The Big Stories Of The Week Gone By – In Charts

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Export boost?

Three months after imposing export duty on steel, the government aims to revise the levies amid declining domestic demand and to tap export opportunities before they dry up because of the possible recession in Europe and the US, Mint reported this week. The 15% export duty imposed on some steel products on 22 May may be halved or abolished for some products. The taxes led to a massive decline in exports of iron and steel, 34% in June and 57% in July, commerce ministry data showed.

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Killer roads

The tragic death of former Tata group chairperson Cyrus Mistry in a road accident on Sunday afternoon has put the spotlight on India’s deadly roads. A record 155,622 lives were lost in 2021 to road crashes and 371,884 people were injured, showed data from the National Crime Records Bureau released last month. Around 42% of all road accident-related deaths in 2020 were because of lack of safety gear such as helmets and seat belts, government data showed.

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Increasing efficiency

$4 billion: That’s the amount Tata Sons Ltd, the holding company of the Tata group, plans to raise to infuse fresh capital into Air India and refinance costly debt, Mint reported this week. A part of the fund is being raised to increase the airline’s operational efficiency to regain its market share, which has fallen from 11.6% in January 2020 to 8.4% in July 2022. The new owner plans to add new aircraft and offer differentiated customer service initiatives to attract passengers.

Stellar debut

Amid jittery market sentiment, the debut of India’s largest airport service aggregator platform, DreamFolks Services, on the bourses brought some optimism. The year 2022 has otherwise been dry for initial public offerings. The company made a positive stock market debut, with its shares listing 56% over its issue price of ₹326 per share on Tuesday morning. It ended the day 42% higher than the issue price and is among the stocks with best debuts this year.

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Making a mark

With a paucity of homegrown television brands in India, manufacturers are buying key software licences for value addition to take on Chinese companies. Dixon Technologies announced a pact with Google to acquire the licence for Android and Google TV platforms. Noida-based Videotex International Pvt. Ltd became the first TV maker to obtain the licence for LG’s webOS platform for TVs in India. Data shows Indian brands have a market share of 2-5% as against Xiaomi’s 13% and Samsung’s 12%.

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Raising debt

₹1,200 crore: That’s the amount of long-term debt Reliance Power Limited aims to raise. The company has a memorandum of understanding (MoU) with Varde Partners to avail the debt for settlement and discharge or acquisition and restructuring of certain financial debt of the company. Reliance Power, a part of the Reliance Group, is one of India’s leading private sector power generation and coal resources firms.

Inflow continues

After seeing an outflow of foreign portfolio investments since late last year owing to the Ukraine war and monetary policy tightening, India began getting inflows from July, which have continued in September so far. Foreign investors pumped in more than ₹51,200 crore into the equity markets in August, the highest in 20 months as sentiments improved with decline in crude prices. In the first seven days of the current month, foreign investors have already invested ₹2,646 crore.

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Chart of the week: Hefty hikes

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Members of the C-suite in India’s top listed companies clocked an annual rise of 40% in their average compensation in 2021-22, the fastest in at least five years. Despite the pandemic, the number of chief executive officers in the highest earning bracket of ₹10 crore a year has been steadily growing.

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Elsewhere in Mint

In Opinion, Ajay Piramal & Monal Jayaram argue why literacy should be much more than what it means today. Parmy Olson explains how contact lenses are replacing phone screens. Deepak Nayyar argues growth is more than arithmatic and economics. Long Story predicts the future of moonlighting in Indian companies.