The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
A weak margin outlook in the near term and lack of fresh triggers may keep the Godrej Consumer Products (GCPL) stock under pressure. The stock, after tepid September quarter (Q2) results and marginal downward revision in earnings estimates, declined 3.5 per cent in trade on Friday. Though consolidated sales of the company, which owns the Goodknight and Cinthol brands, grew 8.5 per cent year-on-year (YoY), its operating profit declined because of the sharp contraction in margins.
The Indian financial services space seems to be in a sweet spot as foreign investors have made a net investment of Rs 14,205 crore ($2.1 billion) in the sector in November amid strong credit growth and manageable non-performing loan portfolio. The investment comes following a net withdrawal of Rs 4,686 crore from financial services stocks in October on account of profit booking. Overall, foreign portfolio investors (FPIs) have made a net investment of Rs 36,238 crore in the country's equity markets in November.
There is the Dussehra holiday coming up, and that should add numbers.
Byju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the futureByju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the future as it is very tough for investors to do that in this environment." as it is very tough for investors to do that in this environment."
Zakir Ali Tyagi was charged under the Indian Penal Code's Section 420 (cheating) and Section 66 of the Information Technology Act (computer related offences).
Here are some facts about Rishi Sunak and his India connections.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
'I have dedicated the video to the kindest people of this great nation.'
Reserve Bank of India (RBI) on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
Recovery of the Indian economy depends to a great extent on acceleration in the spending of these relatively richer households, explains Mahesh Vyas.
The celebration of this historic feat was not yet over when Indian shuttlers scripted yet another jaw-dropping show in Birmingham, returning with six medals, including three golds, a silver and two bronze medals in August.
'We would advise investors to invest in a disciplined way in equities for the long term.'
What could be more uncertain than Virat Kohli's agonising wait for a century for over two years? Perhaps it's what you will pay tomorrow morning to fill your vehicle's tank. Pump prices have joined cricket scores as the country's favourite discussion topic. Steep increases invite widespread protests, while moderate additions make the government anti-reformist. The ongoing fuel price conundrum is no different.
'As long as violence has the right arc, it is very meaningful.'
In the quarter gone by (Q3 of FY22), private lender HDFC Bank issued around 950,000 credit cards, its highest ever credit card issuance in any single quarter. Since the Reserve Bank of India (RBI) revoked the embargo on it in August 2021 to issue new credit cards, the lender has issued 1.37 million credit cards. This is according to a senior bank executive, who was present in an analysts' call after the lender's Q3 earnings. In Q3, we achieved the highest ever issuance, with 950,000 card issuances.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
In a conversation with Vishal Chhabria and Hamsini Karthik, Gautam Chhaochharia, executive director & head, India Research, UBS, explains why implementing goods and services tax (GST) may not be as disruptive as many perceive it to be. But, he warns investors shouldn't have high expectations on corporate earnings.
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
'Market feels this Budget will promote all-round growth and that is what is giving it confidence.'
Mohammed Khan, co-founder of one of India's largest ad agencies, Rediffusion, talks about how the business has changed.
To make possible discretionary spending including capex and that on welfare, the government decided to borrow more than planned in FY21 -- Rs 12.7 trillion.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
This is not an election Budget in the sense that I might target the voter in the coming elections. But if you look beyond this round of state elections, and tilt the periscope to graze at the more distant horizon, see how the Narendra Modi government wishes things looking by the summer of 2024, observes Shekhar Gupta.
Prachi Dhabal Deb, who began her career as a financial analyst, but found her heart in the field of confectionery art.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
The key risks against a fast recovery would include long delays in business travel resumption, delays in commissioning, etc.
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
India has more than 45 million SMEs, accounting for nearly 40 percent of gross domestic product.
'There will be positive growth, but if you ask me whether we are going to have the original growth rate of 8%, the answer will be, no.'
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
Rediff readers tell us about their first salaries.
Game streaming is becoming a serious professional choice for youth, as it allows them to make good money.
Joe Burns said India have a skillful bowling attack, spearheaded by Jasprit Bumrah, and they have to 'start well' against them.
These jobs don't necessarily require a degree in engineering or specialisation in coding.
'We must work for the country.' 'I have earned money here and I must give it back.' 'I don't think it is charity; I think it is my duty.'
'Over the next two quarters, markets will be guided by observing the earnings resilience of corporates during the second lockdown, progress of the monsoon and the damage, if any, to rural spending power due to the second wave.'
Nikhat emerges as India's biggest star in a year filled with historic performances
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
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