Historically, Tata Steel has always been among the biggest companies in the group in terms of m-cap, revenue, and profit but its fortunes began to decline after 2010 due to a sharp decline in the profitability of its European operations that it had acquired in 2007. The company was hit by a sharp rise in its debt level after this acquisition. First, it lost out to Tata Motors in terms of revenue in FY11 and then in March 2015, Titan beat it to become the third-biggest firm in the group in terms of m-cap. In FY20, TCS reported higher revenue and Tata Steel had become the third biggest company in that terms.
Capital expenditure by private companies halved in FY13 from that in FY08; households put more money into gold, houses.
After the entry of Satyanand Yajee and Sandeep Dahiya, Onkareshwar Properties got over Rs 85 cr as short-term loans in two years, reports N Sundaresha Subramanian
Computer maker Dell said it has agreed to pay $100 million in a settlement with US regulator Securities Exchange Commission following a probe into the company's accounting methods and its relationship with chipmaker Intel Corp.
With no equity infusion from the government in sight and the company posting losses to the tune of Rs 2,154 crore (Rs 21.54 billion) in FY'08, the National Aviation Company of India (NACIL) has tightened its purse-strings.
The improvement in the fiscal health of particularly the states and the Centre led the high growth trajectory of the period FY'04 to FY'08, according to the pre-Budget Economic Survey, presented in Parliament on Thursday.
Aditya Birla Nuvo plans to extend its footprint in apparel retailing through two subsidiaries for mens exclusive lifestyle and Peter England family stores. Madura Garments, the company's branded apparel division, crossed a turnover of Rs 1,000 crore (Rs 10 billion) in FY08.
Biocon has managed to heal the wound fast. India's largest biotechnology company, which straddles high-end drug research to generics, bet the wrong way on how the rupee will move against the dollar and paid a big price last year.
Wipro Infotech - the Asia-Pacific and West-Asia arm of the $4 billion Wipro Limited - has restructured its operations. The company has transferred majority of its business to global IT division, Wipro Technologies. Wipro Infotech has also undergone other management changes, and re-alignment of various verticals. According to the mail, Anand Sankaran is being appointed chief executive of Wipro Infotech.
Beating street expectations, global software major International Business Machines on Wednesday posted a 12 per cent growth in income from operations at $4.4 billion for the fourth quarter in 2008.
While there is widespread expectation that excise duty is likely to be raised on revenue considerations, the fast moving consumer goods (FMCG) sector pleads for retaining them at current levels to spur demand.
While the banking sector may be in the doldrums, impacting various other industries, there are still some sectors that are on an upward trend.
There's a churn in Infosys' highest paid senior executives' list for financial year 2007-08, with Nandan Nilekani, S Gopalakrishnan and S D Shibulal conspicuously missing from the top five.According to a filing by IT bellwether to the US Securities and Exchange Commission, B G Srinivas, Ashok Vemuri and T V Mohandas Pai were the highest paid executives in FY08.
Industry players say that the market's appetite to absorb slightly higher fares has improved and around Diwali and between December 15 and January 15 (traditionally peak periods), the fares will be above costs.
Speaking on the cancellation of the deal, Joe Bowman, chief executive officer of Ultra Motors, said, "The opportunity cost of selling electric vehicles in India does not fit strategically under this joint agreement. We intend to create shareholder value and positively impact those markets where we operate. We have come to believe India is one of the largest markets in the world. So we are looking forward to develop it independently."
Companies had opted for higher debt in FY'08 and the preceding years in order to execute expansion plans and to meet working capital needs during the boom period. Since then, the situation has changed dramatically. Today, cash flows are locked in inventories, demand has dried up significantly, there is lack of funding options amid the global credit squeeze and a slump in equity markets, research firm Dun & Bradstreet said.
That the value of brand Satyam would be eroded many times over, following its former chairman Ramalinga Raju's admission that he had cooked the company's books, was a given.
Sixty years after it gained freedom at midnight, India found itself still struggling to banish darkness from its countryside as small increments in generation capacity proved no match for the generous wastage in transmission and distribution.
High growth sustained in first half of FY'08 at 9.1 pc.
