Co-working spaces provider WeWork India is aiming for a revenue growth of over 20 per cent for the coming years, even as its initial public offering (IPO) with only an offer for sale (OFS) component gets valued at Rs 3,000 crore at the top of the price band. The IPO opens on October 3, a newspaper advertisement said.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
The Securities and Exchange Board of India (Sebi) has identified around Rs 77,800 crore as "difficult-to-recover" or DTR dues in its annual report for 2024-25 (FY26), marking a nearly 2 per cent increase from the previous year. These dues remain unrecovered despite exhaustive recovery efforts.
Digital payments provider PhonePe has filed draft papers with markets regulator Sebi for its upcoming initial public offering (IPO) using the confidential pre-filing route. On Wednesday, the company's spokesperson said, "PhonePe Ltd has filed the Pre-filed Draft Red Herring Prospectus with Sebi and the stock exchanges, under...the Sebi ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges".
Life Insurance Corporation of India (LIC) declared disappointing results in Q1FY24. While it reported a net profit of Rs 9,540 crore in Q1FY24, this was attributable to the transfer of Rs 7,490 crore from non-participating (non-par) products to shareholders' accounts due to the accretion on available solvency margin. In operational terms, annualised premium equivalent (APE) declined and value of new business (VNB) margin was flat. But the medium-term prospects may be better.
India's merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
The life and non-life insurance industries are hopeful of a reduction in the goods and services tax (GST) on health and life insurance premiums, after Prime Minister Narendra Modi, in his speech on Friday, announced GST relaxations aimed at providing relief to ordinary citizens, farmers, the middle class, and the small and medium enterprises (MSME) sector.
The primary market is set for a busy week as two major companies, Tata Capital Ltd and LG Electronics India Ltd, gear up to launch their initial public offerings (IPOs), collectively worth more than Rs 27,000 crore.
IndiGo, which operates the largest fleet among Indian carriers, has reported the highest number of serious engine-related incidents.
Reliance Industries' refining earnings will remain steady, supported by its position as India's largest importer of Russian crude and favourable global supplies, according to analysts at JM Financial and Goldman Sachs. Reliance imported more Russian barrels than any other Indian refiner in the past eight months, according to data from Bloomberg/Kpler.
Among India's 150,746 railway bridges, 25.8 per cent are over a century old.
The central government's fiscal deficit during 2023-24 at 5.6 per cent of the GDP was better than previous estimates of 5.8 per cent on account of higher revenue realisation and lower expenditure, according to official data released on Friday. In actual terms, the fiscal deficit -- or gap between expenditure and revenue -- was Rs 16.53 lakh crore, or 5.63 per cent of the GDP, which grew 8.2 per cent in 2023-24.
Amid controversy over USPresident Donald Trump's comments linking the use of Tylenol and other related paracetamol products by pregnant women to autism in children, experts and industry executives say that since India's export of the drug to the US is less, it will hardly affect the country's pharma exports to America.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
One97 Communications Ltd (OCL), the company that operates the Paytm brand, posted a consolidated loss of Rs 539.8 crore in the fourth quarter of 2024-25 (Q4FY25), slightly lower from the Rs 549.6 crore it reported in Q4FY24. Sequentially, the fintech company's loss widened from Rs 208.3 crore in Q3FY25 on account of a one-time exceptional expense amounting to Rs 522 crore during the quarter ended March 2025.
Bengaluru is at a critical juncture, where its economic model, reliant on attracting and retaining skilled professionals, is directly threatened by a measurable decline in urban quality of life, point out Shishir Gupta and Rishita Sachdeva.
Moody's Ratings on Thursday raised India's GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure. The estimate comes a day after RBI Governor Shaktikanta Das said the economic growth in the current financial year could be close to 8 per cent in view of the third quarter GDP data released by the government. The latest estimate of Moody's is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023.
If cashless services are suspended, AHPI said, its member hospitals will continue to treat Star Health policyholders, but patients will have to pay upfront and later seek reimbursements directly from the insurer.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
Cement companies posted mixed figures for the first quarter of the 2023-24 financial year (Q1FY24). Volume growth was robust at 17 per cent year-on-year (Y-o-Y) - on an aggregate basis - for 15 cement companies, with revenue growth at 15 per cent. Aggregate earnings before interest, taxes, depreciation, and amortisation (Ebitda) were up 8.8 per cent Y-o-Y and 1.2 per cent quarter-on-quarter (Q-o-Q).
