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HCL Tech net profit up 6.8% QoQ at Rs 4,257 crore; surpasses estimates
Following the Tata Consultancy Services (TCS) earnings Thursday, several technology stocks surged to lifetime highs Friday, and were at the forefront of the stellar showing of the broader stock indices. TCS led the pack of five technology companies, including HCL Tech, that were the top five Nifty gainers.
Vladimir Putin signs bill increasing income taxes for the wealthy in Russia
Russian President Vladimir Putin signed into law a bill on Friday that introduces progressive income taxes targeting the wealthy, aimed at bolstering government revenues amid ongoing conflict in Ukraine. The legislation, endorsed swiftly after parliamentary approval, replaces the flat-rate income tax system in place since 2001.
India's economic growth masks deepening income inequality & sectoral disparities
The Indian economy is experiencing robust GDP growth, macroeconomic stability, and significant foreign capital inflows. However, there is a stark disparity in growth rates between the top 20% and the rest of the population. Despite a GDP growth rate of 8% for FY24, domestic consumption growth remains sluggish at 4%, highlighting income inequality as the wealthiest 20% accumulate 92% of the country's savings.
Budget 2024: 45-day payment rule for MSMEs must come to an end, industry says
With India’s 63 million MSMEs facing a problem, changes in the ruling can go a long way in keeping buyer-seller equations intact, while also ensuring a steady flow of the payment cycle.
Heat wave, elections to create unlikely earnings winners and losers
India's scorching summer impacts Avenue Supermarts Ltd. and Bajaj Auto Ltd. DMart sells more ice cream, while Bajaj Auto defers purchases and introduces a new CNG-powered motorcycle, with its slowest profit expansion in April-June quarter. Nirmala Sitharaman may boost consumption. Infosys, Wipro, TCS benefit from AI demand and partnerships.
Budget 2024: Agriculture & FMCG sectors seek better infra & tech to help farmers tackle climate change, inflationary pressures
Agriculture and FMCG sectors say that the budget must prioritise funding for climate-smart agriculture and creating better infrastructure facilities for farmers and other stakeholders.
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Rice exporters rally over 9% amid likely easing of curbs
The government's plan to relax rice export restrictions led to share surges in Kohinoor (9.6%), Chaman Lal (8.8%), KRBL (7.1%), and LT Foods (5.96%), aiming to avoid an October glut and tackle food inflation. Key points include Minimum Export Price, sector rotation, rural focus, biogas policy, Russia's impact, Geojit Financial Services, agricultural waste, and the agro-economy.
Budget 2024: Govt may relax 45-day payment rule for MSMEs
The government is considering relaxing the 45-day payment requirement to MSMEs to prevent large corporations from seeking other sourcing options. This potential change to Section 43B(h) of the Income Tax Act might be announced in the upcoming Budget on July 23. Last year's Budget introduced this clause to ensure timely payments to MSMEs, penalizing larger companies for delays by disallowing tax deductions on unpaid expenses.
Budget 2024: EEPC India pushes for export boost, calls for higher interest subvention
EEPC India has also proposed that MSME manufacturing units that are Partnership/LLP/Sole Proprietor be given an Income Tax slab of 25% with the condition that they plough back this extra 10% in the business.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
Beverages maker RockClimber plans to raise $5 million, aims Rs 100 crore turnover
RockClimber targets Rs 100 crore in sales, raising $5M for expansion and online growth. Launching energy drinks and focusing on quality, they have 140 distributors, mainly targeting the Middle East and Africa. Co-founder Deepak Poduval emphasizes farmer support, tech integration, and mobile fruit processing to overcome challenges like reluctant farmers and price volatility.
Gokaldas Exports MD on PLI scheme, export growth and organic growth expected in ‘24
Gokaldas Exports focuses on women's fashion, outerwear, and sportswear. They will continue to focus on those segments and are seeing growth across all of these product categories.A 15% growth should be possible organically, that is how the company management is looking at the business unfolding over the next two to three years.
India's entry into JPMorgan Bond Index set to benefit real estate & manufacturing: Abhishek Banerjee
Analyzing India's economic shifts from surplus to GDP growth projections, Abhishek Banerjee says the focus lies on potential impacts on export sectors and bond markets, indicating promising growth opportunities in the economy. While India's increased production and exports are positive, the shift necessitates careful sector allocation in the near term to manage potential impacts on export-oriented industries.
