The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertiliser and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods and services.
The listing day gain-to-loss ratio for FY21 was 71 per cent, the highest since FY17, when it was 85 per cent.
Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over $70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
India's top IT companies have shown a hiatus between their performance on the bourses in the pandemic period and earnings growth. The combined market cap of the top five IT companies - Tata Consultancy Services, Infosys, Wipro, HCL Technologies, and Tech Mahindra - is up 87 per cent since the end of March 2020. In comparison, the benchmark BSE Sensex is up 68 per cent during the period. So the industry beat the broader market by a big margin in the last one year.
The country's inflation would be on the higher side, Basu said, adding that 'our core inflation, excluding food and fuel prices, is around 5.5 per cent.'
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
Nearly 18 months after the Mahindra Group acquired Satyam Computer Services following the admission of fraud by the latter's then chairman B Ramalinga Raju, the new management of Mahindra Satyam surprised analysts while restating the company's financials for FY09 and FY10.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
Major Indian automobile companies like Tata Motors, Bajaj Auto and Mahindra & Mahindra seem to have put up a robust performance in Q3 FY 10, paying advance tax of Rs 100 crore (Rs 1 billion), Rs 320 crore (Rs 3.2 billion) and Rs 195 crore (Rs 1.95 billion), respectively.
Describing the "lower agriculture output" as the "immediate challenge", Nomura said it could be a drag on GDP in the next quarter and on rural consumption. "But we expect urban consumption to rebound due to better job prospects," it said.
Given the potential for growth, IT major, Tata Consultancy Services, is looking at hiring 8,300 trainees and around 3,000 laterals or experienced persons in Q4 FY10, a senior company official said.
Global banking major, HSBC has retained its India GDP growth forecast of 6.2 per cent in FY10 but hiked the outlook for next fiscal by 0.5 per cent to 8.5 per cent given the economic recovery.
As even bigger road construction players are not willing to bet on BOT projects., NHAI will have to rethink its thrust on the BOT model.
The brokerage lowered its GDP growth numbers for FY09 to 6.7 per cent from 7.5 per cent and for FY10 to 5.8 per cent from 7 per cent, Goldman said in a research note on Monday. Goldman Sachs said the gathering financial crisis over the past several weeks has affected India's financial sector significantly, with both domestic and external liquidity drying up. This has impacted the financing for corporates, loans for households, and trade credit for exporters.
CMIE expects the growth rate to climb slowly from around 6 per cent in the first-half to about 8 per cent in the second-half of FY 10.
The industrial GDP growth looks set to average at 4.6 per cent during FY 09, significantly lower than the 8.1 per cent in FY 08, Dun & Bradstreet said in its Economy Outlook 2009-10 report in Mumbai.
A bleak demand outlook for steel in the domestic as well as global market is also another reason Tata Steel may be looking to have additional liquidity as margins are expected to take a hit in the coming quarters.
Tax holidays to special economic zones are estimated to lead to a revenue loss of over Rs 1-lakh crore by FY10, the Parliament was informed on Friday.
The notification bans carry bags, one-time use of polyethylene, straws and thermocol
Sharp rupee fall, interest differential on export finance rates may have led to arbitrage in gold.
Given its network and fleet, it has garnered the highest share of passenger growth.
UTV Software Communciations has acquired the promoter and employee shareholding of 30.02 per cent in Indiagames -- mobile and online gaming developer and publisher -- for Rs 94.56 crore (Rs 945.6 million).
The top 200 IT companies in India posted the highest growth in four years.
The Indian tyre industry is net exporter and is currently improving on the radialization particularly in the truck and bus tyre segment.
India's largest software services firm Tata Consultancy Services (TCS) said the tenure of its Chief Executive Officer and MD N Chandrasekaran has been extended by five years to October 2019.
EdServ founder S Giridharan speaks about how he became an entrepreneur and chose the field of education to work in.
The company reports profit of Rs 4500 crore in FY14, up from Rs 446 crore in FY10
Earlier, the government had said it was looking at divestment in Indian Oil Corporation, Steel Authority of India Ltd and ONGC in the first quarter of 2011.
The prolonged gloom in the economy seems to be drawing to an end, if you go by the last quarter results. We bring you a snapshot.
D R Dogra, managing director and CEO, Care Ratings, says that the finance minister should start the process of fiscal consolidation from his Budget 2010-11.
The company also plans to recruit over 3,000 people on onsite in countries like Brazil, Uruguay, China and in Latin America, among others.
Vijay Mallya-promoted United Spirits Ltd has told its investors that at its current growth rate of 12 per cent annually, it will become the world's number one spirits company this fiscal.
At a time when many major global auto markets witnessed declines, Indian carmakers were able to expand their overseas presence with exports from the country registering a robust 33.23 per cent growth in the last fiscal.
The remuneration for 2009-10 fiscal to Mukesh Ambani, the country's richest person with a net worth of $29 billion and fourth wealthiest in the world as per Forbes magazine, is still higher than any other director of Reliance Industries.
The group had reported a loss of pound 338 million in the previous fiscal due to its write-offs for its acquisition of Borsa Italiana SpA.
Mumbai Airport plans to invest Rs 22.8 billion (Rs 2,280 crore) this fiscal year as against the Rs 13.06 billion (Rs 1,306 crore) spent in FY10 on modernisation and development work.
The apex bank hiked its repo, reverse repo (overnight lending and borrowing rates) to 5.25 per cent and 3.75 per cent, respectively, while the cash reserve ratio, or the portion of deposits banks park with RBI, to 6 per cent in line with analysts' expectations.
IT major Wipro on Friday reported 9.75 per cent increase in consolidated net profit at Rs 1,284.9 crore for the second quarter ended September 30.
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