India's growth outlook has weakened sharply this year, with a crunch that started with the non-banking finance institutions spreading to retail businesses, car-makers, home sales and heavy industries.
A likely turnaround in profitability margins in the March quarter (Q4FY23) will not be enough to lift the outlook for paint stocks due to volatile crude oil prices and rising competition in the sector, analysts say. Hence, they advise investors to avoid the sector over the short-to-medium term despite the heavy correction in the stocks since last year. Shares of Asian Paints, Berger Paints, Indigo Paints, Nerolac and Pidilite have shed 6-32 per cent over the last 6 months versus a 3 per cent rise in the benchmark Sensex.
Union Minister Vilasrao Deshmukh on Thursday dismissed the Opposition's demand for his resignation in the wake of the Supreme Court rebuking him for abusing his position as Maharashtra chief minister. "These are political things. I cannot expect anything positive from my opponents", Deshmukh said when asked about the demand from the Bharatiya Janata Party and the Shiv Sena that he quit in the wake of the court's observations against him.
The government will offload a portion of its equity in Bharat Heavy Electricals Ltd and Maruti Udyog in the market by the end of this fiscal to mop up over Rs 2000 crore (Rs 20 billion).
Union minister and Congress leader Vilasrao Deshmukh and two Nationalist Congress Party candidates were elected on Monday to the Rajya Sabha from Maharashtra. NCP leaders Govindrao Adik and Ranjitsinh Mohite Patil were elected to the Upper House of parliament against the seats vacated by Civil Aviation Minister Praful Patel and Supriya Sule after their election to Lok Sabha.
The government has approved a Rs 517 crore (Rs 5.17 billion) package to clear the pending salaries and statutory dues of 4,500 employees of 24 ailing PSUs, Heavy Industries Minister Santosh Mohan Deb said on Thursday.
Former India skipper and chief selector Dilip Vengsarkar and Union Minister for Heavy Industries Vilasrao Deshmukh were on Tuesday elected unopposed as vice-presidents of Mumbai Cricket Association (MCA). After the deadline for withdrawal of nominations ended on Tuesday evening, both Vengsarkar and former Maharashtra Chief Minister Deshmukh were left without any opponent for the July 10 elections.
Union Minister for Heavy Industries and Public Enterprises Praful Patel on Friday said his ministry was preparing a list for outright sale of sick and closed PSUs that have no potential for turnaround.
Union Heavy Industries Minister Vilasrao Deshmukh on Saturday asked people not to attach much importance to what the Thackerays say and accused the family members of fighting among themselves to strengthen their political base in Maharashtra. "Don't attach much importance to what they say. It is their family problem, to strengthen their (respective) political base," the former Maharashtra chief minister said.
The government on Tuesday provided enhanced financial autonomy to two public sector units -- Bridge and Roof Company and Bharat Pumps and Compressors -- by granting them the 'mini-ratna' status.
Hard hit by 9/11, the hotel industry in India has further registered a decline in revenue earnings by 15 per cent in view of the threat of US-Iraq war.
'Starting an SIP now and continuing with it is likely to translate into high returns over the long term.'
The Supreme Court on Wednesday asked the Centre to produce before it the file related to the appointment of Election Commissioner Arun Goel, who was appointed on November 19.
Don't ignore symptoms like coughing, wheezing or shortness of breath, warns Dr Sandeep Tilve.
The early bird results for the January-March quarter of 2022-23 (Q4FY23) show a pick-up in earnings growth, despite a slowdown in revenue growth, thanks to a decline in input costs and lower provisioning for bad loans by banks. The combined net profit of 66 companies that have, so far, declared their quarterly results was up 15.2 per cent year-on-year (YoY) in Q4FY23, an improvement from 4.3 per cent YoY growth in Q3. Net sales growth of these companies, however, slowed down to 11.5 per cent YoY in January-March 2023, the slowest rate in eight quarters.
Congress sources in New Delhi say the race is narrowing down between Deshmukh and Chavan with latter having an edge.
Since Hyundai has developed its 'small cars' based on the current definition of 4,000 mm, it could lose out on excise benefit if the length were to be altered to 3,800 mm as per the auto policy.
