The Reserve Bank is likely to cut the repo rate by 25 basis points (bps) after the Budget.
Services sector activities improved further and touched a five-month high in April driven by a surge in incoming new work orders that boosted business activity and supported a renewed increase in employment, according to a survey. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 57.9 in April, from 53.6 in March, highlighting a sharp rate of expansion that was the fastest since last November amid mounting price pressures. For the ninth straight month, the services sector witnessed an expansion in output.
Parsvnath Developers is expected to sack its non-performing staff post Diwali as part of its cost cutting measures. "Non performers have to go. Cost cutting measures will start in 15 to 20 days,'' said Pradeep Jain, chairman of Parsvnath, told reporters on the sidelines of a conference in New Delhi on Friday.
iGate has been reorganising its structure and analysing client accounts to enhance cost efficiency and scale operations.
Without exception, the top four majors beat Street estimates across all parameters - revenues, profitability, or net profit growth. However, what stood out were the large deal wins reported by the big two, TCS and Infosys.
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
Pilot's statement came amid reports of his discontentment with the Congress leadership.
Infosys, HCL might fare marginally better than TCS.
This is roughly 70% of the national transporter's budgeted wage bill of Rs 40,435 crore for the current financial year.
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
Cheque clearances and cash withdrawals and deposits in public sector bank branches across the country were hit as employees started a two-day strike on Monday to press for a revision in wages.
Overall attrition jumped to 20.6 per cent in the quarter, a 400 basis points rise over 16.6 per cent in the earlier quarter.
Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices have surged.
Infosys: Sikka magic may revive double-digit revenue growth
Repeat business from existing clients is not coming easily and companies are still in the process of building digital capabilities
'We continue to invest in digital capabilities'.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
In its manifesto, the Congress also promised five lakh government jobs and 200 units of free electricity per month for all, besides hiking the minimum wages of tea garden workers to Rs 365.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
In July-Sept 2016-2017, TCS had missed street expectations with 7.8% growth in revenue.
The recent spate of technical glitches in aircraft has prompted the Directorate General of Civil Aviation (DGCA) to issue an order on July 18, making aircraft maintenance engineers (AMEs) with category B1/B2 licences the final authorities in certifying planes. This has put the spotlight on the availability of such personnel. According to the order, airlines were resorting to frequent one-off authorisation by the Category A certifying staff at transit stations, which is not in line with existing regulatory provisions.
Most of the large Indian IT services players, such as TCS, Infosys, Wipro, and HCL Tech, have signalled increased offshoring efforts and opting for local hires in the US, primarily to address the immigration-related challenges.
Even as high attrition rates continue to haunt Infosys, the country's second-largest IT services firm is confident of bringing it down to 12-14 per cent in the next two quarters as it gets back to the growth trajectory.
Weaker-than-expected growth in US jobs in recent months had already forced US central bankers to put off a rate hike at their meeting last week
In May, Satpal Singh, who runs a dairy business with three buffaloes in Jewar, near Noida, was worried about the steep spike in input costs. Singh said dry fodder rates, which cost Rs 1,500-2000 per tractor trolley last year, were quoting at Rs 4,500-5,000. The price of other cattle feed ingredients (that include mustard meal and similar mixes) had also gone up from Rs 2,000 per quintal to Rs 3,100-3,200 per quintal.
Panaya drags Q1 profits though revenue improves on the back of large deal wins, good traction in North America.
Across all industries in India, almost 87 per cent of respondents plan to allocate a larger portion of their budget to high performers
'Investors should hold equity assets for 3 to 5 years.'
With inflation remaining at elevated levels, central banks around the world, including the Reserve Bank of India (RBI), will kill excess demand in economy over the next six to eight months, sources in the know said. They also indicated that there could be a rate hike in June, when the inflation forecast for the current financial year would be raised. The RBI, the sources said, might announce more steps such as raising the limit on held-to-maturity (HTM) bonds to support government borrowings but might not come out with any further quantitative easing GSAP (Government Securities Acquisition Programme) measures.
While Infosys said it would give an average rise of eight per cent to its employees in India, Wipro has announced an increment of six-eight per cent.
Calling Prime Minister Narendra Modi "Saheb" during a discussion on the government's resolution on good works in the Delhi assembly's special session, Kejriwal said the nation is not with him in his "theatrics".
The RBI expects CPI inflation to fall from 5.8% in Jan '16 to 4.8% in Jan-Mar '17.
The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
The company's growth was driven by a decline in total expenses, lower finance cost and higher other income.
Despite partial restoration of salaries, pilots across airlines remain dissatisfied, throwing challenges for managers.
The conciliation talks between UFBU and Indian Banks Association held in Mumbai moved a step ahead positively after the IBA offered a 9.5 per cent hike on pay slip cost and hold another round of talks on January 27, UFBU national Convenor M V Murali told PTI in Tirupati over phone.
Air India has given a two-fold increase in the salaries of its executive (officer grade) cabin crew to Rs 2.25-lakh, with retrospective effect from June 1, 1997. The move is likely to put an additional burden of Rs 170 crore (Rs 1.7 billion) annually at a time when the airlines are making losses due to economic slowdown.
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