India's per capita income grew by 10.5 per cent to Rs 44,345 in 2009-10 against Rs 40,141 in the year-ago period, according to government data.
The sequential expansion in margin was also going to continue as 'largely stable lending rates, coupled with traction in credit growth would support margins in the second half of FY10,' the report said.
The central bank raised statutory liquidity ratio, the portion of deposits that banks are required to keep in government securities, by 100 basis points to 25 per cent. Other key rates were unchanged.
The current financial year would be a twilight year for the Indian information technology sector as the earnings of these companies may witness a declining trend, while there stocks could deliver positive returns, a report says.
The Prime Minister's Economic Advisory Council, headed by former Reserve Bank Governor C Rangarajan, had said that it was unlikely that the GDP growth rate would be lower than 6.25 per cent for the current fiscal; buy might reach 6.75 per cent despite the adverse impact of monsoon on farm sector output.
With the market sentiments improving and enhanced focus on domestic market, IT firms have got back to the hiring spree.
The company's net sales, however, declined at Rs 2722.68-crore (Rs 27.22 billion) during Q3 FY 10 as against Rs 2908.87-crore (Rs 29.08 billion) in the same period last year.
IT firm Wipro Ltd on Wednesday reported 21.26 per cent growth in consolidated net profit at Rs 1,217.4 crore (Rs 12.174 billion) for the third quarter ended December 31, 2009.
The IT giant see flat pricing on its contracts, despite a quite healthy deal pipeline.
Private sector lender HDFC Bank on Friday reported a 31.64 per cent jump in its net profit at Rs 818.50 crore (Rs 8.18 billion) for the third quarter ended December 2009, over the corresponding period a year earlier.
Bank loan defaults rose to Rs 74,685 crore (Rs 746.85 billion) at the end of March 2010, with non-performing assets of public sector banks reaching Rs 57,301 crore (Rs 573.01 billion), Parliament was informed on Tuesday.
The Centre for Monitoring Indian Economy (CMIE) has revised its GDP growth forecast for the current fiscal to 6.2 per cent from six per cent announced last month.
The total income of the airline also rose to Rs 2,877.17 crore.
The government has pegged fiscal deficit at 5.5 per cent of gross domestic product for the next financial year, against the revised figure of 6 per cent in the current financial year. The fiscal deficit target for the current fiscal was 2.5 per cent. However, fiscal measures initiated in the wake of the global economic downturn and reduction in revenue collection have impacted resource mobilisation resulting in widening of deficit.
The second and third quarters of FY10 are unlikely to see the economy expanding at the pace it did in April-June period, but that does not warrant a downward revision of growth forecast, Finance Minister Pranab Mukherjee said on Monday.
On the back of strong fundamentals, ample liquidity and calibrated launch of IPOs of PSUs, Reliance Money is bullish that the Sensex would bounce back to the 20,000 mark by end-this fiscal.
The forecast is part of the macro-economic report by the RBI, which said signs of revival in the global financial conditions seen in Q1 of FY'10 are necessary, but were not sufficient to induce a firm global recovery. The central bank estimates comes a day ahead of the quarterly review of credit policy.
Surplus liquidity in the banking system and low demand for credit might prompt the Reserve Bank of India to maintain a status-quo in its key rates, bankers have said.
In the quarterly review of its annual monetary policy on Tuesday, the central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for FY'10, they said. To arrest the slowdown in the economy by stimulating demand the apex bank has trimmed its CRR to 5 per cent, repo and reverse repo rates to 4.75 per cent and 3.25 per cent respectively since October last year.
Retail rents in Dubai and Abu Dhabi dropped for the first time in a decade in the first quarter of this financial year, a report has revealed.
Domestic demand for goods and services in the country is likely to increase in FY'10 on account of a possible sharp decline in commodity prices globally and reduction in prices of branded goods, an economic think-tank has said. Most of the demand-related problems, which the industry faced following the worsening of the global liquidity crisis in September 2008, were temporary in nature, the report said.
It further said that as the trends in inflation have remained benign, it does expect any significant changes in monetary policy. The Reserve Bank of India also took monetary easing measures by infusing more than Rs 4,00,000 crore (Rs 4,000 billion) since October.
This financial year will not be easy, mainly due to lack of pricing opportunities. Still, if volume growth remains robust, profit expansion will be good, says Dabur India CEO Sunil Duggal.
IT, banking and energy stocks were the major gainers on Wednesday. The index touched a high of 11,430 towards the end. The Sensex finally ended with a gain of 402 points at 11,403.
Recession-hit India Inc may not have done well in terms of Profit After Tax (PAT) growth in the previous fiscal, but FY 10 could see it clocking a robust over 77 per cent growth in PAT, an economic think-tank forecast in its latest report.
Borrowings will account for 29 paise of every rupee the government will earn in FY'10 and it would spend 20 paise towards servicing debt, as it battles dwindling tax resources on account of economic slowdown.
With the addition of new capacities, the company aims to double its turnover to Rs 1,000 crore (Rs 10 billion) by end of FY10 from Rs 514 crore posted during the last financial year ended March 31, 2008. New hotel properties will come up in Chennai, New Delhi and Udaipur. This will increase its room inventory to almost 2,000 rooms from 1,125 rooms.
"I expect that the economy will grow at a minimum of eight per cent in FY 10 and then may get on to the targeted growth of 9 and 10 per cent (in the coming years)," ICICI Bank chairman K V Kamath said at a meeting in Mumbai. Domestic consumption and investment would continue to drive the Indian economy, Kamath said, adding that the country would be on a high-growth trajectory in the next 15-20 years.
"We forecast 7.3 per cent GDP growth (current financial year). We expect fundamentals to improve next year, propelling a recovery in H2 FY10," Lehman Brothers said in a report. For the first quarter ended June 2008, the economy registered a growth of 7.9 per cent against 9.2 per cent in the same period last year.
The Rs 85,000 crore (Rs 850 billion) domestic cement industry is fast realising the painful situation it is getting into, as the GDP growth rate is on a slippery path and over 70 million tonnes of fresh capacities are in the pipeline in the next two years.
Tata group company and IT major Tata Consultancy Services (TCS), on Friday said that it has clocked a net profit of Rs 1,534 crore (Rs 15.34 billion) in Q1 FY 10, up 19 per cent as compared to the year-ago period of Rs 1,290.61 crore (Rs 12.90 billion).
A strong investment recovery is essential for India to sustain high GDP growth rates in the medium term
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
Most NBFCs will have to slow down their loan growth. Some of the most leveraged will have to sell a part of their assets (or loan book) to banks to raise incremental capital. Others may have to knock on the door of their deep-pocketed parents.
After two years of growth in the 4 per cent to 5 per cent range, the gross domestic product is expected to increase more robustly in 2015, growing to an expected 6.4 per cent.
Savings in deposits by the households rose, however, to Rs 1 trillion (17 per cent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13.
Pursuit of raw material had landed Bhushan Steel in the coal block allocation scam.
The strong correlation between its sales (revenue or turnover) and crude oil prices (average for the financial year) suggests that Ambani may be proved right.
Transportation via inland waterways is cost-effective and more environment-friendly than rail or road transportation
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
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