CORPORATE STRUGGLES INDIA
India's Q2 economic growth likely took a hit from heavy rains and corporate struggles: ICRA
India's economic growth is expected to moderate to 6.5% in the second quarter. This is due to heavy monsoon rains and weaker corporate margins. However, government capital expenditure and kharif sowing have shown positive growth. The industrial sector is likely to see the biggest slowdown. Services and agriculture sectors are expected to remain resilient.
Suits & Sayings: Paint It Black
ET¡¯s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Small caps: Correction and volatility are temporary noises if underlying business is fine. 5 small-caps stocks for a long-term investor
The last quarter of 2024 is turning out to be the opposite of 2023¡¯s last quarter. Around this time last year, there was a mad rush to buy mid- and small-cap stocks. And this year¡ But remember: Market sentiment keeps changing. A few sessions of strong upward movement and we will also forget October¡¯s woes. So, rather than focusing on the Nifty and Sensex, focus on the businesses of the stocks you own or intend to buy. Just to put things in perspective: Does FII selling and the Nifty¡¯s movements affect the bottomline of a company showcasing an EV tractor ¨C with the promise of other EV products in the farm equipment space? Clearly not.
Understand layoffs when struggling but this naked greed: Zoho CEO lashes out at company for reducing workforce by 13%
Zoho CEO Sridhar Vembu criticized Freshworks for laying off 13% of its workforce, despite having $1 billion in cash and announcing a $400 million stock buyback program. Vembu called the move "naked greed" and questioned the company's leadership for lacking vision and empathy.
Has to 'prove loyalty to new bosses': Congress slams Jyotiraditya Scindia for attack on Rahul Gandhi
Congress and BJP leader Jyotiraditya Scindia exchanged criticisms over Rahul Gandhi's article on monopolies. Congress brought up the Scindia family's history during British rule, alleging their support for the East India Company. Scindia, in turn, criticized Gandhi's understanding of Indian history and urged him to learn from figures who fought for India's freedom.
ONGC ups capex at Rs 15,550 crore in Q2
Oil and Natural Gas Corporation has doubled its capital expenditure to ?15,550 crore in the second quarter. ONGC has spent ?23,550 crore in the first six months, moving closer to its annual capex target of ?30,800 crore. State-run oil companies together spent around ?67,000 crore in the first half of the fiscal year.
India¡¯s shrinking middle-class debate, why is it ruffling feathers?
India's middle class is shrinking due to a slowdown in consumer demand. Major brands like Nestl¨¦ report lower growth and high profit margins are under pressure. Urban spending is slowing, and rural demand remains weak. Companies must now adjust strategy to retain market share until economic conditions improve.
Domestic steel companies struggle to clear Rs 89,000 crore inventory as imports persist
Indian steelmakers face an inventory build-up despite increased local consumption due to rising imports. Imports surged by 41% in the first half of 2024-25 while exports dropped by 35.9%. The steel ministry is closely monitoring the situation as high inventory remains a concern for the sector. Excess monsoon rain has also impacted steel demand from the construction industry.
Skim off creamy layer with care
Haryana's implementation of the Supreme Court's sub-classification of SC and ST categories within reservations aims to better target affirmative action benefits towards economically disadvantaged households, excluding the affluent 'creamy layer.' This policy shift seeks to uplift the most marginalized and ensure fair distribution of reservation benefits.
Air India to operate metro routes with Vistara aircraft to win premium passengers
Air India Group plans to use Vistara's newer aircraft on key metro routes to attract corporate customers after their merger. This strategy aims to provide consistent service quality against IndiGo, as Air India undertakes a $400 million refurbishment of its older fleet.
PSUs fizzle out over unrealistic valuations, sluggish earnings
Nineteen out of 64 non-banking stocks have plunged between 40% and 55% from their yearly highs, while another 28 have declined by 30% to 40%. Overall, 64 state-owned corporates have lost nearly ?8 lakh crore in market capitalisation since August 1, the day the BSE PSU index hit an all-time high.
Ahead of Market: 10 things that will decide stock action on Thursday
Indian equity indices fell for a third session due to lackluster corporate earnings and foreign selling, despite gains from Bajaj Finance. Analysts suggest Nifty's crucial support is at 24,378; a break below could lead to further declines.
Oil & gas companies take the shine out of India Inc's Q2 show
Revenue rose 7.2% from a year earlier, the slowest in five quarters, shows an analysis of the numbers from 175 companies that have reported results for the fiscal second quarter. Net profit growth at 2.5% was a six-quarter low, even as the operating margin of the sample group fell 1.5 percentage point to 20.9%.
Ratan Tata: Part corporate titan, part secular living saint
Ratan Naval Tata, a prominent industrialist and philanthropist, passed away at 86. He transformed the Tata Group into a global giant and was known for his philanthropic work. He led significant acquisitions, including Tetley Tea and Jaguar Land Rover. Tata also supported startups and was considered a 'living saint' for his decency and integrity.
From AI to new ventures, CEO pay at India's top firms now tied to outcomes and long-term results
India's top companies are linking CEO compensation to long-term outcomes beyond financial metrics, such as launching new ventures and adopting emerging technologies. CEOs saw an average pay increase of 22.16% in FY24, aligning with a 24% rise in market cap and robust company revenue and profit growth.
Educated aplenty, skilled in shortage: Why India¡¯s employers are struggling despite a surplus of graduates
India's vast pool of educated youth, while impressive on paper, is undermined by a severe skills gap that threatens the nation¡¯s potential for economic growth and its position as a global powerhouse.
Is the iconic Kentucky Fried Chicken or KFC struggling to stay in business?
The biggest fried chicken venture in the entire world is reportedly facing major administrative and logistic issues in trying to stay in the business, as per a shocking report. KFC is currently in a major fix over its struggling state of business and is fighting to stay afloat.
Oil giants keep rolling in fines: IOC, BPCL & others hit for missing board norms for fifth consecutive quarter
?? Stock exchanges BSE and NSE have slapped fines on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorer Oil India Ltd (OIL), gas utility GAIL (India) Ltd, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the April-June quarter.
Indian investors value sustainability but struggle to access trustworthy data: Deloitte
Deloitte and The Fletcher School found that more than 90% of Indian institutional investors consider sustainability data crucial for due diligence. Challenges include inconsistent ESG ratings and high costs. The report recommends improved reporting standards and third-party assurances to build trust, as client pressure to incorporate ESG strategies intensifies.
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