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.
Companies will struggle to maintain and enhance margins
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.
Over the past six months, the airline's fleet has shrunk from 58 aircraft to 48 planes with the carrier returning 10 Boeing 737s to lessors.
Tata Motors has halved the volume outlook for its UK subsidiary Jaguar Land Rover Automotive (JLR) and warned of lower earnings as it sees the semiconductor shortage deepening in the September quarter of the current financial year, according to a notification issued by the company to the stock exchanges on Tuesday. The announcement caught investors unawares. They were hoping for a quicker recovery. Tata Motors' stock tanked 13 per cent (on July 6) from the day's high of Rs 358.10 and hit the lower circuit (Rs 311.45) in intra-day trades.
The telecom sector's adjusted gross revenues have grown 13.2% year-on-year in the June quarter.
Infrastructure, stricter implementation boost commercial vehicle sales
Project delays, stretched balance sheets impacting asset quality indicators of HFCs.
New job generation in Mumbai declined by 28 per cent in the April-June quarter this year to over 13,100, while Chennai saw a decline of over 21 per cent to just over 8,000 new jobs in the quarter, the study said.
Marriott-Starwood, Carlson Rezidor and others are winning the tug-of-war for customers with local hotel chains as they add new properties at a breakneck speed.
'A growth of above 7 per cent when the fundamentals of the economy are becoming stronger still makes India the fastest growing large economy.'
Analysts are of the opinion that given the change in the business model, which is resulting in smaller deals spreading across the whole year, clients may be already renegotiating prices.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
As IT majors face a decline in their legacy business, they are realigning their sales strategies to push up revenues from newer technologies.
While its deposits from Iran accounts have come down from a peak of around Rs 25,000 crore to Rs 2,200 crore, it's been offset by the bank receiving almost Rs 24,000 crore in deposits post note ban.
The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
Analysts welcomed the better Q2 GDP readings of 4.8 per cent, which came in above their expectations, but warned that the planned expenditure cuts by the government will be the key thing to watch out going forward.
Banking shares saw a renewed buying interest on the hopes of a rate-cut by the central bank post the easing of macro-economic data.
Tata Consultancy Services (TCS) said it will hire 55,000 employees this fiscal, including 25,000 freshers.
Credit Suisse thinks it possible for the company to narrow its forecast ('guidance') range.
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
Non-metro routes get 73 per cent of its flyers -- a factor that has earned it double-digit share with only 19 planes.
The process of switching off the 3G network has already started with Kolkata in the recent-concluded June quarter. By September, the shutdown will be affected in 6-7 more circles and between December and March the entire 3G network would be shut down.
Private sector investment is likely to improve mildly in H2 of FY17, even though signs from investment data are not encouraging.
Revenue from convenience fees has grown at a compound annual rate of 85 per cent for multiplex chain operator Inox Leisure and 58 per cent for PVR.
EV players suggest a reduction in the goods and services tax on batteries from 18 to 5 per cent as it would help push demand.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
The Nifty had hit its third successive record high of 7,922.70 today.
Official data released on Friday said the GDP is estimated to have grown by 5.7 per cent for the April-June period, as against a 4.6 per cent growth notched for the same period year ago.
PMI went up from 51.2 points in May to 53.1 in June. Owing to the June figure, PMI for manufacturing stood at 51.9 points in the first quarter of 2018-19 against 51.8 points in the fourth quarter of 2017-18.
The outgoing chairman believed in building for the future; for his successor, the challenge will be to maintain the momentum, says Ishita Ayan Dutt.
On December 15, 2020, JLR announced that it has opened bookings of its first Plug-In Hybrid in India, the New Defender P400e.
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