ACCELERATED GROWTH
FMCG makers expect single-digit revenue growth, margin improvements in April-June quarter
FMCG companies like Dabur, Marico, and Adani Wilmar expect single-digit volume growth and margin expansion in the April-June quarter. Positive demand trends are observed, particularly in the rural market. Overall, FMCG players anticipate 7-9% revenue growth for the fiscal year.
Budget 2024: Hospitality players seek infra status for hotels
Advocates from the hospitality industry are urging the government in the upcoming Union Budget to classify hotels as infrastructure to enhance investment appeal and move away from luxury or 'sin' goods labels. They seek incentives like tax breaks for eco-friendly practices, highlighting tourism's potential for GDP growth and job creation.
Union Budget 2024 will likely focus on women, middle-class and agri sector
BUDGET EXPECTATIONS: Narendra Modi's third-term Budget, slated for July 23, focuses on leveraging revenue growth and RBI dividends for infrastructure and targeted sectors. The session will also introduce non-legislative reforms. The Economic Survey will precede, highlighting achievements and future plans. Sitharaman aims to tackle inflation, unemployment, and regional disparities with tax measures and social benefits, aiming for a fiscal deficit of 4.5% amid robust GDP projections.
FMCG makers expect single-digit revenue growth, margin improvements in April-June quarter
Fast-moving consumer goods companies expect single-digit volume growth along with expansion in margins during the April-June quarter of this fiscal, helped by a revival in rural demand and a stable urban market. Listed FMCG companies such as Dabur, Marico and Adani Wilmar in their latest quarterly updates have reported a "gradual improvement" in demand trends in the April-June quarter, which was on the expected lines.
Greaves Finance appoints P. B. Sunil Kumar as CEO to accelerate EV financing
Greaves Finance, a Greaves Cotton subsidiary, appointed PB Sunil Kumar as Executive Director and CEO effective July 3, 2024. He will advance financing for electric two-wheelers via the evfin platform. With 25 years' experience, including positions at Taiki Consulting, Tata Finance Ltd, ICICI Bank, and GE Capital Services India, Kumar is also a chartered accountant.
Indian economy poised for potentially stable high growth phase, says RBI's monetary policy panel member
RBI's monetary policy committee member Shashanka Bhide highlighted India's potential for stable high growth amidst significant risks, citing strong domestic demand, investment spending, and positive monsoon forecasts. He emphasised the importance of maintaining inflation aligned with targets to support growth, with the RBI projecting retail inflation at 4.5% for FY25. The MPC recently kept the repo rate unchanged at 6.5%, focusing on sustaining economic momentum.
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India economy likely to sustain high growth trajectory: ITC
Indian conglomerate ITC predicts the Indian economy will sustain its high growth trajectory in FY2024-25 due to strong momentum in fixed investments and private consumption. The growth is supported by a good Rabi harvest and normal monsoons. Factors like a favorable demographic profile, increasing affluence, rapid urbanisation, and accelerated digital adoption are key structural drivers of the Indian economy.
India Accelerator adds 250,000 sq ft in Pune, Gurugram and Noida
India Accelerator has expanded with 250,000 sq ft across 7 centres in Pune, Gurugram, and Noida, adding 3200 seats in Noida, 900 in Gurugram, and 400 in Pune. With over 200 startups, they foster collaboration and innovation, investing USD 4 million to support entrepreneurs nationwide via infrastructure and early-stage investments.
RBI flags pursuit of growth at cost of risk buildup
India's banking regulator cautioned lenders against pursuing 'mindless' business growth to avoid exposing the financial system to risks. RBI Governor Shaktikanta Das emphasized the importance of balancing business growth with risk management.
Consumer sector in focus post-election results! D-Mart, Tata Consumer could give 12-18% in 1 year
We believe this rally in staple stocks is driven by not only its ‘defensive sector’ tag but also the underlying excitement, which was triggered by strong post-Q4 management commentary.
Canada's May job gains exceed forecasts; wage growth accelerates
The unemployment rate ticked up to a 28-month high of 6.2% from 6.1% in April, matching forecasts. The jobless rate, on an uptrend over the past year, has risen 1.1 percentage points since April 2023, Statscan data showed. Economists had said that with no slowdown in population growth seen in the short-term, any job additions below 45,000 people would push the unemployment rate higher.
Renewable industry workforce addition accelerates, attrition slows: Teamlease data
Strong growth in headcount underscores sector's expansion to meet global renewable energy targets and increasing demand for skilled workers
AMD launches new AI chips to take on leader Nvidia
Advanced Micro Devices unveiled the MI325X accelerator at Computex, aiming to challenge Nvidia with new AI chips by 2026.
