The Nifty ended at 5,318, up 22 points.
Suggesting a rebound, the government has projected the economy to grow by about 7.6 per cent in the next fiscal, up from 6.9 per cent estimated in 2011-12 on the back of declining inflation and softening interest rate.
For the financial year 2013, the industry will hire around 200,000 of which 100,000 students have already received offer letters. The industry would end FY12 by hiring 230,000.
For FY14, the first full year of the law's implementation, the spend could go up to nearly Rs 8,700 crore (Rs 87 billion), given that India Inc's profitability has grown at a compounded 7.5 per cent annually in the past three years.
The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick across cigarette categories, according to experts. This upward revision in National Calamity Contingent Duty (NCCD) would have negligible impact on smokers and the companies could easily absorb the shock as it may not also have any resultant impact on margins, they said. Finance Minister Nirmala Sitharama in the Union Budget for 2023-24 on Wednesday proposed to revise and increase the duty on cigarettes to about 16 per cent.
There has been sizeable rise in external commercial borrowing and and rupee denominated Non-resident Indian deposits.
Target prices around Rs 400 suggest a significant upside.
For the entire 2012-13 financial year, however, the company's total sales increased by 3.33 per cent to 11,71,434 units from 11,33,695 units in 2011-12, Maruti Suzuki India said in a statement.
The three main reasons behind the cautious optimism about Indian economy include, first, weaker rupee which will boost net exports, secondly, the government's reforms will provide a quick boost to business confidence, and thirdly, the previous rate rises should support investment and durables consumption.
The government is doing a lot to push growth but the impact of its efforts will be felt in the second half of the fiscal when the expansion rate will show some improvement, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Micromax launched a range of LED TVs priced between Rs 15,990 and Rs 129,990. The company eyes a revenue of Rs 225 crore from this segment in this fiscal
Bullion imports are expected to fall by about 29 per cent this fiscal to USD 44 billion, the Prime Minister Economic Advisory Council said in a report released on Friday.
Following are the highlights of the Economy Survey 2011-12, a report card of the Indian economic scenario.
While most bankers see advances growing 16-18 per cent this financial year, they expect credit expansion to slow to less than 16 per cent in 2012-13.
When big companies such as Infosys and Wipro are forecasting minor growth this financial year, TCS is all set to break the trend.
Citigroup revised CAD estimates for financial year 2013 to 4.7 per cent from 4 per cent of GDP after incorporating the latest trade and GDP data, and said CAD is likely to stay elevated in financial year 2014 as well.
Gloomy macro-economic factors and negative sentiments continue to hit demand.
The increment percentages have dropped by 1-2 per cent across levels compared to last year.
The government is committed to restricting fiscal deficit at 5.3 per cent of GDP this financial year and has no immediate plans to go for additional market borrowings, a senior government official said.
"I dont think we will be able to contain fiscal deficit to our Budget plan of 5.1 per cent (of GDP). It could be 5.2 to 5.3 per cent, which is doable," Department of Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi.
Global financial services firm Nomura has sharply lowered India's growth forecast for this fiscal to 5.8 per cent, way below the government's projection, saying the country's monetary and fiscal policies are at loggerheads.
Amid the Bharatiya Janata Party governments at the Centre and in Haryana beginning to turn the heat on him, businessman Robert Vadra, also the son-in-law of Congress President Sonia Gandhi, recently ensured his companies filed their pending balance sheets.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday pegged India's growth this financial year at 6.5-7 per cent. He added the country had taken various steps to boost investment, the results of which would be seen in six months.
As per official estimates, the Indian economy is likely to expand 6.9 per cent in the current fiscal, much lower than 9 per cent projected during the 2011-12 Budget.
In debt private placements, firms issue debt securities or bonds to institutional investors to raise capital.
the processing of the returns to determine refunds is an ongoing and continuous process and a return can be processed up to one year.
The state-owned bank also disclosed in the report that its overall staff strength declined by 7,452 employees during the last fiscal, but it has decided to recruit 9,500 clerical staff during 2012-13 to meet the growing needs of the bank.
With 56,000 dollar-millionaire households, Maharashtra leads the country in wealth creation followed by Uttar Pradesh, Tamil Nadu, Karnataka and Gujarat, says a report. These states together account for 46 per cent of the 4.12-lakh millionaire households in the country. According to a wealth report by Hurun India, known for its annual rich list, there were 4.12 lakh dollar-millionaire households last year in the country, which has been one of the fastest wealth-creating economies producing the third-most number of billionaires annually.
People from different sectors react to Budget 2013
Arguing that the recent elevation in retail inflation is not structural but supply-driven and therefore potentially transitory, a foreign brokerage report has forecast that the benign interest rate regime will continue at least until next June. The assessment comes a day ahead of the third bimonthly monetary policy review on Friday wherein it's widely expected that the monetary authority will leave the key rates unchanged at 4 per cent even though the consumer prices have been on remaining above 6 per cent since May and crude prices have been north of $70 a barrel for months.
The SME segment has been grappling with lack of liquidity and lacklustre institutional participation.
Air India's debt burden is estimated to be more than Rs 50,000 crore, besides huge accumulated losses.
The government will announce the FY13 GDP numbers on May 30, where it expects the readings to be around 5.2 per cent.
India is in a Chakravyuh, where with every passing day it is getting mired in one crisis after another.
Trend so far shows India Inc being stingy; aggregate of 23 firms that have declared payouts for FY13 down 2.4%.
According to the financial services major, FY13 Sensex EPS has been downgraded from Rs 1,510 to Rs 1,175, and FY14 Sensex EPS is likely to be downgraded to below Rs 1,300.
Despite the rash of reform steps announced over the weekend, Standard Chartered India on Monday sharply lowered its GDP growth forecast to 5.4 per cent for FY'13 from 6.2 per cent earlier, citing slowing consumer demand, an anaemic industry and a weak services sector.
India's economic growth could fall below 5 per cent.
IT companies account for a third of the entire dividend pot this year
Currency depreciation also hits earnings of all domestic carriers
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