IT industry hiring big time, but quality concern persists.
Reliance Industries Ltd has posted a 26.04 per cent rise in net profit at Rs 1,263 crore for the second quarter ended September 30, 2003, compared to Rs 1,002 crore in the same period last fiscal.
The government has brought back the windfall profit tax on domestically produced crude oil after international prices firmed up while the levy on export of diesel has been cut to nil, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) is now Rs 6,400 per tonne with effect from Wednesday, the order dated April 18 said. At the last revision on April 4, windfall tax on domestically produced crude oil was cut to nil as international oil prices dipped below $75 per barrel.
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
The USNS Salvor was welcomed with a ceremony at the shipyard on Monday, and it is the first ship to arrive after the signing of the MSRA.
Back home, the Nifty IT index - a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years - has lost nearly 2 per cent in CY23.
'MFs have a combined exposure of Rs 3.2 lakh crore to NBFCs, out of which Rs 1.1 lakh crore matures by September 2019.'
'Advertising this season will help IPL surpass $550 million in ad revenues, across digital and pay TV.' 'It should still represent a steep loss against annualised 2023-2027 IPL rights fees of $1.2 billion.'
To be eligible, students must have a score of 60 per cent, or an equivalent grade at the undergraduate level.
Gold jewellery demand in India is likely to decline in the second and third quarters of this fiscal due to hike in import duty, high volatility in prices and inflationary pressure, according to a report. While demand is likely to contract by 8 per cent year-on-year in the second quarter of FY23, the decline is expected to be higher at 15 per cent in the third quarter due to the exceptionally high base in the same period of FY22, Icra said in a report. According to the report, the exceptional third quarter performance in FY22 was due to the post-Covid reopening of the economy and the substantially high demand in the wedding and festive seasons.
For all its claims to economic glory, the majority of India's population lives vulnerable lives, a situation that has only worsened over the past 15 years, to the extent that the government now fears to release economic data or even conduct a proper Census, notes Rathin Roy.
Passenger Vehicle makers are likely to see their cumulative earnings at an operating level erode by Rs 1,800-2,000 crore in the year ending March 2022 on account of the shortage of semiconductors, rating agency Icra said at a webinar on Wednesday. The industry, it pointed out, is estimated to lose production of 500,000 units at the end of FY22 due to the chronovc shortage the chip, which is critical in safety, entertainment and the various other smart features of a car. "In absence of the chip crisis, the industry volumes are likely to have exceeded the all-time peak annual volumes." Icra has pared its growth estimates for the PV market from the earlier 10-14 per cent to 8-11 per cent now in FY22.
Tata Sons on Thursday announced the appointment of Campbell Wilson as chief executive officer and managing director of Air India. Wilson is the founding CEO of low-cost airline Scoot.
Passenger and commercial vehicle prices are expected to rise as automobile companies invest in upgrading vehicles to meet stricter emission norms that kick in from April next year. The Indian automobile industry is currently working to make their products meet the second phase of Bharat Stage VI, equivalent to Euro-VI emission norms, in real time driving conditions. Four-wheeler passenger and commercial vehicles will need more sophisticated equipment to be added to meet the next level of emission standards.
The implementation of the five 'guarantees' announced by the Congress may cost the state exchequer an estimated Rs 50,000 crore annually.
Assocham told Modi policy makers needed to act fast to "bullet proof" India from global jitters.
The rush for prohibition and the Supreme Court's decision to ban liquor sales within 500 metres from highways have hurt companies.
Jet's air operator certificate will lapse on May 19.
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
Close on the heels of Boeing's defence of India to the US International Trade Commission's investigation into India's trade, investment and industrial policies, IBM has also sprung to New Delhi's defence in an otherwise sea of criticism of India's violations of intellectual property rights, local content requirements, among other issues of concern to US business and industry.
The captains of Indian industry described Narendra Modi government's maiden budget as one with "the right intent and in the right direction".
Driven by strong demand, the overall passenger vehicle dispatches crossed 3.35 lakh units in February as automakers, including Maruti Suzuki India, Hyundai, Tata Motors and Mahindra & Mahindra, reported robust sales during the month. The dispatches of more than 3.35 lakh units last month marked an 11 per cent over February 2022. It was also the highest ever overall wholesales in the month of February. The country's largest carmaker Maruti Suzuki India on Wednesday said its domestic wholesales rose 11 per cent to 155,114 units in February as compared with 140,035 units in the same month last year.
The first state visit of Prime Minister Narendra Modi to the US is likely to be a defining moment for Indo-US relationship and both sides are working on a robust outcome document that may take up matters that would decide the contour of the bilateral ties for decades to come, according to people familiar with the planning of the high-profile trip.
Actor and Samajwadi Party MP Jaya Bachchan said she was happy that the House was discussing the most important ambassadors of the country, the film fraternity.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
There are around 15 lakh diamond workers in Gujarat, including nearly seven lakh employed in units in Surat, which is the largest hub of cutting and polishing of these precious stones.
Claims of a spike in poverty and inequality in India during the Covid-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper co-authored by eminent economist Arvind Panagariya. The paper also noted that inequality fell in the country during Covid years, both in rural and urban areas as well as nationally. Panagariya, Columbia University Professor and former vice chairman of NITI Aayog and Vishal More of Intelink Advisors, New Delhi have co-authored a detailed paper 'Poverty and Inequality in India: Before and After Covid-19'.
'In terms of semiconductors, challenges do remain in the pan industry, but I think we are much better than where we were a year or so back.'
Consumer durable companies will again start to face a supply issue of components as China extends lockdown due to its zero Covid strategy. This will impact the flow of finished products into the Indian market, unlike last year, this impact will be felt post Diwali. While supply chain issues have been a problem since the start of the pandemic, China's zero Covid strategy has also posed another risk for consumer durable companies.
Moody's Investors Service on Wednesday affirmed the ratings of two major Indian IT services companies, Tata Consultancy Services Limited (TCS) and Infosys. In two separate statements, Moody's also retained stable outlook for both the companies. Moody's expects Infosys' revenues to climb by around 13 per cent for the financial year ending March 31, 2023, but moderate to around 8 per cent in the next 2024 fiscal.
If the corruption issue doesn't claim Mr Baghel, the Congress's chances in the assembly election later this year are good, observes Aditi Phadnis.
After a five-day long visit, Apple CEO Tim Cook left India with a note that he can't wait to return to the country. The visit of Cook coincided with 25 years of the iPhone maker's presence in India. Cook arrived in India on Monday. The visit started with the launch of the first official Apple store in Mumbai on April 18 followed by a second in the national capital on April 20.
The Mazagon Dock Shipbuilders in Mumbai on Wednesday launched INS Vagsheer, the last of the six submarines under Project 75.
For the first time, the country's largest airline IndiGo will soon lease up to four wide-body Boeing 777 planes to cover the shortfall in its international operations, according to officials. The airline said the wet-leasing of "certain aircraft" will be done as an interim measure. IndiGo, which has so far only been operating narrow-body Airbus planes, ATRs and freighters, will now be having wide-body aircraft in its fleet.
Benchmark indices continued their downtrend for the fifth session on the trot on Thursday, with the Sensex tumbling nearly 817 points in early trade, tracking weak global trends and selling in index majors Reliance Industries and HDFC Bank. Unabated selling by foreign institutional investors also weighed on the sentiment. The 30-share BSE Sensex was trading 816.78 points lower at 53,271.61. The NSE Nifty declined 234.05 points to 15,933.05.
Diversified entity ITC Ltd on Tuesday said it has entered into a partnership with IIT Delhi to support research in identified STEM (science, technology, engineering and mathematics) areas. A memorandum of understanding has been signed to this effect with the institute with an aim to accelerate India's journey towards achieving its sustainable development goals (SDGs), ITC said in a statement. Currently, the areas identified for research are energy storage, low carbon cold transportation, and plastic biodegradation to name a few and will further pave the way for more research in the areas of mutual interest, it added.
Automakers Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Kia reported robust growth in their vehicle dispatches in the domestic market for August buoyed by festive demand and easing of semiconductor shortage woes. Other manufacturers like Hyundai, Toyota and Skoda also reported growth in wholesales in August as compared with the same month last year. The country's largest automaker Maruti Suzuki India said its domestic passenger vehicle dispatches increased by 30 per cent to 134,166 units in August as compared with 103,187 units in the year-ago month.
The International Olympic Committee (IOC) too, is going big on popularising e-Sport with Singapore being confirmed to host the inaugural Olympic Esports Week in June next year.
The Navy commander also said that as many as 39 naval ships and submarines are currently being constructed in various Indian shipyards that are expected to significantly boost India's maritime prowess.
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