The Board for Industrial and Financial Reconstruction has constituted an assets sale committee for selling off Cement Corporation of India as a whole or in parts after declaring it sick, Rajya Sabha was informed on Monday.
The Supreme Court on Friday directed the Delhi government to close down all industrial units set up in residential and non-conforming areas after August 1, 1999.
Actively managed mutual fund (MF) schemes had been at the receiving end over the past few years for their inability to beat their benchmarks. However, the slump in shares of Adani Group companies - two of which are part of the benchmark National Stock Exchange Nifty50 index - have helped them improve their performance vis--vis exchange-traded funds (ETFs) or index funds.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
The central government will invest Rs 1,700 crore (Rs 17 billion) in setting up world-class automotive testing and R&D infrastructure with foreign collaboration.
Cummins India will soon start producing fuel-agnostic engine systems at the Tata-Cummins plant in Phaltan in Satara district of Maharashtra, senior officials at Cummins India said. The firm will start limited production by the end of 2023 and mass production will likely begin by 2024, the officials said.
The testing track for high speed vehicles (having speeds between 250 kmph and 350 kmph) at the Indore centre would be operational by 2012.
In view of the difficulties faced by the corporates due to torrential rains in Maharshtra and Gujarat, industry body Assocham has sought extension of deadline for payment of service tax to August 20.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
The Pune plant will manufacture excavators up to 20 tonne and payloaders. Hyundai Korea already sold around 300 imported excavators in India in the last few years. Company managing director J S Kim said Hyundai is considering India as a strategic market where mining and construction sector is witnessing a boom.
'Even during the pandemic we did it.' 'We think it's our responsibility to make sure that we manage the uncertainty.'
The government has decided to sell 10 per cent equity in Bharat Heavy Electricals Ltd and 7.5 per cent shares in Maruti Udyog Ltd next fiscal to raise close to Rs 2,500 crore.
Union Heavy Industries Minister Vilasrao Deshmukh on Friday said that he is not a contender for the chief minister's post in Maharashtra. Speaking to reporters after his meeting with Congress president Sonia Gandhi in New Delhi, Deshmukh said he would leave the decision to the party high command. Deshmukh, who has headed the state government twice earlier, is claiming the support of fifty Members of Legislative Assembly.
The United States-China Summit meeting concluded at a sprawling mansion in Woodside, California with Presidents Joe Biden and Xi Jinping agreeing to work towards ensuring that the differences between the two countries remain manageable and the relations do not derail.
It was a huge earthquake which put this nondescript town in Marathwada region on the news map. Sixteen years later, Latur is again in the news as it will decide the political fortune of Amit Deshmukh, son of Union Heavy Industries Minister Vilasrao Deshmukh, in the October 13 Maharashtra assembly elections. Amit, Congress candidate from Latur (urban) constituency, is locked in a quadrangular contest.
Kawasaki have pulled out of motorcycling's MotoGP world championship as part of the company's efforts to cut spending amid the global financial crisis. Kawasaki Heavy Industries Ltd on Friday became Japan's latest motorsport casualty after a trio of the country's carmakers announced similar plans last month.
The Narendra Modi-led government has issued around 50 fresh guidelines easing conditions for industry in about six months, beside launching an online system for applying environment clearances.
With the Covid-19 pandemic showing signs of ebbing and economic activity picking up, factory owners in Jalandhar had hoped that the worst was over. However, the heat wave in April and extensive power cuts that came with it, have crushed their hopes. The city's large number of micro, medium and small enterprises (MSMEs) are now gearing up for yet another struggle, this time to survive with the shortage of power that is severely impacting their operations.
Unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Traders say vegetable prices would come down only after roads open and skies clear, even as water in the fields will take time to recede.
Over 54,000 public sector employees opted for voluntary retirement scheme in 2001-02, Rajya Sabha was informed on Monday.
Maharashtra Congress leader and Union Heavy Industries Minister Vilasrao Deshmukh on Monday side stepped the Padamsinh Patil issue, saying it is an internal matter of the NCP.He was responding to a question on whether Patil should resign from the Parliament, in the wake of his arrest by the Central Bureau of Investigation, in a murder case.The matter is subjudice and the law will take its own course, Deshmukh said.
