PRE-MARKET INDIAN STOCKS NEWS: India raised its windfall tax on petrol exports to INR 1.5 from zero, effective September 1st
India reinstated export windfall taxes on petrol, while Indian companies across automotive, mining, infrastructure, and technology sectors reported operational volumes, contract renewals, and regulatory deal approvals.
News detail
Hero MotoCorp (HMCL IN) - Co. August domestic dispatches rose 4.5% Y/Y to 542.3k units, supported by stronger scooter sales despite lower motorcycle volumes. (Economic Times) NMDC (NMDC IN) - Co. August production rose to 4.07mln tonnes (prev. 3.37mln tonnes Y/Y), while sales rose to 3.58mln tonnes (prev. 3.39mln tonnes Y/Y). (Economic Times) Tata Motors (TMPV IN) - Co. secured all prior regulatory approvals required for its proposed acquisition of Iveco Group, marking another step towards completing the transaction. (Economic Times) Welspun Corp (WELCORP IN) - Co. and Perma-Pipe International Holdings signed an MOU with developers of Jordan’s National Water Carrier Project and the Jordanian government to develop pipe manufacturing and advanced coating facilities in the country. (Economic Times) Wipro (WPRO IN) - Co. renewed its Digital Workplace Services contract with ABB, extending its long-standing engagement with the electrification and automation company. (Economic Times) Other News India raised its windfall tax on petrol exports to INR 1.5 from zero, effective September 1st.
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