MUMBAI: Suresh Prabhu will appraise you of the financial health of railways every three months. Prabhu, Minister Indian Railways, told a gathering of financial market representatives at the BSE on Friday evening that he will make it a norm to announce quarterly results for railways from now. This is the first time that railways will deviate from its norm of giving out key numbers only during its annual budget event. A brimming Prabhu told his audience that railways this time was not just meeting targets for the first quarter but exceeding them.
FedEx announced a decrease in its quarterly profits by 31%, after it slashed its forecasts for 2013. In 2012, Indian companies have been engaged in near 72 acquisitions overseas with a total value of $11 billion. Chancellor George Osborne, promised that the British economy will retain its rate of growth as forecasted and said that he has a plan for the citizens who "aspire to work and get on". Airliners are expecting higher revenue to more than $10 billion or £7 billion in 2013.
MUMBAI: Shares of software exporters, including Tata Consultancy Services (TCS), Infosys and HCL Technologies gained on Friday after Accenture raised its full-year revenue guidance for the third time and its quarterly profit and revenue exceeded market estimates. Analysts said Accenture's results and management commentary reflect a positive global demand environment for IT services. The company's revenue growth guidance suggests an improving environment for discretionary spending.
MUMBAI: The high January-March GDP growth figure of 7.5 per cent, which elevated India to the position of the fastest growing large economy in the world, even ahead of China for the comparable period, may be short-lived as there is a high probability of its downward revision in about three months. This is partly because in the new method to calculate India's GDP, the government captures revenue and profit numbers of about 5 lakh companies registered with the Ministry of corporate affairs (MCA21 list).
MUMBAI: The Indian markets have bounced back after a steep correction and are moving towards all-time high levels. While the near-term movement depends on quarterly earnings, the uptrend is likely to continue in FY16. The benchmarks are expected to hit fresh highs in the current financial year as foreign institutional investors are likely to increase allocation to India as global factors turn favourable.
MUMBAI|BENGALURU: Natarajan Chandrasekaran is usually an epitome of quiet confidence and steely resolve. But on April 16, for the first time in years, the 51-year-old chief executive of Tata Consultancy Services was at a loss to explain India's largest software firm's quarterly performance and was unusually defensive while taking questions from journalists. Chandrasekaran's tone was reflective of the broader mood of India's $146-billion information technology industry, which endured one of its toughest years in recent memory.
MUMBAI: Rating agency ICRA on Tuesday said Indian hotel industry revenue growth is expected to remain weak at 3-4 per cent during the first half of 2015-16. According to a report by the rating agency, pan India occupancies are expected to improve by 2-4 per cent during 2015-16, leading to RevPAR growth of 3-5 per cent, even as supply growth curbs Average Room Rates (ARR) expansion. Room inventory in the country is expected to grow by 12 per cent during 2015-16, as compared to 4 per cent during 2014-15, the research report added.
NEW DELHI: Reflecting a disconnect with GDP growth numbers, big corporations such as M&M, Cipla and Sun Pharma as well as state-owned heavyweights, NTPC, SAIL and IOC have announced lower quarterly profits while many others have fared even worse, hit by rising costs and subdued demand. The January-March quarter earnings season has been bad for a host of other companies as well, including public sector giants like NMDC and Coal India which announced their results last week. Similar was the case for Hindalco, Wockhardt, Omaxe, United Breweries and Bajaj Hindustan from the private sector.
Tata Motors is expected to announce its quarterly earnings today. Today the rupee tumbled again versus the dollar losing 63 paise to 61.40. Abbott Laboratories has reached a deal with Chinese regulators over a fine of near $12 million. A report by the National Institute of Economic and Social Research has showed that UK’s GDP has increased by 0.7% in Q2.