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.
IndiGo has delivered impressive operating performance in the past six quarters as it navigated cost and capacity challenges. It has managed to mitigate the impact of faulty engine-related groundings. The airline has also managed costs related to grounding, expensive secondary leasing, increasing airport charges, and pilot compensation inflation and delivered stronger yields and spreads.
The Tamil Nadu government on Tuesday cleared the Rs 13,180 crore project by Yuzhan Technology, part of Taiwan's Foxconn Group, at Kancheepuram. The unit is reportedly expected to assemble smartphone display modules, which will be one of the first such units to cater to Apple's growing presence in the country. The unit is expected to generate at least 14,000 jobs. Of the 14 existing manufacturing units in the Apple supply chain, seven are based in Tamil Nadu.
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.
Sun Pharmaceutical Industries reported a 34 per cent year-on-year (Y-o-Y) jump in net profit to Rs 2,654.6 crore in Q4FY24.
Rs 135.3 crore. How much of it was salary, and how much commission?
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
Tata Consumer Products Ltd (TCPL) on Thursday denied reports on the exit of cafe chain Starbucks from the Indian market, terming them as "baseless". Tata in a 50:50 joint venture with US-based Starbucks Corporation operates a cafe chain in India under the brand name of Starbucks, which is the leading cafe chain in India.
Siemens's share price has lost ground in the past few sessions following weak management commentary. The management indicated challenges to the growth outlook due to stagnant private capex and concerns over semiconductor shortages for digital industries. Government infra-spending may regain momentum from January 2025.
Markets to track inflation data, global trends, FII trading this week: Analysts New Delhi, Dec 8 (PTI) Investors' sentiments will be guided by a host of domestic and global macroeconomic data announcements this week, along with the trading activity of foreign investors and trends in world stocks, analysts said. Besides, the rupee-dollar trend and movement of global oil benchmark Brent crude will also be crucial in dictating terms in the market, experts added. "The domestic stock market is likely to be shaped by a mix of global cues, domestic economic indicators, and the flow of investments from foreign and domestic institutional investors. Key factors like the rupee's exchange rate and crude oil prices will play a critical role in determining market trends. "Globally, geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, continue to pose challenges. However, recent declines in the dollar index and US bond yields have created a more favourable environment for emerging markets like India," Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said. On the economic front, significant macroeconomic releases, including retail inflation and industrial production data from India as well as US core CPI, are expected to influence overall market sentiment, Gour added. Last week, the BSE benchmark jumped 1,906.33 points or 2.38 per cent, and the NSE Nifty climbed 546.7 points or 2.26 per cent. "FIIs turning buyers in early December, in a total reversal of their sustained selling strategy during the last two months, has altered the market sentiments. The change in FII (Foreign Institutional Investors) strategy is getting reflected in stock price movements, particularly in large-cap banking stocks in which FIIs have been sellers," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. The release of US CPI inflation data will give some insights into the Fed's December meeting, an expert said. "The markets' attention is expected to turn towards macroeconomic indicators like IIP and CPI inflation. Additionally, the trend of FII inflows, following their recent buying spree, will remain a key focal point for market participants," Ajit Mishra - SVP, Research, Religare Broking Ltd, said. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said this week will see significant economic data releases, including GDP numbers from Japan and the UK, along with China's CPI and India's CPI.
Good results for the January-March quarter (Q4) of FY24 and strong seasonal demand have led to strong investor interest in Crompton Greaves (CG) Consumer Electricals which is hitting new highs. While there's bullish consensus on the company's future performance, the stock has gained over 40 per cent in the last six months and valuations may become stretched. The Q4FY24 revenue rose 9.5 per cent YoY to Rs 1,960 crore.
Foreign companies now pay less tax relative to their earnings than at any time in more than three decades. Foreign private companies paid 24.36 per cent of their pre-tax profit as tax in 2023-24, show numbers from the Centre for Monitoring Indian Economy (CMIE).
PVR Inox shares hit a 44-month low of Rs 1,154, declining 8 per cent on the BSE in Tuesday's intra-day trade in an otherwise firm market, driven by growth concerns. The stock has slipped 23 per cent from its December high of Rs 1,620, touched on December 5, 2024. It has fallen below its previous low of Rs 1,203.7 from June 4, 2024, and is trading at its lowest level since May 2021.
The hospitality industry has around 212,000 rooms, with an industry size of about Rs 82,000 crore. The industry could grow at an annual rate of 10.5 per cent for the next three financial years, despite a quiet Q1FY25. The demand will be driven by domestic travellers, who will contribute roughly 50 per cent of the growth, while foreign tourists will account for 30 per cent.
From its lows this month, the stock of Bharti Airtel is up 14 per cent. The gains for the telco have come on the back of expectations that market share consolidation, tariff hike and lower capex should boost margins and profits. While the company is a key player in the Indian market, it also has a leadership position in major markets of Africa.
Shares of healthcare services major Max Healthcare Institute have gained over 23 per cent since the start of this month and the stock crossed the Rs 1 trillion mark on September 24. On September 25, it closed 989.85 apiece at the NSE. The gains were cornered on the back of a strong outlook for the sector and aggressive expansion plans for the chain led by acquisitions and organic growth.
