CURRENT FISCAL YEAR
Is it time to revisit IT stocks after a tough two-three year period? Sanjeev Prasad answers
You will always make large amounts of money in the market at all price points and you will make even larger amounts of money at all price points in midcap and smallcap stocks.
India's net direct tax collection jumps 19.54% this fiscal year till July 11
India's net direct tax collection increased by 19.54% in FY25 to Rs 5.74 lakh crore, compared to Rs 4.80 lakh crore in FY24. Total refunds issued in FY 2024-25 reached Rs 70,902 crore, a 64.49 per cent increase. The total gross direct tax collection rose by 23.24 per cent to Rs 6,45,259 crore. Direct tax categories such as corporate tax, income tax, and securities tax also saw impressive growth rates.
Crude prices to average at $83-88 in FY25, may increase govt fiscal burden: CRISIL
Crisil reports average crude oil prices are expected to rise to $83-$88 per barrel in fiscal 2025 from $83 in the previous year. This increase may strain India’s fiscal budget, given its reliance on crude imports. The report also projects India's real GDP growth at 6.8% for FY 2024-25 and anticipates a softened consumer price inflation at 4.5%. Despite challenges, a positive rural economic outlook is forecasted, buoyed by an expected above-normal monsoon.
Hindustan Copper may exceed capex target of Rs 350 cr this fiscal year
Hindustan Copper Ltd will likely exceed its Rs 350 crore capex target this year, repeating last year’s success. The company’s expansion includes Rakha mine projects, driven by double-digit demand growth in key sectors. Under Ministry of Mines control, India's low per capita copper consumption boosts potential. It produces and markets copper concentrate, cathodes, and continuous cast rods.
India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani
NITI Aayog member Arvind Virmani predicts India's economy will grow around 7 per cent this fiscal year and maintain this rate for years, despite facing new challenges. The Reserve Bank of India forecasts a 7.2 per cent GDP growth rate for FY25. Virmani notes a recovery in private consumption post-pandemic, attributing it to a "double drought" situation. He believes coalition politics may slow privatisation in some states but remains optimistic overall. Virmani expects FDI to rise in emerging markets, including India, once US interest rates decrease.
TCS reverses headcount trend, adds 5,452 employees in Q1 FY25
TCS's Q1 FY25 net employee count grew by 5,452 to 606,998, as per stock exchanges. Post a 13,249 reduction in FY24 (first annual drop in 19 years) and a Q4FY24 staff cut. Consolidated net profit declined 3.16% QoQ to Rs 12,040 crore but increased YoY from Rs 11,074 crore. March and previous quarter noted 12.1% attrition.
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Earnings may decelerate from current levels for next 1-2 years: Sridhar Sivaram
So, the largecaps look fine. The problem is when you go to midcap and smallcap, their five-year CAGR is 30% and earnings have not been there, so they have had a significant re-rating.
Nod sought to expedite award of road projects
The Ministry of Road Transport and Highways has started seeking special permission to award road projects due to a significant slowdown in project awards since November 2023. This has been influenced by the absence of a new scheme to replace the Bharatmala Pariyojana.
How balanced is the surplus Balance of Payments!
RBI's BoP data shows a $5.7 bn surplus for March 2024, driven by service exports and $107 bn remittances. It reverses an $8.7 bn deficit. Fiscal year's deficit is $23.3 bn. Merchandise trade deficit narrowed. Despite the surplus, net FDI flows dropped, and rupee appreciation is unlikely. Global Captive Centers indicate services expansion, but domestic manufacturing growth remains subdued.
Ixigo’s Q4 net profit jumps 55%, triples for full year
Revenue at the online travel booking platform grew at a relatively slower pace in the fourth quarter, given the slowdown in air travel and reserved train ticketing segments.
Not politics, not interest rates: India's surging economy at risk from water
India is facing a growing water crisis, with the country's growing water stress potentially impacting its growth. The country's growing water stress could affect agricultural production and industrial operations, leading to food inflation and declines in income for affected businesses and workers, especially farmers. Contaminated water kills about 200,000 Indians each year, and the government is focusing on conserving the resource, recycling waste water, and reducing the country's over-reliance on the annual monsoon, especially in the agricultural sector.
Puravankara aims to secure 20 million square feet of land by the end of the fiscal year
Puravankara's strategic plans include reducing net debt, optimizing debt costs, and utilizing its extensive land bank for future expansion and growth, as announced by the Group CEO. The company is focused on enhancing revenue from key markets like Bangalore and exploring new funding sources through AIFs, aligning with its goal of sustained growth and development.
Confident of over $800 billion exports in goods, services this fiscal, says Piyush Goyal
India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
BoB aims to double tech team headcount to 3,000 by FY26-end
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees in the next two years, according to a top official. Currently, the team comprises 1,500 employees. The expansion will involve both regular hiring processes and lateral hires of specialist talent, as stated by Debadatta Chand, the managing director and chief executive officer.
