Infosys on Thursday posted a 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23, and gave 4-7 per cent revenue growth forecast for FY24 amid macro economic uncertainities. The net profit (after minority interest) stood at Rs 5,686 crore in the fourth quarter of FY22. Seen sequentially, the net profit for Q4 came in 7 per cent lower.
Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
Domestic air passenger traffic touched 1.25 crore in January this year, an increase of 96 per cent compared to the year-ago period, according to rating agency Icra. However, it said the traffic remained around 2 per cent lower compared to the pre-Covid levels -- January 2020. The traffic stood at 64 lakh in January last year. Icra is maintaining a negative outlook on the Indian aviation industry, reflecting the view that the financial performance of Indian airlines is likely to remain under pressure in the near term, even though the recovery in domestic passenger traffic has been healthy.
Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years. "The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan," the note, reviewed by PTI, said.
Investors are showing some interest in the downstream energy cycle. Refiners and marketers, especially the public sector (PSU) oil marketing companies (OMCs) could see a revival of marketing margins. Lower crude oil and gas prices may also improve margins in industries like paints, logistics, synthetic fabrics, plastics, and fertilisers. In the medium-term, however, there could be a supply overhang affecting OMCs as new refining capacities are scheduled to be commissioned, especially in China, and this may lead to a drop in the refining margins as capacity would be surplus to demand until and unless there's a pick-up in global growth.
The six core infrastructure industries -- crude oil, petroleum refinery products, coal, electricity, cement and finished carbon steel-- had registered a growth rate of 3.6 per cent in January 2008.
In a major sign of transformation of manufacturing-dominated Chinese economy, annual output of its service sector may exceed that of the manufacturing sector for the first time ever in 2013, an expert said.
The success of recent IPOs and the stability in the secondary market are propelling many firms and investment bankers to remove their IPO plans.
The ownership by domestic investors, individual as well as institutional, in companies listed on the National Stock Exchange (NSE) has breached the 25 per cent mark for the first time. The share stood at 25.72 per cent at the end of the March 2023 quarter, up from 24.44 per cent in the previous quarter, according to data from Prime Database. The share of foreign portfolio investors (FPIs), meanwhile, rose slightly to 20.56 per cent from 20.24 per cent as on December 31, 2022.
In the jobs created in 2022, the share of those in the age group 18-25 increased to at least a five-year high of 56 per cent. A Business Standard analysis of the monthly Employees' Provident Fund Organisation (EPFO) payroll data shows in 2018 the share of youths among the new EPFO subscribers was 50.9 per cent. The National Statistical Office is releasing the monthly EPFO payroll data since April 2018 as part of the government's effort to track formal-sector employment by using payrolls as an instrument.
Ahead of the state assembly elections due this year-end, Baghel made as many as 15 announcements in his address during the state-level Independence Day function at the Police Parade ground in Raipur.
The body of Tabarak Hussain (32) was handed over two days after he died of cardiac arrest at a military hospital in Rajouri district, officials said.
The central government is looking to strengthen the boards of public sector banks (PSBs) by specifying terms of office and conditions of service for whole-time directors, and also seeking disclosures from all directors about interests in other companies. Through the Banking Laws Amendment Bill, the government is likely to introduce conditions for disqualification of whole-time and independent directors which are not specified in the current legislation. The Centre is seeking to introduce fresh changes that are aimed at strengthening the boards of PSBs, and holding their directors accountable, an official said.
Indian equities are in a multi-year bull story with capex cycle recovery as the main driver.
India's exports contracted 12.2 per cent to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5 per cent to $58.24 billion as against $60.33 billion in the year-ago period. In December 2021, exports stood at $39.27 billion and the trade deficit was at $21.06 billion.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Brokerages expect India Inc to report an upturn in earnings for the March quarter of 2022-23, after a relatively muted showing in the previous two quarters. This growth is expected to be led by banking, financial services and insurance (BFSI) companies, FMCG firms, and automobile makers. The combined net profit of the Nifty50 companies (excluding Adani Enterprises) is expected to have grown 15.6 per cent to Rs 1.77 trillion in Q4FY23, from Rs 1.53 trillion a year ago.
Auto Expo 2023 may not trigger a fresh rally in automobile stocks, say analysts, as this year's edition lacks participation from major listed players. It is also owing to the focus on electric vehicles (EVs), a segment where four-wheelers have minuscule market share. "In the passenger vehicles (PV) segment, Maruti Suzuki India and Tata Motors are the only listed players.
Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June.
The July-September quarter saw significant deal momentum.
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
'Not only are Muslim homes and shops being bulldozed, but the cops are filing random FIRs even against people who died two-three years ago, against those who have moved to neighbouring states since almost two years to work there.'
