Business
Budget 2022: Increase in custom duty on Aluminium scrap from 2.5 to 10% is key expectation

Steel Industry.
As the Indian economy pushes forward to grow at 9 per cent and above over the next few years, a key challenge for the country would be to rebalance its energy needs in favour of renewable sources by 2030 to 50 per cent as per the Paris agreement.
This is where the Aluminium sector will play a greater than ever before role. Extensive growth in electric vehicles, renewables, modern infrastructure, energy efficient consumer goods and greater dependence on strategic sectors such as aerospace and defence, will drive Aluminium consumption to grow at CAGR of 10 per cent or more. For example, Aluminium usage in EV battery is 40-50 per cent more than a normal ICE. Being 3 times lighter than steel it aids in fuel efficiency making it an efficient choice for EVs.
However, the Indian aluminium industry is struggling to revive itself over the last two years following the unprecedented Covid pandemic. The declining domestic producers market share with surging imports coupled with significant cost escalation for primary producers due to a rise in input costs of critical raw materials, escalating ocean freights & logistics costs due to container shortage, current coal crunch situation etc, is restricting the industry’s ability to support the future of the country at a time when India cannot rely on import sources alone to fuel this growth.
To give relief to the sector, there is a need for urgently looking at the duty structure. The basic custom duty on Aluminium and Aluminium scrap is not in line with other non-ferrous metals like Zink, lead, nickel and tin which is a huge disadvantage for domestic Aluminium producers. The industry expects increase in tariff rate of basic custom duty or peak custom duty rate from existing 10 per cent to 15 per cent. Currently custom duty on Primary Aluminium is 7.5 per cent, Downstream Aluminium is 7.5 per cent to 10 per cent and Aluminium scrap is only 2.5 per cent. This is the reason why despite having significant presence of primary Aluminium capacity and potential to generate sufficient domestic scrap, India’s consumption of scrap is 100 per cent import dependent. The way forward is to increase custom duty on Aluminium srap from 2.5 to 10 per cent.
Primary aluminium industry is facing severe threat from the increasing import of Aluminium scrap. The share of scrap in total imports increased from 52 per cent in FY-16 to 66 per cent in FY-21. resulting in Forex Outgo of $2 billion (Rs 15,000 crore).
What is also affecting the Indian industry is China’s renewed measures to restrict Scrap imports through National Sword Policy, which is leading to greater inflow of scrap into India. China imposed 25 per cent duty on Aluminium Scrap imports from USA, and classified Aluminium Scrap in restricted import list from July, 2019, with plan to completely ban all scrap and waste imports. Post that the share of import from the US in China’s total Aluminium scrap imports has declined from 53 per cent in 2017 to just 16 per cent in 2019. India has overtaken China as world’s largest aluminium scrap importer due to Chinese measures. As a result, entire global scrap chain is shifted to India in absence of any quality or BIS standards for scrap recycling/ usage and imports in the country. A major threat is from US scrap imports, as US is diverting large volume of scrap to India, since EU and other developed countries have stringent standards for scrap. The import from US as share of India’s total scrap imports increased from 8 per cent in FY16 to 24 per cent in FY21.
This precarious situation can be resolved by safeguarding the domestic industry against these non-essential imports in the upcoming union budget.
The industry demands increasing the basic custom duty on Chapter-76 (Aluminium & articles).
Business
ED Seizes ₹42 Lakh, Luxury Cars In Mumbai Drug Money Laundering Probe

Mumbai: The Enforcement Directorate (ED) seized Rs 42 lakh in cash, three luxury cars, property papers, and several digital devices during a search operation on Wednesday targeting a drug trafficking and money laundering network. The agency also froze multiple bank accounts and a locker linked to alleged drug trafficker Faisal Javed Shaikh and his wife, Alfiya Faisal Shaikh.
Officials said the searches were conducted at nine locations across Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The operation aimed to trace the drug sale proceeds generated by a well-established narcotics network allegedly operated by the couple.
The ED initiated its money laundering probe based on a case registered by the Narcotics Control Bureau (NCB), Mumbai Zonal Unit, against multiple accused, including Faisal Shaikh, Alfiya Shaikh, and several others, including Ashik Varis Ali, Nasir Khan, Irfan Yusuf Faruqi, Azim Abu Salim Khan alias Azim Bhau, Faizan Mohd. Shafi Shaikh, and Mohd. Shahid Faridudin Chaudhary alias Baboos.
Investigators said Faisal Shaikh was procuring MD (Mephedrone) drugs from Salim Dola, a notorious drug kingpin who has been wanted by law enforcement agencies for his alleged role in large-scale narcotics trafficking. The NCB has announced a reward for information leading to Dola’s arrest.
After securing bail in the NCB case, Shaikh, described by officials as a habitual offender, was placed under preventive detention under the PIT-NDPS Act.
The ED’s probe revealed that Faisal and Alfiya Shaikh allegedly ran a structured network for the sale of MD drugs sourced from Dola. During Wednesday’s searches, the agency also covered premises connected to several individuals associated with shell companies with paper transactions exceeding Rs 100 crore, as well as firms involved in foreign outward remittances and financial dealings with the accused. Officials said these entities are being examined for their possible role in layering drug proceeds and routing the funds abroad through channels such as hawala, shell companies, and trade-based mis-invoicing.
Officials said the ED searches were critical to tracing both the “forward linkage” (movement of drug sale proceeds) and “backward linkage” (sources, beneficiaries, and conduits of funds), including whether the proceeds were channelled abroad via hawala, shell companies, or trade mis-invoicing. The seized and frozen assets including cash, bank accounts, lockers, vehicles, property documents, and digital devices are being examined under the lens of money laundering.
Business
Stock markets end week on positive note; Banking, IT, and pharma stocks lead gains

