Retail companies are expected to witness a tepid strong same-store sales growth (SSSG) expansion in the third quarter (October – December) of the current financial year (Q3FY24) on the back of subdued sales in the festival season. The third quarter of the financial year typically witnesses higher sales since it coincides with the festival season. This time around, weak customer sentiment has dragged down SSSG.
Posts tagged Rediff
Wholesale inflation rises to 0.73% in December (15-01-2024)
The wholesale price index (WPI)-based inflation rose in December at 0.73 per cent mainly due to a sharp rise in food prices. The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent.
Mcap club: Tata group remains No 1; JSW in top 10 (15-01-2024)
Tata Group remained India’s largest business conglomerate in market capitalisation in calendar year 2023 while the Mukesh Ambani camp raced ahead of the Adani businesses to become the second-largest. The Tata companies ended 2023 with a combined group market capitalisation of Rs 28.68 trillion, up 35 per cent from the Rs 21.2 trillion at the end of December 2022. Ambani’s group mcap is Rs 19.42 trillion at the end of CY23, up 10.7 per cent from the Rs 17.6 trillion a year ago.
Sensex crosses 73K for 1st time; Nifty scales 22K (15-01-2024)
Among the Sensex firms, Wipro jumped over 6 per cent after the IT company’s December quarter earnings beat estimates. The other prominent gainers were HCL Technologies, HDFC Bank, Infosys, Tech Mahindra, Bharti Airtel and Reliance Industries.
Indians Back To Spending, But… (15-01-2024)
Lower income groups earning less than Rs 100,000 a year are yet to recover as are those earning between Rs 100,000 and Rs 200,000.
Factors that will guide the markets this week (14-01-2024)
Movement in the equity market this week will largely be dictated by quarterly earnings of blue-chip firms HDFC Bank and Hindustan Unilever, along with the announcement of WPI inflation data and global trends, analysts said. Trading activity of foreign investors, global oil benchmark Brent crude and rupee-dollar trend would also guide the movement.
What to expect from Sitharaman’s 6th Budget (14-01-2024)
Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more money in the hands of people, and one of the possible ways of doing it is by reducing the tax burden through tinkering with tax slabs or increasing the standard deduction. Another proposal is related to increasing the funds under the rural employment guarantee scheme MGNREGA and higher payout for farmers.
Record buyback of Rs 47,810 cr by 48 firms in 2023 (13-01-2024)
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 — the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen and Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
Tata Power, Adani lead funding plans at TN Meet (13-01-2024)
Driven by mega investment proposals from Tata Power, Adani group, Singapore’s Sembcorp Industries and Leap Green Energy, among others, the two-day Global Investors Meet 2024 in Tamil Nadu is expecting an infusion of around Rs 6.64 trillion. This is likely to create around 2.69 million direct and indirect jobs in the state. “Due to our tireless efforts and your participation during this Global Investors’ Meet, we have attracted an unprecedented Rs 6.64 trillion of investments.
Industrial production sinks to 8-month low of 2.4% (12-01-2024)
India’s industrial production growth decelerated to an 8-month low of 2.4 per cent in November, mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) was 7.6 per cent in November 2022. The previous low of IIP growth was recorded at 1.9 per cent growth in March 2023.