Month: January 2024

CII chief suggests ways to unlock full potential of women who constitute 50% of India’s workforce

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a candid conversation with CNBC-TV8’s Budget Countdown segment on Wednesday, January 31, Chandrajit Banerjee, Director-General of the Confederation of Indian Industry (CII), highlighted a critical concern regarding the underutilisation of women in the workforce, emphasising that women constitute 50% of the nation’s labour pool but are not being effectively leveraged.

Banerjee stated, “…you talked about (women) voters, I would like to see that as 50% of our workforce. We are not really being able to leverage 50% of our workforce effectively.”

Addressing the issue, he pointed out that the policy ecosystem for women’s participation has always been present, but there is a need for a renewed push and a collaborative effort between the government and private sectors.

Also read: Women empowerment and narrowing the gender divide, India economic review showcases women-led achievements

He stressed, “To do that (we need)… a government push, a policy ecosystem push.”

Banerjee proposed that the government could play a crucial role by facilitating initiatives like creches and other benefits, citing how similar pushes in the past have positively influenced corporate behaviour and spending.

“A little facilitation from the government in terms of creches and other benefits could be extended. I think that goes a long way in (bettering) corporate behaviour and in (ensuring) pay parity,” he said.

Additionally, he touched upon the potential growth in the childcare industry with the establishment of creches, and advocated for a public-private partnership model where the government creates an enabling policy ecosystem, and the private sector is rewarded and incentivised for taking it forward.

Banerjee’s remarks shed light on the untapped potential of women in the workforce and underscored the need for a collaborative effort to harness this valuable resource effectively.

The CII chief also commended India’s phenomenal leadership in addressing climate change, praising initiatives such as the Biofuel Alliance and advancements in green hydrogen. He emphasised the importance of a Green Transition Fund and called for a clear understanding across sectors to achieve the ambitious goal of net zero emissions by 2070.

Watch the accompanying video for the full interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dutch watchdog fines Uber 10 million euros over privacy regulations infringement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Dutch data protection authority (DPA) on Wednesday fined Uber 10 million euros ($11 million) for infringement of privacy regulations regarding its drivers’ personal data.

The DPA found that Uber had not specified in its terms and conditions for how long it retained its drivers’ personal data, or how it secured the data when sending it to entities in countries, which it had not named, outside the European Economic Area (EEA).

Uber also obstructed its drivers’ efforts to exercise their right to privacy by making personal data access requests unnecessarily complicated, the authority added, noting though that Uber had taken steps to fix the issues flagged.

“The Dutch data protection authority has acknowledged that Uber fixed the small number of ’low impact’ issues raised by the drivers, while dismissing the vast majority of their claims as unfounded,” an Uber spokesperson said in an e-mailed statement to Reuters.

The spokesperson added that the company continuously works on improving its data request processes.

The fine was imposed after more than 170 French drivers complained to a French human rights organisation, which lodged a complaint with the French data protection authority. However, as Uber has its European headquarters in the Netherlands, it was forwarded to the DPA.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget Countdown: CII leaders share insights on core focus areas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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R Dinesh, President of the Confederation of Indian Industry (CII), expressed confidence in the government’s commitment to continuity as the core focus for the upcoming Interim Budget. Speaking during a CII panel discussion, part of CNBC-TV18’s special ‘Budget Countdown’, Dinesh emphasised the importance of sustaining the current growth path, particularly through continued spending on infrastructure.

“Continuity is the core focus, which I’m 100% sure will be the scenario as well,” said Dinesh. “The second and the most important is ensuring that we continue on this growth path, and that would be spending on the infrastructure side, which again, is a very fair expectation that it will continue in the same way.”

Dinesh highlighted equitable growth as a key objective of the government, with a particular emphasis on enhancing growth in rural areas. He noted, “Equitable growth has been one of the core focuses of this government. Whether it’s from the rural side or sectors needing support and growth, that’s an expectation we all have for this Interim Budget.”

Also Read | A quick guide to India’s Interim Budget

Speaking on the need for equitable support, Dinesh stressed the significance of schemes like the Urban Employment Guarantee Scheme, providing a security blanket for underprivileged sections in rural areas, ensuring economic activity benefits for all.

Sanjiv Puri, President Designate of CII and CMD of ITC, echoed Dinesh’s sentiments, emphasising the necessity of attention and investment in rural areas.

“The area that needs some more attention and some more investments would be on the rural side,” said Puri. “Greater rural infrastructure spends and supporting states will be helpful. Weather events have been bothering rural areas, impacting agriculture and incomes. A strong movement for enhancing agriculture resilience, through a public-private partnership model, is needed.”

Also Read | Interim Budget 2024: When and where to watch FM Sitharaman’s budget speech

Puri also highlighted an emerging opportunity in wood-based industries and real estate, suggesting that leasing degraded or unused forest lands to private players could create an economic model, providing gainful employment while promoting sustainable practices.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IMD predicts more-than-usual rain, warmer-than-usual February 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian Meteorological Department (IMD) has projected above normal rainfall, at over 122% of the Long Period Average (LPA) in February 2024 over North India, which comprises of the following 7 meteorological subdivisions: East Uttar Pradesh, West Uttar Pradesh, Uttarakhand, Haryana, Chandigarh & Delhi, Punjab, Himachal Pradesh, Jammu and Kashmir and Ladakh.

Monthly rainfall over the entire country during February 2024 has been projected as “most likely” to be above normal, at over 119% of the LPA.

While normal to above normal rainfall is likely over most parts of Northwest, Northeast and Central India, below than normal rainfall is likely over most parts of south peninsular India.

Also read: Zoomed Out | Critical Minerals — why India’s current strategy to become self-reliant is so vital

While 5 Western disturbances were recorded in January 2024, two western disturbances leading to rain are likely to impact northwest India during the next 5 days in quick succession.

A persistent layer of fog was also observed over North India from December 25, 2023, to January 30, 2024.

Monthly minimum temperatures during February are highly likely to remain above normal over most parts of India, and the monthly maximum temperatures are likely to be above normal over most parts of Northwest India, West central India and Northeast India, and some parts of East central India.

Normal to below-normal maximum temperatures are likely in most parts of peninsular India and some parts of East central India and isolated pockets over Northeast India.

Below-normal cold wave days are expected over some parts of Central India during February, even as January was characterised by more cold days and not cold waves.

The strong El Nino conditions prevailing over the Equatorial Pacific are likely to weaken steadily and turn to El Nino-Southern Oscillation (ENSO) neutral conditions by the end of the Northern Hemisphere’s spring season this year.

Also read: Delhi’s average maximum temperature this January lowest in 13 years

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024: India poised to leverage AI opportunities, says CII President R Dinesh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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R Dinesh, President of the Confederation of Indian Industry (CII), expressed optimism about India’s position to harness the potential of Artificial Intelligence (AI) during a panel discussion on the eve of the interim Budget. The discussion, part of CNBC-TV18’s special ‘Budget Countdown’, highlighted the government’s focused approach and Prime Minister Narendra Modi’s recognition of the significance of AI in the country’s growth.

Dinesh emphasised that India is better placed than ever to reap the benefits of AI, citing the government’s commitment to fostering technological advancements. He commended the government’s proactive stance, which, he believes, is crucial for creating an environment conducive to the growth of AI.

“I think this government has been very focused. The Prime Minister himself has made it very clear that AI in India will be used in the best manner possible, responsibly,” said Dinesh during the panel discussion.

He underscored the need for a comprehensive policy or mission dedicated to AI, indicating that a thoughtful approach is necessary for ensuring the technology’s responsible and effective implementation across sectors.

Also read: 12 income tax terms you should know ahead of Budget 2024

One of the key factors contributing to India’s advantage in the AI landscape, as highlighted by Dinesh, is the country’s robust digital public infrastructure. He emphasised that this infrastructure could play a pivotal role in creating significant value for both individuals involved in AI and the nation as a whole.

“If you look at how we have derived the advantage out of the digital transition, and also utilisation of digital public infrastructure, I believe we can take the lead on the AI side,” Dinesh said.

He noted that it would not be easy. “It may (be) a challenge in terms of what we would call the typical low-end, back-end jobs, but having said that, it gives us an advantage in upskilling and providing for an opportunity to create better value for both the people and the country as a whole. This is going to require a sharp focus in terms of upskilling people, and providing the necessary support.”

As the country awaits the presentation of the interim Budget by Finance Minister Nirmala Sitharaman, Dinesh’s insights shed light on the potential focus areas that could further propel India into a leadership position in the global AI landscape.

Also read: Significance of health and infrastructure upgrades another key to development, emphasises Murmu

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GST collection rises 10.4% to over ₹1.72 lakh crore in January

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The gross goods and services tax (GST) collection rose 10.4% to over ₹1.72 lakh crore in January 2024. These numbers are till 5 pm on January 31, 2024, and the final numbers will be higher and are likely to be released in the next few days.

At ₹1,72,129 crore, the GST collections are the second highest ever and have crossed the ₹1.7 lakh crore mark for the third time during the current financial year. GST collections in January 2023 were ₹155,922 crore.

GST revenue collection for January 2024 is second highest ever, at ₹1.72 lakh crore records increase of 10.4% YoY#GST #GSTRevenue #JanuaryGST pic.twitter.com/aDlhj81tk6

— CNBC-TV18 (@CNBCTV18Live) January 31, 2024

The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.

During the April 2023–January 2024 period, cumulative gross GST collection witnessed 11.6% year-over-year growth (till 05:00 PM of 31.01.2024), reaching ₹16.69 lakh crore, as against ₹14.96 lakh crore collected in the same period of the previous year (April 2022–January 2023).

Experts react on January GST collections

The higher mop-up indicates improved tax administration and compliance, said Saurabh Agarwal, Tax Partner, EY.

“The recent surge in GST collections, culminating in a record-breaking month, underscores the strength and resilience of the Indian economy. This consistent upward trend, evident in surpassing key milestones, reflects the effectiveness of improved tax administration and heightened taxpayer compliance. Overall, these positive indicators pave the way for continued economic expansion and self-reliant India,” Agarwal told CNBC-TV18.

MS Mani, Partner, Deloitte India sees the second highest ever GST collections creating “more headroom” for the next level of GST reforms.

He said, “Coming on the budget eve, the second highest ever GST collections would provide even more headroom for embarking upon the next stage of GST reforms. These collections relate to supply transactions of goods and services during December 2023, where there was considerable emphasis on completing audits and investigations relating to earlier years. The GST collections are in line with the other macroeconomic parameters, which indicate a significant uplift in economic activities, with even the IMF upgrading the growth forecast to 6.7% for FY23–24. The same collection trajectory in the next two months will ensure that the tax collection targets for the year are comfortably surpassed.”

Calling it a “big cheer” for the economy, Abhishek Jain, Partner & National Head, Indirect Tax, KPMG, said, “The consistent growth in GST collections, with this one being the second highest collection ever, is a big cheer for the economy. One significant reason for this growth could be linked to voluntary payments by businesses for FY22–23 during the finalisation of annual returns and reconciliation statements in December.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NITI Aayog’s Arvind Virmani highlights skill development, women’s participation as India’s growth drivers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Arvind Virmani, member of NITI Aayog, in an exclusive interview with CNBC-TV18, emphasised the crucial role of skill development and women’s participation in driving India’s future economic growth. He underscored the need for a strategic approach to address challenges faced by married women in the workforce and advocated for policies promoting skill development not only for India but also for the global market.

Virmani highlighted a significant revelation regarding the gender gap, stating that the disparity between highly educated unmarried women and their male counterparts in India is as narrow as it is in the United States.

However, he expressed concern about the challenges faced by married women, citing the ‘20-minute rule’ and the responsibilities of childcare and elderly care. To overcome these hurdles, he suggested the provision of housing, creche facilities, and transportation in industrial areas to support working women.

“One of the findings from the research indicates the existence of a so-called ‘20-minute rule’ among working married women. Generally, they prefer not to commute for more than 20 minutes due to various reasons. The second aspect, of course, is that married women are expected to take care of children and elderly individuals, though we won’t delve into all the details. One solution is to facilitate and make it feasible, either at home or in the office space, for the establishment of creches,” he informed.

The economist expressed confidence in the government’s commitment to fiscal discipline, expecting adherence to the glide path outlined in the 15th Finance Commission’s recommendations. Virmani acknowledged the recent announcement of a new Finance Commission and expressed optimism about their alignment with the existing fiscal trajectory.

“Let me discuss the glide path provided by the 15th Finance Commission. I am quite confident that they will adhere to it. I am unaware of what that commission will propose. However, at present, based on the recommendations of the 15th Finance Commission, I anticipate the government will continue along that path.”

Addressing economic trends, Virmani highlighted a strategic divestment plan for the next five years, anticipating an acceleration of divestment activities following the upcoming polls. He noted the positive impact of increased capital expenditure in the construction sector, leading to heightened investments in related industries such as cement and steel, resulting in employment generation.

Watch the video for the full interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mark Zuckerberg turned down 2021 request for more child-safety staff

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Meta Platforms Inc Chief Executive Officer Mark Zuckerberg rejected requests from his top leadership in 2021 to expand teams overseeing child safety and well-being, according to documents and emails released by Congress.

A proposal to add headcount for well-being efforts was sent to Zuckerberg by Nick Clegg, then vice president of global affairs, in August of that year. Clegg asked to hire 45 more employees at the company, then known as Facebook Inc, to work on child safety, including efforts against bullying, harassment and self-harm.

“From a policy perspective, this work has become increasingly urgent over recent months,” Clegg wrote in an email to Zuckerberg. “Politicians in the US, UK, EU and Australia are publicly and privately expressing concerns about the impact of our products on young people’s mental health.”

Leaders at the company, including senior product executive Naomi Gleit, Chief Product Officer Chris Cox and Chief Operating Officer Sheryl Sandberg, backed the plan for more well-being employees, according to the emails released by the Senate Judiciary Committee in advance of a hearing Wednesday about online child safety.

Clegg’s August 2021 request wasn’t approved. A follow-up email he sent Zuckerberg in November 2021 included a revised and smaller headcount proposal, acknowledging the original plea for more employees “was not funded.”

Just a few weeks after Clegg’s August 2021 proposal, the Wall Street Journal released a series of stories about the company known as “The Facebook Files.” The stories used internal documents to show that the company knew its products could lead to harmful effects for some people, including teenage girls who used its photo-sharing app, Instagram.

A Meta spokesperson didn’t immediately respond to a request for comment.

Zuckerberg is scheduled to testify Wednesday about the impact of Meta’s social networking apps on children. The documents will most certainly be a focus for lawmakers, who have been critical of Meta’s effect on teens. The company emails were given to the committee in response to a letter sent by lawmakers to Meta that asked for documents related to the company’s research on the mental and physical health harms associated with its products.

The committee didn’t release any emails from Zuckerberg responding to Clegg’s proposals.

Clegg appeared to hint at the stories in his November email to the CEO, noting that the topic of well-being and user safety had taken on a new level of urgency. “This work & narrative has of course become a more critical focal point for policymakers, regulators, et al in recent weeks — this is not likely to diminish going forward,” he said.

“I am supportive of this and will follow up,” Sandberg wrote in response to Clegg. “As you know, we have overall budgeting issues across the board so no promise on what will happen.”

The documents and emails released by the committee don’t specify whether Meta hired more people in response to Clegg’s November request.

Clegg’s proposal to expand the team working on well-being efforts came during a year in which the company added more than 13,000 new jobs — an increase of 23%. Facebook changed its name to Meta Platforms Inc in October 2021.

The company has faced significant pushback for years on its child safety practices from whistleblowers, lawmakers and parents. Last October, more than 30 states filed a lawsuit against Meta alleging its social media apps were feeding harmful content to youth.

Zuckerberg, according to prepared testimony, will focus on the positive impacts of Instagram and Facebook apps, while emphasizing the company’s safety features. Meta has about 40,000 people currently working on safety and security and has spent more than $20 billion on those efforts since 2016, according to a transcript of his remarks released in advance of the hearing.

Also Read: Wall Street Journal claims Instagram is connecting a network of paedophile accounts

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Union Budget 2024 Trade Setup: Nifty heads into the big event with optimism but 21,800 is key

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Its been a topsy-turvy start to the Nifty 50 for the February F&O series. The index began the series on a strong note, before giving up more than half of those gains on Tuesday. The mid-week session looked like one of consolidation until the first half, but the index recovered nearly 300 points from the day’s low of 21,449 to end close to the 21,750 mark.

All eyes are now on Finance Minister Nirmala Sitharaman who will present the Union Budget on Thursday. While this is a Vote on Account or an interim budget, the street is not expecting any major big bang announcements, but a clear direction on policy and the road ahead would surely be welcomed by market participants.

Thursday’s session, aside of the Union Budget, will also be an event-heavy one. Companies will report their auto sales figures for the month of January, while other macro data such as the manufacturing PMI will also be reported on the first day of the new month. Thursday will also be the weekly options expiry of the Nifty 50 contracts.

The recovery in Wednesday’s trading session could also be attributed to the buying by both foreign and domestic investors in the cash market. Foreign investors, in particular, turned in a buy figure after being net sellers over the last few trading sessions.

Rajesh Bhosale of Angel One believes that some positive announcements during the Budget could propel the Nifty beyond the 21,850 mark, which will pave the way for the index to retest the mark of 22,100 on the upside. On the flip side, a break below 21,400 and 21,200 is likely to trigger a substantial sell-off.

There is a high probability of negation of the previous bearish chart patterns of lower highs and lower lows on Nifty 50’s daily charts and result in the formation of higher highs and higher lows, according to Nagaraj Shetti of HDFC Securities. He expects a decisive breakout beyond the 21,800 levels soon but expects Thursday’s trading session to see heightened volatility.

The Nifty formed a piercing line pattern on the Nifty’s daily chart, following a dark cloud cover in the previous trading session, observed Rupak De of LKP Securities. This complete reversal patterns indicate a highly volatile market sentiment. Support for the Nifty at the lower end is seen at 21,500, while a decisive breakout above 21,750 may take the index back to 22,000, he added.

The Nifty Bank has been the weaker index when compared to the Nifty, but managed to outperform on Wednesday, when its options contracts had their weekly expiry. The index closed within touching distance of the 46,000 mark but is still 5.5% away from its record high of 48,636. A thing that the bulls may take heart from is that the index has been making higher highs over the last four days.

Kunal Shah of LKP Securities said that the Nifty Bank now faces resistance at the 46,500 mark and a decisive break above this level can potentially reverse the entire trend for the index. “On the downside, the immediate lower end support is at 45,700 and a breach of those levels may lead to a resurgence of bearish control in the market,” he added.

Despite the surge on the Nifty Bank, the RSI remains below the average line, said Om Mehra of SAMCO Securities, adding that the 20-DMA is a resistance for the index. “Market participants anticipate a decisive directional shift only if the 56,600 range is taken out,” he added.

What Are The F&O Cues Indicating?

Nifty 50’s February futures shed 0.1% or 7,750 shares in Open Interest on Wednesday. They are now trading at a premium of 82.9 points from 108.4 points earlier. On the other hand, Nifty Bank’s February futures shed 5.9% or 1.93 lakh shares in Open Interest. Nifty 50’s Put-Call Ratio is now at 0.9 from 0.82 earlier.

SAIL and Zee Entertainment are now in the F&O ban.

Nifty 50 on the Call side for February 1 expiry:

For Thursday’s weekly options expiry, the Nifty 50 call strikes between 21,800 and 22,000 have seen addition in Open Interest.

Nifty 50 on the Put side for February 1 expiry:

On the put side, the Nifty 50 strikes between 21,500 and 21,700 have seen Open Interest addition for this Thursday’s expiry.

These stocks added fresh long positions on Wednesday, meaning an increase in both price and Open Interest:

These stocks added fresh short positions on Wednesday, meaning a decrease in price but increase in Open Interest:

These are the stocks to watch out for ahead of Thursday’s trading session:

• Paytm: The Reserve Bank of India has directed Paytm Payments Bank to stop onboarding of new customers with immediate effect under Section 35A of the Banking Regulation Act, 1948. No new deposits, wallet top-ups or credit transactions to take place from February 29, but customers can use up existing balances. Nodal Accounts of Paytm and Paytm Payments to be terminated. Sources also tell CNBC-TV18 that the RBI action took place after it observed deficiencies in Paytm’s technology and customer redressal mechanism, KYC processes, monitoring and alert systems, transaction monitoring at Paytm Payments Bank. In a clarification to the exchanges late last night, the company said that it sees an impact of ₹300 crore to ₹500 crore to its annual EBITDA in the worst case scenario.
• Religare Enterprises: In confirmation of a CNBC-TV18 newsbreak, the Burman family has acquired an additional stake of nearly 4% in Religare, taking their total stake past 25.18%. Mohit Burman told CNBC-TV18 that they remain committed to the Religare acquisition and that they await approvals necessary to complete the Open Offer. In case the Open Offer is successful, the Burman family will own more than 51% in the company.
• Dixon Technologies: Net profit of ₹97 crore falls short of the CNBC-TV18 estimate of ₹104 crore. Revenue doubles year-on-year aided by a low base but declines quarter-on-quarter. Mobile business contributes nearly two-thirds of the revenue and also sees a decline on a sequential basis.
• Godrej Consumer Products: Solid operational performance with sharp margin expansion. LatAm currency impact weakens consolidated revenue. Revenue of ₹3,660 crore was higher than the poll of ₹3,563 crore. EBITDA margin of 23% also higher than poll estimates of 22.4%. Domestic organic volume growth of 5% compared to poll expectations of 4-5% growth. Consolidated India volume growth of 12% versus poll estimates of 11-12%.
• Shree Cement: Sales volumes in December quarter in-line with expectations at 8.89 MT. EBITDA beat due to lower costs as power and fuel costs decline 14% from last year, while freight costs decline 7% year-on-year. The company has also announced an interim dividend of ₹50 per share.
• JSPL: December quarter net profit at ₹1,928 crore compared to a CNBC-TV18 poll of ₹945 crore. Revenue at ₹11,701.3 crore is below estimates of ₹12,178 crore. EBITDA up 19.6% year-on-year to ₹2,842.5 crore, higher than estimates of ₹2,347 crore. EBITDA margin of 24.3%, higher than estimates of 19.3% and also higher than 19.1% last year. Benefits from captive thermal coal mines in India starts materialising resulting in lower raw material costs, which contributed to the better EBITDA.
• Mankind Pharma: Revenue up 25% to ₹2,606.9 crore, while EBITDA rises 39% to ₹606.5 crore. EBITDA margin at 23.3% from 20.9% last year. Net profit rises by 55% to ₹459.8 crore from ₹295.7 crore last year. Domestic revenue up 20% year-on-year to ₹2,400 crore. Export revenue up 118% from last year to ₹207 crore. Net cash balance at ₹2,756 crore.
• Cochin Shipyard: Bags an order from a European client for the design and construction of a hybrid service operation vessel (SOV). The project cost is nearly ₹500 crore and the vessel is to be delivered in 2026.
• Divgi TorqTransfer Systems: Wins orders worth ₹212.1 crore from two marquee North American manufacturers of Automotive Transmissions over a five-year period. Annual value of these orders is approximately ₹42.5 crore. Management said this helps in expansion of product portfolio.
• Glenmark Pharma: Partners with Pfizer to launch Abrocitinib in India. The drug is used for the treatment of Atopic Dermatitis, also known as Eczema. The drug is approved by both the USFDA and the EU’s EMA.

What Are Global Cues Indicating?

Asian markets have opened mixed after Fed chair Jerome Powell dashed all hopes of a rate cut in March.

The Nikkei 225 and the Topix in Japan are both down 0.5% in early trading.

On the flip side, the Kospi in South Korea is up 0.5%, while the Kosdaq remains unchanged.

Futures on the Hang Seng are indicating a positive start to the trading day.

US markets lost ground overnight post the Fed announcement and some disappointing results from Alphabet and Microsoft. The S&P 500 fell the most since September, while the Nasdaq declined over 2%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow