74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
The currency in circulation (CIC) declined in the first half of this financial year and this is the first time this has happened in H1 in at least 10 years. The CIC on March 31, 2023, was Rs 33.78 trillion, which fell to Rs 33.01 trillion on September 22 -- a difference of about Rs 76,658 crore. In the first half of the last two financial years, the CIC went up by Rs 33,357 crore in FY23 and Rs 84,978 crore in FY22.
Artificial Intelligence-first business strategy adopted by Infosys is working well for the company despite unresolved ethical and IPR issues around the technology, Infosys chairman Nandan Nilekani said on Wednesday. In his address at Infosys' 42nd Annual General Meeting, Nilekani said the company can be more efficient while nurturing readiness for growth, given its performance in challenging scenarios created by inflation, interest rates, geopolitics, demand volatility and supply chain dislocations. "Several practical, ethical and intellectual property-related issues, when it comes to AI remain unresolved.
Swift gains on Dalal Street this year have also led to a sharp surge in shares of equity market intermediaries like depositories, exchanges, and registrar and transfer Agents (RTAs). The stock prices of BSE, CDSL, CAMS, and KFin Technologies are up 24-283 per cent so far in 2023 when compared to a 9 per cent rise in the benchmark Nifty index. With the market buoyancy expected to keep up the pace, analysts believe these stocks are a good long-term bet despite the sharp rally, which can trigger an intermittent correction.
The agency attributed the sharp revision to various high-frequency indicators showing a softness and partly blamed the same to reforms like GST, real estate regulation, and the bankruptcy code which are still a "drag" on the economy.
Economic growth, which we are taking for granted, slows for a completely different set of local or global factors and the Modi premium vanishes, observes Debashis Basu.
If this turns into reality, India's gross domestic product (GDP) growth will be the lowest since 2012-13, which could severely hit job creation and income growth in the near term.
Edtech major Byju's is learnt to have closed $250 million fundraising from Davidson Kempner Capital and is in the process to close another funding round of $750 million by the end of this month, sources aware of the development said on Friday. The company has raised $250 million at a flat valuation of $22 billion, sources said. "Byju's has successfully closed a $250 million fundraising from Davidson Kempner Capital Management.
Maruti Suzuki says it has sold at least one car in 418,000 villages.
The two-wheeler segment is, however, still far from its H1FY19 peak of 9.7 million units
In times of global challenges, G-20 presidency gives an opportunity to strengthen India's role in the global order, she added. The government is implementing scheme to supply free foodgrains to poor under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) with expenditure of Rs 2 lakh crore from January 1, the finance minister said.
Automotive retail sales saw a 14 per cent rise in March on a year-on-year (YoY) basis, according to data released by the Federation of Automobile Dealers Associations (FADA). For the whole of financial year 2022-23 (FY23), sales grew 21 per cent YoY. For both March and the financial year, all categories, except for tractors, and including two-wheelers, three-wheelers, passenger vehicles (PVs), and commercial vehicles (CVs), posted double-digit growth. However, the total retail sales of 22.1 million for the financial year were still 12 per cent lower than the pre-Covid (FY20) level of 25 million, owing to an 18 per cent dip in the two-wheeler segment.
The government has utilised 'escape clause' under the FRBM Act which provides it leeway for relaxation of fiscal deficit roadmap during time of stress.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
In India, economic activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending, the Bank said.
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
State-owned Bharat Sanchar Nigam Ltd (BSNL) said on Tuesday that as many as 78,569 employees have opted for VRS, and added that it expects to save Rs 1,300 crore in wage bills this fiscal after the scheme becomes effective in January.
Imports too contracted by 28.72 per cent to $31.16 billion. Dip in exports and imports narrowed the trade deficit -- the difference between imports and exports -- in March to $9.76 billion, the lowest in the last 13 months.
