The entire operation was meant to have a chilling effect on independent journalists, those not completely subservient to the regime, the small section still doing what the Fourth Estate should do -- raising questions to those in power.
Australia's green political party on Wednesday warned the government for approving India's Adani group's plan to expand a major coal port on the fragile Great Barrier Reef coast, saying it will hasten the death of the natural wonder, a World Heritage site.
Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers. Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Moreover, the quarterly numbers showed a continued slowdown in revenue growth.
'The police just stood there watching our people being attacked.'
Prime Minister Narendra Modi is not taking along an industry delegation to the US but top representatives of India Inc are likely to travel to New York and Washington to be part of the power-packed business meetings and receptions being hosted for him.
Amid slogan shouting by MPs from the Trinamool Congress, the Congress and other opposition parties from the Well of the House, Modi began replying to the debate on the motion thanking the President for her address to the joint sitting of Lok Sabha and Rajya Sabha at the start of the Budget Session, and accused the Congress of adopting only 'tokenism' to solving problems the country faced.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India Inc could be embarking upon a new phase of capital expenditure (capex) cycle, observed analysts, and suggest its revival would lead to a rerating of industrial stocks. Assisted by a property upcycle, analysts at Jefferies said several government initiatives were likely to drive capex. Indicators, they said, include a private project announcement at Rs 25 trillion for 2022-23 (up 150 per cent from pre-pandemic levels) and credit growth at about 16 per cent, which is closer to pre-pandemic highs.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
Given wild swings, investors are wondering where the metal market is going. There was a strong uptrend in industrial metal through much of the last three years due to fears of supply chain issues - first due to Covid-19 and then due to the Ukraine War. That uptrend broke down as it became apparent that global growth would moderate as inflation rose and Western Europe (the EU plus the UK) went into a near-recession and China was in a rolling lockdown.
The political discourse hit a new low on Monday with Union Minister Hardeep Singh Puri making disparaging remarks targeting Rahul Gandhi and the Congress paying him back in the same coin.
Many CEOs said they plan to give special leave to women employees so as to encourage their participation in the workforce.
US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
Thirteen companies have joined the Rs 1-trillion-plus market capitalisation club this year, so far. This even as the benchmark Sensex has gained less than 3 per cent on a year-to-date basis, underscoring the bullish undercurrent in the broader market. The trend shows a harsh second wave of Covid-19, subsequent lockdowns, and hit to the economic activity has made little dent into India Inc or shareholders' wealth. At the start of the year, there were 29 companies with a market value of more than Rs 1 trillion.
India's harsh lockdown has left companies grappling with temporary closure, chaotic supply chains and depressed demand. Consequently, business plans have been modified.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The possible acquisition of Holcim India business will be one of the biggest inbound corporate deals in the country. Currently, Walmart Inc.'s $16-billion acquisition of Flipkart Online Services in 2018 remains the biggest acquisition of an Indian asset by any acquirer, followed by BP plc acquisition of 30 per cent stake in Reliance Industries' 23 oil and gas production blocks in 2011 for $7.2 billion. Bloomberg reported late on Wednesday night that Holcim - the world's biggest cement maker - is considering a potential sale of its India business and gauging interest in its controlling stake in Ambuja Cement.
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
Mahatransco (Maharashtra State Electricity Transmission Company Limited - MSETCL) Chairman and Managing Director Dinesh Waghmare said Tata Power's plants took time to start generating electricity following the grid collapse on Monday morning, resulting in the specially created 'islanding' system not working.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The UN Conference on Trade and Development (UNCTAD) said in a report on Monday that a lower but positive economic growth in India in the post-Covid-19 pandemic period and India's large market will continue to attract market-seeking investments to the country. The World Investment Report 2020 by UNCTAD said that India was the 9th largest recipient of FDI in 2019, with 51 billion dollars of inflows during the year, an increase from the 42 billion dollars of FDI received in 2018, when India ranked 12 among the top 20 host economies in the world.
The government on Thursday allowed free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia as it seeks to boost usage of the carbon-free fuel and make India an export hub. Unveiling the first part of the much-awaited National Hydrogen Policy, Power and New and Renewable Energy Minister Raj Kumar Singh said the government is targeting production of 5 million tonnes of green hydrogen by 2030. Oil refineries to steel plants require hydrogen to produce finished products.
More than 90 per cent stocks in the NSE 500 universe are currently trading above their 200-day moving average (DMA). Experts say this is a sign that the market has become overheated and can lead to a correction or sideways movement for a long period. The 200-DMA is a key technical indicator used by traders to get a sense of market direction. A level, which is roughly a 40-week average, often acts as key support or resistance.
If you are a BJP backer, you'd ask why Modi and Shah would even bother about Rahul Gandhi and Congress. But they do. Because they are serious politicians who win elections. That's why their priority is to ensure Rahul cannot shed his 'Pappu' image, points Shekhar Gupta.
India's jugalbandhi with coal and clean energy is coming unstuck, neither achieving adequate renewable generation nor ensuring sufficient coal-fired power in the quest to become a $5-trillion economy. Six months have elapsed since Prime Minister Narendra Modi announced an ambitious climate agenda for India at COP26 at Glasgow. The net zero emissions target by 2070 is a distant one, but there are nearer-term plans to meet 50 per cent of energy demand with renewables by 2030 by increasing capacity to 450 Gw. A cursory look at the balance sheet of India's climate progress since November reveals ponderous progress towards meeting the renewables target even as the country is scrambling to expand coal-fired generation in the face of a power crisis.
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
Eight companies including Reliance Gas Ltd, GAIL Gas and the joint venture of Indian Oil and Adani Energy have bid for the rights to retail CNG in seven cities.
No capital came in through the approval route, while the rest of $9,86,681 was by way of issuance of rupee denominated bonds.
The LDF government -- which has negotiated a series of crises in the form of natural disasters to the Covid pandemic -- cannot turn a blind eye to the accumulated debt of the state that now exceeds Rs 3 trillion and the need for more jobs, investment and industry.
Referring to Modi, Adityanath and Union Home Minister Amit Shah as 'outsiders', the farmer leader said he has no objection if they become prime ministers after winning polls from Uttarakhand or Gujarat.
The Congress on Monday described as a "blot on democracy" the suspension of its four MPs for the rest of the monsoon session for disrupting proceedings in the Lok Sabha, alleging the government was trying to "intimidate" the party but it would not be cowed down.
Companies with more than Rs 10,000 crore of debt would seek refinancing.
Keshav Joshi's tongue in cheek look at Narendra Modi's mega plans.
The laggards include FMCG (16 per cent), Energy (37 per cent) and Media (34 per cent).
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