GST collections in April hits new record high of Rs 1.41 lakh crore

The gross Goods and Services Tax  (GST) revenue collection for the month of April 2021 hit a record high of Rs 1,41,384 crore. The breakup of the figure included Central GST at Rs 27,837 crore, State GST at Rs 35,621 crore, and Integrated GST at Rs 68,481 crore. “The improvement came despite the second wave of Covid-19 affecting several parts of the country and was indicative of the resilience of Indian businesses,” the Finance Ministry said in a statement on Saturday.

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Auto sales data for April 2021: Highlights

Maruti Suzuki India reported a 4.3% month-on-month (MoM) decline in total sales to 1,59,691 units in April 2021. Passenger vehicle sales fell 7% over last month (March) to Rs 1.35 lakh units during the same period. The automaker’s exports increased by 48% MoM to 17,237 units.

Tata Motors posted passenger vehicle sales of 25,095 units in April. This is a 15% decline in sales as compared to March. The company’s overall domestic sales fell 41% to 39,530 units.

Mahindra & Mahindra (M&M) posted total sales of 18,285 units in April. Its passenger vehicle sales grew 9.5% over last month. M&M’s automotive division posted sales of 36,437 units, down 9.8% as compared to March.

Escorts Limited’s agricultural machinery segment posted a 43% MoM decline in tractor sales at 6,979 units in April.

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RIL emerges as India’s largest producer of medical oxygen; to produce 1,000 MT a day

Reliance Industries Ltd (RIL) has ramped up its production of medical-grade oxygen from 700 metric tonnes (MT) per day to 1,000 MT per day. This constitutes more than 11% of India’s total medical-grade liquid oxygen production. The oxygen will be provided free of cost to several state governments across the country to provide immediate relief to over 1 lakh patients on a daily basis.

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HDFC Bank’s new CEO announces changes in business and leadership

Sashidhar Jagdishan, the CEO of HDFC Bank Limited, has announced strategic changes to the bank’s business model and leadership team. The lender will reorganise itself into three clear areas— business verticals, delivery channels, and technology. As part of its strategy, HDFC Bank will increase its focus on micro, small, and medium enterprises (MSME) and launch more products and services for such clients. Rahul Shukla, who is currently the head of wholesale banking, will lead the MSME and rural verticals for the bank.

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India’s power consumption grows 41% YoY in April

According to data released by the Ministry of Power, power consumption in India grew 41% year-on-year (YoY) to 119.27 billion units (BU) in April 2021. The country’s power consumption in April last year was recorded at 84.55 BU. Peak power demand met, which is the highest supply in a day, during the first half of April remained well above the highest record of 132.20 GW in April 2020. This signifies a strong recovery in industrial and commercial demand for electricity.

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Zen Technologies Q4 Results: Net profit declines 4.5% QoQ to Rs 1.83 crore

Zen Technologies Limited reported a 4.5% quarter-on-quarter (QoQ) decline in net profit to Rs 1.83 crore for the quarter ended March (Q4). Its revenue from operations rose 30% QoQ to Rs 22.44 crore during the same period. The company’s board has announced a dividend of Rs 0.10 per share. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

CDSL Q4 Results: Net profit rises 81% YoY to Rs 51.6 crore

Central Depository Services (India) Limited (CDSL) reported an 81% YoY increase in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 4%. CDSL’s total revenue from operations rose 51% YoY to Rs 110.25 crore during the same period. The company’s board has recommended a final dividend of Rs 9 per share. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

M&M acquires remaining stake in Meru for Rs 98 crore

Mahindra & Mahindra (M&M) said it will raise its stake in app-based cab service Meru to 100%. The automaker currently holds a 43.20% stake in Meru. M&M will acquire 44.14% shares from private equity investor True North and others for an amount not exceeding Rs 76.03 crore. It will also acquire a 12.66% stake from Neeraj Gupta and Farhat Gupta (the founders of Meru) for Rs 21.63 crore.

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