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
The initial public offerings (IPOs) by small and medium enterprises (SMEs) hit a new high in 2023-2024 (FY24). In this financial year, data from the Prime Database showed that 190 companies raised Rs 5,579 crore through the SME IPO route. This financial year's tally bettered the fundraising in the previous financial year when 125 companies raised Rs 2,235 crore.
Maruti Suzuki India on Wednesday expanded its product range in the country with the launch of all-new 'Victoris' as it looks to enhance its presence in the robustly growing mid-sized SUV segment.
The Reserve Bank of India (RBI) on Wednesday met the long-standing demand of banks by allowing them to finance acquisitions by Indian companies, a move that also expands banks' capital market lending in the country.
After the merger of regional rural banks (RRBs) under the "One State, One RRB" policy to improve their efficiency and minimise competition among public-sector banks (PSBs) that sponsor them, the government is planning to list at least five RRBs by the end of financial year 2026-27 (FY27). After the latest amalgamation that came into effect on May 1, there are 28 RRBs in 26 states and two Union Territories (UTs), with more than 22,000 branches covering 700 districts.
Finance Minister Nirmala Sitharaman on Thursday asked India Inc to take advantage of the policies and reforms undertaken by the government and no longer hesitate to invest more and expand capacities. Sitharaman also asked the industry to partner with the government for skilling the youth and also to engage with the government throughout the year, and not just before the Budget.
'We will be able to anticipate the full picture of the impact after August, which is also the time when demand for a year begins to peak ahead of the December holidays and Valentine's Day.'
India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23, a Swiss brokerage said on Wednesday. The slowdown was attributed to slowing global growth and tightening of monetary policies in the report by economists at UBS India. It said India will be among the "lesser affected economies" in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds.
Life Insurance Corporation of India's (LIC) annualised premium equivalent (APE) growth remained weak in the fourth quarter of the financial year 2024-25 (Q4FY25) and flat in FY25, but management expects growth to rebound in FY26. The focus remains on improving product mix by increasing share of non-participating or non-par products in the individual APE.
India's four listed Real Estate Investment Trusts (Reits) collectively distributed 13 per cent more funds to their shareholders in fourth quarter of financial year 2024-25 (Q4FY25) at Rs 1,553 crore on year, reflecting the growing strength of the sector fuelled by strong leasing activity, especially from Global Capability Centres (GCCs).
Hero MotoCorp on Tuesday posted 24 per cent increase in consolidated profit after tax at Rs 1,169 crore for the fourth quarter ended March 31, 2025 riding on higher margins backed by better product mix, parts revenue and cost effectiveness. The company had reported a consolidated profit after tax (PAT) of Rs 943 crore in January-March FY24.
Passenger vehicle dispatches in India from factories to dealers rose to record levels at over 43 lakh units in FY25, with utility vehicles accounting for 65 per cent of the total sales in the segment, industry body SIAM said on Tuesday. Passenger vehicle (PV) dispatches rose to 43,01,848 units in the last fiscal year, marking a 2 per cent increase compared to 42,18,750 units in FY 2023-24.
Tata Power declared encouraging results for the April-June quarter (Q1) of the 2023-23 financial year (FY24). The firm's revenue rose 5 per cent year-on-year (Y-o-Y) to Rs 15,210 crore. It was driven by higher sales to distribution companies (discoms) and capacity addition in renewables. Company's adjusted profit after tax (PAT) rose 3 per cent to Rs 906 crore with reported PAT at Rs 1,100 crore on a one-time gain of Rs 235 crore.
India fully utilised its military modernisation budget in 2024-2025 -- the first time in five years -- and signed a record Rs 2 trillion defence contracts.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
Any potential tariffs on pharmaceutical imports into the US are unlikely to impact the credit profiles of Indian firms except for a short-term pricing blip, according to a report by India Ratings and Research (Ind-Ra). The report stated that the US generics market contributes around 35 per cent to the total revenue of the leading Indian pharma firms.
