Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter. The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24.
Assocham expressed concern over the precarious situation that the manufacturing sector is in, observing that if the trend does not reverse with monetary and fiscal measures it would be difficult for the industry to generate jobs.
The two apex chambers -- Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry -- said it was time corporate India did some serious introspection and improved governance standards. CII president K V Kamath said there was a 'need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency'.
Endorsing Prime Minister Narendra Modi's vision of India outlined in his address to Parliament, India Inc said the efforts to improve farm productivity, rein in price rise and impart skills to youth will transform the nation in the days to come.
India Inc is seeking at least quarterly interactions with senior government representatives to establish a channel of communication and help change the opinion at the highest level.
With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said on Monday.
The year 2009, was one of the worst years in terms of job market as terms such as 'layoffs', 'pink-slips', 'right sizing' became hot topics in household discussions.
With the rupee showing a freefall and hitting a 28-month low against the dollar, India Inc has yet another headache.
More, half of all Indian companies plan to add employees over the next three months, states the Mercer India Monitor quarterly survey. Sector-wise, the survey shows pay increases in the pharmaceutical, consumer and manufacturing sectors have been in excess of 7 per cent.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
'If you really love your work and are good at it, it does not matter what is work and life.'
So let's stop focusing the Modi agenda on India Inc and the capital markets, and let's start focusing on the Modi development agenda for the average Indian.
Corporate India has high hopes from the upcoming Budget.
Tatas top the losers' list, wiping out more than Rs. 50,000 crore of investors' wealth.
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The debt-equity ratio was as high as 1.4 times the net worth as certificates of deposit and inter-corporate deposits gained popularity.
India Inc's mergers and acquisitions saw a significant upturn in January with the total deal size touching a $2.5 billion, jumping a massive 42 per cent over the same period last year.
Elon Musk-led Tesla Inc is yet to express interest in India's flagship scheme to attract global investment in electric vehicle (EV) manufacturing, said Union Minister for Heavy Industries H D Kumaraswamy on Monday. In contrast, multiple global automobile giants -- such as Mercedes-Benz, koda Auto Volkswagen, Hyundai Motor, and Kia Motors -- are keen to participate, the minister noted.
The stellar rise in corporate earnings in financial year 2021-22 (FY21) and FY22 did not result in a corresponding boom in capital expenditure (capex), with listed companies' investment in fixed assets rising just 2.3 per cent year-on-year (YoY) in FY22, growing at the slowest pace in the last six years. In comparison, the firms' combined net profit jumped 63.5 per cent YoY in FY22, while net sales increased 31.1 per cent - the fastest pace in over a decade. The 955 non-financial companies in Business Standard's sample reported combined net profit of Rs 7.18 trillion in FY22, compared with Rs 4.39 trillion in FY21 and Rs 2.59 trillion in FY20.
Jointly organised by the Indian Merchants Chamber (IMC) and the Europe India Chamber of Commerce, the 'India Calling' conference is a rare effort by Indian industry to brand India at a EU level.
Some of India's biggest employers are testing for antibodies to either comply with regulatory norms or gauge the effectiveness of precautionary measures.
Captains of the industry, including Adi Godrej and Anil Ambani, were among the early birds from India Inc to cast their votes in the financial capital.
Business jets and chartered flights have been an unlikely victim of the recent corruption scandals involving India Inc.
Many firms have asked those joining on April 1 to delay their on-boarding by 2-3 months. The outlook for the airline, tourism, hotel, and media industries is bleak too.
Coal, land, insurance bills are cited as govt's commitment to reforms.
Admen Piyush Pandey and Prasoon Joshi, who were behind BJP campaigns including famous 'Achhe din aane waale hai', were present too.
India Inc's staff cost went up by 11.2 per cent during January-March last fiscal growing at a lesser pace than the previous three quarters of 2008-09, reflecting the economic slowdown, according to an RBI study.
Profitability and cash reserves have halved since the global financial crisis.
CEOs are not happy with scorecard so far but are ready to invest more as they think one year is too short a time to revive the economy
"It is heartening to note that the RBI has chosen growth over monetary tightening and inflationary fears," FICCI president Harsh Pati Singhania said.
Industry body Confederation of Indian Industry said with the government having announced a clear road map for fiscal consolidation and non-food inflation demonstrating a secular decline, conditions are conducive for RBI to have intervened with a repo and cash reserve ratio reduction.
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