With more and more companies preferring to hire employees on project basis, a report has revealed that there is likely to be 90-110 lakh additions to the gig workforce by 2025, a report said on Wednesday. The gig economy has been one of the most pivotal economic shifts in a long time and people are choosing gig jobs because it works with their lifestyle, they can choose when and how much they work, or it allows them to earn money between jobs, global job site Indeed said in the report. According to the report, companies have also started investing in gig work platforms and processes, which indicates how integral they are to the future of jobs growth in India.
The growth of key infrastructure industries slowed down to 2.3 per cent in December 2008 from 3.2 per cent a year-ago, mainly on account of drop in output of steel and crude oil.
India's infrastructure sector witnessed a decline in growth at 3.9 per cent last month from 4.1 per cent in January and 4.4 per cent a year ago, mainly due to decline in production in electricity, cement and coal.
Investments by private equity and venture capital funds (PE/VC) declined by 22 per cent in March to $4.6 billion spread across 107 deals, a report said on Wednesday. The deal activity showed an increase of 54 per cent by value at $15.5 billion across 360 deals, largely on the back of heightened activity in the startup space, the monthly report by IVCA and EY said. "While India's position as an attractive destination for PE/VC investments is expected to remain strong in 2022 given its high growth and macroeconomic and policy stability, the continuing geopolitical tensions, rising inflation, quantitative tightening by the US FED and inversion in the US yield curve are potential downside risks, making investors circumspect," Partner at EY Vivek Soni said.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
The two IT majors -- Infosys and TCS -- delivered disappointing results for the fourth quarter of the 2022-23 financial year (Q4FY23). Poor macro conditions and weak sentiment in the banking, financial services and insurance (BFSI) space accounted for the miss. For TCS, revenue in constant currency (CC) terms grew at 0.6 per cent on a quarter-on-quarter (QoQ) basis. Weakness was visible in North America, primarily due to deferred discretionary spending.
Factory production expanded by 1.7 per cent on an annual basis in February on account of improved performance by the mining and power generation sectors, as per government data released on Tuesday. The Index of Industrial Production (IIP) had contracted by 3.2 per cent in February 2021. The growth was 1.5 per cent in January 2022. As per the data released by the Ministry of Statistics and Programme Implementation, the growth in the mining sector was 4.5 per cent against a contraction of 4.4 per cent in February 2021.
Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members.
Private equity investments in proptech firms rose 35 per cent to $741 million last year as investors sought to tap huge opportunities amid rising use of technology in the realty sector, Housing.com said. Proptech firms that are providing solution in sales and marketing, and construction management got 69 per cent of the total funds. Inflow of funds into proptech firms stood at $551 million in 2020. Between 2009 and 2021, the proptech players in India received a total of $3.2 billion Private Equity(PE) investments.
ITC Ltd on Friday reported a 23.09 per cent increase in consolidated net profit at Rs 5,070.09 crore for the third quarter ended December 2022, helped by growth momentum across its operating segments. The diversified company had posted a net profit of Rs 4,118.80 crore during the October-December quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56 per cent to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
The monthly electricity bills of the majority of domestic consumers in Delhi -- who use more than 200 units and up to 600 units -- will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.
Dalal Street investors became richer by more than Rs 16.36 lakh crore this year as the equity market scaled new highs despite persistent geopolitical uncertainties and inflation worries. Analysts attributed better macroeconomic fundamentals, the confidence of retail investors and foreign investors investing again in the domestic equities towards the latter half of 2022 as the key factors that led to the outperformance of the Indian market in comparison to many other stock markets worldwide. During the initial part of the year, markets were jolted by the Russia-Ukraine war.
Privatisation or consolidation into half a dozen large banks might not rescue public sector banks from the crisis they find themselves in.
The SSP said the investigation of the matter and questioning of the infiltrator will be conducted later.
Key stock indices Sensex and Nifty declined over 1 per cent at close on Monday due to heavy selling in banking, auto and FMCG shares amid weak global market trends and continued foreign fund outflows. Reversing its previous session's gains, benchmark BSE Sensex tumbled 638.11 points or 1.11 per cent to settle at 56,788.81. During the day, it tanked 743.52 points or 1.29 per cent to 56,683.40. The broader NSE Nifty fell by 207 points or 1.21 per cent to end at 16,887.35 as 42 of its constituents declined.
Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said.
The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast. The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year, as against the April estimate of 3 per cent. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.
A day after the RBI raised the benchmark lending rate by 35 basis points, Kotak Mahindra Bank Managing Director Uday Kotak on Thursday said the central bank may go for one more rate hike to bring inflation below its upper tolerance level of 6 per cent. Yesterday, the RBI indicated that it wants inflation to be within the band first and then move towards the target of 4 per cent, Kotak said at the CII Global Economic Policy Summit 2022. "My sense is that there could be one more rate hike and that may be the time for thinking about a pivot, but we got to watch very closely the data, and maybe around 6.5 per cent as it looks today, subject to what happens to the world, subject to what happens to oil, subject to what happens to many other things," he said.
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