Despite a healthy March-May quarter (Q3FY22) show by global IT consulting firm Accenture, Indian IT companies shed up to 3 per cent on the National Stock Exchange (NSE) on Friday as analysts continued to highlight medium-term pain points for the sector. The Nifty IT index settled 0.9 per cent lower on Friday, as against a 0.9 per cent rise in the Nifty50 index. According to analysts at ICICI Securities, Accenture's Q3 saw moderation in year-on-year growth rate across verticals and US regions, which signals at likely normalisation in revenue momentum for Indian IT services going forward.
South African pacer Anrich Nortje says Sunday's T20 World Cup clash against India will be a battle between the Men in Blue's top order and "one of the best pace attacks" in the world.
Institutional investments in real estate may fall 20 per cent to $4 billion during this calendar year because of a higher inflow of funds in 2020, according to property consultant JLL India. During the January-September period, the institutional investment rose to $2,977 million from $1,534 million in the year-ago period. "Unless some large portfolio deals are not inked at the end of the year, annual investments are expected to be in the $3.8-4 billion range in 2021," JLL said in a statement. Institutional investments managed to cross the $5 billion mark in 2020 due to large portfolio deals worth $3.2 billion during the last quarter of the year.
n the broader market, BSE Midcap and Smallcap indices are trading higher by 0.3% each.
Benchmark BSE Sensex rose by over 379 points on Tuesday as gains in oil & gas, banking and auto shares helped the barometer continue winning run for the third straight session. The 30-share BSE benchmark index advanced 379.43 points or 0.64 per cent to settle at 59,842.21. During the day, it jumped 460.25 points or 0.77 per cent to 59,923.03. The broader NSE Nifty climbed 127.10 points or 0.72 per cent to 17,825.25 as 42 of its constituents advanced.
'The Modi visit will prove to be the watershed where India and the United States commenced technology trade and transfer.'
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.
'India is still a small market but whatever we do, we do it with full focus.'
English hopes of a run deep into the World Cup took a bit of a bruising on Friday when a lively and high-pressing United States team reduced the youthful stars of their tournament opener to anonymity.
Private equity investments hit a record high of $40.1 billion in 2021, an increase of over 15 per cent from the previous year, led by a $3.6 billion flow into Flipkart and $1.93 billion into Bundl Technologies, as per a report. According to the data collated by Refinitiv, an LSEG business, while the value of inflows rose 15.2 per cent from $34.8 billion in 2020 to $40.1 billion in 2021, the deal volume soared to 990 in the reporting year from 588 in 2020. Analysts at the agency expect the inflow momentum to continue in 2022 as technology companies, especially startups, continue to attract capital from both private and public markets.
Singapore Airlines' deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, "The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
In addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
Whether the beleaguered Tokyo Olympics begin as planned this July could come down to support from the United States and its new president, the Wall Street Journal quoted Tokyo Organising Committee member Haruyuki Takahashi as saying in an interview.
The real scene stealer of Ajay-Tabu's Fury Road is Deepak 'Deadly' Dobriyal, applauds Sukanya Verma.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
It was their first conversation since Indian-origin Sunak took charge as British prime minister on Tuesday.
PHOTOS of the IPL 2023 final between Gujarat Titans and Chennai Super Kings at the Narendra Modi Stadium in Ahmedabad on Monday.
India's economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey 2022-23 said on Tuesday. India's gross domestic product (GDP) growth of 6.5 per cent in 2023-24 compares with an estimated 7 per cent expansion in current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year. Like the rest of the world, India too faced an extraordinary set of challenges in tightening financial conditions and supply chain disruptions from a prolonged war in Europe but "withstood them better than most economies", the annual document detailing the state of the economy said.
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
The results of Indian IT services players in the just-concluded fourth quarter of 2021-22 are expected to reveal continuing growth momentum as demand surges on the back of digital transformations and the cloud shift, but analysts anticipate margins to be under pressure due to supply challenges. Analysts covering the sector expect revenue commentary should be strong despite the Russia-Ukraine conflict and inflation. Top-line growth will be driven by broad-based demand with a strong uptick for cloud, digital, cybersecurity, data analytics, and artificial intelligence, among other services.
'The central BJP leaders were determined to push Hindutva hard, and it failed.'
Images from Wednesday's action in the English Premier League.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
An imminent concern for India is the fact that disenchanted al-Qaeda cadres may shift their allegiance to the Islamic State and its regional affiliate Islamic State -Khorasan Province.
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Across the country, residential projects offering deals have risen 45-50 per cent in the run-up to the festive season and may double further by Diwali and the year-end as realtors attempt to clear piled-up inventory.
India witnessed 22 initial public offers worth over $2.5 billion in the first three months of 2021 amid "high momentum" in the country's capital markets and the trend is likely to stay bullish in the current quarter also, according to a report. Leading consultancy EY India's IPO (Initial Public Offer) report released on Wednesday showed that consumer products and retail, diversified industrial products, automotive and transportation were the most active sectors in terms of the number of IPOs in the 2021 first quarter. The IPOs include both in the main as well as SME (Small and Medium Enterprise) markets.
Victoria Azarenka rolled back the years at the Australian Open on Tuesday as the two-times champion crushed third seed Jessica Pegula to reach the semi-finals.
The country's largest software services firm Tata Consultancy Services on Monday opened the fourth-quarter earnings season with a stellar set of numbers, crossing the Rs 50,000 crore revenue mark for the first time and earning a net income of Rs 9,926 crore, registering a growth of 7.4 per cent year-on-year. The company said its revenue jumped 15.8 per cent to Rs 50,591 crore in the reporting quarter on an annualised basis. Many analysts were expecting the Tata group flagship to report over Rs 10,000 crore of net income and revenue to cross the Rs 50,000 crore mark this quarter.
The chinks in India's pace bowling armour were badly exposed in the three-match T20s against Australia.
International Monetary Fund (IMF) chief economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Gopinath also suggested a global policy and co-ordinated action for regulating cryptocurrencies. "I think cryptocurrencies are a particular challenge for emerging markets. "It seems to be more attractive to adopt cryptocurrencies and assets in emerging economies than in advanced economies," she said while addressing an event organised by the National Council of Applied Economic Research (NCAER) on Wednesday.
'While the US-Pakistan relationship has been stabilised, it's still mired in uncertainty.'
Equity benchmark Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys and Kotak Bank despite a negative trend in the global markets.
'We basically broke it down to the fact that we couldn't get away at all in those two games, two overs could have made the difference. I'm just pleased everyone is getting into their own'
'Consumers are willing to increase travel spends by 20-30 per cent versus pre-pandemic.'
The laggards include FMCG (16 per cent), Energy (37 per cent) and Media (34 per cent).
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
After years of being sequestered by the pandemic, some intrepid travellers are planning to settle their score with the novel coronavirus. With fewer or no travel curbs, they are eager to get back on the road, again. Hotels and tour operators, too, are eager to shed excess Covid baggage. And this year's Diwali promises to add that extra layer sparkle with the introduction of new flights.
The average global temperature between January and October has been 0.68 degrees Celsius higher than the 20th century's average global temperature of 14.1 degree C.
The full-court press on India over Ukraine, the BBC 'documentary', the Oxfam report, the Hindenburg attack on Adani and obliquely on the Indian economy, and any number of other acts are signs that India is a target, warns Rajeev Srinivasan.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
