Tata Power saw a big sell-off, with the stock falling almost 8 per cent after declaring disappointing results for the October-December quarter (Q3) of 2023-24 (FY24) on Friday evening. The company reported net consolidated revenue of Rs 14,650 crore, up 4.4 per cent year-on-year (Y-o-Y), and earnings before interest, tax, depreciation, and amortisation (Ebitda) of Rs 2,607 crore, up 2 per cent Y-o-Y, in the quarter, led by higher sales across Odisha distribution companies (discoms) and capacity addition in renewables. This was well below consensus estimates.
Bihar Chief Minister Nitish Kumar was an experienced leader and it would be great if a proposal came to make him the convenor of the Indian National Developmental Inclusive Alliance (INDIA), his deputy Tejashwi Yadav said on Wednesday.
Titan's October-December quarter (Q3) business update claims 22-23 per cent revenue growth in the standalone jewellery sales (excluding bullion sales), implying a 4-year compound annual growth rate (CAGR) of 21.3 per cent. Store additions also looked healthy, with 21 new Tanishq stores opened in Q3, taking the total count to 466 (+43 in 9 months of FY24) including two in the US and one in Singapore. Titan added 90 stores in Q3, pushing its total retail outlets to 2,949 (including CaratLane).
Most market analysts are expecting the momentum to shift towards 'quality' and 'growth' stocks in 2024 after the outperformance of 'value' stocks over the past three years. 'Value' stocks are generally well-established companies with steady profits that are trading at a discount to what they are intrinsically worth. Companies in sectors such as commodities, industrials, commercial vehicles and public sector units (PSUs) fall in this bracket.
The Bilawal Bhutto-led Pakistan Peoples Party which won the third largest number of seats in the National Assembly in the elections appears to be split on whether to join a coalition government or sit on Opposition benches.
The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
Leaders of the West Bengal Congress unit, which has an alliance with the CPI-M-led Left Front in the state, were seen welcoming the Left leaders.
The leaders of the two parties discussed the possibilities of seat sharing but did not divulge any details.
UltraTech Cement's third quarter of financial year 2023-24 (Q3FY24) performance saw a combination of 6 per cent year-on-year (Y-o-Y) volume growth and 8 per cent revenue growth coupled with better realisations per tonne. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at Rs 3,250 crore and Ebitda per tonne was Rs 1,191. Profit after tax (PAT) was reported at Rs 1,780 crore. Other income dipped and interest costs rose.
India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
Shehbaz, 72, who was the consensus candidate of the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP), received 201 votes, 32 more than what was required to become leader of the House in the 336-member Parliament.
PVR-Inox is in an inherently fickle business. If there is a string of flops, the box office collections will be weak. Conversely, Q2FY24, which witnessed several hits, has brought about an upside in revenues. However, the merger has led to market share gains and synergies that helped bring breakeven down to approximately 20 per cent occupancy.
As Ravichandran Ashwin achieved the milestone 100th Test in Mohali, everyone had their lists of his best bowling feats. But Ashwin's finest cricketing moment was probably when he and Hanuma Vihari battled inhuman injury to draw the Sydney Test against Australia after India were bowled out for 36 in the first Test at Adelaide.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
The all-party meeting aimed at reconciliation and conferring full powers to Sri Lanka's provincial councils will be reconvened in a month after initial deliberations on Wednesday failed to yield any agreements, party officials said on Thursday.
The Street's optimism on India's largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results.
They are likely to meet Sitaram Yechury following the meeting with Gandhi.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Analysts are divided on their retail price inflation forecast, with some saying the first quarter numbers will overshoot the RBI target by as much as 60 bps while others are softer in their estimate. Consumer price inflation retreated from its 15-month peak of 7.4 per cent in July to 6.8 per cent in August, much lower than the market expectations, despite vegetable prices remaining elevated at 26.1 per cent. Food inflation eased to 9.9 per cent from 11.5 per cent, led by some cooling of inflation in vegetables, cereals, pulses and milk.
Tata Communications has seen analyst upgrades after reporting Q3FY24 results. The biggest factor is the visible signs of a turnaround in its new acquisition, Kaleyra. The consolidated revenue grew 16 per cent Q-o-Q to Rs 5,630 crore led by 15 per cent Q-o-Q improvement in the data segment.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
It's the first time in my memory that I have seen a negative expected return for equities, notes Akash Prakash. Hopefully, this implies the consensus is being too negative, and markets, as usual, will surprise everyone and deliver the least likely outcome.
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
Brokerages believe that the Bharatiya Janata Party's (BJP's) stronger-than-expected showing in state elections reduces political risks for the domestic markets going into 2024. However, after the short-term excitement, the focus will soon shift to earnings, global liquidity conditions, and the interest rate trajectory. "BJP's win in the three state elections is much better than what exit polls suggested and reinforces the consensus expectations of a Modi win in the 2024 national elections with a greater likelihood of 300+ seats for the BJP.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Brij Bhushan's comments came soon after his meeting with BJP chief JP Nadda following Sports Ministry's suspension of the WFI till further orders.
In a breakthrough that could end the political uncertainty in Pakistan, the Pakistan Muslim League-Nawaz and the Pakistan Peoples Party have agreed on a power-sharing deal to form a new coalition government after intense negotiations following a fractured poll verdict.
The Maratha quota matter snowballed into a major challenge for the state government after the police earlier this month baton-charged a violent mob at Antarwali Sarati when protesters allegedly refused to let authorities shift Jarange to hospital.
A five-judge constitution bench headed by Chief Justice DY Chandrachud had on May 11 reserved its verdict on the pleas after a marathon hearing of 10 days.
Reserve Bank of India (RBI) Governor Shaktikanta Das had stumped the market in the previous two policies - in August and in October - first with action and then with words. In August, it was the introduction of an incremental cash reserve ratio (I-CRR) to take out excess liquidity, which took the markets by surprise. In October, there was no action. Rather, what is known as "open mouth operation", Das' comment that the central bank might conduct open market operations (OMOs) by selling bonds tempered the euphoria in the bond markets after JP Morgan's inclusion of India in its Emerging Market Bond Index.
Modi said this is the time for peace and brotherhood, and time to move forward together.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The Congress president during his year at the helm of the party has repaired the citadel for far more challenging years ahead, and played a crucial role in shaping the Opposition alliance.
Sources claimed 48-year-old Soren was "evasive" in his replies during his questioning and hence was taken into custody under the Prevention of Money Laundering Act.
The trend of players plying their trade in overseas leagues right after their retirement from international cricket or IPL has irked the board.
Mohan said bilaterally also, India is working with countries like the United States.
InterGlobe Aviation, the operator of India's leading airline IndiGo, delivered a better than expected performance across most parameters in Q2FY24. The company posted its fourth consecutive quarter of net profit of Rs 188 crore. It had reported a loss of Rs 1,583 crore in the same quarter a year ago.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
India's dream to be in the forefront of international politics has come true. India has placed itself firmly as a major player in the shaping of a new world order, observes Ambassador T P Sreenivasan.
