Punjab Kings batsman Nicholas Pooran will donate a portion of his IPL salary to help the Indian people as the country battles a severe second wave of the COVID-19 pandemic.
When India's Arif Khan steps into the Beijing National Stadium for the opening ceremony at next month's Winter Olympics it will mark the culmination of a journey over a decade in the making.
The government of Tamil Nadu on Tuesday signed a memorandum of understanding (MoUs) with 35 companies that may see investment to the tune of Rs 17,141 crore, creating employment opportunities for 55,054 people. The major companies that would be coming up with fresh investments over Rs 1,000 crore in the state include JSW Renew Energy Two, TCS, ZF Wabco and Srivaru Motors among others. JSW Renew Energy Two will be coming up with a 450 megawatt (Mw) wind power generation unit at Tuticorin, Tirunelveli, Dindigul and Tiruppur for Rs 3,000 crore. TCS will be coming up with its third phase of expansion at SIPCOT IT Park in Siruseri, ZF Wabco with an auto component unit at Kancheepuram for Rs 1,800 crore and a two-wheeler EV unit by Srivaru Motors for Rs 1,000 crore at Coimbatore.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
'He just has to keep performing, and mustn't let this go to his head.'
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
Olympic-bound star Indian javelin thrower Neeraj Chopra has reached Portugal to take part in an event in Lisbon on June 10, which will mark his return to international competition after more than a year.
Ajit Mishra answers reader queries on the stock market.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
The stock market's momentum will be guided by the ongoing quarterly earnings season, with Reliance Industries, HUL and Bajaj Finance among those scheduled to announce their results this week, analysts said. Focus would also remain on the COVID situation, global stock markets, investment pattern of foreign institutional investors (FIIs), rupee-dollar trend and Brent crude, they added. "The earnings season would gain pace this week and participants will be closely eyeing the results of some of the top names like Reliance, Ultratech Cement, Bajaj Auto, JSW Steel, Bajaj Finance, Asian Paints, Hindustan Unilever among others. "Before that, markets will first react to the earnings of two heavyweights -- HCL Technologies and HDFC Bank in early trade on Monday," said Ajit Mishra, VP Research, Religare Broking.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. For the current fiscal year, CIL's production is expected to be around 565 million tonnes.
Start-ups Zomato, PB Fintech, One97 Communications, and FSN E-Commerce Ventures have entered the large-cap category after the latest reclassification exercise by the Association of Mutual funds in India (Amfi). This comes despite stocks such as PB Fintech (Policybazaar) and One 97 Communication (Paytm) trading below their issue price. Others such as Mindtree, SRF, IRCTC, Tata Power, JSW Energy have been moved from mid-cap to large-cap category.
With the international markets facing uncertainty after Russia invaded Ukraine and Western nations retaliated with sanctions, Indian companies are putting their international fundraising plans on hold as they wait for the markets to recover. Bankers said apart from the geopolitical crisis, international rates are hardening in anticipation of interest rate hikes by the US Federal Reserve to control rising prices in the US. The Ukraine situation has implications for the market. In such a situation, international investors try to shift to safe haven assets by exiting from emerging markets.
'We will have a well-designed product, and not a compromise.' 'We will make a completely contemporary vehicle, in keeping with consumers' aspirations, not like the Nano, which disappointed them,' Sajjan Jindal tells Shreekant Sambrani.
Despite the wobble in the markets over the past few weeks, Indian equities remain expensive as measured by several yardsticks. India's market capitalisation-to-GDP ratio, for instance, has touched a multi-year high. The ratio is currently at 116 per cent, based on the FY22E gross domestic product (GDP) number, above its long-term average of 79 per cent.
The much-talked-about sale of Ambuja Cement and ACC by Holcim Group will see the single-biggest outflow of foreign capital from the country if the two cement firms are acquired by Indian investors. The deal, valued at nearly $10.35 billion, will put in the shade Cairn Energy Plc's exit from India in 2010, when it sold Cairn India to Vedanta Group for $4.48 billion. According to various reports, big business groups such as AV Birla, JSW Group, and Adani Group are in the fray to acquire Holcim's assets in India.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
Quarterly earnings and global cues will be the major sentiment driver for the equity market this week, according to analysts. Of late, Benchmark indices have been on a record-breaking run. "Quarterly results will dictate market sentiment and will be the talk of this week as they pick up the pace. "D-Street will be all ears to any management insights to forecast the future earnings trajectory.
Even as lenders are getting ready to send more companies to bankruptcy courts from this week, several old cases are still awaiting resolution with no clarity on the completion of the process. This includes some high profile cases from the first list of 40 companies including Videocon Industries, Bhushan Power and Steel and Lavasa Corporation, sent by the Reserve Bank of India (RBI) for resolution. The delay is mainly due to litigation and late clarifications by various government agencies including the Reserve Bank of India and litigation by the Enforcement Directorate.
Power generating companies (gencos) that use imported coal to produce electricity, may find it difficult to switch on their idle units immediately in the wake of high fuel costs, several players have told Business Standard. Recently, the Union power ministry had invoked Section 11 of the Electricity Act mandating all imported coal-based plants to generate power at full capacity. However, some generating companies that use imported coal, argue that it is simply unviable for them to produce power when the price of coal in the international market is high, while the per-unit price of power has been capped at Rs 12 per unit on the domestic power exchange.
Dhawan returns to Delhi for the 2019 season after being traded by Sunrisers Hyderabad. Australian great Ricky Ponting will continue to coach the team.
The Aussie run-machine, who started his IPL journey with the Delhi franchise, was the Capitals's first buy in Saturday's mega auction.
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.
While the deal would help reduce debt at Jindal Steel, it would also be a boon for State Bank of India, which has been trying to broker an agreement between the companies
Though the mandate is seen largely an outcome of Banerjee's welfare schemes, she has promised to industrialise at a faster pace, or so read the manifesto.
The first quarter earnings season will dictate the trend in the equity markets in this holiday-shortened week amid absence of major macroeconomic drivers, say analysts. Besides, lacklustre global markets may increase volatility in the market, they added. Equity markets would remain closed on Wednesday for Bakri-Id.
The possible acquisition of Holcim India business will be one of the biggest inbound corporate deals in the country. Currently, Walmart Inc.'s $16-billion acquisition of Flipkart Online Services in 2018 remains the biggest acquisition of an Indian asset by any acquirer, followed by BP plc acquisition of 30 per cent stake in Reliance Industries' 23 oil and gas production blocks in 2011 for $7.2 billion. Bloomberg reported late on Wednesday night that Holcim - the world's biggest cement maker - is considering a potential sale of its India business and gauging interest in its controlling stake in Ambuja Cement.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
A record contingent of 121 athletes, including 54 women, will represent India at the Rio Olympics.
Olympic sensation Neeraj Chopra's success on the final day of the 2020 Tokyo Olympics has turned the track and field star into a household name across the country.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
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