The combined market capitalisation of the top 873 family-owned companies was down 26.3 per cent year-on-year (YoY) to Rs 61.8 trillion at the end of trading on Tuesday. It had grown 6 per cent in FY19 and nearly 20 per cent in FY18.
The government has revised its divestment target downwards from Rs 2.1 trillion, as its ambitious privatisation programme has been deferred to next year.
If the government cuts wasteful expenditure as it is trying now, the deficit would at most fall to 8 per cent, not less than that.
EY said out of the nearly Rs 21 lakh crore package, Rs 8.01 lakh crore is on account of liquidity enhancing measures taken by the RBI since February.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
Rakesh Jhunjhunwala-backed Nazara Technologies is all set to hit the primary market with its Rs 583-crore IPO on Wednesday. The diversified and online gaming firm's three-day issue will run through March 17-19 and will be entirely an offer for sale (OFS). While 5.29 million equity shares will be offloaded via OFS by some of the shareholders, Rakesh Jhunjhunwala, who owns 3.29 million shares or 11.51 per cent stake in the company as of September 30, 2020, has decided to hold on to his stake. The issue has a price band of Rs 1,100-1,101 and will be available in lots of 13 shares and multiples thereof.
FDI equity inflows into the country during April-January 2020-21 grew by 28 per cent to $54.18 billion, according to the Commerce and Industry Ministry data released on Monday. Foreign direct investment (FDI) inflows during April-January 2019-20 stood at $42.34 billion. Total FDI (which includes reinvested earnings) during the 10-month period in FY21 increased by 15 per cent to $72.12 billion over the year-ago period.
The economy has shown sharp resilience in the past and has also bounced back in good time. We could hence expect a similar trajectory next year, observes Madan Sabnavis, chief economist, CARE Ratings.
Auto component makers in India are bracing for a tough time. High absenteeism among workers owing to Covid-19, shortages of critical parts, and temporary closures of plants by automobile manufacturers have thrown a spanner in the works for the Rs 3.2-trillion sector, which derives 60 per cent of its revenues from automobile original equipment manufacturers (OEMs), with the balance split equally between replacement demand and exports. Car market leader Maruti Suzuki India on Saturday said it was extending the maintenance shutdown, which was from May 1 to 9, till May 16, "keeping in view the current pandemic situation". Some activities will continue in the plants.
HDFC was the top gainer in the Sensex pack, spurting over 2 per cent, followed by Bajaj Finserv, M&M, NTPC, Bharti Airtel, UltraTech Cement and ONGC. NSE Nifty rose 98.35 points to 14,823.15.
The trend in corporate earnings suggests that index earnings could fall to the levels last seen in early 2014.
However, rural demand continued to remain a concern for FMCG companies during the quarter.
The ongoing key reforms such as sops for manufacturing, easier labour laws, wooing FDI inflows and privatisation will help improve productivity and support long-term growth at 7.5-8 per cent levels, which if played out well, can help India contribute 15 per cent of global GDP growth by FY2026, says a report. According to a report pencilled by the India economist at UBS Securities, Tanvee Gupta Jain, the country has the lowest manufacturing costs among peers, even though China retains significant ecosystem advantages and despite that India and Vietnam appear most likely to benefit from a shift out of China.
India's GDP estimates for 2020-21 show that the economy is expected to perform much better than earlier projections by different agencies, indicating a sustained V-shape post-lockdown recovery, experts said. The first Advance Estimates (AE) by the National Statistics Office (NSO) has projected a contraction of 7.7 per cent in the real GDP during 2020-21. This was better than the projections by certain international agencies like the IMF and World Bank.
Zomato's initial public offer (IPO) is scheduled to open for subscription on July 14 and is priced between Rs 72 - 74 per share. At the upper end of the price band of the offering, the company aims to raise Rs 9,350 crore. Most analysts have given a 'subscribe' rating to the issue for listing gains.
Asian Paints was the top gainer in the Sensex pack, advancing over 3 per cent, followed by Titan, Bajaj Finserv, ONGC, Infosys and TCS.
