Although UltraTech Cement's results for the December quarter of the current financial year (Q3FY25) were not an improvement compared to Q3FY24, the company managed to surpass Street expectations. The company's profit attributable to the owners of the parent dropped 17.4 per cent year-on-year (Y-o-Y) to Rs 1,469.5 crore in Q3FY25 as against Rs 1,777 crore in Q3FY24.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
Goldman Sachs forecasts real GDP growth to accelerate to 7.9 per cent in FY17 from a projected 7.5 per cent in FY16.
Goldman Sachs, a global investment banker, said India's growth prospects remain strong despite adverse global developments like high commodity prices that have pushed inflation to high levels. The growth in 2008-09 is expected to be slow at 7.8 per cent as against 8.7 per cent in the previous financial year.
Goldman says the downgrade reflects the more difficult external funding conditions for Asia as markets increasingly anticipate Fed tapering and eventual exit from unconventional monetary policies.
The central government is likely to further consolidate its fiscal deficit by 50 basis points (bps) to 5.9 per cent in FY24 from 6.4 per cent in FY23, according to a recent report released by Goldman Sachs on Tuesday. In the current fiscal year, there is going to be an upside of 0.5 per cent on the receipts side due to higher nominal GDP growth, and higher tax buoyancy because of the formalisation, the report said. The upside to expenditure is mainly going to come from incremental subsidies (0.8 per cent of GDP), in both food and fertilizer, it said. The upcoming pre-election Budget will carry forward the trend of the increased capital expenditure seen in recent years.
Citing expected improvement in macroeconomic situation, Goldman Sachs on Monday upgraded India's rating to 'market weight', indicating bullishness in the short-term.
As part of its focus on developing startups across the world, Goldman Sachs is looking at training and development of around 29 select women entrepreneurs in India.
Goldman Sachs expects gold to reach $3,150 per ounce in the international market by December 2025, up around 19.1 per cent from its current level of $2,645, according to a recent report in Business Standard. Domestically, gold is trading at Rs 76,018 per 10 grams after delivering a remarkable 21.9 per cent return in the past year.
Allegations of rape against French footballer Kylian Mbappe are "totally false" and "a slanderous rumour", his representatives said on Tuesday, following media reports that he was the subject of an investigation over an incident in a Stockholm hotel on Oct. 10.
This makes Berkshire the sixth-largest external investor in the bank
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
A string of acquisitions this year has pushed India to the top of the Asia's inbound M&A league table.
Forest and tribal rights activist Alok Shukla will on Friday receive the prestigious Goldman Environmental Prize -- 2024 for successfully leading a community campaign that saved 4.45 lakh acres of biodiversity-rich forests from 21 planned coal mines in Chhattisgarh.
The brokerage said that the reform measures announced by the government will help growth only over the medium term and are not expected to have any benefit in the near-term.
Securities Exchange Commission, the American market regulator, on Friday charged investment banking major Goldman Sachs with fraud on subprime mortgages, saying that Goldman did not disclose key facts to investors.
"Following preliminary investigations, FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. FSA will be liaising closely with SEC in this review," FSA said in a statement today. No further details were provided.
The Indian stock market does not present attractive prospects for investors in the near term amid sluggish domestic and global economic growth outlook, according to Goldman Sachs.
Goldman Sachs is seeking to avoid a fraud charge as part of its settlement with the United States market regulator SEC, which had charged the investment banking major with defrauding investors by misrepresenting facts, a media report said.
Sonjoy Chatterjee, executive director (ED) of ICICI Bank, has put in his papers and will soon join US-based investment bank Goldman Sachs in India, according to a person familiar with the development.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
The new managing directors will assume their enhanced role at the investment banking firm with effect from January 1, 2014.
But the clear winner between them is yet to emerge.
Financial services firm Goldman Sachs on Tuesday said the new United Progressive Alliance government is unlikely to pursue 'big-bang' reforms, but piecemeal changes in policies may take place, including hiking of FDI cap in insurance and divestment in public sector units.
Kunal Shah is one of five of India-origin to have made the cut in Goldman Sachs in the 2014 class of partners.
Global financial services firm Goldman Sachs has said it is not planning to sell its five per cent stake in the National Stock Exchange.
Executive is facing probe for allegedly leaking confidential information to former Galleon Group co-founder Raj Rajaratnam.
The Wall Street Journal said the move, which is being closely watched, may be followed by other players at Wall Street. After months of internal debate at Goldman, the paper said the seven top executives at the firm, including chief executive officer Lloyd Blankfein, asked the board's compensation committee to grant them no bonuses.
According to the global financial services major, after the BJP's 'historic' election victory on May 16, hope for structural reforms has gone up.
Goldman Sachs on Tuesday reported its first quarterly loss since it became a public company in 1999, after a severe decline in asset values, including real estate, hit the bank's revenues.
May take 10-15% in Phase II of Bengaluru-Mysore road for Rs 500 crore.
The move comes nearly a month after it acquired five per cent in the National Stock Exchange.
Negotiations that continued till 2009 eventually failed and the money could not be recovered.
Goldman's relationship with ICBC was similar to that of other big global financial institutions that purchased stakes in Chinese banks and insurers.
NRI billionaire LN Mittal is among the front runners for a committee being set up to improve ethical behaviour of crisis-ridden Goldman Sachs, says a media report.
Lawyers of embattled Goldman Sachs met with representatives of the US market regulator SEC this week, a move seen as an attempt to settle the lawsuit against the banking major, according to reports.
Goldman Sachs has emerged from the market bust as a trading colossus. New Chief Lloyd Blankfein must fuel growth -- and avoid an unforeseeable blowup.
Global investment and financial services major Goldman Sachs will pump in more direct investment into India, besides expanding operations, Lloyd C Blankfein, president and chief operation officer, Goldman Sachs Group Inc said on Thursday.
The stock of online classified major Info Edge (India) was up over 6 per cent on Friday on expectations of demand improvement for Indian IT companies. Strong revenue growth prospects for each of its online verticals - including recruitment, matrimony, real estate, education, and upside from its holdings in companies such as Zomato - had prompted Goldman Sachs to upgrade the stock. Info Edge's standalone revenue grew 10.6 per cent year on year (Y-o-Y) in Q2FY25, beating consensus. 99acres (+16.9 per cent Y-o-Y) and Jeevansathi (+33 per cent Y-o-Y) were drivers of growth while recruitment grew 8.5 per cent Y-o-Y.
