‘Rhetoric and chest-thumping are running high on India’s recent growth record.'<br>’But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?’ asks Debashis Basu.
Posts tagged Rediff
IT services sector’s revenue growth to slow to 3% (29-08-2023)
Indian IT services sector’s revenue growth will slow down to 3 per cent in the current fiscal from 9.2 per cent in the previous financial year, a domestic ratings company said on Tuesday. Icra Ratings said the profitability will also take a beating in this financial year and the operating profit margin will narrow by up to 1 percentage point to 20-21 per cent. The topline growth will come down to 3-5 per cent in FY24 from the 9.2 per cent posted in FY23, the agency said, attributing the slowdown to softening demand.
PLI scheme for auto sector extended by 1 yr to FY28 (29-08-2023)
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Startups’ direct listing at GIFT City to be eased (29-08-2023)
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country’s only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Indian steel sector flags Chinese imports (29-08-2023)
Worried by a spike in Chinese imports, the Indian Steel Association (ISA) plans to take up the matter with the government and seek measures to fix “trade distortions”. Alok Sahay, secretary general of the group that represents the country’s steel producers, said systemic changes were needed. “In order to take any trade measure, it takes a minimum of 15 months’ time, due to prevalence of lesser duty rule in India, making India an easy target. “We are going to write to the government on this,” he said.
Stock markets close higher: Sensex ends up 79 points (29-08-2023)
Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies and HDFC Bank were among the major gainers. Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank were among the laggards.
Ahead of state elections, LPG price cut by Rs 200 (29-08-2023)
The government on Tuesday announced a Rs 200 per cylinder cut in prices of domestic cooking gas as it looked to counter the cheaper LPG promise of the Congress in upcoming assembly elections in states like Madhya Pradesh.
Chennai-based Ramcharan springs another surprise (29-08-2023)
Even as India aims to achieve a 20 per cent blend of petrol with ethanol by 2025, the price of ethanol could become a concern for oil-marketing companies (OMCs). If the claims made by Chennai-headquartered firm Ramcharan Company are to be believed, the company’s technology for converting carbon dioxide (CO2) into ethanol could produce fuel-grade ethanol for Rs 35 per litre, suitable for fuel blending. The company has already forged a partnership with Nikhil Gadkari-led MANAS Agro Industries and Infrastructure to convert various effluents into energy and value-added products.
Nippon India, IPru MF’s EPFO play gets going (29-08-2023)
The Employees’ Provident Fund Organisation (EPFO) made its maiden investments in the National Stock Exchange Nifty50 and the S and P BSE Sensex exchange-traded funds (ETFs) offered by Nippon India and ICICI Prudential (IPru) in July. These two fund houses are now in the company of public sector bank-linked players SBI Mutual Fund (MF) and UTI MF, whose products have traditionally been used by the retirement fund body. EPFO’s investment corpus was routed through Nippon and IPru nearly three months after they were approved for empanelment with the social security organisation.
All eyes on rural recovery and volume growth in FMCG (29-08-2023)
Following the first-quarter results of fast-moving consumer goods (FMCG) firms, all eyes are now on rural recovery and volume growth. In their commentary after the 2023-24 April-June quarter results, FMCG companies have discussed signs of recovery in rural demand, which was impacted for over a year due to inflation. Brokerages are pointing out that the second half of the year will be closely watched.