Electrical Consumer Durable (ECD) companies like Havells India have seen strong Q4FY24 sales and continuing seasonal demand across fans, air coolers, and room air conditioners (RAC) in addition to business-to-business sales of cables, switchgear, and professional lighting, among others. Havells India's Q4FY24 revenue rose 12 per cent year-on-year (Y-o-Y) to Rs 5,400 crore, in-line with consensus. Strong summer demand led to robust volume growth in fans and RAC and volume growth in cable and wires (C&W) due to infrastructure spending and real estate activity.
The July-September quarter (Q2) results for 2024-25 (FY25) from the largest listed consumer electrical solutions companies, Havells India and Polycab India, followed similar trends, demonstrating robust revenue growth while falling short of profitability expectations. Both companies witnessed overall growth in the 16-30 per cent range, but margins declined by 130-290 basis points (bps) year-on-year (Y-o-Y). Although brokerages are bullish on long-term prospects and have raised revenue projections, earnings forecasts have been revised downward due to margin pressures.
'We don't have to compete with Maharashtra or Gujarat. We have to now start thinking about how we compete with the United States or China.'
'As the Budget has taken some measures to spur growth, similar action from the MPC may be expected.'
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
Employment in urban areas in the first quarter of 2024-25 (FY25) improved over the previous one. The unemployment rate in April-June (Q1) declined to 6.6 per cent from a four-quarter high of 6.7 per cent in January-March FY24 owing to the fall in the male unemployment rate, according to the quarterly Periodic Labour Force Survey (PLFS) data, released by the National Statistical Office (NSO) on Friday.
'There is no immediate threat to the government, and they would prefer the growth agenda.'
Although net inflows into equity mutual funds deteriorated month-on-month (M-o-M) in March 2024 to Rs 22,576 crore (excluding Hybrid), down 15 per cent M-o-M (up 12 per cent Y-o-Y), asset management companies (AMCs) had a great year with robust growth in assets under management (AUMs). AMCs are likely to report strong PAT growth (30-40 per cent Y-o-Y) in Q4FY24 on the back of AUM growth. In Q4FY24, domestic mutual fund (MF) industry's quarterly average AUM grew by 34 per cent Y-o-Y and 10 per cent quarter-on-quarter (Q-o-Q) to Rs 54 trillion ($652 billion).
A robust margin performance in the September quarter (Q2FY25) led to a 12 per cent rise in the stock of defence major Bharat Electronics (BEL). While the stock has given up most of those gains in the recent market correction, analysts are positive on the company due to its strong order book, new order inflows, and margin trajectory. The near-term trigger has been the operating performance in Q2FY25.
FSN E-Commerce Ventures (Nykaa) hosted its annual investor day recently. The responses were positive from analysts. Although some analysts pared FY25 and FY26 estimates, the bulk continued to issue 'buy' calls after the stock rose 2.5 per cent. The management expects the Beauty & Personal Care (BPC) business to grow at a 25 per cent compound annual growth rate (CAGR) during FY24-28.
Voltas saw strong growth in both UCP (Unitary Cooling product) and EMPS (electro mechanical projects) segments.
'Both campuses and talent should brace for a low-velocity campus hiring season that might extend into the off-campus period.'
Industry experts believe that this deal will positively impact the Indian film industry, which is struggling with fewer movie releases.
Tata Consultancy Services (TCS), India's largest IT services firm, is planning to increase salaries by an average of 7-8 per cent for its offsite employees and 2-4 per cent for its onsite staffers in 2024-25. High performers can expect a raise of 12-15 per cent. The company, which had a headcount of 603,305 as of December 31, 2023, will be closely looking at the promotions and the process may also get pushed to the first quarter of FY25, revealed a source on condition of anonymity, because he is not authorised to speak to the media.
iPhone maker Apple has set an all-time revenue record in India and observed a double-digit growth in iPad sales in the country in the September 2024 quarter, senior officials of the company said on Friday. The company reported an over 6 per cent growth in total net sales to $94.93 billion during the reported period from $89.49 billion a year ago.
Electric two-wheeler (e2W) maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares by its promoters and investor shareholders.
Tata group retail firm Trent Ltd reported a 34 percent increase in consolidated net profit to Rs 496.54 crore in the December quarter, helped by the expansion of the store network and increase in attractive value propositions. The company's consolidated revenue from operations grew 34.32 per cent to Rs 4,656.56 crore during the quarter under review. Trent is also pursuing store portfolio optimization, which involves upgrading or consolidating smaller footprint stores with newer stores in more attractive micro markets.
The financial numbers for 2023-24 (FY24) of the four pure-play listed asset management companies (AMCs) have enthused the Street. All firms listed robust growth in net profit and revenue both during the January-March quarter (Q4) of FY24, as well as in full FY24. The strong performance comes amid a positive growth environment for the sector, led by tailwinds such as sharp growth in assets under management (AUM) and robust performance in equity offerings.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
The Reserve Bank of India has brought 100 metric tonnes of gold reserve from the UK to India as there is enough domestic storage capacity, and nothing more should be read into it, Governor Shaktikanta Das said on Friday. The RBI moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24.
'Obesity is a raging conversation globally now, and manufacturing of generics will pick up after the patent expires.'
'The transition from payment banks to SFBs is only permissible for banks not owned by corporate entities.'