SBI expects 14-15 pc credit growth in current fiscal: Chairman Khara
SBI expects 14-15% loan growth in FY 2024-25, based on GDP growth rate, inflation, and risk appetite. Chairman Dinesh Kumar Khara mentioned the bank's excess SLR and efforts to increase deposit rates for growth.
Inflation expected to average 4.5% this fiscal: Crisil
CRISIL forecasts inflation at 4.5% this fiscal year, anticipating softer food inflation and higher non-food inflation. The report flags worries about food categories like cereals and pulses.
Domestic air traffic likely to touch 164 million in FY25
India's domestic air traffic is projected to increase by 6-8 per cent to 161-164 million this financial year, while international air traffic is expected to rise by 9-11 per cent to 75-78 million by March 2025. Domestic carriers are facing consolidated losses of $0.4-0.6 billion due to capacity shortages from around 130 grounded aircraft. This is excluding the profitable Indigo. The number of grounded aircrafts is expected to increase to 180, including those of Go First. Net inductions of 84 aircraft are anticipated, bringing the total domestic fleet to 812 by March 2025.
Pakistan to unveil Rs 18 trillion budget on June 12: Minister
The Pakistan government is likely to present the budget with the outlay of around Rs 18 trillion for the financial year 2024-25 on June 12, a minister said on Wednesday. The government will table the budget in the National Assembly after approval from the Cabinet, The Express Tribune newspaper reported, quoting the Minister of State for Finance Ali Pervaiz Malik.
Govt may lower fiscal deficit target below 5.1 pc for FY25
For previous financial year ended March 2024, the fiscal deficit was better at 5.6 per cent of the GDP as against estimates of 5.8 per cent accounted in the interim Budget presented on February 1.
Economists project continued economic momentum and stability after India reports robust GDP growth in Q4
India's economy experienced a 7.8% growth rate in the January-March quarter, surpassing expectations due to strong performance in the manufacturing sector. The GDP growth in the fourth quarter of FY24 was slightly lower than the revised 8.6% growth in the previous quarter. Economists are optimistic about sustained momentum throughout the year, with the gap between GDP and gross value added (GVA) expected to normalize from the second quarter of FY25.
India's fast economic growth lays firm ground for next government
India's economy grew at a faster-than-expected 7.8% year-on-year in the first three months of 2024, driven by strong performance in the manufacturing sector. This growth pace is expected to support Prime Minister Narendra Modi's economic record, who is hoping to win a rare third term in the national election. The Reserve Bank of India's record surplus transfer of 2.11 trillion rupees ($25.3 billion) will help the next government increase state spending to boost growth.
Large Indian banks are expected to improve their asset quality in the current fiscal: S&P
India's top banks are set for asset quality improvement in the fiscal year, driven by record profits, which will enhance their balance sheets and underwriting standards. Despite a rise in HDFC Bank's nonperforming loans post-merger, all major banks reported record profits. Retail loans drive growth amid moderating credit expansion expectations.
10-year bond yield falls to near-one-year low on RBI’s record surplus dividend transfer to govt
A fall in government bond yields lowers borrowing costs across the economy as sovereign debt yields are the benchmarks for determining price of corporate borrowing.
NDR InvIT reported a net profit of Rs 18.4 crore for FY2024
NDR InvIT Trust, India's first perpetual warehousing and industrial Parks InvIT, reports a net profit of Rs 18.4 crore for FY 2024, with net revenue reaching Rs 42.7 crore. Plans to add three million sq ft while maintaining healthy metrics and AAA rating.
Income Tax department notifies cost inflation index for current fiscal
The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the previous year, aiding taxpayers in adjusting gains for inflation and reducing tax liabilities.
India may raise FY25 CPSE dividend target in full budget
The finance ministry is set to increase CPSE dividend estimates by Rs 5,000 crore to approximately Rs 53,000 crore for the current fiscal year in the full budget to be presented in July. This adjustment reflects improved dividend forecasts based on updated financial data. Dividend receipts for 2023-24 totaled Rs 63,000 crore.
GDP growth likely to be 6.2 pc in Q4; 7 pc in FY24: Ind-RA
India Ratings and Research forecasts India's GDP growth rate at 6.2% for the March quarter and 6.9-7% for 2023-24 fiscal year, per economist Sunil Kumar Sinha. The government is to release Q4 GDP numbers and fiscal estimates on May 31.
Exide Industries Q4 Results: Firm beats profit view on higher demand
Indian battery-maker Exide Industries beat fourth-quarter profit expectations on Tuesday, helped by higher demand in its automotive and industrial products segments.
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