But the second quarter should be better, according to analysts, as the rupee has appreciated by only 1.5 per cent against the dollar sequentially (over the previous quarter) as compared with nearly seven per cent in the first quarter.
It has been a slow 2022 thus far for the primary markets. In the last 8 months, only 16 companies have raised Rs 40,311 crore via the initial public offer (IPO) route, data from PRIME Database suggests. In comparison, 63 companies had raised a cumulative Rs 1.18 trillion via the IPO route in 2021. A large part of the funds raised in 2022 were on account of the two IPOs - Life Insurance Corporation of India (LIC) and logistics firm Delhivery - that raised a total of over Rs 26,000 crore between themselves.
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
'The 5.7% growth in the April-June period is an aberration because of GST.' 'Business activity in the last 15 days of the quarter was minimal or zero.'
Suzuki and Toyota are in talks for electric mobility and MSI would continue to access technology from its parent.
A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players -- TCS, Infosys, HCL Technologies and Wipro -- have continued to shrink at a pace that has had the street surprised.
The performance of subsidiaries abroad played a stellar role in India Inc's performance for the second quarter ended September. The consolidated results of companies that take into account the results of both foreign and domestic subsidiaries showed their net sales grew 22.2 per cent, while net profit grew a robust 70.4 per cent.
Slackening industrial expansion is expected to pull down economic growth in the range of 8.1 to 8.5 per cent during July-September this fiscal from 8.8 per cent in the previous quarter, say experts.
Net sales, however, rose marginally to Rs 21,551.9 crore for the quarter under review
'Vaccination is very important for an economy to start functioning properly.'
Rising usage of smartphones and tablets have hit PC sales.
The audited consolidated financial results of the company and its subsidiaries as per Indian GAAP would also be\nconsidered at the board meeting.
Consolidated revenues grew 11.4 per cent at Rs 10,341 crore.
During the quarter, growth in base business was driven by India and Western Europe.
Bolstered by encouraging quarterly performance, the island nation has raised its 2010 growth forecast to 13-15 per cent from the earlier projection of 7-9 per cent.
Market breadth remained strong with 1,581 advances over 1,018 declines on the BSE
India's economic growth has declined to 5.3 per cent in July-September this fiscal, from 6.7 per cent in the same period a year ago
As other sectors are not doing well, the industry can help to boost numbers.
Debt-ridden Kingfisher Airlines reported net loss of Rs 754 crore for the July-September quarter, a sharp increase from Rs 469 crore in the year-ago period.
Price-led growth during the quarter is likely to stand at three to five per cent
Reliance Industries net profit fell 21 per cent to Rs 4,473 crore (Rs 44.73 billion) in the first quarter (April-June) of the current financial year, from Rs 5,661 crore (Rs 56.61 billion) in the same period in 2011-12.
He said money supply is under pressure, but interest rates will remain stable in immediate future.
Meanwhile, ICICI Bank chairman KV Kamath, however, said he expects interest rates to go up only towards of the end of this year.
Investors added more than Rs 10.56 lakh crore to their wealth as markets continued their rally for the sixth straight session on Thursday. The BSE Sensex went past 61,000-mark for the first time ever on Thursday. It jumped 568.90 points or 0.94 per cent to its new closing peak of 61,305.95.
The net income of the search engine giant for the second quarter of 2011 stood at $2.51 billion.
The U.S. economy grew faster than initially thought in the second quarter.
The 30-share BSE benchmark jumped 533.74 points or 0.91 per cent to 59,299.32. During the day, it zoomed 783.24 points to 59,548.82.
Financial services major JPMorgan Chase on Thursday posted 36 per cent surge in the second-quarter profit at $2.72 billion, propelled by a steep rise in investment banking fees.
Reliance Energy Ltd has posted a 44.42 per cent rise in its net profit at Rs 128.13 crore (Rs 1.28 billion) for the second quarter ended September 30, 2004.
Entertainment software company Balaji Telefilms Ltd has posted a 20.73 per cent drop in its net profit at Rs 11.28 crore for the second quarter ended September 30, 2004 as against Rs 14.23 crore in the same period last year.
Software major Wipro on Friday posted a net profit of Rs 411.70 crore (Rs 4.117 billion) for the second quarter ending September 30, up by 79 per cent over Rs 230.20 crore (Rs 2.302 billion) reported during the same period last year.
New Delhi slipped by two positions to rank 39th globally in terms of price appreciation of prime residential properties during the September quarter, according to Knight Frank. Mumbai ranked 40th, same as the June quarter, while Bengaluru moved up one spot to 42nd rank. New Delhi stood at the 37th rank, while Mumbai and Bengaluru were at 40th and 43rd positions, respectively, during the second quarter of 2021 calendar year. In its 'Prime Global Cities Index Q3 2021' report, Knight Frank tracked the movement in prime residential prices in local currency across 45-plus cities worldwide.
A looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. The slowdown in natural gas supply means the West needs diesel to heat their homes this winter.
The downward surprise in Q2 stemmed from a stronger-than-anticipated drag from gross fixed capital formation and marginal weakness in private final consumption expenditure. In Q3, projection errors emanated mainly from a steep unanticipated contraction in gross fixed capital formation, which was the deepest in the new series of GDP.
Foreign portfolio investor (FPI) flows into India may remain tepid in 2022, said a recent note by Goldman Sachs, who now peg the foreign portfolio investment into India at $5 billion in 2022, down from their earlier forecast of $30 billion with risks skewed to the downside. "There has been $15 billion of equity outflows YTD in India already, and the IPO of the largest insurance company has been pushed out. "Additionally, with no mention of India's inclusion in global bond indices in the Union Budget, there are risks to our already conservative base case assumption of an announcement of India's likely inclusion into the GBI-EM Global Diversified Bond Index in Q4-2022," wrote Andrew Tilton, Goldman Sachs' chief Asia-Pacific economist in a co-authored report with Santanu Sengupta and Suraj Kumar.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
India's personal computer market grew 24 per cent in the July-September quarter touching 700,000 units over the same quarter a year ago with HP replacing HCL in the overall desktop market to achieve a 10 per cent market share.
The company's revenue rose 23.9 per cent to Rs 101,169 crore
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