INCREMENTAL REVENUE
Zydus eyes M&A, licensing to build its US specialty business
Zydus Lifesciences is exploring mergers, acquisitions, and licensing to bolster its specialty portfolio in the US, particularly for the potential launch of its liver therapy drug. The company also aims to expand into medical devices, diagnostics, and nutrition businesses, focusing on profitable growth and a discovery-led approach by 2030.
Smartphone PLI revenue rings louder; 19x revenue boost for government in 4 years
India's smartphone production-linked incentive (PLI) scheme has generated 19 times its investment, yielding ?1.10 lakh crore in revenue for the government. Driven by Apple manufacturers and Samsung, the scheme has boosted production, exports, and jobs, though some local companies have struggled to meet targets.
Incremental work from top clients is a bigger deal for IT
Top IT firms saw their top clients¡¯ contribution to their total revenue jumping in the second quarter. HCLTech¡¯s top 20 clients that contributed 27.3% of its revenue in Q2 of last fiscal, are now contributing 350 bps (100 basis points is 1%) more currently (at 30.8%).
Govt should prioritise review of Income Tax Act, get it passed as money bill: SBI Research
SBI Research has called for a quick review of the Income Tax Act, urging that it be introduced as a money bill for faster passage. The report suggests raising the TDS threshold on bank interest payments and allowing annual issuance of TDS certificates.
Zee Entertainment reinstates increments from September 1
Zee Entertainment Enterprises Limited has reinstated salary increments effective September 1, 2024, after a previous 15% workforce reduction. A portion of this increment is already factored into Q2 results. Despite this, ZEEL's employee benefits expense decreased by 12%. The company aims for a 20% EBITDA margin by FY26, involving cost optimizations and personnel restructuring.
Scaling AI: Unlocking new growth and tackling industry-wide challenges
The rapid growth of AI, with a projected CAGR of 36.6% from 2024 to 2030, is revolutionizing industries like healthcare, retail, and finance. Scaling AI enhances capabilities, driving innovation and efficiency. Hewlett Packard Enterprise's AI supercomputing solutions focus on high performance and sustainability, addressing the needs of AI-driven industries.
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Ceat to expand Chennai plant
Ceat is also expanding its PCR (passenger car radial) capacity in its Chennai plant. "Currently PCR capacity is 20,000 units a day and as part of an ongoing capacity ramp up project we will expand this by 30% to 40%," said Banerjee.
Infosys, Wipro show strong sequential growth in Q2 dollar revenue
Infosys and Wipro delivered better than expected sequential growth in dollar denominated revenue for the September quarter. All four top IT exporters reported sequential growth in reported dollar denominated revenue for the September quarter after a gap of six quarters.
India Inc's GCC play; BharatPe, Licious financials
Indian businesses are expanding their technology capabilities through global capability centres, paralleling international firms operating in India. This and more in today¡¯s ETtech Top 5.
Third of incremental demand coming from data and AI: HCLTech CEO
Speaking to ET, CEO and managing director C Vijayakumar declined to elaborate on revenues earned from data and AI businesses. ¡°It (data and AI revenues) is spread across different verticals, and every client situation is different, so I'm not able to quantify it. But I think at least a third of the (incremental) demand seems to be coming from AI and data, roughly,¡± he said.
HCLTech beats Q2 estimates riding on strong software biz
HCLTech reported a nearly 11% rise in net profit on year in the second quarter (Q2) of the current fiscal year, despite the continued impact of the divestiture of its joint venture with State Street. Revenue was also over 8% higher.
TCS clear of clouds for now, but rough weather ahead
On the positive side, the traction in new deals for the banks, financial services, and insurance (BFSI) vertical showed improvement and headcount increased year-on-year for the first time in five quarters. Given the seasonal weakness in the remaining two quarters of the current fiscal year, the overall growth and margin trajectory may show stress on a full year basis, which may weigh on the company¡¯s stock price in the near term.
Stock to watch: Tata Elxsi shares in focus ahead of Q2 results. Here's what to expect
Tata Elxsi's Q2 results are anticipated to show an 8% growth in net sales to Rs 956 crore and a 21% QoQ jump in net profit to Rs 223 crore. Analysts are keenly watching demand outlook, especially in SDS, transportation, media, and communications verticals.
TCS Q2 results preview: Revenue may grow by up to 7.7% YoY while 8-10% uptick in PAT seen
Indian IT giant Tata Consultancy Services (TCS) is forecast to see up to 7.7% year-on-year revenue growth in the September quarter, chiefly driven by the BSNL deal. Analysts expect a net profit uptick of 8-10%, with varied growth estimates from different brokerages.
Tamil Nadu garment exporters to see 8-10% revenue growth, says CRISIL
Healthy order inflows and rising demand are expected to boost revenues of Tamil Nadu's readymade garment exporters by 8-10% to Rs 43,000 crore this fiscal, driven by a significant export share. Improvements in operating profitability and realizations, supported by favorable government policies and stable yarn prices, will also contribute.
Rakesh Gangwal invests over $100 million in Southwest Airlines shares
According to filings with the Securities and Exchange Commission, Gangwal bought the shares between September 30 and October 1, at prices ranging from $29 to $30 per share. This move aligns Gangwal's interests closely with those of Southwest's shareholders, strengthening his role in influencing the airline's strategic direction, say experts.
Marico Ltd reports mid-single-digit volume growth
Marico Ltd has reported mid-single-digit volume growth in its domestic business for the quarter ended September 2024, with rural demand outperforming urban. Parachute Coconut Oil saw double-digit revenue growth due to price hikes, while Saffola Oils had low-single-digit revenue growth. Marico¡¯s international business reported positive contributions from all overseas markets.
Rs 11,637 cr economic impact of 2023 ODI World Cup in India: ICC
The 2023 ODI World Cup in India generated an economic impact of USD 1.39 billion, benefiting tourism significantly. The event saw a record-breaking attendance of 1.25 million spectators and created over 48,000 jobs. International visitors contributed to USD 281.2 million in economic impact, enhancing India's global image as a tourist destination.
Persistent growth momentum to continue as JM Financial sees 13% upside potential
JM Financial forecasts a 13.4% upside for Persistent Systems (PSYS) with a target price of Rs 6,030, citing strong deal wins and stable revenue momentum. Expected to achieve a 15.5% EBIT margin by FY25, PSYS shows promising medium-term growth.
Budget import duty cut will boost gold jewellery retailers' revenues by 22-25 pc this fiscal: CRISIL report
A recent analysis by CRISIL Ratings, which examined 58 gold jewellery retailers representing a third of the organised sector's revenues, indicates that the sector will benefit from improved working capital management.
Tolins offers quality at a discount, but raw material prices weigh
Tolins Tyres plans to raise ?230 crore through an IPO, with ?200 crore allocated for loan repayment and working capital. The company focuses on fleet operators and has a unique tread rubber plant in the UAE. Its revenue grew significantly from FY22 to FY24, but raw material costs remain a risk.
Swiggy operating revenue jumps 36% in FY24, losses down 44%
According to the food and grocery delivery company, the rise in revenue is driven by higher commissions and advertising fees, user fees, and incremental revenue from ticket sales for events. Integrating Dineout with the Swiggy app also helped.
Revenue from cricket franchise SunRisers will rise substantially: Sun TV
Sun TV Network anticipates a significant rise in revenue from its cricket franchise SunRisers Hyderabad, supported by increased earnings from movie distribution. The company, which has expanded into Hindi, Bangla, and Marathi languages, remains confident in its content delivery strength across these markets.
Gala Precision seems to have wind blowing in its favour
The remaining amount is an offer for sale by the promoter, reducing the promoter's stake from 75% to 55% post-IPO. Gala Precision is focused on non-commodity product offerings where competition is lower and is gradually increasing its exposure to the mobility segment through its fastener products, driving incremental growth.
BofA, Aditya Birla MF buy shares worth Rs 42 crore in debutant Interarch Building Products via block deals
Bank of America acquired 1.3 lakh Interarch Building Products shares for Rs 16.74 crore at Rs 1,287.75 each, a 43% premium over the issue price. Aditya Birla Sun Life Mutual Fund bought 2 lakh shares. The stock closed at Rs 1,203.10, down 7.38% from its listing price.
Budget 2024: Expecting incremental shift towards RevEx & continued thrust on capex: Ravi Dharamshi
Ravi Dharamshi expects the Budget to stress revenue expenditure, capex, rural distress, PM Awas Yojana, energy transition, and private sector capex. With state elections approaching, supply chain shifts, potential new PLI scheme sectors, and measures to boost the middle class, he predicts government actions will stimulate the real estate cycle and increase market volatility.
Automakers take lead in FY24 salary hikes with double-digit raises
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year¡¯s increment.
Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
TCS announces double-digit salary hike this year: Here is what you can expect in this appraisal cycle
TCS Appraisal 2024: India's biggest IT company, Tata Consultancy Services, has declared a double-digit salary increase. The company plans to onboard 40,000 freshers and saw a reduction in headcount by 1,759 employees. Despite this, TCS ended with 13,249 fewer employees than the previous year and a 3.5% revenue growth.
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