Mumbai, Oct 11: Indian equities ended the week on a positive note amid buying in banking, IT, and pharma stocks (in the last two sessions).
Investors’ sentiment remained firm toward banking stocks during the period, buoyed by the RBI monetary committee decision to keep the repo rate unchanged at 5.5 per cent, and it improved further after the government invited private sector professionals to lead the State Bank of India.
Meanwhile, pharma stocks picked up momentum at the end of the week after the US administration said that they do not plan to impose tariffs on generic drugs and signalled cutting biotech ties with flagged foreign firms, especially from China.
“Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.
On Friday, Indian equity benchmark indices ended higher for the second straight session, supported by strong buying in pharma and banking stocks.
Because of the weakness in IT stocks, the Sensex opened at 82,07,5 down about 100 points. But it quickly bounced back, rising 579 points to an intra-day high of 82,654.
At 82,501, the index ultimately closed 329 points higher, or 0.4 per cent higher. Likewise, the Nifty reached a peak of 25,331 during the day and ended the day 104 points, or 0.4 per cent, higher at 25,285.
“Investor sentiment improved after the government invited private sector professionals to lead the State Bank of India. This marks a broader policy shift towards allowing private participation in public sector enterprises, aimed at enhancing efficiency and governance,” Nair added.
The Nifty index displayed strong bullish momentum over the past week, advancing 391 points or 1.57 per cent, while Sensex rallied over 1,000 points or 1.35 per cent.
“On the weekly chart, the index has formed a cup and handle pattern, and a decisive break out of this formation, supported by increasing volumes, would signal the potential for further sustained upside,” said Hardik Matalia of Choice Equity Broking.
The Bank Nifty (up 1.84 per cent), Nifty IT (up 4.8 per cent) and Nifty Pharma (up 2.12 per cent) fueled the market momentum this week.
Business
Sensex, Nifty edge higher as geopolitical tensions ease

New Delhi, Oct 10: Indian stock markets opened on a flat note but soon moved higher on Friday, supported by positive global sentiment.
The easing of geopolitical tensions in the Middle East and signs of a possible trade deal between the US and India boosted investor confidence.
After the opening bell, the Sensex gained 148 points, or 0.18 per cent, to trade at 82,320 levels. The Nifty also rose 40 points, or 0.16 per cent, to 25,221 levels.
“Though yesterday’s push higher in the second half failed to clear the week’s high, it did serve to invalidate the bearish bias of the evening star candle stick pattern,” market experts said.
“This encourages us to look for 25460, in the days ahead. For the day, inability to push and float above 25215 or direct fall past 25113, could render the trend sideways, but may not call for a break of 24982 right away,” they added.
In the broader market, the Nifty Midcap 100 index inched up 0.18 per cent, while the Nifty Smallcap 100 advanced 0.28 per cent — indicating healthy participation from mid- and small-cap stocks.
Among the sectoral indices, Nifty Metal was the worst performer, slipping 1.4 per cent. It was followed by weakness in Auto, Pharma, and Healthcare stocks.
On the other hand, sectors such as Banking, Energy, FMCG, IT, Consumer Durables, Oil & Gas, and Realty were trading with gains.
In the Sensex pack, Power Grid, State Bank of India, NTPC, Adani Ports, and Asian Paints were among the top gainers.
Meanwhile, Tata Steel, TCS, Bajaj Finance, M&M, and HCL Tech were trading in the red.
“The overall market environment is turning positive. Globally, the GAZA peace accord signals end to the conflict and reduction of geopolitical risk from the region,” analysts said.
“Domestically, there are indications of a trade deal between US and India with India ‘rebalancing’ its oil purchases,” they added.
According to market analysts, these positive developments and the shift in FII strategy ( FIIs were buyers in the cash market in the last three trading days) bode well for the market.
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