Narayana Murthy ko gussa kyon aata hai?
NR Narayana Murthy, Executive Chairman, Infosys, appears to be unhappy with his company's performance. Saying he is "not happy" with the company's performance over the last couple of years, Murthy indicated that the turnaround at Infosys might be a long-drawn-out affair. "We could have done a better job in executing Infosys 3.0 strategy," he said adding that revenue growth could be between 11.5% and 12% for the current year and most likely at the lower end of this band. This guidance is much lower than the ~13% growth what Nasscom has predicted for the IT industry. Infosys ADR shut shop at $56.01, down 6.1%. The Indian stock which closed marginally lower on Wednesday could see some knee-jerk reaction as it opens today. "The growth rate was 5% in 2012-13 as compared to an industry growth of 11%," he added. He said that the company's operating margin which was 29.5% in FY11 and as of date, it is 23.5% for the current year. However, it went up to 25% during the third quarter of the current financial year. While most investors pounced on IT companies to ride the rupee depreciation, Murthy admits Infosys hasn’t been able to cash in on the rupee depreciation and operating margins for the year to date stand at 23.5%...Read More
Jan IIP at 0.1%
The General Index for the month of January 2014 stands at 182.2, which is 0.1% higher as compared to the level in the month of January 2013. The cumulative growth for the period April-January 2013-14 over the corresponding period of the previous year stands at 0.0%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2014 stand at 136.5, 192.3 and 171.1 respectively, with the corresponding growth rates of 0.7%, (-) 0.7% and 6.5% as compared to January 2013 (Statement I).
The cumulative growth in the three sectors during April-January 2013-14 over the corresponding period of 2012-13 has been (-) 1.5%, (-) 0.4% and 5.7% respectively. In terms of industries, eleven (11) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown positive growth during the month of January 2014 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Medical, precision & optical instruments, watches and clocks’ has shown the highest positive growth of 17.6%, followed by 15.2% in ‘Electrical machinery & apparatus n.e.c.’ and 14.4% in ‘Wearing apparel; dressing and dyeing of fur’. On the other hand, the industry group ‘Radio, TV and communication equipment & apparatus’ has shown a negative growth of (-) 28.2% followed by (-) 14.0% in ‘Motor vehicles, trailers & semi-trailers’ and (-) 9.5% in ‘Fabricated metal products, except machinery & equipment’...Read More
February WPI eases to nine-month low of 4.68%
Wholesale prices-based inflation eased to a nine-month low of 4.68 per cent in February, mainly on account of moderating food prices. The annual rate of inflation, based on monthly WPI, stood at 4.7% (Provisional) for the month of February 2014 as against 7.3% in February 2013. Compared with the inflation rates in the last six months, the number of 4.7% has been the lowest. The WPI after increasing continuously from August to November declined in the months of December and January.
In January, wholesale prices, long seen as the country's main inflation measure, rose 5.05 per cent. Primary articles inflation declined sharply from 10.5% in February 2013 to 6.3% in February 2014. Food inflation moderated to 8.1% as against 11.9% in February 2013. Rate of inflation within the vegetables basket moderated to 4.0% from 19.9% earlier. Prices of potatoes declined to 8.7% as against 50.1% in February 2013. However, onion prices registered a negative growth in inflation (-20.1%) as against 182.7% in February 2013. Prices of milk increased by 8.4% (4.5%), while rate of inflation for Cereals declined to 9.1% (18.6%). Inflation in the Non food articles segment moderated to 5.1% as against 10.7% in February 2013...Read More
February CPI at 8.1%
Provisional annual inflation rate based on all India general CPI (Combined) for February 2014 on point to point basis (February 2014 over February 2013) is 8.10% as compared to 8.79% (final) for the previous month of January 2014.
The corresponding provisional inflation rates for rural and urban areas for February 2014 are 8.51% and 7.55% respectively.
Inflation rates (final) for rural and urban areas for January 2014 are 9.35% and 8.09% respectively.
February trade deficit at $8.13 bn
EXPORTS (including re-exports)
Exports during February, 2014 were valued at US $ 25688.94 million (Rs.159858.16 crore) which was 3.67 per cent lower in Dollar terms (11.47 per cent higher in Rupee terms) than the level of US $ 26668.77 million (Rs. 143407.85 crore) during February, 2013. Cumulative value of exports for the period April-February 2013 -14 was US $ 282777.02 million (Rs 1712422.41 crore) as against US $ 269859.25 million (Rs 1468159.38 crore) registering a growth of 4.79 per cent in Dollar terms and growth of 16.64 per cent in Rupee terms over the same period last year.
Imports during February, 2014 were valued at US $ 33819.14 million (Rs.210451.11 crore) representing a negative growth of 17.09 per cent in Dollar terms and a negative growth of 4.06 per cent in Rupee terms over the level of imports valued at US $ 40791.98 million (Rs. 219353.56 crore) in February, 2013. Cumulative value of imports for the period April-February, 2013-14 was US $ 410863.28 million (Rs. 2474626.88 crore) as against US $ 449788.89 million (Rs. 2446387.26 crore) registering a negative growth of 8.65 per cent in Dollar terms and growth of 1.15 per cent in Rupee terms over the same period last year...Read More
Domestic car sales rise 1.4% in February: SIAM
According to SIAM data, Domestic passenger car sales increased 1.39% to 1,60,718 units in February from 1,58,512 units in the year-ago month.
The Motorcycle sales climbed 5.39% to 8,43,307 units from 8,00,165 units a year earlier, reported SIAM.
While Sales of commercial vehicles wal also down by 29.84% to 47,982 units in February.
Total two-wheeler sales in February rose 9.69% to 12,20,012 units, SIAM said.
We do not respond to baseless rumours: says Crompton Greaves
Founder of Avantha Group Gautam Thapar wants to sell his stake in Crompton Greaves to an overseas buyer, according to a media report. However, the company has issued a statement saying, "As a policy across Avantha Group, we do not respond to baseless rumors and speculations." Gautam Thapar belongs to the third generation of the business family founded by his grandfather Karam Chand Thapar in Kolkata. The $4 billion Avantha Group has business interests in diverse areas, including pulp and paper, power transmission and distribution equipment and services, food processing, farm forestry, chemicals, energy, infrastructure, information technology (IT) and IT-enabled services. Group companies include Crompton Greaves and BILT. Thapar wants to sell his controlling 42.7% stake to an overseas company seeking to enter the Indian power transmission and distribution sector, the report stated adding that the promoter had considered various options to raise funds and found selling stake in Crompton Greaves was the best option...Read More
MCX-SX elects Thomas Mathew as Chairman
The MCX-SX board today elected Thomas Mathew, Former Chairman LIC as the Chairman of the exchange & Ashima Goyal, Professor at Indira Gandhi Institute of Development Research (IGIDR) as the Vice Chairperson of the exchange. The board dismissed speculative reports claiming that several board members are likely to put in their resignations. Saurabh Sarkar, MD & CEO, MCX-SX stated that "The board meeting was as per the schedule and planned one month in advance. G K Pillai the outgoing Chairman has played a key role in ring-fencing the exchange at a critical juncture and helped bring stability to the exchange. All other directors continue to be on the board and we look forward to guidance from Thomas Mathew T. and Dr. Ashima Goyal" GK Pillai the outgoing Chairman stated that "I am happy to state that MCX-SX is run by a professional management team and has an eminent board. I took charge of the exchange at a time when it had several challenges. However, in the last few months we have managed to appoint a new board and MD & CEO to take charge of the exchange. The ongoing rights issue is on track and we have received confirmation from several shareholders for participation. We have also been successful in rationalizing costs in a significant manner, which will improve our balance sheet in times to come. It was a wonderful experience to work with the team and I am stepping down due to personal reasons."...Read More
Indian employers predict vigorous hiring pace
The second-quarter 2014 Manpower Employment Outlook Survey, released by ManpowerGroup, indicates that the headwinds encountered in many global labor markets may be moderating amid numerous signs of measured optimism among employers globally.
This quarter's research of over 65,000 hiring managers across 42 countries and territories reveals:
Largest Gains in Hiring Plans in Nearly Six Years: Staffing levels are expected to increase in 38 of 42 countries and territories. Outlooks strengthen in 26 out of 42 countries and territories quarter-over-quarter and weaken in 11. When compared to one year ago, the hiring pace is expected to be stronger in 28 countries and territories and weaker in 11.
Where Hiring Plans are Strongest: The strongest hiring intentions are reported by employers in India, Taiwan, New Zealand, Turkey and Costa Rica. Conversely, the weakest — and only negative — forecasts are reported by employers in Italy, the Czech Republic and France.
Signs of Stabilization in Europe: Employers in 20 of 24 Europe, Middle East and Africa (EMEA) countries forecast workforce growth during the next three months, while staffing levels are expected to decline in three countries. Hiring prospects improve in 17 countries quarter-over-quarter, but decrease in seven. Year-over-year, the Net Employment Outlook is stronger in 17 countries but weaker in five. Employers in both Irelandand Spain report their first positive hiring forecasts since 2008. The recovery in the Greek labor market is expected to continue...Read More
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