#11 : 02-10-2023

CMIE data reveals a drop in Capex

investments in the September quarter
Synopsis: According to the data showed by CMIE’s project-tracking database, around ₹1.2 trillion worth of
projects were announced in the July-September period which was significantly lower as compared to ₹6.6 trillion
in the quarter before.
➢ Data by the Centre for Monitoring Indian Economy (CMIE) shows both sequential and year-on-year
fall in new investment proposals in the quarter ending in September.
➢ When compared to the ₹6.6 trillion in the preceding quarter, there was a massive decline of 82%
and 77% compared with the same quarter in the previous year.
➢ While there was a decrease in capex announcements for both government-owned as well as
private, the decline was more pronounced in the public sector. Public sector announcements
decreased by almost 5% in the June quarter when compared to the previous quarter but expanded
to as much as 68% in this quarter. Private sector companies experienced a drop of more than 55%
during the period.

Additional reading

Capital expenditure, often referred to as Capex, comprise a wide

range of expenditures made by businesses to acquire or maintain
long-term assets that are necessary for their operations. They may
include infrastructure, real estate, machinery and equipment, R&D,
human capital, acquisitions, and mergers, etc.
How to Deal with Current Account Deficit?

Adani aims to establish a 10 GW solar

manufacturing capacity by 2027
Synopsis: The Adani Group plans to boost its solar manufacturing capacity to 10 GW by 2027, a significant
increase from its current 4 GW capacity. The group has already secured orders for over 3,000 MW exports,
reflecting strong market demand. The company has recently secured $394 million from Barclays and Deutsche
Banks to fund its solar manufacturing endeavours. Such investments in the solar manufacturing sector are
encouraged by the Indian government’s initiatives such as safeguard duty and PLI.
➢ Presently, the Adani Group possesses a solar manufacturing capacity of 4 GW and is looking to
capture the energy transition business.
➢ Adani has secured a confirmed order book of over 3,000 MW for export contracts to be fulfilled
within the coming 15 months. Furthermore, the company has successfully raised $394 million for
its solar manufacturing ventures through a trade finance facility from Barclays PLC and Deutsche
Banks AG.
➢ This will become the largest manufacturing facility within the group and is anticipated to generate
more than 13,000 green jobs.

Additional reading
#11 : 02-10-2023

Coal India records a 12.6% YoY rise in

production to 51.4 MT in September
Synopsis: Coal India experienced an 11.3% growth in output during the April-September period, reaching 332.9
MT from the previous year’s 299 MT. The production in H1FY24 was 42.67% of its full year production target of
780 MT.

➢ Coal India Ltd., the state-run largest coal producer, reported a 12.6% year-on-year (YoY) increase in coal
production for September, reaching 51.4 million tonnes (MT). In the same period last year, the company
had produced 45.7 MT of coal.
➢ In September, Coal India’s offtake grew by 12.6%, reaching 55.1 MT compared to 48.9 MT in the same
month in the previous fiscal year.
➢ Within Coal India’s subsidiaries, Central Coalfields Ltd achieved the highest production growth, reporting a
31.3% year-on-year (YoY) increase to 5.5 MT, followed by South Eastern Coalfields Ltd with 21.6% YoY
growth in production during the same month.

Additional reading
➢

Maruti Suzuki achieves its highest-ever

➢

monthly sales in September, crosses the 1-

million mark in H1FY24
Synopsis: During the April-September period, Maruti Suzuki achieved over one million total sales, dispatching
1,050,085 units in the first half of the current fiscal year, compared to 985,326 units in the corresponding period
of the previous fiscal year.

➢ Maruti Suzuki India, the leading passenger car manufacturer in the nation, announced its highest-ever
monthly sales in September 2023. The company’s total wholesale figures for the previous month grew by
2.8% year-on-year (YoY) to 181,343 units, compared to 176,306 units delivered to dealers in the same
month last year.
➢ During the April-September period, Maruti Suzuki’s sales exceeded the 1-million sales mark. There was an
increase to 1,050,085 units from the 985,326 units in the same period of last fiscal.
➢ This is the first time the company has crossed the half-yearly sales mark of 1 million units.

Additional reading

Today’s post was compiled by Astha Mamtani from BEPCOM