Expenditure on new projects slowed down for the second quarter in a row amid an uncertain global environment and higher borrowing costs. There were new projects worth a cumulative Rs 3.26 trillion in the July-September period, according to data provided by project tracker Centre for Monitoring Indian Economy (CMIE). This figure is much less than Rs 4.39 trillion in the June quarter (Q1FY23) and Rs 8.46 trillion in the March quarter (Q4FY22).
The Apple iPhone comprises 44 per cent of the global smartphone market's revenues and it is the second most-such device to be shipped after Samsung. More than half of smartphones used in the US are iPhones. More than 7 million iPhones are expected to be sold in India in 2022, extending the user base to 20 million, according to market research and analyst firm Techarc. Hence, the news about Apple scaling down its production target for iPhone 14 in India has made news.
Driven by a rise in sales during the current year, German luxury carmaker Mercedes-Benz said on Thursday that the company is expecting a growth in sales of around 8-10 per cent in the next few years. This comes at a time when the company is ready to surpass the previous highest sales of 15,538 vehicles (2018) in 2022. During the first half, the company sold 7,600 units. It already has an order bank of around 7,000 vehicles. In 2021, the company sold 11,242 vehicles.
India will have 30 per cent of its two-wheeler industry turning electric by 2030 as new manufacturers lead the shift, said a report on Monday. Passenger vehicles will be 15 per cent electric and the three-wheeler segment 75 per cent electric by 2030, said the report by BNP Paribas called 'India Autos-Electric vehicles: Minutes to midnight'. "We see FY22 as the year of inflection for the two-wheeler EV industry, with an accelerated EV adoption helped by incentives, wider availability, model launches, rise in crude prices and improved general awareness. We see 30 per cent of the 2W industry turning electric by 2030; the pace of incentive withdrawal presents an upside/downside risk," the report (India Autos - Electric vehicles: Minutes to midnight) said.
'This year there is a sharp spike in fever cases, and it seems to be more than the pre-COVID-19 levels.'
The Tata group is planning to invest $90 billion in new industries such as mobile components plant, semiconductor, electric vehicles, batteries, renewables energy and e-commerce by 2027. The Tata group's investment in India is far higher than the $75-billion investments planned by Mukesh Ambani-owned Reliance Industries and $55-billion investment planned by the Adani group in the next five years in the country, the Economist reported recently. The investment by the Tata group is a shift in its strategy to focus more in the home markets instead of international markets where the group lost money.
As part of its road map to achieve 100 per cent dependence on renewable energy by 2025, Amazon on Wednesday announced its first utility-scale renewable energy projects in India - three solar farms located in Rajasthan. These include a 210-megawatt (Mw) project to be developed by India-based developer ReNew Power, a 100 Mw project to be developed by local developer Amp Energy India, and a 110 Mw project to be developed by Brookfield Renewable Partners. By the end of 2021, the company had reached 85 per cent renewable energy across its business.
Russian traders have started asking for payments in ruble for their exports to India in a move that could derail trade between the two countries which gathered pace after the war in Europe. This is because Indian importers are unable to pay in ruble. The India-Russia trade gathered pace after Vladimir Putin invaded Ukraine in February this year. In the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent year on year.
India's crude oil imports are coming in from a changing mix of countries, with the top three accounting for around 60 per cent of total imports. Russia emerged as the largest source of crude oil imports for India in June, as per the latest available data from the Organization of the Petroleum Exporting Countries (OPEC). The data which is released with a lag, showed that Russian imports accounted for 24 per cent of the total crude imports into the country.
Kerala is likely to witness all-time high liquor sales this Onam, the harvest festival, with the season already reporting a 30 per cent hike. According to the Kerala State Beverages Corporation (BevCo), the first few days of this Onam season have set the tone for record sales. "During last year's Onam season, our sales were around Rs 561 crore. This year, we expect it to be over Rs 700 crore," said Yogesh Gupta, chairman and managing director, BevCo.
Ford India has offered a "final revised severance package" for its employees at the Chennai unit, which is on average equivalent to 130 days of gross wages per completed year of service. The company said this was rolled out in the absence of any suitable alternative buyer. As part of the earlier package, employees were offered 115 days of gross wages for each completed year of service, which was later revised to 124 days.
The states recording the highest number of such deaths include Karnataka (14.3 per cent), Maharashtra (13.2 per cent), and Madhya Pradesh (11.3 per cent). Tamil Nadu (9.4 per cent) and Telangana (7.5 per cent) were the other two in the top five.
'Companies are being forced to pay higher salaries to retain and hire employees due to a big rise in attrition in the industry.'
'The power sector accounts for much of the financial burden of state governments in India.'
The Adani Group has overtaken Mukesh Ambani Group to become the country's second biggest business group in terms of market cap behind Tatas. Adani Group cos now have a combined m-cap of Rs 19.44 trillion against Ambani Group cos combined m-cap of Rs 17.89 trillion. Tata Group leads the league table with the group market capitalisation of Rs 21.73 trillion on Monday. The Adani Group companies, however, continue to out-perform firms from business groups and the broader market on the bourses by a big margin.
Nearly four decades ago, when Rakesh Jhunjhunwala was a young chartered accountant in training, he was paid a conveyance of Rs 60. Deductions would take away Rs 15 from this princely sum and he was left with Rs 45 by the time the allowance made its way to his hands. He would save as much as he could from this amount, so that he would have a small amount to spend when he met his friends on the weekend at Chicken Centre. This was an eatery popular with the young at the time, perhaps because food and drink were affordable even for those new to the workforce.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
George Acland from Great Britain ran a coffee plantation in Sri Lanka and set up India's first jute mill in 1855. He raised capital and imported the machinery for the mill on the banks of the Hooghly in West Bengal. His company wasn't a great success, but his pioneering work paved the way for India to dominate the jute industry.
On February 24, when Vladimir Putin announced a military operation on Ukraine, few would have thought that Indian government-owned GAIL India would feel the impact. The tensions over gas supplies were essentially a Europe-Russia problem, related to the sanctions western economies imposed on Moscow. But the EU depends on Russian imports for 40 per cent of its gas stocks, an over-dependence that Russia has underlined with Kremlin-owned Gazprom cutting its supplies through the Nord Stream 1 pipeline to 20 per cent, citing maintenance issues.
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