The life insurer tinkered with its business strategy - raised the share of protection plans and reduced dependency on ULIPs in the past four years.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
India Ratings and Research on Friday revised down India's FY22 real GDP growth forecast to 10.1 per cent, from earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination. At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, the agency said it expects the second wave to start subsiding by mid-May. Earlier this month, the Reserve Bank maintained its 10.5 per cent GDP growth estimate, but Governor Shaktikanta Das has flagged the rising cases as the biggest impediment to recovery.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
By the end of the June quarter, the top four - TCS, Infosys, Wipro and HCL Tech employed 10,15,000 employees - down by 9,144 employees over the previous quarter.
Investors are pushing back more often against companies' resolutions on what is paid out to top executives. In the first four months of financial year 2022-23 (FY23), there have already been five such rejections, according to shareholder voting data from tracker Adrian, a platform maintained by the proxy advisory firm Institutional Investor Advisory Services India (IiAS). Two of these have been at multiplex chain PVR and direct-to-home company Dish TV India.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Measures that quickly boost demand and increase employment are needed to push up growth. Moreover, without announcing new planss, the government should strengthen schemes such as PM KISAN, MNREGA and programmes to build rural roads.
Free provision of food, cash transfers, and jobs in villages see enhanced flow of funds despite a precipitous fall in revenue. Till May, defence spend was nearly 30 per cent less than the previous year.
Indirect emissions account for a major chunk of emissions by Indian IT firms. Business travel and commutation, together, are a key reason for it. If travel and daily commuting go down, so does carbon emissions.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
There are multiple near-term worries for the stock of India's largest listed consumer company, Hindustan Unilever (HUL). While inflationary pressures will weigh on its profitability, demand pressures - especially in the rural market - are expected to hit the firm's revenues. This is why brokerages have cut the earnings estimates for financial year 2022-23 (FY23) by 7-10 per cent.
Public sector banks (PSBs) have written off a massive Rs 8 trillion of loans in the seven years of the Narendra Modi government in office. This is more than twice the capital infused by the Bharatiya Janata Party-led government during the period. Between 2014-15 and 2020-21 (FY21), the Centre had infused Rs 3.37 trillion into PSBs. At Rs 1.06 trillion, FY19 saw the highest capital infusion.
In November, DRL registered growth of 28 per cent year-on-year (YoY), which was the highest among peers and double that of the industry growth (14.5 per cent).
The Tata group firm has enhanced its product portfolio through "targeted acquisitions" as it aspires to be a formidable player in the FMCG category, said Chandrasekaran, who is also the chairman of Tata Sons. Besides, it has stepped up the pace of innovation across markets in line with consumer trends such as health and wellness and convenience, he said in his message to shareholders in the latest annual report of TCPL.
In 2020-21, business activities were hit by the coronavirus pandemic. Biyani's annual remuneration stood at Rs 3.86 crore in 2019-20, according to Future Retail Ltd's (FRL) annual report for 2020-21. FRL's managing director Rakesh Biyani also saw his remuneration decline by 4.82 per cent to Rs 3.75 crore in the financial year ended March 31, 2021.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
Indian GDP will grow at 8.5 per cent in 2021-22, and the rate will accelerate further to 9.8 per cent in 2022-23, a foreign brokerage said on Tuesday. The GDP had contracted by 7.3 per cent in the pandemic-hit FY21, and is widely expected to grow at a faster pace due to the base effect in 2021-22. The Reserve Bank of India (RBI) expects a 9.5 per cent growth in 2021-22, and the same to slow down to 7.8 per cent as things normalise.
Individuals flew the flag for philanthropy in FY20, escalating their contribution significantly in comparison with company and foreign fund donations, according to the Dasra/Bain & Co India Philanthropy Report of 2021. Funding by individual philanthropists went up by 42 per cent from Rs 21,000 crore in FY19 to Rs 30,000 crore in FY20.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
These five stocks, which have lagged the markets over the last two years, have doubled in value since March 23.
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