'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Capital goods companies in their Q2FY24 results are expected to report another steady quarter of earnings growth as order inflows and execution remain healthy, according to analysts. An upward revision in order inflow targets and a margin improvement due to lower raw material costs are also anticipated. "We expect the execution of all capital goods companies and most EPC (engineering, procurement, and construction) companies to remain healthy Y-o-Y (year-on-year), led by strong order book accretion in the past 5-6 quarters," wrote analysts at Kotak Securities in a note, estimating revenue growth of 32 per cent for India's largest company in the capital goods space -- Larsen & Toubro.
During 2006-07, electronics and IT exports are estimated to be Rs 1,53,300 crore (Rs 1,533 billion), compared to Rs 1,13,725 crore (Rs 1,137.25 billion) in FY05-06, a growth of about 35 per cent.
Annual growth in the eight core sector industries more than doubled to seven-month high of 5.1 per cent in September on good production in coal, cement and petroleum refinery sectors.
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
Apart from Bihar, Chhattisgarh and Jharkhand, where none of the estimated 6.7 million construction workers got cash transfer benefits, the coverage of the construction workers was the lowest in Delhi, where only about 5 per cent of the estimated workers received cash under the PMGKY, followed by Kerala and Uttar Pradesh (22 per cent), among major states. In India, construction workers belong to the unorganised sector but account for the highest share of non-farm jobs after manufacturing.
Tata Motors was the biggest loser in the Sensex pack, skidding 1.77 per cent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti. On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were the gainers.
Sales of four- and two-wheelers almost halved in August, compared to the equivalent month last year.
Petrol price on Saturday breached the Rs 83 per litre-mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in the last fortnight. Petrol price on Saturday was raised by 27 paise per litre and diesel by 25 paise, according to a price notification of oil marketing companies. Petrol price in Delhi rose to Rs 83.13 per litre from Rs 82.86. Diesel rates went up from Rs 73.07 to Rs 73.32 per litre.
Fund managers are withdrawing after a two-year long run in public sector bank (PSB) stocks. Domestic mutual funds (MFs) were net sellers of PSB stocks for the first time in nine quarters, offloading shares worth Rs 1,800 crore in the March quarter, said a report by ICICI Securities. In the previous eight quarters, fund houses had invested more than Rs 10,000 in PSBs amid deep discounts in valuation vis--vis their private sector peers.
Public-sector banks (PSBs) in Q3FY23 wrote off bad loans worth Rs 29,000 crore, up from Rs 23,000 crore in the same quarter a year ago, as part of a clean-up exercise. According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021. Sanjay Agarwal, senior director, CARE Ratings, said a lot of it was driven by regulations, and assets that had 100 per cent provision coverage were written off.
The much-awaited Ram temple consecration will be held in Ayodhya on Monday in a grand ceremony with Prime Minister Narendra Modi attending the rituals, following which the shrine will be opened for the public a day later.
Employment in the organised sector has gone down from 2.77 crore (27.7 million) in 2001 to 2.70 crore (27 million) in 2003, Lok Sabha was informed on Monday.
Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.
Rajasthan is all set to vote on Saturday to elect members of a new assembly with the Bharatiya Janata Party aiming to unseat the ruling Congress, which is fighting hard to change the trend of alternate governments in the state.
This is the third incident of sniper attack by Pakistani troops along the LoC this month.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
Core infrastructure industries grew by 6 per cent in December 2009 against a meagre 0.7 per cent growth a year ago reflecting recovery in the industrial production.
Lauding India's ambitious space programme, The New York Times has said the country, currently witnessing an 'explosive' growth in space-tech start-ups, is set to 'transform the planet's connection to the final frontier' and can emerge as a 'counterweight' to China.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
Fundraising via initial public offers (IPOs) dropped 52.2 per cent to $147.2 billion in the first eight months of calendar year 2023 (CY23), suggests a recent report by GlobalData, a London-based analytics and consulting company. At the country level, the report suggests, India topped the charts with 152 transactions worth $3.8 billion during this period, primarily due to a higher number of SME IPOs, followed by the US with 99 deals totaling $16 billion, while China ranked third with 88 transactions worth $32.3 billion. "An analysis of GlobalData's Deals Database reveals that there were 750 IPO listings registered with an aggregate deal value of $147.2 billion in the first eight months of 2023 on the stock exchanges worldwide.
