The Reserve Bank of India on Friday raised the retail inflation forecast for 2021-22 to 5.7 per cent due to supply side constraints, high crude oil and raw materials cost. The RBI in June had pegged the retail inflation estimate at 5.1 per cent for the current financial year. The RBI has the mandate to keep inflation in a band of 2-4 per cent, with a tolerance level of 2 per cent on either side.
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
India's economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy said on Wednesday. "I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India. "I think it is, more or less, agreed that the real rate of growth this year (FY2022) is going to be around 10 per cent," Debroy said at an SBI event. At the beginning of FY2021-22, the forecasts for real growth were in the 8.5-12.5 per cent range, he noted.
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
Mumbai accounts for the largest share of electoral bonds sold since inception.
The growing mismatch between Go First's losses and other group companies' profits was making it tough for the group to fund the losses of the airline venture.
Largest software exporter TCS will be hiring more than 40,000 freshers from campuses in the country in the financial year 2021-22 , a top executive said on Friday. The company, the largest employer in the private sector with a base of over 5 lakh employees, had hired 40,000 graduates from campuses last year and will do better on that number, its chief of global human resources Milind Lakkad told reporters in Mumbai. He said the COVID pandemic-related restrictions do not pose any difficulties in hiring and added that last year, a total of 3.60 lakh freshers had appeared for an entrance test virtually.
The Indian IT industry will stage a "strong recovery" in 2021-22 with a revenue growth of up to 11 per cent, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7 per cent to $99 billion in 2020-21.
Thanks to a big payout by the group's cash cow, Tata Consultancy Services (TCS), Tata Sons is set to earn a record-high equity dividend worth nearly Rs 33,350 crore from the group's listed companies for FY23, up 130 per cent from Rs 14,529 crore in FY22. Nearly 90 per cent of this, or around Rs 30,500 crore, is estimated to accrue to Tata Sons while the rest will show up in its profit & loss account for FY24. This is because nearly 80 per cent of the dividend payout by TCS for FY23 was done before the end of the financial year through three quarterly interim instalments and a special one in January this year.
Finance Minister Nirmala Sitharaman on Monday said the government estimates fiscal deficit of 6.8 per cent of the gross domestic product (GDP) in the next financial year beginning April 1. However, the fiscal deficit in 2020-21 is estimated to soar up to 9.5 per cent due to rise in expenditure on account of the outbreak of COVID-19 and moderation in revenue during this fiscal year.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
S&P Global Ratings on Thursday cut India's growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of risk to the outlook from further waves of COVID pandemic. The agency lowered the growth outlook saying that a severe second COVID-19 outbreak in April and May led to lockdowns imposed by states and sharp contraction in economic activity. "We forecast growth of 9.5 per cent this fiscal year from our March forecast of 11 per cent," S&P said.
The country's exports in March 2022 rose 19.76 per cent to $42.22 billion on account of healthy performance by sectors such as petroleum products, engineering, and leather, even as trade deficit during the month widened to $18.51 billion. In March 2021, exports stood at $35.26 billion, according to a commerce ministry data released on Wednesday. Last month, imports grew 24.21 per cent to $60.74 billion, it showed. Trade deficit stood at $13.64 billion in March 2021.
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
The net financial savings of the household sector has moderated to 5.1% of GDP in FY23 from 7.6 per cent in FY20, as households shifted their savings to physical assets amid low interest rates during the pandemic, according to State Bank of India's (SBI) Research report.
After incurring losses for two years on the trot, German luxury automotive company Bayerische Motoren Werke AG (abbreviated as BMW) has posted net profit in India in 2021-22 (FY22), primarily due to high demand of its top-end vehicles, cost optimisation, and price hikes, Business Standard has learnt. BMW India said in its FY22 financial statement that the company is focusing on growth and achieving profitability through induction of new products in the market, strengthening its dealership network, and improving customer satisfaction while reducing costs. The company posted its highest-ever revenue in India in FY22 at Rs 4,365.8 crore.
Mortgage lender HDFC on Wednesday said it has approved the highest ever retail home loans of over Rs 2 lakh crore in 2021-22. The demand for these loans was from across the country, HDFC said in a statement. HDFC managing director Renu Sud Karnad said, "In over four and half decades, I have not seen a better time for the housing sector than now due to lower interest rates, stable property prices, government's thrust on affordable housing, improved affordability, favourable demographics, increasing urbanisation and rising aspirations." The residential real estate segment will continue to see strong traction going forward, as the demand for housing is not just pent up demand but is a structural one, she said.
