Morning alert..28th Nov 2022

India eyes smaller nuclear reactors for clean energy transition: Minister

*India eyes smaller nuclear reactors for clean energy transition: Minister*
India is taking steps for the development of small modular Reactors with up to 300 MW capacity to fulfil its commitment to transitioning towards clean energy, Union Minister Jitendra Singh said Sunday. At a workshop on Small Modular Reactors (SMR) organized by NITI Aayog and the Department of Atomic Energy, he said the participation of the private sector and start-ups needs to be explored in the development of this critical technology within India. He emphasised that technology sharing and availability of funding are the two crucial links for ensuring the commercial availability of SMR technology.

India’s Gold Imports Decline.

Gold imports
*Gold imports decline 17% in Apr-Oct to $24 billion as demand falls*
Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about USD 24 billion during April-October due to fall in demand, according to the data of the commerce ministry. Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22. The imports during October this year also contracted by 27.47 per cent to USD 3.7 billion, the data showed. Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22.

Road & transport sector

*Road, transport sector has maximum number of delayed projects: Govt report*
The road transport and highways sector has the maximum number of delayed projects at 243, followed by railways at 114 and the petroleum sector at 89, showed a government report. In the road transport and highways sector, 243 out of 826 projects are delayed. In railways, out of 173 projects, 114 are delayed, while in petroleum sector, 89 out of 142 projects are delayed, as per the latest flash report on infrastructure projects for October 2022. The Infrastructure and Project Monitoring Division (IPMD) is mandated to monitor central sector infrastructure projects costing Rs 150 crore and above based on the information provided on the Online Computerised Monitoring System (OCMS) by the project implementing agencies.

*Commodities play*
Gold – Rs 52441/10gm, Silver – Rs 61591/kg, Brcrude – Rs 6517/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 678/kg

*Corporate news*
Adani Enterprises outlier as equity raising by India Inc declines

Godrej Properties to launch Rs 8,000 cr housing project in Delhi by March

IndiGo can wet lease Turkish Boeing 777 planes for a yr as govt eases rule

SGX Nifty indicates negative start to Indian markets trading at 18570 levels down by 90.50 points or 0.48%.

Sector in focus – Banks, Real-estate, Metals & Pharma.

Stock in Action Emami & Maruti

Emami: During Q2FY23, Emami revenue grew by 8 % YoY, excluding pain management, healthcare range and Helios (Helios Lifestyle Pvt Ltd), which became a subsidiary of Emami from July 1, 2022, and contributed 3.5% to the consolidated sales in the September quarter. Core domestic business grew by 5% on the back of a volume decline of 1.2% while international business grew by 17%. Modern trade and e-commerce grew 28% and 55%, respectively, and contributions from both the channels increased to 17% of the domestic revenues, compared to 11% in September 2021. International business revenues grew by 30% in H1FY23 and the MENA region saw a strong growth in the September 2022 quarter. The management has increased its focus on launching digital-first products. It believes that H2FY23 would be better and expect a strong rural bounce-back on the back of a good monsoon and government impetus on rural programmes. Positive on Emami given its diverse product portfolio and increased distribution reach in urban and rural markets.

Maruti Suzuki India: Maruti Suzuki could be the biggest beneficiary of the expected shift away from diesel as Real-world Driving Emission (RDE) norms go live from Apr’23. More stringent norms will follow and are expected to further increase the relative cost of diesel cars in India. The demand for CNG cars continues to rise as expansion in to new markets offsets the weakness in mature markets like NCR/Mumbai. Another factor driving CNG demand higher is the increasing number of models offering the fuel as a choice Suzuki Baleno, XL6 launched recently. Further, the steady recovery in passenger vehicle division coupled with easing of semi conductor shortage will augur well for the Maruti Suzuki in the near term. Positive on Maruti Suzuki India given the expected shift away from diesel and easing of semi conductor shortage.

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