The projected fall has been attributed to the US economic slowdown and the rise in international oil prices. Accordingly, the industry growth has been pegged at around 24 per cent for FY09. In FY08, total revenues including hardware were $48 billion which are expected to touch $64 billion in FY09. The total software and services revenue was $39.5 billion in FY08 and expected to touch $52 billion in FY09.
Despite a significant improvement in asset quality, the country's banking industry might see its bad assets inching up in the months ahead, particularly in retail segment, global rating agency Fitch said.Rising bad loan assets had prompted many banks to sell their sticky assets to asset reconstruction companies, in order to transfer the risk and clean up their balance sheets.
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.
At a time when most retail firms have either gone slow in opening new stores or closed down some to beat the ongoing slump, the Future Group has opened nearly 150 stores across all its formats over the past three months. This month alone, Biyani is opening 15 stores, mainly selling electronic and lifestyle goods.
National Hydroelectric Power Corporation, the central power utility, has shortlisted five merchant banks for its initial public offering likely to hit the market in first quarter of FY08.
The Indian software and services exports are expected to touch the $40 billion mark in FY08 ($31.3 billion in FY07), contributing nearly 64 per cent to the overall revenue aggregate (including software exports, domestic and BPO segments), according to IT trade body Nasscom's Strategic Review 2008.
The Rs 85,000 crore (Rs 850 billion) domestic cement industry is fast realising the painful situation it is getting into, as the GDP growth rate is on a slippery path and over 70 million tonnes of fresh capacities are in the pipeline in the next two years.
An appreciation in the rupee has severely affected exports. India's exports are not likely to meet the FY08 target.
With the auto sector headed for slower growth in FY08, investors may need to reassess their auto portfolio.
"The final estimates in agriculture are much higher. It could be 3.5 per cent in the revised estimates," statistics and programme implementation secretary Pronab Sen said on Thursday, a day ahead of release of GDP growth figures for FY'08.
Companies will struggle to maintain and enhance margins
The country's second largest private sector lender HDFC Bank on Thursday reported a net profit of Rs 630.88 crore (Rs 6.30 billion) in the fourth quarter of the financial year ended March 31, 2009.
Software firm iGate on reported a 19.42 per cent decline in its revenue at $44.8 million in the first quarter of 2009.
Its FY08 consolidated net profit was at Rs 3,282.90 crore (Rs 32.81 billion) and consolidated net sales was at Rs 20,019.50 crore (RS 200.19 billion).
The industrial GDP growth looks set to average at 4.6 per cent during FY 09, significantly lower than the 8.1 per cent in FY 08, Dun & Bradstreet said in its Economy Outlook 2009-10 report in Mumbai.
The company will invest Rs 16,000 crore (Rs 160 billion) for network expansion in FY08, said ADAG chairman Anil Ambani on Tuesday in Mumbai.
The telecom services provider had a net profit of Rs 1,395.14 crore (Rs 13.95 billion) in the third quarter of FY'08, RCom said in a filing to the Bombay Stock Exchange. RCom's total income rose by 18.75 per cent to Rs 5,671.82 crore (Rs 56.71 billion) for the quarter under review from Rs 4,776.26 crore (rs 47.76 billion) in the corresponding period last fiscal.
The country's largest software exporter, Tata Consultancy Services, on Thursday reported a 2.67 per cent growth in its net profit at Rs 1,362.06 crore (Rs 13.62 billion) for the third quarter ended December 31, 2008.
This will be the company's first major expansion in the switching business after the acquisition of the North West Switches brand for Rs 102 crore (Rs 1.02 billion) in May last year. The plant will be located at Haridwar, Uttaranchal, where the company has acquired about six acres for the purpose. A significant part of the Rs 60 crore (Rs 600 million) capital expenditure earmarked for this fiscal will be spent on setting up the plant, Vineet Agrawal, president, said.
Unlike the first quarter of FY08 when Indian IT small- and mid-caps were hit hard due to a nearly 7 per cent appreciation in the rupee against the dollar, the July-September period was relatively kind to these firms. It spared them to some extent, since the rupee appreciated around 1.5 per cent over the period. However, the rupee rose around 12 per cent against the dollar over the last 12 months.
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