Few earnings seasons are awaited with such trepidation as the one for the June 2008 quarter. With the markets in turmoil, the Street is looking to India Inc to bail it out.
Last Friday's tumble on Wall Street, with the Dow Jones index falling nearly 400 points, is sure to have its repercussions on the already shaky Indian market. With both the benchmark indices, the Bombay Stock Exchange Sensex and the National Stock Exchange Nifty having lost 5 per cent apiece last week, investors are already skittish.
It's a difficult time for banks both at home and abroad. But Sanjay Nayar, Chief Executive Officer, Citi India, shrugs off Citigroup's problems in the US saying they haven't really impacted the Indian operations. Nayar admits there have been a few problems with the consumer finance business but tells Business Standard that Citi's India operations are well-positioned to see double digit growth over the next few years.
The auto maker is on a rough road with demand for both CVs and cars sluggish. With sales of commercial vehicles having barely grown and passenger car volumes dipping in FY08, the street was not expecting much from India's biggest automobile company.
Organised retailers in India today are caught in a bit of a bind: on the one hand, they're raring to roll out new stores so that they can grab space and market share. But, on the other, lease rentals are prohibitive and footfalls don't seem to be getting converted into the kind of buying many thought they would. It's not easy anymore.
Last November, he said he wanted SBI's balance sheet to grow from $150 billion (Rs 600,000 crore), at the time, to $250 billion (Rs 10,00,000 crore), in the next couple of years. By the end of the March 2008, SBI had already hit a balance sheet size of Rs 720,000 crore, which meant it had clocked a brisk 28 per cent growth in FY08. But, in the meanwhile the environment too has deteriorated.
Even at a slight premium, Bharti should buy into MTN since there are synergies.
Private sector market leader ICICI Prudential has reported just a 20 per cent rise in new retail business weighted premiums during March, 2008, and a 40 per cent rise for the quarter ended March 2008. That has dragged down ICICI Prudential's growth for 2007-08 to below 70 per cent. The average for the first 11 months was 80 per cent.
Sabare International, a Karur-based home furnishings company, has taken ICICI Bank to court over a foreign exchange derivative contract. The company has requested the Karur civil court to declare the contract void. This is the second company to have gone into a legal dispute with ICICI Bank after the Chennai-based Sundaram Multi Pap, which had alleged "mis-selling of certain foreign exchange derivative contracts for speculative purposes".
It is a real life story. A story of an insurer that has managed to hold on to its lead in the marketplace for seven years.
What could compound the problem is that many of these firms do not account for the debt. In other words, they are not providing for the borrowings on an annual basis over the life of the instrument. According to a study by a leading brokerage, accounting for the loan and the interest would, on an average, knock off at least 12 per cent of the profits in FY09 and about 10 per cent in FY10.
Nilesh Shah aired his views on the sub-prime crises, after effects of the Budget and FIIs. He thinks Brazil is the best bet amongst upcoming markets due to its natural resources.
The magazine hopes to ramp up its advertising and circulation figures in the country.
Sun Pharma has increased its stake in Israel's Taro by buying 9.5% more, raising its total holding to 34.4 per cent.
With sales growth in older stores and margins both falling, Pantaloon needs to keep costs in check.
BSE data suggest 2 demerger proposals a month in the last 2 years.
The credit growth in the current financial year has slowed down to 22.6 per cent at the end of January 2007 compared with nearly 30 per cent a year ago. While that in itself is not too worrying, most of the demand stems from companies with retail offtake in low double digits.
What a terrific start to the new year! Tata Steel has won a mind-blowing $13.65 billion bid for Anglo-Dutch steel-maker Corus.
Now, the property developer has snapped up a controlling 63.9 per cent stake in the loss-making Piramyd Retail at Rs 30 per share. The Rs 159 crore (Rs 1.59 billion) Piramyd has been running 7 large Piramyd lifestyle outlets and 33 small convenience stores called TruMart.
Franz Giovanni, Mario Zignotti, Richmond and Ascot. Foreign brands for menswear? Not really. You could pick up these designer clothes from a Westside or a Shopper's Stop. At affordable prices too. It's not only for apparel that retailers creating their own lines; whether its for air fresheners or 'atta', they're putting out their own brands.
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