Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said on Monday.
'We emphasise the importance of not basing investment decisions solely on electoral outcomes.' 'Instead, focusing on investing in high-quality businesses capable of prospering regardless of the political landscape is paramount.'
In FY22-23, Samsung exported $4.09 billion smartphones from India -- an increase of 42 per cent over 2021, when it was $2.8 billion -- accounting for 35 per cent of all smartphone exports.
'Elsewhere in the world, you do not get a second chance to be launched. I think he (Gandhi) has now been launched 19 times'
Veteran Congress leader and former Defence Minister A K Antony said on Tuesday that his son, Anil K Antony, who is contesting as a Bharatiya Janata Party candidate in the Pathanamthitta Lok Sabha seat in Kerala, should not win the election.
The new scheme, promoting manufacturing of electric vehicles (EVs) by global majors, will give a fillip to companies like Tesla and its upstart rival Vinfast, both of whom have lobbied for lower import duties from the Centre. While Vinfast has already announced an investment of Rs 4,000 crore to set up an electric vehicle (EV) plant in Tamil Nadu, Tesla's next move will be watched carefully. Four years ago, Musk announced that his company would come to India.
The operating margin of India Inc is likely to drop in the December quarter with a 100-120 bps year-on-year decline, as 27/40 sectors are set to see crimped margins despite higher revenue, according to a report. Surging commodity prices and price hikes may help companies report a healthy 16-17 per cent revenue growth to Rs 9.1 lakh crore during the quarter ending December, the Crisil report said on Tuesday. Software major TCS will open the earnings season Wednesday.
India Inc's profit share in the country's GDP at 15-year low in 2018. Since 2013, net profit for top 500 companies has remained in the range between Rs 4 trillion and Rs 4.8 trillion despite steady growth in nominal GDP.
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 on Friday said it is looking forward to a repo rate cut in future as cost of funds has to come down in coming times, and expects continuation of accommodative policy stance by the Reserve Bank of India (RBI). The RBI decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, as the economy faces the brunt of the second COVID-19 wave. Sanjay Aggarwal, president of PHD Chamber of Commerce and Industry, said the RBI has maintained an accommodative stance as long as necessary to revive and sustain growth on a durable basis and to mitigate impact of COVID-19, apart from an aim to keep inflation within the target.
In Phase 6, indications are that the BJP, which is defending 40 seats, will lose in double digits and gain in single digits. Not good, if you are the ruling party scrambling to earn a working majority, with just one phase left to go, argues Prem Panicker.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Broader sentiment of lack of transparency bothers most in India Inc.
Bharatiya Janata Party candidate Mukesh Dalal was on Monday elected unopposed from Surat Lok Sabha constituency in Gujarat after all other nominees withdrew from the fray, a poll official said.
Actor Poonam Pandey is not being considered as the brand ambassador of the government's national campaign to spread awareness on cervical cancer, Union health ministry officials said on Wednesday.
RIL, Capgemini, IndiGo among companies which have offered to pay their employees' vaccination cost.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
Apple Inc is expected to produce iPhones worth $12 billion (freight on board value) in India during 2023-24, according to discussions between the company's vendors and the government. This would account for around 12 per cent of Apple's global iPhone production-higher than the earlier plan of shifting around 9 per cent of the total to India by FY24, which is the third year of the PLI (production-linked incentive) scheme.
The Enforcement Directorate (ED) is probing alleged fraudulent foreign funds infusion of more than Rs 86 crore into a company that runs the NewsClick portal even as it is expected to soon file a charge sheet in the case being probed under the anti-money laundering law, official sources said on Monday.
About 80 per cent of Sicilian businesses cough up a pizzo, of as much as 350 pounds a month. However, the burgeoning power of Cosa Nostra in Sicily, the Camorra in Naples, the 'Ndrangheta in Calabria and the Sacra Corona Unita in Puglia, has led to the infiltration of bigger businesses as well.
'Kerala isn't as dependent on agriculture like Bihar or Odisha or even other southern states.' 'Economic losses would not be too intense, unlike other states.' 'The floods could, at best, impact India Inc's earnings for a quarter or two.'
Reliance Industries, which sold stake worth $21.7 billion in Jio Platforms, kept the league tables moving in spite of the pandemic.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
According to BJP insiders, every Union minister has been given 3-4 seats to mentor and has been told to work hard on these constituencies in the next 20 months to ensure the party's victory.
'More than investors, fund houses, and advisors have raised caution and limited flows on small-and mid-caps.'
India Inc has started lobbying with the government to compensate them by giving tax incentives on the funds spent on CSR.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Corporate magnate Ratan Tata on Friday said that Congress general secretary, Rahul Gandhi had opened a door for investments in Jammu and Kashmir.
'These betrayers don't realise that their exit opens up vast new opportunities to those whose growth they have always stunted'
Here's a look at how the new corporate governance norms will affect India Inc boardrooms.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
India is all set to make its presence felt in the $47 billion global outsourced semiconductor testing and packaging market, an arena where Malaysia and Vietnam have been way ahead so far. The Cabinet last Thursday cleared two projects, the Tata's assembly testing and packaging plant (ATMP) and the Murugappa-owned CG Power with Renesas from Japan as its tech partner. These, together with Micron's assembly and testing plant which is already being constructed in Sanad in Gujarat, will collectively invest Rs 47,300 crore to set up the factories.
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
Corporate results confirm worst fears about growth trajectory.
Prime Minister Narendra Modi on Friday said both public and private sectors need to leverage synergies and think out of the box to seize opportunities arising as a result of the emerging global environment. While interacting with noted economists and experts at NITI Aayog ahead of the Union Budget, the prime minister also applauded the success of the India Digital story and the rapid adoption of fintech across the country, an official statement said. During the meeting, economists offered suggestions on ways in which India can sustain its development momentum, it added.
A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and focussing on capital expenditure and believe that it would define the 'Amrit Kaal'. "Critical to this growth will be the pace of capital expenditure, infrastructure development, and the need to boost infrastructure financing through private partnership. 60 per cent of respondents suggested raising funds through Indian Government Bonds," the survey said.
Some of India's biggest employers are testing for antibodies to either comply with regulatory norms or gauge the effectiveness of precautionary measures.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
