'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
Modi's critics will say that he has put up cement and steel structures, but weakened the institutions of governance whereas Nehru strengthened them, observes T N Ninan.
One of the good things about our business is, if customers are under pressure and in a cost-cutting mode, we are able to provide more efficient solutions.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Three-quarters into the 10 years that Mr Modi had sought for transforming India, the 'output' numbers look impressive, but the key 'outcome' numbers don't show up much, if at all, observes T N Ninan.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
But use of that word -- privatisation -- is not encouraged. This seems to be a classic case of reforms through subtle signals, observes A K Bhattacharya.
'Large-caps are better placed to withstand the impact of higher input cost inflation, rising rates and withdrawal of excess global liquidity.'
The Indian IT services sector is scrambling to retain talent since digitisation-led transformation has increased the demand for a digitally skilled workforce. As a result, the pull for jobs for tech professionals is also coming from non-IT sectors, leading to higher attrition among IT companies. The average number of tech jobs from non-IT sectors has seen a 41 per cent uptick in March-May'21 versus March-May'19, according to data from Naukri.com.
Infosys continues to see challenges in the short-term in the insurance space.
'Throw away all perishable foods that have been left at room temperature for more than two hours,' suggests dietician Komal Jethmalani.
Around 1,680 deals worth over $80 billion will be renewed next year. Among Indian vendors, Infosys, TCS, and HCL Technologies are better placed to see a higher growth rate in 2020.
Though India was under lockdown for only seven days of the quarter, global demand and commodity prices began falling from February as COVID-19 was spreading in other countries. 1,002 listed companies - excluding banks, non-bank lenders, insurers, brokerages, and IT firms - reported a combined pre-tax loss of around Rs 2,700 crore during Q4.
'Sectors related to foreign trade, exchange, import and travel are experiencing a slowdown, which is now reflecting in their talent demand too.'
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
The earnings are, however, expected to be down around 2 per cent on a sequential basis due to pent-up demand getting exhausted and the adverse impact of rising metals and energy prices on consumer goods and manufacturing companies.
The message for 2024 is that the man on the street is not going to be euphoric if the G-20 crowns Modi as king-emperor for 2023, or if India sends its first man to space just ahead of the Lok Sabha polls. Even a 'temple consecration' in Ayodhya, or a Uniform Civil Code, or both of them together, may not have enough electoral purchase if fuel and commodity prices are not rolled back, and money-in-the-pocket does not fatten, points out N Sathiya Moorthy.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Launching a scathing attack on Harris, the Trump campaign said the Americans will resoundingly reject the absymal failures of Biden and Harris. 'Joe Biden is no moderate, and with Harris as his 'political living will,' he is surrendering control of our nation to the radical mob with promises to raise taxes, cut police funding, kill energy jobs, open our borders, and appease socialist dictators,' Katrina Pierson, Trump 2020 campaign's senior advisor, said in a statement.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
Chances are any such disruption will not occur on the major shipping lanes but on some edge of the ocean between India and China. Even if there is no actual disruption, the costs of averting one can be punitive. The setting for this is provided by the energy shortage both countries face, says Subhomoy Bhattacharjee.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
SoftBank-backed Ola Electric took the wraps off its maiden e-scooter offerings -- Ola S1 and S1 Pro -- for a commercial launch on Sunday. With prices starting from Rs 99,999 (excluding state government incentives, registration fee, and insurance cost), the Bhavesh Aggarwal-founded firm said the e-scooters are designed and engineered in India for the world and will deliver the best scooter experience to the consumer. He suggested that after 2025, sale of petrol-powered two-wheelers should not be allowed.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
Reliance Industries was the top gainer in the Sensex pack, surging over 3 per cent, followed by Bajaj Finserv, IndusInd Bank, HDFC twins and Kotak Bank. NSE Nifty surged 143.25 points or 1.18 per cent to 12,263.55.
Some of the firms that have witnessed major drop in analysts' coverage include Dish TV, YES Bank, and JSW Energy.
Under the new model, the IT services firm will replace the current structure of its various strategic business units, service lines and geographies with four strategic market units and two global business lines.
The idea is to do away with the need for the approval of the Core Group of Secretaries on Divestment for privatisation of companies, especially in non-strategic sectors.
The vaccination rate needs to go up by three to four times, assert Ajay Shah and Amrita Agarwal.
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