By the end of the June quarter, the top four - TCS, Infosys, Wipro and HCL Tech employed 10,15,000 employees - down by 9,144 employees over the previous quarter.
Revenues rose 7.7 per cent to $1.54 billion during the review period, from $1.43 billion in the corresponding quarter last fiscal.
Investors turned cautious ahead of the US Fed meet outcome later today and July F&O expiry.
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
These are the highlights of RBI Governor Shaktikanta Das's statement and resolution of the Monetary Policy Committee (MPC):
Asia has opened largely in the green ahead of a raft of Chinese data due during the day.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country's economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities. Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India. It can be noted that the Indian economy contracted by 23.9 per cent in the first quarter of the fiscal year, and the RBI expects the economy to shrink by 9.5 per cent in FY21.
Describing the recent two consecutive spikes in retail inflation beyond the 6 per cent as a 'transitory hump', a Wall Street brokerage on Monday said it expects the RBI to overlook it and unanimously stick to the dovish stance at the forthcoming policy review, even though a further upward revision of its already-revised inflation target is more likely. The Reserve Bank-led monetary policy panel is scheduled to announce the third monetary policy review on August 6, amidst the continuing spike in retail inflation that has breached the 6 per cent upper tolerance level for the past two consecutive months.
'I remain optimistic that 2021 will be better than 2020 because we have visibility of vaccinations this year.'
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
While only 78.15 per cent of Jio's total subscriber base was active, Airtel boasts of 98.14 per cent active customers.
Private lenders HDFC Bank and ICICI Bank were the top gainers along with index heavyweights
Indian companies are expecting generous tax incentives from the Union Budget that will help them invest more in building capacities in the coming years. While the productivity-linked incentives (PLIs) are a good start to spur local manufacturing, the government should also take steps to boost consumer demand, which is not showing encouraging signs, say chief executive officers (CEOs) of India Inc. Statistics released by the Reserve Bank of India (RBI) shows that Indian banks had sanctioned loans worth Rs 75,558 crore in 220 new projects - a record low - in the pandemic-hit financial year ending March 2021. This is not showing any signs of a significant pick up in the last nine months of the ongoing financial year.
'The $80,000 revenue per employee we will get through quite easily.'
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
With the arrival of the second Covid wave in April, the numbers fell by almost 50 per cent.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
Unless these companies falter on growth or external and domestic factors play spoilsport, analysts expect them to do well
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Growth-oriented technology companies have raised Rs 15,000 crore through initial share sales in the last 18 months and IPOs worth around Rs 30,000 crore by such firms are in the pipeline, Sebi chairman Ajay Tyagi said on Thursday. "Growing number of unicorns in the startup ecosystem is a testimony of the new age tech companies coming of age in our economy. These companies often follow a unique business model focusing more on rapid growth than immediate profitability," Tyagi said at an event organised by industry body CII. During the last 18 months, growth-oriented technology companies have raised a sum of around Rs 15,000 crore through IPOs (Initial Public Offerings).
'The ship has been stabilised.' 'For the last 6-7 quarters, profitability is stable around Rs 250-Rs 300 crore.'
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
Tata Motors was the top gainer on better-than-expected June quarter revenues
Mid- and small-cap companies seem to have done better than top-tier companies
After consumer price index jumped the 6.3-per cent mark in May and wholesale inflation set a record of 12.94 per cent, house economists at Swiss brokerage UBS Securities have warned that the country is facing more upside risks on the inflation front that is set to averaging at 5 per cent for the year. Rising prices of edible oils and protein rich items pushed retail inflation to a six-month high of 6.3 per cent in May, breaching the comfort level of the Reserve Bank and thus rendering reduction in interest rates a difficult proposition in the near term. Led by petrol price, that has crossed the Rs 100-mark in many states, wholesale inflation too accelerated to a record 12.94 per cent in May. While crude oil has crossed $70 a barrel on account of rising prices of crude oil and manufactured goods due to spike in commodities, and the low base of last year due to the lockdown.
Mumbai Metropolitan Region recorded housing sales of nearly 9,200 units in Q3 of calender 2020, against 3,620 units in the preceding quarter, registering a 1.5 times growth which is the highest growth seen any city except Chennai.
'Earlier-than-expected tapering from the US, followed by rate hikes, and locally, a potential third wave, which mimics the second wave in terms of severity.'
The economists, who were surveyed, also felt it will take time for banks to make any further reduction in deposit rates
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Maruti Suzuki growing in double-digits; Suzuki's Japan Q1 top line rose only 1%.
The record in net addition from the top four was in 2016-17, of 59,427 employees.
This year, the combined net profit of 24 index companies, which have declared their June-20 numbers, has declined by 37 per cent year on year, while their revenues, including other income, is down by 21 per cent YoY so far.
Private consumption is looking up and will get better as the full effect of the good monsoon is felt on rural income, and the effect of the payout from the Seventh Pay Commission is felt on urban income, say Anis Chakravarty & Rishi Shah.
'One of the biggest issues the Indian economy faces right now is of job creation...' 'The nexus between growth and employment has to be closed...' 'In the absence of a manufacturing expansion, the alternative is to have the service sector as the driver of both GDP as well as employment growth.'
Urjit Patel as the new RBI governor whose focus is on taming inflation has lowered the probability of interest rate cut soon
With Infosys emerging out of an uncertain phase, the new management, led by CEO & MD Salil Parekh, is trying to catch up with market leaders, with the new strategy in place.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
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