Corporate India's net profit as a percentage of gross domestic product (GDP) dipped in the 2022-23 financial year (FY23) -- after rebounding sharply in FY22 -- amid a decline in global commodity prices. Top 500 companies' combined net profit stood at 4.1 per cent of the GDP for FY23, down from 4.3 per cent in the previous financial year when it had gone up from just 3.5 per cent in FY21. "The year-on-year (YoY) decline was led by global commodities, which contributed adversely to the ratio, while the financial sector contributed positively.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Bharti Airtel has quietly narrowed its adjusted gross revenue (AGR) market share gap with Reliance Jio, the country's largest player in the game, in the last three years. Despite Jio's aggressive entry into 4G and now into 5G, Airtel's gap with Jio, which was 6.4 percentage points in Q1 of FY21 and went up to 7.2 percentage points in Q1 of FY22, has fallen to only 4.4 percentage points in Q1 of FY24. Currently, Reliance Jio's AGR market share is 41.6 per cent while Airtel's is at 37.2 per cent.
Tata Motors, Mahindra & Mahindra and Kia India on the other hand witnessed an increase in their market share based on the retail sales last fiscal. As per the Federation of Automobile Dealers Associations (FADA), the retail sales of country's largest carmaker Maruti Suzuki India rose to 14,79,221 units in 2022-23 fiscal, attaining a market share of 40.86 per cent. It had retailed 12,39,688 units in 2021-22 and grabbed a market share of 42.13 per cent.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
The Reserve Bank on Friday retained the real GDP growth projection at 9.5 per cent for 2021-22 as domestic economic activity has started normalising with the ebbing of the second wave of the virus and the phased reopening of the economy. In the June monetary policy, the RBI had lowered the growth projection for 2021-22 to 9.5 per cent from 10.5 per cent estimated earlier. Unveiling the bi-monthly monetary policy, RBI Governor Shaktikanta Dad said high-frequency indicators suggest that consumption (both private and government); investment; and external demand are all on the path of regaining traction.
With India's inclusion in global bond indices starting next financial year, the central government believes there will be greater scope for shifting to borrowings via long-term government securities (G-sec) from short-term instruments. This change may be factored into the FY25 interim Budget. "While this has been our focus, the inclusion of India in global bond indices gives us the opportunity to accelerate the shift towards longer tenure G-secs," an official said, requesting anonymity.
The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe second COVID-19 wave cut into recovery momentum. This forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that IMF had projected in April before the second wave took a grip. For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April.
The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore this fiscal and fall further by 27 per cent to nearly Rs 3.18 lakh crore in 2022-23. In its revised Budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual Budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to decline to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21, while petroleum subsidy is estimated to fall to Rs 6,517 crore from Rs 38,455 crore in the said period.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
The Gross Value Added (GVA) in agriculture and allied activities is projected to clock its best growth in FY23 during the October-to-December quarter, at 3.7 per cent, on the back of a strong kharif harvest, according to the second advance estimates of national income. In the third quarter of FY22, GVA in the sector was 2.3 per cent at constant prices. At current prices, the growth in the third quarter of this financial year is projected at 8.6 per cent, which is almost at the same level in the corresponding quarter of FY22.
Embattled Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of $203 million," it added.
This is despite the fact that total FDI into India has fallen by 22 per cent from $58 billion in FY22 to $46 billion in FY23, according to the Reserve Bank of India.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
Indian airlines are expected to post a consolidated loss of $4.1 billion this fiscal, similar to what they are estimated to have incurred in 2020-21, taking the total losses of two years to around $8 billion as a result of the pandemic so far, aviation consultancy and research firm CAPA said on Thursday. In a report, CAPA expects domestic passenger traffic to be around 80-95 million in 2021-22 as against 52.5 million in the previous financial year. However, despite this growth, it will be well below than around 140 million passenger volumes recorded in 2019-20, CAPA said in the report. This projection of the traffic volume does not take into account the anticipated third wave of the pandemic, it added.
'The local support from our MP is nil. He never comes to see our farms.'
The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore, of which Rs 1.58 lakh crore would have to be borrowed this year. The Centre expects to collect over Rs 1.11 lakh crore through cess on luxury, demerit and sin goods which will be given to the states to compensate them for the shortfall in revenue arising out of GST implementation. The remaining Rs 1.58 lakh crore would have to be borrowed to meet the promised compensation to states under the Goods and Services Tax (GST) regime.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
Mahindra & Mahindra (M&M) reported very strong results for the January-March quarter of the last financial year (Q4FY24), beating consensus comfortably. The margins of the automobile business improved 170 basis points (bps) year-on-year (Y-o-Y) to 8.8 per cent, while FES (Farm Equipment Sector) margins improved to 15.8 per cent (up 60 bps Y-o-Y), despite a decline in volumes due to cost optimisation and lower raw material costs.
After a short-term blip, mutual funds (MFs) are back to adding new systematic investment plan (SIP) investors at a record high pace, which was seen during the financial year 2021-22 (FY22). During the first six months (H1) of this financial year (FY24), MFs have added a net 77 million SIP accounts compared to 56 million during the same period of FY23. The net additions this year are a tad higher than the 76.5 million additions in H1 of FY22.
The filing of offer documents with the capital markets regulator - Securities and Exchange Board of India - has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market. So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
Operational and compliance challenges foreseen for fund houses in deducting tax at source, resulting in possible TDS mismatches and disputes with investors.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances