INDIA INC
After Hyundai, now LG: Why Korean chaebols are sold on Indian market
Both Hyundai and LG view India as a crucial growth market. Hyundai expects the listing of equity shares in India "will enhance our visibility and brand image," and "provide liquidity and a public market" for the shares. LG aims to tap into the booming stock market to help achieve its target of $75 billion in electronics revenue by 2030.
Zomato captains India Inc’s dream Team XI with over 1,000% profit growth
The June quarter saw Zomato and 10 other companies achieving over 1,000% profit growth. Zomato's profit skyrocketed 12,550% year-on-year. Other remarkable performers were Shakti Pumps and Lotus Chocolate. Experts advise focusing on growth outlooks rather than past profits when making investment decisions.
Auto Inc seeks policy boost for faster transition to green vehicles
India's adoption of electric and hybrid vehicles is significantly lower than China's, with EV penetration at 2.5% compared to China's 49%. Experts recommend incentivising plug-in hybrid electric vehicles (PHEVs) to address economic and infrastructural barriers. Major automakers support this strategy as a vital step towards promoting cleaner mobility solutions.
India Inc looks within for top bosses amid focus on succession
Nifty 50 companies have shown a preference for in-house talent, with 62% promoting internal candidates to CEO roles in the past five years. This trend is attributed to stricter regulations and enhanced succession planning by company boards to minimize the risk of losing key human capital.
Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts
Goldman Sachs lowered India's economic growth projection by 20 basis points for the next two years, highlighting a significant drop in government spending as a key factor. The new forecasts are 6.7% for 2024 and 6.4% for 2025. The Reserve Bank of India's stricter lending rules and fiscal constraints are expected to slow growth, despite potential easing of monetary policy.
India Inc's POSH promises aren't saving women from workplace abuse
Women's workforce participation in India remains low due to safety concerns like sexual harassment and gender discrimination. Despite policies like the POSH Act, many workplaces lack adequate measures for protection. Experts suggest more comprehensive efforts, including education and zero-tolerance policies, to create a safer work environment for women.
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Hindalco to pump in USD 10 billion for expansion in India, US: KM Birla
Hindalco is currently evaluating a nearly 200,000 tonne-brownfield expansion at its Aditya Aluminium smelter in Odisha, which will be substantially powered by renewable energy. The company also plans to expand its copper smelting capacity and is exploring setting up a brownfield facility in Gujarat to meet the growing needs of the country for this critical metal.
Indian companies to spend $45-50 billion in capex over 1-2 years, RIL to lead: Moody's
The oil and gas sector and Reliance Industries will collectively account for over 60 per cent of the rated Indian portfolio's spending over the next couple of years, Moody's.
UKG appoints Nitin Chandel as India country manager
Nitin Chandel has been appointed as group vice-president and India country manager at UKG. His role includes hiring top talent and overseeing product development. This change follows Jennifer Morgan's recent appointment as CEO of UKG. Chandel aims to expand the India team by one-third in the upcoming year.
India Inc records worst quarter since Covid-19 pandemic, profits shrink 3.1%
Corporate India's profits in Q1 FY25 decreased by 3.1 per cent compared to the previous year, marking the worst first quarter since the pandemic. Net sales for 2,539 companies rose by 5.2 per cent to Rs 22.9 lakh crore. Total expenditure increased by 6.4 per cent, reaching Rs 19.6 lakh crore. Bank of Baroda's report highlighted a net profit of Rs 1.9 lakh crore. Despite challenges, some sectors like consumer durables and healthcare showed promising growth.
India Inc: Key takeaways from Q1 results season
In Q1FY25, Bank and Auto stocks outperformed, while Infrastructure, Pharmaceuticals, and Metals lagged, resulting in modest 3% earnings growth. Revenue growth stayed at 9%. Real estate, pharmaceutical, and IT sectors highlighted notable revenue and profitability growth. Banks' NIMs remained stable, and auto sales surged, especially in two-wheelers and commercial vehicles.
PM Modi's vision will shape Viksit Bharat goal, says India Inc
"The Prime Minister has laid out a national vision encompassing steps that would shape India's growth, drive innovation and scale up our position as a global leader across various sectors of the economy," Anish Shah, President, FICCI( Federation of Indian Chambers of Commerce & Industry) said in a statement.
Oil and gas spoil India Inc show in June Quarter
In the June 2024 quarter, India's industry saw modest growth with a 9.4% net profit increase, mainly due to lower refining and marketing margins in the oil and gas sector. Banking and finance sectors performed well with significant revenue growth. The overall operating margin declined to 17.4%. Future growth hinges on rural demand revival post-monsoon.
Weekend Break: India Inc actively push to leverage upcoming extended weekends
Even companies, at their end, are encouraging their staff to take these microbreaks and return rejuvenated as it increases productivity, executives said. Employees either solo or with friends and families are heading for either a quick break or visiting their hometowns in the upcoming long weekends (August 15-19; August 24-26 and September 5-8).
Winning bet: India Inc players also ace the sports game
Corporate-owned professional sports teams in India experienced a surge in earnings during 2023-24, particularly in cricket. Entities like Reliance Industries and United Spirits saw their teams' revenues increase, driven by higher central revenue from the BCCI. In contrast, football teams struggled with modest revenue growth and profitability.
A mutating Marxist's lesson for India Inc
As the Chief Minister of West Bengal, Buddhadeb Bhattacharjee sought to foster economic growth by attracting major industrial projects. Despite his efforts, various initiatives faced obstacles, highlighting the importance of internal consensus. His tenure serves as a lesson for both political and corporate leaders on the critical need for collective agreement when pursuing substantial reforms.
White collar job openings at India Inc shrink in July
The number of active openings in July is a 4% degrowth over July 2023 and a 10% degrowth over July 2021, according to the data of white collar vacancies for professionals with one year of experience and above. However, officials at large conglomerates and top corporations attributed the drop in the number of vacancies to a lull typical during electoral activity and the continuing headwinds in the IT services sector, the biggest single contributor to the white-collar job market.
India Inc rolls out benefits for employees’ parents, in-laws
India Inc is shifting focus to providing caregiver support for employees with ageing parents and in-laws due to the country's growing elderly population. Companies such as HSBC, Deutsche Bank, Accenture, SAP, and GlobalLogic are offering benefits like elder care leave, mental health counselling, and wellness apps to help employees fulfill caregiving responsibilities. This trend is expected to continue as the need for such initiatives grows with the ageing population.
Budget 2024 continues path of fiscal consolidation, focuses on common man's interests: India Inc
Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said the Indian automobile industry welcomes the continued emphasis on economic growth with several announcements especially the strong fiscal support for infrastructure in the next five years. Meanwhile, Retailers Association of India (RAI) CEO Kumar Rajagopalan said that the government has tried to strike a balance between populist and policy measures.
Microsoft Cloud Outage: From ATMs to stock trading and flights, epic IT crash leaves trail of chaos
Microsoft CrowdStrike glitch: In a catastrophic IT failure, a botched software update by CrowdStrike crashed Microsoft Windows systems worldwide, affecting industries from banking to healthcare. Businesses faced disruptions as tech workers manually rebooted systems. The incident highlights the vulnerability of global supply chains to IT failures and cyber threats. Airlines, banks, and hospitals were among the severely impacted sectors, with ongoing repercussions.
India Inc boards make more room for young guns
Young directors under 40 are rising in Bengaluru’s India Inc boardrooms, with a 456% increase in independent directors. As of March 31, 2024, they make up 8.2% of 19,686 NSE-listed company directors, up by 239 in a year. Harsh Mariwala, Shailesh Haribhakti, and Monica Agrawal emphasize their digital skills and supply constraints.
India Inc. leverages ESG push to gain a competitive edge and attract investments: Jatinder Cheema
India Inc. is embracing ESG principles following government initiatives for long-term sustainability. Advocate Jatinder Cheema highlights the need for companies to adapt to new reporting norms. The Indian government's focus on ESG aligns with global trends and promotes sustainable development. Climate policies impact business regulations, emphasizing the shift towards sustainability and renewable energy sources.
Reliance, Tata, Maruti & others rally veterans to now defend the giants' next growth phase
Indian companies, including Reliance Industries and Tata Group, are leveraging the talent of ex-service personnel for their unique skills and capabilities. With a focus on fitness, discipline, crisis management, and execution rigour, these veterans are filling skill gaps in various sectors such as logistics, engineering, and administration.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
India Inc registers 501 deals valued at USD 21.4 bn in Q2 2024: Grant Thornton
Grant Thornton Bharat's Q2 2024 report shows 501 deals worth USD 21.4 billion. Despite a 28% value decrease post Reliance-Disney mega-merger, domestic investment and private equity remain strong. High-value deals (over USD 100 million) rose 58% with 30 significant deals. Political stability and policy clarity boosted traditional sectors like pharma and manufacturing, states Shanthi Vijetha.
Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
'Good FATF rating to help India Inc raise overseas funds without elaborate background checks'
India has been given a good FATF rating, allowing domestic companies to access overseas investments without extensive background checks and enhanced due diligence processes. The Financial Action Task Force (FATF) praised India for its high level of technical compliance and its efforts in anti-money laundering and countering terror financing.
India Inc's CSR spends on sports likely to surge in next few years
The foundations of several companies, such as the Reliance, Tata Steel, JSW, Hindustan Zinc and SKF India, have been supporting sports as part of their corporate social responsibility (CSR) commitments. However, the data on whether there has been an increase in the CSR spend on sports and by which companies is not available. This is due to an MCA notification in September 2022 that no longer requires companies to disclose details of their CSR spends but only the total spends towards CSR.
Look forward to bolder reforms: India Inc on Modi govt 3.0
Narendra Modi was sworn in as Prime Minister at the Rashtrapati Bhavan, becoming only the second PM after Jawaharlal Nehru to secure a third consecutive term.
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