FY24 revenue growth may decline by 700-900bps: CRISIL Ratings

Business Standard

Global layoff-driven dip in IT hiring drags overall growth figure to 0.8%

ReNew Energy Global Plc on Friday said that its loss has narrowed to Rs 401.3 crore in the December 2022 quarter from Rs 638.4 crore in the same period a year ago.
"Net loss for Q3 FY23 was Rs 4,013 million (USD 49 million) compared to a net loss of Rs 6,384 million (USD 77 million) for Q3 FY22," a company statement said.
Total income (or total revenue) in the third quarter of FY23 was Rs 16,077 million or Rs 1,607.7 crore (USD 194 million), up 19.4 per cent compared to the same quarter of FY22, it stated.
Net loss during the first nine months of FY23 (April-December 2022) also shrank to Rs 510.3 crore (USD 62 million) compared Rs 1,257.3 loss (USD 152 million) in the same period a year ago.
Total income during the first nine months of FY23 stood at Rs 6,349.3 crore (USD 768 million), 23.1 per cent higher from the same period a year ago, it stated.
As of December 31, 2022, the company's portfolio consisted of 13.4 GWs, a 30.2 per cent increase year on year, of which 7.8 GWs are ..

ReNew Energy Global Plc on Friday said that its loss has narrowed to Rs 401.3 crore in the December 2022 quarter from Rs 638.4 crore in the same period a year ago

Press Trust of India

Indian IT players like TCS, Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks

Global banking crisis. Illustration: Binay Sinha

China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia, following a recent dispute settlement of two firms from both countries, informed sources said on Friday.
The sources cited a judgement by the Singapore International Commercial Court (SICC) this month, involving India's Kiri Industries and DyStar Global Holdings (Singapore), a subsidiary of the world's largest dye manufacturer from China.
The Hong Kong-based sources pointed out that Kiri's hope for a USD 603.8-million buyout of its stake by DyStar is looking dim.
The deal, as per the sources, is the buyout of Kiri's 37.57 per cent interest in Dystar which was valued at USD 603.8 million.
China's regulatory approvals for such a massive outflow of funds is unlikely, as regulators in Beijing are convinced that the Indian company's stake is highly overpriced due to speculative play in share prices.
Hong Kong-based Senda ...

China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia

Will also have to maintain edit log of changes made in books of accounts; experts say no firm will be able to delete an entry, will only be able rectify it

The rise in demand for STEM-qualified women is expected to rise the highest in the retail and e-commerce industry

Celebrating Women's Day with the power of the gig economy: Have a big idea? Here's how you can convert it into a business venture!

Globally, only 50 companies out of 322 have set targets to reduce business travel, with technology company Wipro paving the way in India

IANS

LIC's debt exposure in Adani group companies fell marginally to Rs 6,183 crore as of March 5 from Rs 6,347 crore as of December 31, 2022, Parliament was informed on Monday.
In a written reply to the Lok Sabha, Finance Minister Nirmala Sitharaman said, "The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies, was Rs 6,347.32 crore and Rs 6,182.64 crore, as on December 31, 2022, and March 5, 2023, respectively".
LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ as of March 5. The exposure in Adani Power (Mundra) was Rs 266 crore, Adani Power Maharashtra Ltd - Phase I (Rs 81.60 crore), Adani Power Maharashtra Ltd - Phase III  (Rs 254.87 crore), Raigarh Energy Generation Ltd (Rs 45 crore) and Raipur Energen Ltd (Rs 145.67 crore), as per the reply.
Sitharaman said five public sector general insurance companies have informed that they do not have loan/credit exposure to the Adani Group of Companies.
"Public Sector Banks ha

LIC's debt exposure in Adani group companies fell marginally to Rs 6,183 crore as of March 5 from Rs 6,347 crore as of December 31, 2022, Parliament was informed on Monday

Razorpay is offering domestic start-up clients to move their money into their Indian current accounts as FDI through the firm's partner banks

SVB, Silicon valley bank

Around 18 per cent of India's unicorn startups are founded or co-founded by women and 20 other firms are in pipeline to become unicorn, a joint study said on Tuesday.
The study conducted by TiE Delhi NCR, research firm Zinnov, Google, NetApp and venture capital firm Indian Angel Network found that despite comparable metrics, success, and high entrepreneurial intent, socio-cultural barriers hinder women founders' growth.
"Approximately 18 per cent of India's total unicorns are founded by women, with 20 Potential Unicorns in the pipeline," the study said.
The startups that are in the pipeline to become unicorns include WinZO, Doubtnut, Infinity Learn, Locus, Pratilipi, Portea, SirionLabs, etc.
Women founded or co-founded start-ups that have already become unicorns include acko, BYJU's Pristyn Care, MyGlamm, MobiKwik, Open etc.
The total valuation of unicorn built by women founders stands at over USD 30 billion and total equity investments raised by them is over USD 12 billion.
The 

startups, funding, business

Around 18 per cent of India's unicorn startups are founded or co-founded by women and 20 other firms are in pipeline to become unicorn, a joint study said on Tuesday.

Indian startups had deposits worth about $1 billion with embattled Silicon Valley Bank and the country's deputy IT minister said he had suggested that local banks lend more to them going ahead

Reuters

The collapse of SVB in the US had left the Indian startup ecosystem worried. More than 1,000 Indian startups were likely to have exposure to the SVB

Silicon Valley Bank, SVB, SVB Bank

Amid US administration's move to backstop collapsed Silicon Valley Bank's (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups.
The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have stepped to back all SVB deposits.
"SVB resolution is reassuring. (It) will bring relief to startups," Vaishnaw told PTI.
US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.
After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its ..

SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups

Meta-owned Instagram has announced it will put ads into the platform's search results to reach people actively searching for businesses, products and content

Goa Chief Minister Pramod Sawant on Tuesday asked people to take precautions in the wake of a rising number of COVID-19 and influenza infections in the country.
Sawant also said the count of coronavirus cases went up slightly in the coastal state.
The state government is monitoring the situation amidst the rise in COVID-19 and influenza cases in the country, the chief minister said, adding that people will have to take precautions while the government has already issued an advisory.
People who are feeling flu-like symptoms should avoid crowded places and opt for isolation, he said.
Goa reported 17 new COVID-19 cases on Monday, taking the overall tally to 2,59,297. The number of active cases is 109.
The state has not recorded confirmed influenza cases so far.
According to the Union Health Ministry data updated on Tuesday, India logged 699 new cases of coronavirus, while the active cases increased to 6,559.

Goa Chief Minister Pramod Sawant on Tuesday asked people to take precautions in the wake of a rising number of COVID-19 and influenza infections in the country.

Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India with effect from July 1, 2023.
He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various capacities, the company said in a regulatory filing.
Further, Bosch said from July 1, 2023, Sandeep Nelamangala, currently, Executive Director at Bosch Ltd and Executive Vice-President, Mobility Solutions at Bosch India, will be appointed as Joint Managing Director of Bosch Ltd.
Mudlapur will be responsible for the strategic growth and overall performance of the business in the region. At the same time, he will continue to be chief technology officer for Bosch Ltd, it added.
He has more than 15 years of experience in the Bosch Group and has held various positions in engineering and business management. Most recently, he was joint managing ...

Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India

Chhattisgarh Chief Minister Bhupesh Baghel on Sunday said that BJP does not want common people to get the benefits of reservation

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No-frills carrier IndiGo on Saturday announced starting flight services to Dubai from Bhubaneswar's Biju Patnaik International Airport on May 15 and unveiled plans to connect Odisha's capital city with Singapore and Bangkok going forward.
The airline, in a statement, said it has opened bookings for the Bhubaneswar-Dubai flight services, which will be operated three times a week.
IndiGo said it is "working in close collaboration" with the Odisha government to commence international operations from Bhubaneswar which will strengthen air connectivity from the state capital.
The maiden international flight from Bhubaneswar will take off from Biju Patnaik International Airport on May 15, IndiGo said in the statement.
International flight operations will also commence from Bhubaneswar to two more destinations - Singapore and Bangkok for which slots and other operational requirements are being finalised, it stated.
According to the airline, direct connectivity to aviation hubs like Dubai,

Indigo

Two-wheeler maker Hero MotoCorp on Saturday reported a 15 per cent rise in total sales at 5,19,342 units for March 2023 as compared to 4,50,154 units in the same month last year.
Domestic sales last month were at 5,02,730 units as against 4,15,764 units in March 2022, a growth of 21 per cent, Hero MotoCorp said in a statement.
Exports were, however, lower at 16,612 units as against 34,390 units in the year-ago month.  In 2022-23, the company sold 53,28,546 units as against 49,44,150 units in 2021-22, up 8 per cent.
Domestic sales in FY23 stood at 51,55,793 units as compared to 46,43,526 units in FY22, a growth of 11 per cent.  Exports were lower at 1,72,753 units as compared to 3,00,624 units in FY22, the company said.

hero

It made this announcement Friday in a memo to staff

Google

Maruti Suzuki, Hyundai and Tata Motors reported their highest-ever dispatches to dealers last fiscal, enabling the domestic passenger vehicle industry to log in best-ever performance to date.
The country's largest carmaker Maruti Suzuki India reported its highest wholesales to date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22.
Its domestic dispatches rose to 17,06,831 units in 2022-23, up 21 per cent from 14,14,277 units in 2021-22 fiscal.
Hyundai Motor India said its overall wholesales last fiscal were the highest ever since commencing operations in the country.
The automaker dispatched 7,20,565 units to dealers last fiscal, up 18 per cent from 6,10,760 units in 2021-22. Its domestic dispatches rose to 5,67,546 units last fiscal, up 18 per cent from 4,81,500 units in the 2021-22 financial year.
The country's second-largest carmaker said it was its best performance to date in terms of sales volume in the domestic market in a financial year.
Tata Motors also 

Maruti Suzuki's car transportation

Honda Cars India on Saturday said its domestic sales increased by 2 per cent to 6,692 units in March.
The company had dispatched 6,589 units to dealers in March 2022, the automaker said in a statement.
Exports stood at 3,189 units last month as compared with 2,243 units in March 2022, it added.
The company said its domestic wholesales rose 7 per cent to 91,418 units last fiscal, as compared with 85,609 units in FY22.
The automaker exported a total of 22,722 units during 2022-23 as compared with 19,401 units in 2021-22, registering 17 per cent growth, it added.
"The company has achieved a domestic sales growth of 7 per cent, driven by the strong and positive sales momentum of our models, specifically the Amaze and City," Honda Cars India Director, Marketing and Sales Yuichi Murata said.
Despite the persistent challenges posed by the global chip shortage and its impact on production volumes, the Indian automobile industry has had one of its strongest years in terms of sales, he ...

Honda

Israel's Knesset Speaker Amir Ohana said he choose India as his first destination as Speaker to visit as it is the largest democracy in the world and because the country is progressing rapidly

israel

Consumer prices rose 35.37% from a year earlier, according to data released by the statistics department Saturday

Pakistan inflation

Bloomberg

The visit of Bhutan King Jigme Khesar Namgyel to India from April 3- 5 will further strengthen the close bilateral partnership, including economic and development cooperation between the two nations.India has consistently been Bhutan's top trading partner and remains the leading source of investments in Bhutan. In November 2021, the Indian government formalised the opening of seven new trade routes for Bhutan's bilateral and transit trade with India, new market access was provided for allowing the formal export of 12 agri-products from Bhutan to India, and various special exceptions/ quotas for export are also provided.India has been extending economic assistance to Bhutan's socio-economic development since the early 1960s when Bhutan launched its Five Year Plans.For the 12th Five Year Plan, India assisted Bhutan with Rs 4500 crore for various multi-sectoral project-tied assistance, small development projects, Direct Budgetary Support, etc.India and Bhutan enjoy unique ties of ...

A hiking trip in Bhutan

President Joe Biden has all but announced he's running for reelection, but key questions about the 2024 campaign are unresolved: Who will manage it? Where will it be based? When will he finally make it official?
Advisers have long said he planned to wait until after March, when the year's first fundraising period wraps up. That was an effort to help manage expectations because many donors who gave generously to Democratic causes during last fall's elections were looking for a break.
But an announcement isn't imminent even now, aides insist, and probably won't come until at least after Biden returns from an expected trip to Ireland in mid-April.
Working on his own timeline could counter Biden's low approval ratings and questions about his age  the 80-year-old would turn 86 before the end of a second term. It also means Biden won't be hurried by pressure from former President Donald Trump, who's already announced his 2024 campaign, or other top Republicans who may enter the race, ...

US President Joe Biden

NCP chief Sharad Pawar put his weight behind the Supreme Court constituted 6-member committee, appointed by the Chief Justice of India to probe the alleged stock manipulation issue by the Adani Group

NCP chief Sharad Pawar

The National Company Law Tribunal approved the plan for the Adani Group subsidiary to pay 14.85 billion rupees ($181 million) to financial creditors, the company said in a statement Saturday

Adani

Twitter banned a record 682,420 accounts promoting child sexual exploitation and non-consensual nudity in India between January 26 and February 25

Twitter

While BlackRock has slashed Byju's valuation by nearly 50 per cent, Invesco has cut Swiggy's stake value by over 23 per cent

Byju's

In a statement, the Maharashtra Electricity Regulatory Commission said it has approved an average tariff increase of around 11.9 per cent in FY 2023-24

Sterlite Power Transmission Limited

In which we munch over the week's platter of news and views

Artificial intelligence, AI, machine learning

The company initially filed to go public in 2021, aiming for an IPO size of 84.3 billion Indian rupees ($1.02 billion), but delayed the share sale at that time

oyo, oyo hotels, OYO Rooms

Most sector PSUs ended FY23 with strong order books

rafale, IAF, fighter jet, defence

it sector

However, pilots and cabin crew will not be affected by merger, their salaries and benefits will be revised in next few days, says CEO Campbell Wilson

Campbell Wilson

Byju's acquired AESL in 2021 for about $1 billion. Since then, Byju's said AESL's revenue and profits tripled

It's also dialling back on ambitions to dive further into aluminium, steel and road projects, said people

AstraZeneca's Covid vaccine (manufactured and administered in India as Covishield) raised the risk of heart problem, and death by 3.5 times in young women in the first three months following

Covid vaccines

People holding leadership roles are now based out of Ahmedabad but their teams are working from Mumbai and the teams have to spend a substantial time travelling back and forth between the cities

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People

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