Gland Pharma beat muted expectations for Q2FY25. There was increased Ebitda (Earnings before interest, taxes, depreciation and amortisation) loss at Cenexi, the CRAM subsidiary. However, overall Ebitda margin was better than expectations at 21.1 per cent. But given two years of earnings decline in FY23 and FY24, the business may have bottomed and upper-teens EPS (earnings per share) growth looks possible over next two financial years.
The prospective bidders of Haldiram Snacks Foods (HSFPL), a leading food firm, have sought clarity on the ownership of the brand as it is currently owned by different family factions. The Delhi and Nagpur families have decided to merge their operations and formed a joint venture to sell part of their stake. On the other hand, the Kolkata family runs its separate, independent operations. Bankers said prospective bidders of the company do not want any confusion over the brand in future. They have sought clarity over usage of the brand.
The per capita income of Indians as gleaned from income-tax filing is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, coinciding with 100 years of the country's Independence, according to SBI Research. In dollar terms it will increase from about $2,500 in FY23 to $12,400 in FY47. Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said the weighted mean income was Rs 4.4 lakh in AY14. That rose to Rs 13 lakh in FY23.
A non-strategic investor like Poonawalla brings in not only capital but also creative freedom. Indian cinema needs more investors like him, reports Vanita Kohli Khandekar.
The Q2FY25 revenue for Coal India (CIL) was reported at Rs 30,700 crore (down 6 per cent year-on-year or Y-o-Y and 16 per cent sequentially). The blended average selling price was Rs 1,622/tonne (down 6 per cent Y-o-Y and 3 per cent quarter-on-quarter or Q-o-Q). Adjusted operating profit stood at Rs 7,200 crore (down 20 per cent Y-o-Y and 38 per cent Q-o-Q) due to lower-than-expected e-auction volumes and higher costs.
'The global median of whistle-blower complaints is 1.5 per cent of the total employees. India's reporting is far away from this average.'
Even as the government debates whether to continue the FAME-II subsidy for electric vehicles (EVs), the share of such vehicles in overall sales is decelerating, after witnessing a heady growth in the first few years. The penetration of EVs - electric two-wheelers, passenger vehicles, three- wheelers and other segments collectively - in the first 10 months of FY24 has been pegged at 4.3 per cent, compared to 3.7 per cent in FY23, according to credit rating agency ICRA.
State-run Indian Oil Corporation (IOCL) reported a weak performance in the fourth quarter of FY24 (January-March 2024), and the turmoil in the energy market indicates it could endure another lacklustre quarter. The oil marketing company (OMC) reported an Ebitda of Rs 10,400 crore, down 27 per cent year-on-year (Y-o-Y) due to weak reported gross refining margin (GRM) of $8.4 per barrel in Q4FY24, which was almost half the consensus expectation of $15 per barrel.
The rupee has depreciated by 0.6 per cent so far in the current financial year.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Rediff.com, one of India's pioneering internet companies, on Tuesday announced the appointment of Mr Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd's acquisition of a majority stake in Rediff.com.
ICICI Lombard General Insurance Company reported financial improvement and optimistic commentary in Q4FY24. It reported 17 per cent year-on-year (YoY) growth in Gross Written Premium (GWP) and 115 bps improvement in the Combined Ratio (COR) in FY24, and improved COR guidance with COR going from 104.5 per cent in FY23 to 103.3 per cent in FY24, 102.4 per cent in FY25 and 102.0 per cent in FY26.
The Reserve Bank of India on Friday raised the retail inflation target for the current financial year to 5.7 per cent on the back of rising global prices amidst the ongoing geo-political tensions, even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest. "Global food prices along with metal prices have hardened significantly. "Economy is grappling with a sharp rise in inflation... Inflation is now projected at 5.7 per cent in 2022-23 with Q1 at 6.3 per cent; Q2 at 5 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent," RBI Governor Shaktikanta Das said while unveiling the first monetary policy review for the current fiscal year.
The Reserve Bank of India's (RBI's) record surplus transfer to the government has raised hopes among bond traders that the government might reduce its gross borrowing for the current financial year (2024-25/FY25) by up to Rs 1 trillion. The RBI approved a dividend of Rs 2.11 trillion for the central government for 2023-24, marking an increase of roughly 141 per cent from 2022-23 (FY23). In addition, the contingency risk buffer has been raised to 6.5 per cent from the previous 6 per cent.
The slowdown in private consumption in the economy is taking a toll on the growth of fast-moving consumer goods (FMCG). The net sales growth of listed FMCG companies hit a 14-quarter low of 2.5 per cent in October-December 2023 (Q3FY24). This is the lowest revenue growth for the industry since the June 2020 quarter, when the FMCG firms in the Business Standard sample had reported a 13.2 per cent Y-o-Y decline in combined net sales owing to the lockdown.
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
'What is Balaji without Ekta (Kapoor), what is Dharma without Karan (Johar?)'
Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank were the other major winners. Sun Pharma, Asian Paints, Bajaj Finance and Titan were the laggards.
