Top headlines: Govt to allow FDI in LIC, auto firms stare at muted Q3

Nifty50 firms' combined net profit seen rising 25% in third quarter. More in today's top headlines

Ahead of Life Insurance Corporation's public listing, the Union government has cleared the proposal to allow 20 per cent foreign direct investment in the insurance behemoth. Read more on that in today's top headlines

Govt set to allow 20% foreign direct investment in LIC ahead of listing

The Centre has decided to allow 20 per cent foreign direct investment in the Life Insurance Corporation of India (LIC), like in the case of public sector banks (PSBs), according to people in the know. This is expected through amendment of the Foreign Exchange Management Act (FEMA) rules in a move to attract foreign investors ahead of LIC's public listing. Read more

Nifty50 firms' combined net profit seen rising 25% in third quarter

The Street is betting on another quarter of strong earnings growth from India's top listed companies, led by metal and mining, oil and gas, and banking, financial services and insurance (BFSI) companies. Manufacturers and consumer goods companies are, however, expected to face another quarter of margin contraction and decline in earnings. The information technology (IT) services exporters, such as Tata Consultancy Services, Infosys, and Wipro, are likely to maintain their growth momentum, but could face margin decline as operating expenses run ahead of revenue growth. Read more

From Infosys to HCL Tech, Indian IT giants play catch-up in consultancy

The analyst community tracking the Indian IT services industry took special note of Accenture’s first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. Read more

Auto companies stare at muted earnings in Q3 amid high input costs

It’s going to be a quarter of muted earnings for auto companies yet again.

While a persistent chip shortage dented sales of passenger vehicles, commercial vehicles and premium two wheelers, poor demand plagued the scooter and motorcycle makers during the quarter. Read more

5-10% of active Covid-19 cases currently require hospitalisation: Govt

As the daily tally of Covid cases inches close to the 200,000-mark, nearly 5 to 10 per cent of active cases in the present surge have needed hospitalisation until now, the health ministry said.

Flagging concerns around the rising positivity rate in the country, Health Secretary Rajesh Bhushan said that the situation is dynamic and evolving and, therefore, the need for hospitalisation may also change rapidly. He said that during the second Covid wave, 20-23 per cent of active cases needed hospital care. Read more