To be able to manage any such uptick, Indian IT services players are hiring more locals, and relying on hybrid work models.
Earnings growth in the early-bird sample has been driven by banks and iron & steel companies.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
The improved outlook on the Government of India announced by rating agency Moody's might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year. But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows.
'Hope they don't tinker around with capital gains tax in any way.'
Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal.
Thus far in FY21, BSE, NSE have rallied 70 per cent and 71 per cent, respectively.
'A time-wise, as well as price correction, so that the market can absorb the gains made over the past 17 months.'
Beauty, Nykaa's founder Falguni Nayar realised, is a very long-tailed business and with e-commerce picking up in India, it seemed like a good idea to venture into.
While Wipro leads the pack on absolute numbers, analysts for Infosys for reporting consistent growth, revising FY22 guidance and beating TCS on revenue growth.
While Mukesh Ambani-led RIL posted a 108 per cent YoY rise in profit after tax for Q4FY21 at Rs 13,227 crore, it fell short of Bloomberg estimate of Rs 13,704 crore.
Given the company's expansion into internet and retail, more investments including mergers and acquisitions seem highly likely.
Speaking at CNBC TV 18's business leadership awards event, Sitharaman made it clear that she was not expecting a jump in the number either.
A combination of fewer listings and falling 'average daily traded value' contributed to the drag in Q3.
The IT firm will soon initiate discussions with colleges to start the process from September.
On a full year basis, the airline made a loss of Rs 934.8 crore. The company has incurred a net loss during the current and previous year and, the its current liabilities exceeded its current assets
Freight earnings too saw a decline of Rs 8,284 crore to Rs 13,412 crore in the first two months of FY21, compared to Rs 21,696 crore during the same period last year.
Vodafone Idea's net worth (or shareholders' equity) was down 73 per cent year-on-year to around Rs 17,600 crore at the end of the December 2019 quarter after the company reported a net loss of around Rs 6,400 crore during the quarter. Cumulatively, the company has lost nearly Rs 45,000 crore in the last four quarters, eroding its net worth to its lowest level in three-year. Analysts said a such a low level of net worth, coupled with continuing losses in operations, ruled out the possibility of the company getting fresh loans from lenders to fund its adjusted gross revenue (AGR) dues of Rs 54,000 crore.
They pointed out that Finance Minister Nirmala Sitharaman relies a lot on divestments, where the government under-performed in FY2019-20, to achieve the 3.8 per cent fiscal deficit target.
Top gainers in the Sensex pack included Yes Bank, Sun Pharma, IndusInd Bank, Tata Steel, HUL, Vedanta, Tata Motors, ICICI Bank, ITC, HDFC and Bajaj Auto, that rose up to 3.75 per cent.
'India has the potential to reduce its trade deficit with China by $8.4 billion in FY21.'
'We believe there will be a full shutdown for four weeks and a partial shutdown for eight weeks.' 'Hence, economic activity is unlikely to normalise before the end of May.'
Assets under management with the mutual fund industry jumped a whopping 41 per cent in fiscal 2021 to Rs 31.43 lakh crore, despite a minor 1 per cent decline in March, says a report. The 1 per cent decline in assets on monthly basis in March was because of net outflows from open-ended debt funds, even though open-ended equity funds for the first time in June 2020 recorded net inflows, according to the industry data collated by Crisil on Friday. Marc saw net outflows of Rs 29,745 crore, taking down the industry's asset base to Rs 31.43 lakh crore, down from the record high of Rs 31.64 lakh crore in February, registering a whopping 41 per cent growth in the fiscal 2021 over the previous fiscal, said Crisil, adding cumulative inflows equalled Rs 2.09 lakh crore.
Given the relevance of bank deposits for Indian savers, whether the regulator would permit linking savings interest rate to a repo-like structure needs to be seen, as a move of this nature could increase volatility in savings also.
A slew of Indian firms, including Flipkart, Byju's and Zomato, is building a path to profitability and diversifying into newer business segments ahead of mega-IPO plans.
Paytm Travel claims to have a base of around 13 million customers, a threefold increase over the user base in FY17. While significant, it is but a fraction of Paytm's wallet user base of more than 300 million.
From Dabur to HUL, here are 10 stocks with significant rural exposure in the auto, agri-chemical and fast moving consumer goods sectors, which should see an uptick in sales growth.
Good sowing of kharif crops, better minimum support prices, and fewer Covid-19 cases (in villages) will help the rural growth story to continue, says Maruti.
Sources in the Fifteenth Finance Commission said that they will implement the provisions after the bill is enacted and the President makes a reference to it.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
This is expected to benefit subcontractor firms such as Manpower Group, Randstad, Adecco, Kelly Services, Allegis Global Solutions and a host of other boutique staffing firms which supply skilled manpower to technology companies in the US.
Analysts expect firms to shift focus to online platforms to boost sales in these Covid-19-impacted times.
A key trigger for the increased retail participation in equities has been the lockdown triggered by Covid-19 that saw investors channelising their savings to capital markets in search of better return on their investments and the need to increase their disposable income.
Despite a massive underperformance at the bourses since the last six months, analysts are turning optimistic on Reliance Industries (RIL). Those at Jefferies, for instance, say that the company is a proxy play for India's consumption growth story. The key catalysts for the stock, according to a Jeffries note, include faster-than-expected market share gain in retail, oil-to-chemicals (O2C) stake sale, recovery in gross refining margins (GRM), potential public listing of Jio and even a possible banking licence going ahead. That apart, analysts feel any tariff hike in Reliance Jio (RJio) - its telecom venture - will also aid performance. With balance sheet adequately de-levered, proceeds from a strategic stake sale in the O2C business will create a sizeable war chest for the company, analysts say.
The government did not tell us why our economy had imploded. The prime minister simply stopped speaking on the subject, asserts Aakar Patel.
The Pune-based company sells the Platina and CT brands in the entry-level - 100-110cc - segment.
Naresh Goyal, after being ousted with his wife from the board last week, and with his shareholding halved to 25 per cent, can still make a comeback by partnering a new investor and win back majority control.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