The bullishness in the Indian stock market is likely to continue and the benchmark Sensex will reach 32,500 by December 2015, global brokerage firm Morgan Stanley said.
Coupang, a prominent online retail giant headquartered in the United States (US), is gearing up to establish a cutting-edge technology centre in India, aiming to hire several dozen skilled professionals by the end of the year, Business Standard has learnt. The intended expansion involves the recruitment of software engineers across various domains, underscoring Coupang's commitment to extend its global reach. The Indian team will support the company's global technology team, sources said.
Only one in four workers in Karnataka receive a salary, the lowest among the four industrialised states of India, a Business Standard analysis of the latest annual Periodic Labour Force Survey (PLFS) data shows. While 31.6 per cent workers in Gujarat receive regular wages (or salaries), followed by Tamil Nadu (30.3 per cent) and Maharashtra (29.4 per cent), only 25.7 per cent workers in Karnataka receive the same. The figure stands at 21.5 per cent at the national level, according to the 2021-22 PLFS data.
In the corresponding period of the last year, there were 614 deals worth $ 27.7 billion.
Experts foresee possible scenarios: A BRS government with less majority, a BRS government with BJP and AIMIM support, or a Congress government.
The first summit in South Asia, it will host the largest delegation of 43 heads of State and government as well as the heads of international organisations.
A summary of the Vijay Hazare Trophy matches played on Saturday.
The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
Given that the ETF has given exceptional returns over the past year, start small and buy more in a staggered manner.
The Supreme Court, examining whether states can sub-classify Scheduled Castes and Scheduled Tribes for grant of quota inside quota, on Wednesday said all SCs and STs may not be homogeneous in terms of their sociological, economic, education and social status.
While crude oil production rose 5.8 per cent in May against a negative growth of 4.3 per cent in the same month last year, finished steel grew slightly lower at 2.5 per cent against 2.8 per cent in the same month last year, an official statement said on Monday.
'Small cap funds do have their own merits and they make sense when the investor has a longer investment horizon.'
There's a straightforward relationship between economic activity and power consumption. If economic activity increases, so does power consumption. Since the latest GDP (gross domestic product) data indicates India's growth rates exceeded expectations in the second half if the 2022-23 financial year (H2FY23) and GDP estimates of FY24 are strong, we would expect power consumption to rise as indeed it has. There is also a direct relationship between power consumption and National Thermal Power Corporation or NTPC's results since the public sector undertaking (PSU) is the largest power generator in India.
Though it still has only a single-digit share in total electricity production, India has been looking to tap nuclear power faster.
Maharashtra Chief Minister Eknath Shinde on Wednesday said Memorandums of Understanding worth Rs 1.37 lakh crore have been signed at the World Economic Forum (WEF) annual meeting in Davos in Switzerland and termed it as a "big achievement". This will generate employment for one lakh people, said Shinde, who was in Davos to seek investments in Maharashtra. "The MoUs will not remain just on paper," he said, adding that foreign investors have shown trust and faith in the state government.
From the Sensex pack, Mahindra & Mahindra climbed 3.81 per cent and Axis Bank advanced 2.68 per cent, followed by Tata Motors, Larsen & Toubro, Tata Steel, ICICI Bank, Reliance Industries, Maruti, IndusInd Bank and Sun Pharma. Asian Paints, Tech Mahindra, Nestle, Hindustan Unilever, Kotak Mahindra Bank and ITC were among the laggards.
India's exports in January dipped by 6.58 per cent to $32.91 billion, as against $35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at $17.75 billion.
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