Data recap: BSE m-cap, crude prices, CEOs’ pay

New peaks

Indian equities scaled fresh all-time highs earlier this week with the combined market capitalization of all BSE-listed stocks exceeding ₹400 trillion for the first time on 8 April, riding on favourable global cues and easing crude oil prices. The country’s bright macroeconomic fundamentals have encouraged local and foreign investors to plough more money into equities. The last ₹100 trillion came in just nine months, setting a remarkable record. Meanwhile, foreign portfolio investors (FPIs) maintained a bullish stance on Indian equities for the past three months, with a combined inflow of ₹38,227 crore.

Inflation outlook

India’s retail inflation for March may have eased marginally to 4.9% from 5.1% in February, the median estimate of 14 economists polled by Mintshowed. That suggests an average of 5% for the March quarter, and an average of 5.4% for the fiscal year 2023-24, in line with the Reserve Bank of India’s (RBI) latest projection. If it holds true, it would mark the lowest inflation rate in five months, primarily driven by a decrease in food and fuel prices, along with a sustained decline in core inflation. The data is due on Friday.

Expansion plans

300,000: That’s the number of cars Maruti Suzuki expects to export in FY25, a Mint report said. According to a senior official of the company, the car maker aims to export 800,000 units by 2030, as part of its strategic expansion strategy. In line with this, Maruti Suzuki plans to introduce additional models across its extensive export markets, spanning more than 100 countries. In FY24, the company achieved a historic milestone in exports, reaching 283,067 units, surpassing the previous high of 259,333 units in FY23.

Fat packages

The top corporate honchos in India are seeing a rapid rise in their salaries, a survey by audit and consulting firm Deloitte revealed. The salaries of promoter CEOs are outpacing those of professional CEOs, even as performance-based bonuses take centre stage. Meanwhile, the average compensation for chief executive officers has soared by 40% from pre-covid levels to ₹13.8 crore in 2024. In contrast, the average salary for junior executives is estimated to have grown at approximately half that rate during the same period, the survey said.

Crude surge

International crude oil prices surged to their highest level in five months this week after the Organization of the Petroleum Exporting Countries and its allies (Opec+) decided on 3 April to keep the supply policy unchanged until mid-2024. Following this surge, benchmark Brent crude futures are presently trading around $90 per barrel, a level not seen since October 2023. The price of Brent crude had dropped to as low as $73 a barrel on 12 December 2023. Additionally, Opec+ has urged certain oil-producing nations to enhance compliance with output cuts.

Energy goals

₹1.5 trillion: That’s the investment Adani Green Energy plans by 2030 to set up the world’s largest renewable energy facility in Khavda, Gujarat. The initiative is part of the Adani Group’s flagship plan to achieve a 45-gigawatt (GW) installed renewable energy capacity in India by 2030, comprising 26 GW of solar and 4 GW of wind. At present, Adani Green operates a portfolio totalling 10.93 GW, comprising 7.39 GW of solar, 1.4 GW of wind, and 2.14 GW of hybrid energy, across 12 states.

Crypto resurgence

After a subdued interest in cryptocurrencies, investor enthusiasm for crypto companies has picked up since the last quarter of 2023, an analysis by howindilives.com showed. The renewed interest stands in contrast with the decline observed in 2022, initially triggered by increasing interest rates and subsequently by the collapses of companies like FTX and Terra. Bitcoin, the leading cryptocurrency with a market cap of $1.3 trillion, has surged by 140% over the past year. Over the past two quarters, crypto enterprises have secured more than $2.6 billion each in venture capital funding. March alone saw an influx of $1.16 billion, marking the highest amount since April 2022, as per Rootdata.

Chart of the week: Wealthy netas

A Mint analysis of data compiled from MyNeta.info reveals that in the 2019 Lok Sabha polls, Andhra Pradesh had the richest candidates among major states, with median assets worth ₹1.3 crore, followed by Himachal Pradesh and Jammu and Kashmir, Uttarakhand, and Rajasthan. Ironically, Bihar and Uttar Pradesh, which fare poorly on financial metrics, figured among the top 10.

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