Rating agency Fitch on Tuesday slashed India's growth forecast for the next fiscal to 8.5 per cent from 10.3 per cent, citing sharply high energy prices on account of the Russia-Ukraine war. With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year, the agency said. It has revised upwards the GDP growth forecast for the current fiscal by 0.6 percentage points to 8.7 per cent.
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier. Upstream producers, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) could do well due to strong crude and gas prices, but refiners are likely to see weak margins and the impact of frozen prices during the election period will also be negative.
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
Despite the robust growth in this country, Apple's India share in its overall global sales remained modest -- constituting 1.5 per cent of its overall turnover of $389 billion in FY23.
From its lows this month, the stock of Sona BLW Precision Forgings is up 10 per cent on better-than-expected results. The stock rose by 4 per cent in the trading session on Tuesday after Japan's Nikkei Group said the Indian automotive component major has topped its rankings in terms of competitive advantage. The rankings are based on sales, profit margin, capital expenditure, research and development, and market capitalisation.
Adani group is on track to surpass a combined Ebitda (earnings before interest, taxes, depreciation, and amortisation) of Rs 1 trillion in the ongoing financial year (FY25) as it prepares for a $2 billion (over Rs 16,700 crore) share sale by its flagship entity Adani Enterprises next month, according to a source close to the matter.
Swiggy is planning to file its draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering (IPO) in the next two weeks, aiming for an $11 billion IPO valuation target. The Bengaluru-based firm plans to raise an estimated $1 billion (Rs 8,300 crore) through the IPO this year. The company is targeting a valuation in the range of $10-11 billion, and it currently has approximately $800 million in cash from the previous funding round, according to sources.
Big, listed FMCG (fast-moving consumer goods) companies such as Hindustan Unilever, ITC, Nestl, and Britannia have been top-performing stocks on the bourses in recent weeks. The Nifty FMCG index, which tracks the share prices of the country's top 15 listed FMCG companies, is up 1.9 per cent month-to-date in May compared to a 2.4 per cent decline in the benchmark Nifty 50 in the period.
The aggregate value of private equity (PE) deals in Indian real estate has declined nearly 30 per cent to $3.6 billion in 2023-24 (FY24) as compared to $5.1 billion in FY20, according to a report released on Monday.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
Despite declining by three percentage points in 2022-23 (FY23) compared to FY19, Odisha's unemployment rate remains higher than the average in India.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
As many as 5,532 complaints were received by the regulator in January, an 80 per cent increase over the number of complaints filed in the previous month.
Edtech firm Unacademy has laid off 250 people across verticals, according to people familiar with the matter, reducing its employee strength by 50 per cent from what it was two years ago. Of those, 100 are from core functions such as marketing, business, and product, while the rest are from sales.
The government is considering the option of handing over operations of Mahanagar Telephone Nigam Ltd (MTNL) to BSNL through an agreement, instead of pursuing a merger route, a source privy to the development said. A final call on this is likely to be taken in a month's time. The source said the option of handing over debt-laden MTNL's operations to Bharat Sanchar Nigam Ltd (BSNL) through an agreement is being looked into.
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).
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).
Shares of Le Travenues, which operates online travel booking platform ixigo, soared 78 per cent on their market debut (June 18) and surged 80.4 per cent in the three days over their issue price. Ixigo has joined competitors EaseMyTrip and Yatra on the bourses. Analysts believe the blockbuster response to ixigo may lead to greater scrutiny of the financial performance of other online travel aggregators (OTAs) like Easy Trip Planners, and Yatra Online.
India's economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country's success story, CII president TV Narendran said on Monday. However, he said the country needs to remain prepared for any fallout of next wave of COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war. "We are confident that the economy can retain a high growth trajectory this year. "So, we are very optimistic on the export front. "Exports will be a key component of India's success story going forward," Narendran said.
Max Life Insurance plans to hire 30,000 agents and open 50 to 100 new offices in the financial year 2024-25 (FY25) to drive premium growth, said Prashant Tripathy, managing director and chief executive officer of the company. The private insurer's total agent count will rise to 1,30,000 in FY25. It added 47,957 agents in FY24, 54 per cent more than the year before.
In previews of Q2FY25 and beyond, industry analysts are expecting a turnaround for IT services. High teens earnings per share or EPS growth is expected for the next two-three financial years. The hopes are backed by deal wins of above $100 billion as at Q1FY25, up 16.6 per cent year-on-year ( Y-o-Y).
The brokerage earnings estimate for the January-March 2024 quarter (Q4FY24) for Nifty 50 companies hints at a slowdown in corporate profit growth while revenue increase is likely to be in low single digits as in the previous two quarters. According to various brokerage estimates, the companies' combined net profits are expected to grow 3.1 per cent year-on-year (Y-o-Y) in Q4FY24, the slowest in the last five quarters. For comparison, the index companies' combined net profits were up 8.2 per cent Y-o-Y in Q3FY24 and 3.4 per cent Y-o-Y in Q4FY23.
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