In the late 1950s, a three-wheeler design captured the attention of then Prime Minister Jawaharlal Nehru and Home Minister Morarji Desai. Soon enough, the government gave a clearance for its manufacturing by home-grown Bajaj Auto and the Italian Piaggio. After nearly 64 years, three-wheelers not only populate Indian roads but are seeing renewed interest, with sales exceeding the 100,000 mark for the first time in September and repeating the milestone in October.
Posts tagged Rediff
IT, consulting firms lead NPS adoption in pvt space (03-11-2023)
Information technology (IT) and IT-enabled consulting firms lead the adoption of the National Pension System (NPS) in the private sector under the corporate model of the scheme, according to the latest data available until September 2023 from the Pension Fund Regulatory and Development Authority (PFRDA), as accessed by Business Standard. Data pertaining to the top 50 companies, which represents more than half of the total 1.84 million NPS subscribers under the corporate model, reveals that among the private sector, IT and consulting firms have the highest share of subscribers (13.2 per cent), followed by private banks (6 per cent) and financial services firms (4 per cent). IT and consulting firms account for 131,354 subscribers, followed by the private banking sector with 59,521 subscribers and financial services with 38,914 subscribers.
Why brokerages are positive on Torrent (03-11-2023)
Even as the broader markets were under pressure, the stock of Torrent Pharmaceuticals was down 1.05 per cent on October 26. This was on expectation that steady sales growth momentum in core markets such as India and Brazil and recovery in the US market coupled with margin expansion will drive strong earnings growth over the next couple of years. Brokerages are working with the net profit growth of 28-34 per cent annually over the FY23-25 period.
FPIs on the edge as stricter disclosure rules approach (03-11-2023)
Foreign portfolio investors (FPIs) are expressing apprehension over the 10-day disclosure window provided for submitting details of beneficial owners in the case of fresh breaches of investment thresholds. Just before the additional disclosure regulations for FPIs become effective, the Securities and Exchange Board of India (Sebi) has released the standard operating procedure (SOP) for custodians. While the SOP offers clarity on exemptions and formats for granular details, industry players report that FPI custodians are worried about certain implementation challenges.
Q3 uptick key to reversal of Jubilant’s fortunes (03-11-2023)
Some brokerages have downgraded its ratings, and this was accompanied by earnings revision by as much as 18 per cent. Given the multiple concerns, the stock of the pizza market leader in the organised quick service restaurant segment slipped 4.3 per cent to Rs 505.9. The company reported a 4.5 per cent growth in revenues over the year ago quarter and the growth was led by opening of new stores even as like-for-like growth remained weak falling 1.3 per cent.
India’s services sector activity hits 7-mth low in Oct (03-11-2023)
The services sector growth in India fell to a seven-month low in October on softer increase in output and new business, amid competitive conditions and price pressures, a monthly survey said on Friday. The seasonally adjusted S and P Global India Services PMI Business Activity Index fell to 58.4 in October, from a 13-year high of 61 in September, signalling the slowest rate of expansion since March. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Interim Budget: What’s Cooking Nirmalaji? (03-11-2023)
There is nothing in the Constitution that prevents the outgoing government from announcing programmes and changes in tax rates in the interim Budget.
Why IT Firms Pause Salary Hikes (03-11-2023)
‘The demand boom is over, leading to a growing mismatch between revenues growth and employee cost.’
FPIs hoist their sails as they head for calmer waters (02-11-2023)
Foreign portfolio investors (FPIs) have withdrawn Rs 25,305 crore from domestic markets since September. FPIs were net sellers in the first two months of 2023, but from March to August, they purchased equities worth Rs 1.7 trillion. This selling trend has caused the National Stock Exchange Nifty Index to decline by 3.2 per cent from its September highs. FPI selling initially began in September as profit-taking but intensified due to rising US bond yields and uncertainty regarding the rate hike trajectory.
Shiv Nadar most generous Indian for 2nd year in a row (02-11-2023)
IT major HCL Technologies’ Shiv Nadar has retained his position as the ‘most generous Indian’ in 2023 as well, with a 76 per cent jump in his donations at Rs 2,042 crore. Wipro’s Azim Premji’s donations zoomed by 267 per cent to Rs 1,774 crore during the same year, according to the Edelgive Hurun India Philanthropy List 2023 released on Thursday. Richest Indian Mukesh Ambani donated Rs 376 crore in the year, which is an 8 per cent decline.