICICI Bank: The Board to consider raising of funds by way of issuance of debt securities on April 27, 2024. Allcargo Gati- March 2024 business update: Total volume, including surface and air express, stood at 111 kt, recording an increase of 3% as compared to March 2023. BLOGPOST WITH TITLE,DETAILS IN TABLES AND TAGS WITH COMMA
Investing & Finance [Updated]
Title: Morning Financial Update: Indian Refiners, Direct Tax Collections, and Market Movements | April 20, 2024
Blog Post:
Today’s morning alert brings a mix of updates from the Indian economy and global market movements. Let’s dive into the key details:
1. Indian Refiners and Russian Crude Oil Despite the shrinking discounts on Russian crude oil, which have dropped significantly since early 2023, India’s state-run refiners are still finding value. The table below outlines the impact on their gross refining margins (GRMs).
| Factor | Details |
|---|---|
| Discount Drop | 77% from early 2023; 61% post-Ukraine invasion |
| Current Contribution to GRMs | $1.5 to $2.5 per barrel |
| Import Proportion | 20-30% of imports from Russia |
| GRM Contribution | Approx. 15% of average GRMs in the last 9 months of 2023 |
2. Tax Collection FY24 India’s net direct tax collection has seen mixed results, with personal income tax performing better than expected, but corporation tax receipts falling short.
| Tax Type | Revised Estimate (RE) | Actual Collection | Difference |
|---|---|---|---|
| Personal Income Tax | Rs 10.22 trillion | Rs 10.44 trillion | +2.1% over RE |
| Corporation Tax | Rs 9.23 trillion | Rs 9.11 trillion | -1.3% under RE |
3. Global Market Movements Here’s a snapshot of today’s key global indices movements:
| Index | Movement | Change |
|---|---|---|
| Dow Jones | Up | +0.20% (75.16) |
| FTSE | Up | +0.24% (18.80) |
| CAC | Down | -0.01% (0.85) |
| DAX | Down | -0.56% (100.04) |
| GIFT Nifty | Up | +0.79% (174) |
4. FII/DII Activities Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) continue to show divergent strategies:
| Investor Type | Activity | Amount (Cr) |
|---|---|---|
| FII | Bought shares | 129.39 |
| DII | Sold shares | -52.50 |
5. High Delivery Stocks Some stocks have shown high delivery percentages, indicating strong investor confidence:
| Company | Delivery Percentage |
|---|---|
| TTK Prestige Ltd | 94.9% |
| Sundaram Fasteners | 89.3% |
| Grindwell Norton Ltd | 86% |
| JB Chemicals & Pharma | 84.9% |
| Eris Lifesciences Ltd | 84.7% |
#IndianEconomy, #MarketUpdate, #RussianCrude, #TaxCollection, #DirectTaxes, #GlobalIndices, #FII, #DII, #HighDeliveryStocks, #FinancialNews
This roundup provides a comprehensive snapshot of the latest financial trends and market movements, crucial for investors and finance professionals.
