Fitch Ratings has raised India’s medium-term potential growth estimate by 70 basis points to 6.2 per cent on the back of an improvement in the employment rate and a modest increase in the working-age population forecast. In a report on Monday, Fitch projected medium-term potential growth for the 10 emerging economies at 4 per cent, down from 4.3 per cent from the previous estimate. This was “driven by a 0.7 percentage point cut” in China’s growth estimate.
Posts tagged Rediff
Asian Paints: Revenues likely to remain under pressure (06-11-2023)
The outlook remains muted for Asian Paints as brokerages expect increased competitive pressures to weigh on its revenues. In the July-September quarter of 2023-24 (Q2FY24), the paints major saw its revenue remain flat at Rs 8,452 crore, which was attributed to an erratic monsoon. It impacted market sentiment, potentially leading to the deferment of sales to October given the late Diwali this year.
Markets jump nearly 1% on gains in IT, banking shares (06-11-2023)
Among the Sensex firms, Larsen and Toubro, Axis Bank, Tata Steel, Bajaj Finance, Power Grid, Asian Paints, Mahindra and Mahindra and Bajaj Finserv were the biggest gainers. State Bank of India, Hindustan Unilever, Tata Motors and Titan were the laggards.
Ola Electric scooter sales cross 2 lakh units in 2023 (06-11-2023)
TVS has emerged as a big challenger and is the only other company which crossed the 1 lakh mark in 2023, hitting registrations of 130,765 in CY23.
Motown in slow lane; auto sales dip 7.73% in Oct (06-11-2023)
Retail sales of automobiles in the domestic market saw a 7.73 per cent year-on-year decline in October this year at 21,17,596 units, mainly due to dip in two-wheeler uptake with the inauspicious period of Shraddh affecting new purchases, the Federation of Automobile Dealers Associations (FADA) said on Monday. Retail sales of automobiles in the domestic market stood at 22,95,099 units in October 2022, FADA said in a statement. Two-wheeler retail sales were at 15,07,756 units last month, as against 17,25,043 units in the year-ago period, down 12.60 per cent, as per the latest data by FADA.
Low volumes may cap upsides in Colgate-Palmolive stock (06-11-2023)
The Colgate-Palmolive (India) stock gained 2.3 per cent in trade on Friday, and ended at Rs 2,079 per share. This was on the back of a robust operating performance in the July-September quarter of 2023-24 (Q2FY24) and expectations of gradual sales recovery going ahead. While the stock is up 44 per cent from its lows in January this year, further gains will depend on its ability to sustain higher growth rates.
Revamped debt fund tax slows the roll of new MFs (06-11-2023)
The launch of new schemes by mutual funds (MFs) has decelerated due to changes in debt fund taxation. During the first half (H1) of this financial year (April-September 2023), fund houses introduced a total of 73 new fund offerings (NFOs), compared to 183 in the second half (H2) of 2022-23, or FY23 (October-March), according to data from the Association of Mutual Funds in India. However, a higher proportion of equity and hybrid fund launches has driven up average collections.
Market share and margins to take the wheel for Maruti (06-11-2023)
A robust performance in the July-September quarter for Maruti Suzuki India, driven by strong volume growth during the ongoing festival season and market share gains, is expected to keep the stock of the country’s largest passenger vehicle (PV) maker on an upward trajectory. The stock has gained over 4 per cent from its lows on October 4, while the S and P BSE Sensex is down 2 per cent during this period. Over the medium term, new launches (market share gains) and margin improvement, driven by pricing and cost savings, will be the key factors boosting revenues and profits for the market leader.
HDFC Bank 2.0: Steady beginning, miles to go (06-11-2023)
Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, the largest private-sector lender of the country, has just completed his first term. The period October 2020-October 2023 was a roller coaster, and the second one, which started on October 27, could be more interesting as the lender absorbs the impact of the merger of HDFC, which was integrated on July 1, and moves to the next growth phase. Soon after he took over the reins from Aditya Puri on October 27, 2020, the Reserve Bank of India (RBI) debarred HDFC Bank from enrolling new credit card customers and launching new products under the Digital 2.0 programme due to repeated outages on its mobile-banking and internet-banking platforms.
132,497 Indians Have Income Of 1 Crore Plus (06-11-2023)
7 states account for over 80 per cent of the total direct tax collections by the Union government.