The biggest jump in earnings and decline in P/E multiples has occurred with top companies in metals and mining, corporate banking, and the oil and gas sectors.
Emerging markets such as India have always run higher inflation rates than developed economies such as the US and countries of Western Europe. But for the first time in the past 30 years, the US reported a higher consumer price inflation (CPI) rate than India in five consecutive months. The US reported a CPI rate of 7.5 per cent in January 2022 against 6.01 per cent in India and analysts expect the trend to continue for at least a few months more
The amount of money lying unclaimed with the Life Insurance Corporation of India dwarfs the budgets of many ministries. There was Rs 21,539.5 crore which lay unclaimed with India's largest insurance company, according to details in the initial public offer (IPO) document it filed over the weekend. The regulatory documentation is ahead of LIC selling shares to the public through the stock exchange for the first time this financial year. This will be India's largest ever public listing.
The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertiliser and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods and services.
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
Companies spent less money buying back their shares from the public last year than at any time since 2015. They announced buybacks of up to Rs 14,341 crore, show numbers from primary market tracker Prime Database. The total amount spent was Rs 13,597 crore. Both the amounts are lower than what was offered (Rs 39,564 crore) and spent (Rs 36,517 crore) in 2020.
The Tata group companies are now more valuable than all the listed central public sector undertakings (CPSUs) or companies in the country. The key 20 listed Tata companies ended the 2021 calendar year with a combined market capitalisation of Rs 23.36 trillion, ahead of the 70 listed CPSUs, which had a combined m-cap of Rs 23.2 trillion. In comparison, these CPSUs had a combined market capitalisation of Rs 16.7 trillion at the end of December 2020 against the Tata group firms' combined m-cap of Rs 15.7 trillion.
Outperforming peers following a crisis in the debt markets is an act that ICICI Prudential Asset Management Company fund manager Manish Banthia has pulled off more than once.
The value of unclaimed securities and other assets was nearly Rs 20,000 crore in March 2020.
New projects fell 6.3 per cent in the December quarter compared with the September quarter. The value of new projects in the just-concluded quarter was Rs 2.1 trillion, according to the data from Centre for Monitoring Indian Economy (CMIE), which was lower than the Rs 2.2 trillion seen in the September quarter. It is, however, higher than Rs 1.5 trillion recorded for the quarter ended December 2020, the first year of the Covid-19 pandemic. This data ties in with the November data for core sector growth, an index of eight core industries, which grew at its slowest pace since early 2021.
There are more of them now and the total value of such companies--out of reach for small retail players--may surprise you. Shares topping the five-figure price mark were rare ten years ago. A look at March-end figures across the listed universe in 2011 shows only one such share. There were two by 2013.
The Indian banking system's latest record on wilful defaulters shows Rs 62,970 crore, or around 10 per cent increase, in the additional amount outstanding since the pandemic began. The total outstanding amount increased to Rs 6.85 trillion in June from Rs 6.22 trillion in December 2019, shows a Business Standard analysis of numbers from the TransUnion CIBIL database. India recorded its first case of Covid-19 in January 2020.The amount outstanding to wilful defaulters had touched a post-pandemic peak of Rs.7.6 trillion in December 2020 (or Rs 1.4 trillion more than pre-pandemic levels).
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
LIC owns 3.69 per cent of the total listed universe based on available disclosures, the lowest since at least June 2009.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
The rally in the broader markets, a spate of new listings, and the influx of retail investors have resulted in a boom for research and this has spurred a surge in the number of entities providing such services. From 467 entities that provided research services as of March 2018, the number jumped 57 per cent to 733 as of March 2021. And, another 46 entities have been added to the list in the six months since, to take the total number of registered research analysts to 779 as on September 13. However, the total number of analysts could be a multiple of this number.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
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