Revenue from its IT services business rose 9 percent to $1.86 billion.
Despite crude comfort, heavy spending cuts needed to offset Rs 80k-cr revenue shortfall
Anticipating an adverse impact in view of a bad monsoon, Finance Minister Pranab Mukherjee on Tuesday set an ambitious direct tax collection target for the current fiscal, revising it upward to Rs 4 lakh crore, up Rs 30,000 crore (Rs 300 billion) over the Budget estimates.
The government on Tuesday exuded confidence that revenues from sale of spectrum for 3G telephony and broadband may touch Rs 50,000-55,000 crore (Rs 500-550 billion), beating the budget estimates of Rs 35,000 crore (Rs 350 billion).
The five warmest years in Indian weather history have occurred in the past 14 years -- the others being 2009, 2017 and 2010, in order of intensity.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
India's fiscal deficit shot up over 23 per cent to Rs 3.80 lakh crore in the first eleven months of this fiscal
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