Family philanthropy has proven resilient throughout the pandemic and grew to nearly Rs 12,000 crore in fiscal year 2020, accounting for almost two-thirds of the rise in private sector funding since FY19, says a report. According to the India Philanthropy Report 2021, co-created by Bain and Company and Dasra, funding from family philanthropy has tripled its corpus, growing to nearly Rs 12,000 crore in FY 2020. As per the report, in FY 2020, private-sector funding which stems from four sources including foreign, corporate, retail, and high-net-worth individuals (HNIs) or families totalled about Rs 64,000 crore and 20 per cent of this came from family philanthropy. While foreign contributions account for a quarter of all funding, domestic corporation donations also known as Corporate Social Responsibility (CSR) account for 28 per cent and retail investors account for another 28 per cent.
ITC was the top gainer in the Sensex pack, rallying over 7 per cent, followed by Reliance Industries, ONGC, Tata Steel, Tech Mahindra, Sun Pharma and SBI. On the other hand, IndusInd Bank plunged nearly 15 per cent. Maruti, Bajaj Finance and Titan were the other laggards.
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government on Monday to establish a new mobile component manufacturing facility for Rs 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. On his Twitter handle, Chief Minister M K Stalin said the LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu. State Industries Minister T R B Rajaa, Chief Secretary Shiv Das Meena and senior officials participated.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
Private equity (PE) investment in real estate declined 5 per cent year-on-year in April-June to $1.9 billion because of high interest rates, according to Anarock. PE inflows stood at $2 billion in the year-ago period. Real estate consultant Anarock has come out with a report titled 'FLUX Q1 FY24 Market Monitor for Capital Flows in Indian Real Estate'.
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
Spending on international travel tripled in April 2022 as Covid-related curbs were eased in various countries in FY22.
India's aviation industry could return to profitability in 2023-24 for the first time since the pandemic. The industry may pare aggregated net loss by 75-80 per cent year-on-year (YoY) to between Rs 3,500 crore and Rs 4,500 crore in 2022-23 (FY23), compared with Rs 17,500 crore of net losses in 2021-22 (FY22). A combination of recovery in passenger volumes and easing cost pressures due to stable fuel and foreign exchange (forex) costs could spark a turnaround. CRISIL says domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, of pre-pandemic traffic (2019-20, or FY20), in April-December 2022, compared with April-December 2019.
The critical information in the first quarter (Q1) gross domestic product (GDP) data relates to the proximity of real and nominal GDP growth rates at 7.8 per cent and 8 per cent, respectively. The implicit price deflator (IPD)-based inflation is only 0.2 per cent. This phenomenon has repeated after fifteen quarters.
A pick-up in farmer income could have a cascading impact on the rural economy, though agriculture is becoming a smaller part of India's overall rural incomes.
The rise in the fiscal deficit, which is a reflection of the government's borrowing, was mainly on account of subdued tax collection. The revenue deficit also rose to 3.27 per cent, up from the revised estimate of 2.4 per cent of the GDP.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Outward remittances in February under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) fell 23 per cent over January, latest data released by the central bank, in its monthly bulletin, revealed. In February, Indians remitted $2.1 billion under the RBI's liberalised scheme. On a year-on-year (YoY) basis - aided by international travel - LRS jumped 15.24 per cent. Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high.
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
Stocks of alcoholic beverage makers have corrected over the last few trading sessions on worries that taxes, competition and costs will hurt sales and profitability. The recent trigger for the decline is Karnataka, which accounts for 15 per cent of overall liquor consumption, increasing duties. The state increased by 20 per cent the additional excise duty on Indian-made foreign liquor (IMFL) on all slabs.
This is the first Budget in Amrit Kaal, she said.
While there has been a rash of growth estimate cuts, including a 0.70 percentage point reduction by the RBI last month to 6.1 per cent, the Japanese brokerage's estimate is so far the lowest.
The fund used to fight the coronavirus pandemic will be spent from CSR funds.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
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