Tata Motors embracing structural shifts from a position of strength and confidence: N Chandrasekaran
With the turnaround the company is embracing the structural shifts which includes an irreversible move to green mobility, rebalancing of supply chains to achieve resiliency digital acceleration with Artificial Intelligence and Machine Learning becoming mainstream, from a position of strength and confidence.
India Accelerator launches vertical to focus on robotics, unmanned aerial systems
India Accelerator launches RUMS (Robotics, Unmanned & Space) to support startups in robotics and unmanned sectors. Lt. Gen Anil Chait, a former Indian Army veteran, leads RUMS to foster innovation and growth in defense and other critical industries.
India May business growth robust as exports rise at record pace, PMI shows
HSBC's flash India Composite purchasing managers' Index , compiled by S&P Global, rose slightly to 61.7 this month from April's final reading of 61.5, marking the 34th month above the 50-level separating growth from contraction.
SanchiConnect, YourNest Venture Capital launch accelerator for deeptech hardware and software startups with Core IP
The program is open to startups in a wide range of sectors including agritech, adtech, biotech, consumer/retail, energy, martech, manufacturing, and foodtech.
Acceleration of biosimilar business, debt reduction to be key priorties in FY25: Biocon Chief
Kiran Mazumdar-Shaw of Biocon aims to consolidate, accelerate biosimilar business, and reduce debt after Viatris acquisition in FY25. Mazumdar-Shaw anticipates expanding its market share for biosimilar products across the US, Europe, and emerging markets, coupled with the possibility of introducing new products in the fiscal year 2025.
Q4 results today: Vodafone Idea, M&M among 94 companies to announce earnings on Thursday
Q4 results today: 94 companies, including M&M and Vodafone Idea, to announce Q4 results for Jan-Mar 2024. M&M expected to report net profit between Rs 1,777-2,079 crore with revenue at Rs 24,051 crore. Vodafone Idea's Q4 net loss to widen between Rs 7,307-7,680 crore with revenue around Rs 10,690.
SP Jain Institute launches Wise Innovation Studio for Emerging Technologies
SPJIMR's WISE Tech fosters societal advancement through wise innovation with initiatives like accelerators, Entrepreneurship Fellowship, and Wise Innovation Conclave. Manoj Mohan leads the executive team, supported by R. Ramanan and Haresh Chawla from True North.
Flipkart Ventures to fund, mentor GenAI-based early stage startups
Flipkart Ventures' Flipkart Leap Ahead (FLA) programme accelerates early-stage startups with USD 200,000 to USD 500,000 equity investments, mentorship from industry veterans, and a focus on GenAI solutions for hyper-growth.
Sanofi looks for accelerated growth in India; plans fast-tracking of product pipeline
Sanofi, a leading French pharmaceutical company, aims to expand its presence in the Indian market by introducing new drugs, enhancing localization efforts, and collaborating with domestic firms. Managing Director Rodolfo Hrosz highlights the significant growth potential in India and emphasizes the company's focus on addressing the diabetes segment.
Warren Harris on JV with BMW, FY25 hiring outlook & more
BMW JV focuses on automotive software, digitizing BMW's enterprise, and scaling aerospace growth. Tata Tech anticipates significant employee recruitment, reinforcing its brand position globally.
IT sector’s challenges persist in Q4; guidance for FY25 in focus
HCLTech and Tata Consultancy Services (TCS) poised to dominate Indian outsourcing industry with expectations of revenue growth acceleration in FY25 driven by higher discretionary expenses and strong deal wins in the US market.
Starburst accelerator SARL to set up innovation hub in IIT Madras
Accelerator to offer aviation, space and defence startups funding support of €100m
MG Motor India anticipates accelerated growth path with JSW Group's investment, says CEO Emeritus Rajeev Chaba
MG Motor India is poised for rapid growth with the backing of JSW Group as an investor, according to CEO Emeritus Rajeev Chaba. The company has already established a strong foundation in technology, customer experience, gender diversity, and community service. Chaba expressed optimism about the future, stating, "Now with the investor coming in, definitely I would expect an accelerated growth path, and more aggressive expansion plans."
US job growth accelerates in February; unemployment rate rises to 3.9%
U.S. job growth picked up speed in February, with nonfarm payrolls increasing by 275,000 jobs. However, the unemployment rate rose to 3.9%, and wage gains moderated, leading to speculation about a potential interest rate cut by the Federal Reserve in June. Despite this, the labor market is robust, supporting the economy, and economists do not foresee a recession this year. Some sectors continue to struggle with labor shortages, but overall, employers are holding onto workers. Fed Chair Jerome Powell indicated that rate cuts might be necessary later in the year, depending on economic conditions.
The Circle: Founders Club concludes 'The Water Challenge' accelerator program
The Circle Founders Club is a business accelerator to help scale up growth-stage startups through focused mentoring, funding support and key business collaborations.
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