Morning Scan: All the big stories to get you started for the day

The central government will be responsible for the auto fuel excise cut.

The finance minister said that the reduction in central taxes on petrol and diesel has been in road and infrastructure cess that is not shared with states. The excise duty on petrol and diesel has been slashed.

The opposition leaders had claimed that the duty cuts would reduce the share of states in central taxes. Chidambaram later apologized.

Retail inflation will be cooled by 40 basis points in 2022-23.

The central government's move to cut excise duty on petrol and diesel is likely to bring down retail inflation by 25 basis points. It could lead to a reduction of 40 basis points in the current fiscal year.

The government is taking action to bring down fuel costs because of retail inflation that has been over 6 percent for the past few months. The rate of price rise has been called for to be brought down by other fiscal measures.

Government may borrow more.

The recent duty cuts and subsidy hikes may cause the government to borrow more than anticipated, or even reduce revenue expenditure. There will be a revenue loss of Rs 1 trillion because of excise duty cut on auto fuels.

Growth projections have been lowered by various agencies, including the Reserve Bank. India's 2022-23 fiscal deficit is expected to be more than the budget of Rs 1.6 trillion because of reduced revenue collections and increased subsidy outgo.

Market regulators will tighten disclosure rules for asset managers.

The Securities and Exchange Board of India will soon make disclosures for asset management companies stricter. If fund managers are asked to leave or go through some major management changes, fund houses would have to follow certain standards.

The way in which the suspension and firing of two fund managers was handled is said to have annoyed the Securities and Exchange Board of India.

The road and power concessions are planned to be exited by the company.

As part of its new five-year plan, the engineering giant is looking to dispose of its exposure to road and power concessions and digital and e-commerce businesses. The sale of the Nabha Power project in Punjab, an exit from L&T Infrastructure Development Projects, and de-risking from the Hyderabad Metro venture are some of the items that will be sold.

L&T's plan is to help the company exit subscale businesses, concentrate on high technology manufacturing, construction, and green energy projects, and increase its share from information technology and digital services.

Demand is higher than supply for summer products on high temperatures.

Consumers are facing an unprecedented shortage of summer products from soft drinks an ice-cream to air-conditioners, amid a surge in demand, the return of travel, holidays, offices, schools and dining out, and an intense heatwave across large parts of the country.

The surge in demand after the two-year gap is important. The new capacities will only be operational during the summer season.

Special purpose acquisition companies will soon have a new reporting and audit rulebook.

The government may soon prescribe a reporting and audit mechanism for special purpose acquisition companies as it looks to legalized them and allow their listing on stock exchanges. The corporate affairs ministry has received several suggestions on the new set of amendments to the Companies Act, particularly on the regulatory framework of SPACs and fractional shares.

The Companies Act requires a company to be incorporated with a business object in order to support SPAC structures. The draft legislation to amend the law is expected to be ready by the second quarter of the current fiscal year.

The steelmaker plans to make armored vehicles.

JSL Lifestyle, a unit of India's largest integrated steel producer, plans to build armored and bullet-proof vehicles for the armed forces. The prototype is being tested by the company. The new plant will be near the Gurugram facility once the product is approved.

The government has allocated large sums and incentives to encourage self-reliance in defense. The private sector is expected to step up.

The chief executive of the company will be for five more years.

The reappointment of the chief executive is subject to shareholder approval. The longest serving non-founder chief executive of India's second-largest software exporter is 57 years old. 3 billion in revenue in the next two years.

The return to stability and high-powered performance of the company has been marked by the tenure of Parekh, who has overseen a 38 percent revenue growth in dollar terms in the past three fiscal years.

Electric scooter fires were caused by battery defects and insufficient testing.

The electric scooter fires that made news in recent weeks were caused by defects in their batteries, according to a report by the Defence Research and Development Organisation. Electric two-wheeler companies may have used lower-grade materials to cut costs, according to a report.

Why it’s important: India aims to increase the share of electric scooters and motorcycles in total two-wheeler sales to 80 percent by 2030. However, consumer sentiment has been impacted by the nine reported incidents since last year of electric two-wheelers catching fire, including those by Ola, Okinawa, Pure EV, Boom Motor and Jitendra Electric Vehicles.

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