Politically correct stocks: Government push on increasing rural income may act as tailwind for these 4 stocks
While the government’s decision to push for policies which help in increasing rural incomes has been in place for some time. But given the fact that any change in the rural income matrix is a time consuming process, there can be a mismatch of expectations and times. There is a high probability that in the coming years there could be more policy push to increase rural incomes. Yes, the reason could be that the government wants to get its political capital back. Whatever might be the reason, the stakeholders of the systems are likely to be benefited. Now traditionally we think it is agriculture which will be the focus, but there is more to the rural economy, beside agriculture. We take a look at 4 companies where fortunes are tied to agriculture and other parts of the rural income.
Cabinet okays paddy MSP hike, green VGF and a ₹2,870-cr revamp of Varanasi international airport
The Union cabinet, under Prime Minister Narendra Modi's leadership, approved significant decisions including a 5-11% increase in Minimum Support Price (MSP) for kharif crops, construction of a ₹76,220-crore port in Vadhavan, Maharashtra, and a revamp of Varanasi international airport. Viability Gap Funding (VGF) for offshore wind energy projects was also sanctioned, marking the beginning of the new government's 100-day agenda.
PM Modi addresses farmers, says he wants Indian products on every dining table in world
Prime Minister Narendra Modi highlighted the importance of Indian food products in the global market at a PM Kisan Samman Sammelan. He emphasized self-reliance in pulses and oilseeds and the 'one district one product' initiative to boost agricultural exports.
Growth, consumption to investment-led
The investment upcycle is now being powered by both public and private sectors. There is also a revival in manufacturing exports that adds to the tailwind. The economy is now adjusting from consumption- to investment-led growth. And all of it is not cyclical. Some of the demand shift may be permanent. This opens up prospects of India achieving materially more of its growth potential.
Fresh tailwinds of export markets: 5 stocks from engineering sector, 4 with upside potential of up to 30%
They say that tough times bring the best out of some. In case of India Inc, there are many examples where the economic slowdown post 2008 global financial crisis, made companies deal with all kinds of troubles and after various permutations and combinations they were able to find solutions, first to survive and then grow. In the case of engineering companies where the role overlapped to some extent with capital goods, it was the export market which turned out to be the solution. Because it is not easy to venture into the export market as there are large global players who ensure that it is not easy to get into their turf. For some companies it was a long drawn process which is now delivering results and leading to a situation where the return on capital and effort employed is much better today.
DRDO reforms, export boost and Army Chief naming on Defence Minister plate
The incoming defence minister faces major reforms, including selecting the next Army Chief and reforming DRDO. Addressing concerns on the Agnipath scheme and setting up a new defence export promotion body are key tasks.
Global demand revival: How is India poised?
As the global demand sees some revival, India must get its act together to make the most out of it.
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
Move on from fafda, paratha and cater to international quality: Food Processing Secy tells industry
Anita Praveen, Secretary, Ministry of Food Processing Industries, says the time has come to start manufacturing products that appeal to everyone's taste globally.
Somany Ceramics is this week's top stock; why analysts are bullish
With a wide distribution network and strong brand value, Somany is well-positioned to gain from the buoyant prospects of the sanitaryware industry.
Setting up shop for turbo policy
India's economic growth of 8.2% in 2023-24 surpasses historical hurdles, reflecting policy continuity's impact on performance.
Cummins India Q4 Results: PAT grows to Rs 539 crore
Cummins India's profit after tax surged to Rs 538.86 crore in the March quarter, with expenses at Rs 1,829.19 crore compared to Rs 1,648.01 crore in the previous year.
JK Tyre Q4 Results: Net profit zooms 54% YoY to Rs 172 crore
JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to Rs 172 crore for the fourth quarter ended March 31, 2024, on account of higher sales. The tyre maker had reported a net profit of Rs 112 crore in the year-ago period.
Odisha FPOs tap global markets with first export of mangoes, vegetables
On May 15, a total of 0.75 tonnes of fresh vegetables were sent to Dubai from the Biju Patnaik International Airport in Bhubaneshwar.
Non-life insurance companies post 13% rise in premium collection at Rs 2.89 lakh cr in FY24
In the fiscal year 2023-24, 42 general insurance companies collectively earned a premium income of Rs 2,89,738 crore, marking a 13% increase from the previous year's Rs 2,56,894 crore, as reported by the General Insurance Council. Among these, 35 general insurance firms saw a 14% rise in premium income to Rs 2,45,433 crore from Rs 2,14,833 crore in the preceding year. Additionally, five standalone health insurers witnessed a 26% growth in premium income, reaching Rs 33,116 crore compared to Rs 26,244 crore in the previous year.
Exporters seek exemption from 45-day payment to MSMEs rule
Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian Export Organisations, have raised concerns over the provision, saying it will impact their liquidity as payments for exports are received with an average time lag of 120 days, although the Reserve Bank of India allows a nine-month period to realise export proceeds as sometimes it takes even longer.
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