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.
"Outsourcing is also a concern and I hope it will be addressed soon," Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World Economic Forum on India in Gurgaon.
The Ladakh Scouts of the Army has sought financial assistance from India Inc for re-building the lone Army school in Leh which has been badly damaged by the cloudburst.The Army school, which caters to nearly 200 students, was hit by hundreds of boulders that rolled down the hill along with slush on the night of August 5. The classrooms are now filled with slush and boulders. The hostel too has been severely hit.
A spurt in the economic growth and the improved business confidence resulted in a 23 per cent growth in India Inc's hiring activity in the month of July, as against the same period a year ago.
Sales are expected to grow at an average of 14 per cent on the back of a strong show from automobiles, auto ancillaries, construction, capital goods, metals, refineries, metals and sugar.
The Dun & Bradstreet Composite Business Optimism Index stands at 81.1 during the 2nd quarter of 2016
The database of 194 companies has shown a revenue contraction of 2.6%.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
India Inc may give salary hikes in the range of 9-12 per cent in the coming financial year to retain talent amid revival in the job market, according to consultancy Ernst and Young said.
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.
The charm of foreign shores as source of funds is getting stronger in India, with domestic firms already having raised over $13 billion (Rs 60,837 crore) from global debt markets, surpassing the 2005-figure.
RIL, Capgemini, IndiGo among companies which have offered to pay their employees' vaccination cost.
The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space.
The diplomatic exercise aimed at presenting India's stance against Pakistan on terror comes in the wake of Operation Sindoor -- the Indian offensive against terror camps in Pakistan and Pakistan-occupied Kashmir following the April 22 terror attack in Pahalgam in which 26 people, mostly tourists, were killed.
India Inc's quarterly profit registered its biggest drop since the stock market regulator made it mandatory for firms to announce quarterly results in March 1998.
India Inc hailed the Railway Bugdet on Monday as promising and said measures, especially those on containers and freight services, will not only help the industry but benefit the general public as well.
Companies with no or little debt account for three-fourths of m-cap of BSE 200, excluding financial firms.
The drop in growth rate is subsequent to the corporate sector cutting investments by nearly Rs 90,000 crore (Rs 900 billion) in 2011-12 compared to 2010-11, according to the pre-Budget Economic Survey tabled by Finance Minister P Chidambaram in Parliament on Wednesday.
A robust growth in revenue notwithstanding, analysts are sceptical about the first report card of India Inc in the current fiscal and expect the continuing cost pressures to lead to a fall in their first quarter profitability.
In a move towards gender inclusion, Tamil Nadu has partnered Godrej Consumer Products (GCPL) to offer a 5 per cent job reservation for LGBTQAI+ and people with disabilities at GCPL's upcoming fast-moving consumer goods manufacturing unit in Thiruporur in Chengalpattu district. According to industry experts and activists, while companies acknowledge transgender communities, this is the first time the entire spectrum of gender minorities, including lesbian, gay, bisexual, transgender, queer/questioning (one's sexual or gender identity), asexual and intersex, is receiving such a notable share of job participation in the private sector while signing memoranda of understanding with states.
India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
India Inc's fund raising spree for expansion and growth plans has pushed up the figure of loans gathered by companies to a record $7.3 billion (about Rs 29,600 crore) so far this year, a latest report says.
India needs to be technologically and militarily prepared to defend itself from both Pakistan and China, alerts Ramesh Menon.
Average salary of the 100 best-paid directors is 1% of their companies' net profit.
The government, industry and civil society groups agree they have no data, which they admit are the building blocks for any action for inclusive growth.
The early results from corporate India for the first quarter of 2015-16 are in, and these strongly suggest that a cyclical recovery is underway.
It works like this. There is a section in the US called 144A securities, which was launched in August 15, 2007. Trading in 144A securities takes place only among qualified brokers, dealers and QIBs. Retail investors cannot participate in this segment.
India has become the second biggest borrower in Asia Pacific by borrowing over $3.7 billion for project financing since the beginning of 2006, taking a big jump from its 10th position last year.
President A P J Abdul Kalam on Wednesday called upon India Inc to come together and create a separate rural development fund for bridging the urban and rural divide.
Capital expenditure by Indian companies is likely to see an uptick in the upcoming quarters as capacity utilisation has surpassed the critical threshold of 75 per cent, and numerous companies have deleveraged their balance sheets, according to analysts. The first quarter of the current financial year has shown improved profitability, driven by a decrease in input prices. This, according to analysts at Care Ratings, should stimulate a revival in the private capex cycle.
Naukri.com's monthly Job Speak index declined to 701 in August as compared to 727 in July, recording a drop of 3.6 per cent. However, the three-month moving average index indicates a positive trend and has inched up by 1.7 per cent to 715 in August from 703 in July.
Indian firms mop up a meagre Rs 63 cr against Rs 247 cr raised in May.
A back-of-the-envelope calculation suggests that the total mobilisation through share issues (including rights, initial and follow-on issues) will be at least Rs 1.04 lakh crore (Rs 1.04 trillion).
The Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth, the Reserve Bank Bulletin said on Tuesday. "The likelihood of the global economy exhibiting stronger than expected growth in 2024 has brightened in recent months, with risks broadly balanced," said an article on 'State of the Economy' published in the bulletin.
Differing with Prime Minister Manmohan Singh, who feels the corporate sector has been harsh in blaming the government, leading players in India Inc say a policy paralysis in the government and its inability to push reforms have indeed led to an economic slowdown and Singh's criticism is not justified.
Just before the 2008 financial crisis made headlines, Indian companies were on a global buying spree. In the fifth part of the series, Dev Chatterjee and Krishna Kant discuss how the crisis came as a black swan event for some, changing the mood from exuberance to despair.
'While investors believe in India's long-term growth story and resilience amid global uncertainty, they see near-term risks around the direction of a global trade war.'
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