The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
Retail sales of passenger vehicles grew last month but the sales of two-wheeler and commercial vehicles remained low compared to the pre-COVID month of May 2019, according to automobile dealers' body FADA. On Monday, FADA said that overall auto retails stood at 16,46,773 units in May, down from 18,22,900 units in May 2019. "May 2022 retails when compared to May 2019 reveal that sales are still not on a growth trajectory as overall retails were down by 10 per cent.
The country's gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 per cent for the April-June quarter. "Based on our 'Nowcasting' model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias)," the report said. Higher growth in Q1 FY22 is mainly on account of a low base.
'One can start accumulating economy driven stocks in the next few months with a two-three year view.'
Domestic air travel demand contracted by 41 per cent year-on-year to around 76 lakh passengers in January with sequential growth also slowing down to 3.5 per cent during the month over December 2020, a report said on Monday. Indian carriers had flown a total of 1.27 crore passengers on domestic routes in January 2020. Indian aviation industry has witnessed a continued recovery in domestic passenger traffic in January 2021.
Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh.
The combined net sales of 42 listed construction and capital goods companies that have declared their third-quarter results so far were down 2.3 per cent year-on-year in Q3FY21 while core operating profit was up just 4.9 per cent YoY during the quarter.
The most visible and immediate impact of COVID-19 is seen in the hotel and tourism sector in all its geographical segments - inbound, outbound and domestic.
Vehicle sales in domestic market down 10.9% y-o-y till October 29
Telecom operator Bharti Airtel on Friday said it has paid Rs 15,519 crore to the government towards prepayment of its entire deferred liability pertaining to spectrum acquired in the 2014 auction. The company had acquired 128.4 MHz spectrum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction, Airtel said in a statement. The company estimates that the prepayment to Department of Telecom (DoT) will likely result in interest cost savings of at least Rs 3,400 crore over the residual life for fully substituted capital.
Launch of new residential projects in top eight cities -- Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, National Capital Region (NCR) and Pune -- came down by 41 per cent in first half of 2017.
These cities are -- Mumbai Metropolitan Region (including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.
Technology major Apple earned nearly one-third of its revenue from emerging markets and doubled its business in India and Vietnam in fiscal 2021, according to its CEO Tim Cook said. Apple posted a 29 per cent year-on-year growth in revenue at $83.4 billion in the fourth quarter ended September 25, 2021. Its net income stood at $20.55 billion in the said quarter as against $12.67 billion in the year-ago period.
Net profits may dip 4.9% y-o-y, but the silver lining is that performance may be better than the preceding quarter
Wipro, Steel Authority of India, HDFC Bank, Mahanagar Telephone Nigam, Bharat Heavy Electricals and Reliance Commnications among companies reporting a decline in headcount in FY17.
The Sensex ended in red on domestic concerns.
CRAs are getting more business than they were getting a year ago. This could indicate expectations that investment demand will rise in the mid-term, says Devangshu Datta.
There are glaring anomalies with Indian data and that could lead to wrong policy prescriptions.
Sales of diesel-powered utility vehicles have been declining in the past six months as the differential between petrol and diesel prices narrowed.
Sectorwise, oil & gas and BFSI (banking, financial services and insurance) witnessed the maximum year-on-year growths of 27 per cent and 17 per cent in December 2014.
Automobile retail sales in India increased by 37 per cent in April on a low base of COVID-hit April last year, automobile dealers' body FADA said on Thursday. Total sales across categories rose to 16,27,975 units in April, as compared to 11,87,771 units in the year-ago period. On a year-on-year basis, all vehicle categories including passenger vehicles and two-wheelers were up as compared with April last year.
The average price increase was 10 per cent in mid-end properties, high-end properties grew 12 per cent.
Dealers attribute the sluggishness in sales to distress in rural India as well as tepid sentiment in urban markets.
Infosys on Thursday cut its full-year revenue outlook in dollar terms by about 3 per cent because of mounting economic uncertainty in the euro zone, a move that did not go down well with investors.
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.
Markets gave up most of the gains made in previous session as traders' dumped frontline IT shares after Infosys reported 17% jump in net profit y-o-y, trailing street expectations.
Market breadth was negative, 1528 stocks declined for 704 stocks which advanced.
Historically, the IIP performance has shown little or no correlation to corporate performances.
FMCG: Cut in excise duty on baby, clinical diapers, adult diapers and sanitary napkins.
This is the BJP's first full-year Budget.
The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
The whole price index, used to measure rise in prices of a range of products in a consumer basket, stood at 9.06 per cent in May.
Bharti Airtel reported a 47 per cent year-on-year rise in consolidated revenues at Rs 15,215 crore (Rs 152.15 billion) in the September quarter.
Election results on Friday will determine the strength of the ruling coalition party Congress which will also determine market direction.
The Nifty opened on a firm note and moved between 5,913 and 5,866 as investors awaited TCS and Reliance Industries results.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
Improvements in industrial activity and services sector mainly seems to have boosted GDP growth.
Dealers have stocked up vehicles in the run-up to a price hike, which is expected to be announced by leading players some time this month.
Recovery seen in Q4, companies continue to focus on enhancing cash flow
Seeks 100% depreciation on hardware and peripherals, exemption of customs duty on goods imported by ISP, seeks measures to increase penetration.
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