 "q1 results, earnings, companies, india inc, corporate")
How rising vegetable prices upset household expenditure this monsoon
An average urban individual living in Delhi might be shelling out at least 84 per cent more due to rising vegetable prices, caused by low supplies and restricted availability. With the southwest monsoon continuing to inundate fields and farms in major growing centres, traders said the situation may not change in a hurry and vegetables will continue to cause some heartburn in the weeks to come. Read more...
As elections approach, a spate of welfare schemes in poll-bound states
On Sunday, the Telangana government notified financial assistance of Rs one lakh to each household of religious minorities in the state. The state government had earlier announced the scheme for Backward Castes, which it has now extended to minorities. With 75 days left before the Election Commission enforces the model code of conduct, state governments of four of the five poll-bound states have announced a spate of welfare schemes in the last few weeks. Read more...
Q1FY24 results: Revenue growth of early birds at a 10-quarter low
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies’ revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation. BFSI and IT were the only sectors that reported earnings growth in the first quarter. The 220 early-bird companies in the Business Standard sample accounted for nearly a third of the combined market capitalisation of all listed companies. Read more...
PLI scheme incentive outgo could be less than Rs 40,000 crore by FY25
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The total incentive outgo under the ambitious production-linked incentive (PLI) scheme is estimated to be less than Rs. 40,000 crore by the fiscal year 2024-25 (FY25), when it completes the fourth year of implementation, according to the government’s internal estimates. This means only a fourth of the allocated Rs. 1.97 trillion is expected to be utilised by the end of FY24, indicating that not all the 14 PLI schemes would have taken off fully. Read more...
Banks get 8 months to effect TCS on international credit card spend
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. Read more...
