Polar opposites: TCS says on track to hire 40,000 freshers in FY24, Infosys says not hiring this year
TCS' COO also noted that despite widespread layoffs in the tech sector since the end of 2022, TCS would not be conducting any large-scale layoffs. Subramaniam said, “There are no large-scale layoffs.” Key Points
Business TodayTata Motors to bolster sales infra as it looks to tap demand for EVs from smaller cities
In an analyst call, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra noted that EV adoption is now growing beyond the top 20 cities in the country. Tata Motors is looking to expand sales outlets in Tier II and Tier III cities in order to cater to the increased demand for its electric model range from such locations. Key Points
Economic TimesShipment from abroad stuck at ports after new payment system glitches
In a two series tweet, CBIC said CBIC has noted difficulties being faced by members of the trade in making duty payments over the customs automated system. It maybe noted that an upgraded and modern system of payment is live since 1/4/ 2023. Our technical teams are working overtime to fix some teething issues and the problems being temporarily noticed will be resolved at the earliest. . Key Points
Economic TimesMaruti Suzuki remains vulnerable to supply side bottlenecks as chip crisis continues: Rahul Bharti
The problem (chip shortage) is a global one..it could affect different models, different companies, different modules differently..all our efforts are to organise supplies through multiple sources, PTI quoted Maruti Suzuki India Executive Officer (Corporate Affairs) Rahul Bharti as saying in an analyst call. Key Points
Economic TimesTongues removed, jaws sliced but no blood spill: 6 cows found dead in Texas, probe underway
Texas authorities are baffled after six cows were mysteriously found dead along a rural highway with their tongues cut out. What mystified authorities more was no sign of blood spilled. Key Points
India Today
Moody's downgrades Vedanta as bond restructuring gets investor nod
Vedanta Resources had last week received investor consent to restructure about $3.8 billion of its outstanding corporate bonds. Moody’s said the company is likely to face material liquidity issues over the coming 24 months and the risk of default risk remains high Key Points
mintIndia’s growth could rise to 6.25-6.75% by 2030 owing to supply chain shifts and reforms: UBS
“Growth could rise to 6.25-6.75% YoY by 2030 under an optimistic scenario and 6.75-7.25% YoY under a blue-sky scenario, leading to job creation,” Tanvi Gupta Jain, chief India economist, UBS, noted. It pointed out that Vietnam and India were key contenders, given their advantage in low-cost manufacturing, scale and infrastructure. Key Points
Economic TimesBudget 2024: Buoyant tax revenues and expenditure rationalisation to help keep fiscal deficit target of 5.
Interim Budget: HSBC expects the central government to set a fiscal deficit target of 5.3% of GDP in FY25, with buoyant tax revenues and cuts in current expenditure. The government plans to bring the fiscal deficit down to 4.5% of GDP by FY26. Despite higher subsidy spending, the government is likely to meet the fiscal deficit target of 5.9% set for FY24 due to higher tax buoyancy. The government's spending on capital expenditure is expected to be lower than budgeted, contributing to deficit containment. HSBC also predicts that fiscal consolidation will lead to RBI delivering two rate cuts in FY25. Key Points
Economic TimesMobile numbers deactivated or disconnected on subscriber’s request not allocated for at least 90 days: TRAI to SC
Apex court was hearing a petition raising concern about alleged misuse of data. Mobile phone numbers once deactivated for non-usage or disconnected on the subscriber’s request are not allocated to new subscribers for at least 90 days, the Telecom Regulatory Authority of India (TRAI) has told the Supreme Court. Key Points
The Tribune IndiaIndia’s capex run to continue; resembles 2003-07 period: Morgan Stanley
Indias capex cycle is expected to continue its run, with the current uptick resembling the 2003-07 period when growth averaged 8.6%, Morgan Stanley said. Key Points
Economic Times
Gold likely to remain range-bound next week
US employers added 336k jobs versus the forecast of 170k jobs in September as a two-month payroll net revision was noted at +119k. The unemployment rate came in at 3.8%, which was slightly higher than the estimate of 3.70%. Key Points
Economic TimesIndia's manufacturing PMI slows in September marginally despite increased inflationary pressures: S&P Global
The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 57.5 in September from 58.6 in August. The PMI level has remained above the 50-level mark for 27 straight months. Key Points
Business TodayChile detects 1st case of bird flu in humans, 53-yr-old diagnosed with severe symptoms
Chile has detected a case of bird flu in human. The health authorities in the country have noted the virus can be transmitted from birds or marine mammals to humans, but there is no known human-to-human transmission. Key Points
India TodayOnly zero-emission cars can help tackle air pollution, reduce oil imports: Tata Motors
Tata Motors Passenger Vehicles Managing Director Shailesh Chandra stated that only zero-emission cars can contribute towards reducing air pollution, cutting fuel imports, and achieving net zero targets. He emphasized that hybrid cars do not align with these objectives, as they run on polluting fossil fuel and cannot be compared to pure electric vehicles (EVs). Key Points
Economic TimesGovt clarifies position on debt, says general govt debt will decline substantially in the medium to long t
The government noted that the IMF staff report had presented the figures as a worst-case scenario and was not a ‘fait accompli. “It is also noteworthy that the same report indicates that under favourable circumstances, the General Government Debt to GDP ratio may decline to below 70 per cent in the same period. Therefore, any interpretation that the report implies that General Government debt would exceed 100% of GDP in the medium term is misconstrued,” the ministry said. Key Points
Economic Times
Moody’s affirms India’s Baa3 rating with stable outlook
“Moody's expects India's economic growth to outpace all other G20 economies through at least the next two years, driven by domestic demand,” the rating agency said in justification of affirmation of Indias rating. The agency also lauded the governments efforts on infrastructure, which it noted, had led to improvements in logistic performance and quality of trade and transport-related infrastructure. Key Points
Economic TimesCAG will release more reports this year, explore new audit areas
Indias national auditor plans to explore new areas, including shipping and underwater extraction industries, to produce greater audit reports as it adopts digitalisation and data standardisation. Comptroller and Auditor General of India Girish Chandra Murmu noted that using drones and satellites had become integral to the process. The CAG had held a seminar with respective departments and ministries in this regard, which agreed to some level of standardisation. Key Points
Economic TimesIndia playing crucial role in advanced manufacturing: N Chandrasekaran
The Tata Sons chairman noted that companies are adjusting their supply chains to achieve a balance between resilience and efficiency. Additionally, Chandrasekaran emphasized the emergence of new global supply chain ecosystems, with India assuming a significant position in advanced manufacturing. Key Points
Economic TimesIndia to grow 6.5% in FY25, down from 6.9% this fiscal: Ind-Ra
India's economy is expected to grow by 6.5% in the fiscal year 2024-25, supported by sustained government capex, soft global commodity prices, and signs of growth in the private corporate capex cycle, according to India Ratings and Research. The forecast aligns with the International Monetary Fund's projection but is below the Reserve Bank of India's estimate of 7%. Key Points
Economic TimesScope for more collaboration with Europe: Ports, Shipping and Waterways Secretary
India's maritime sector has significant growth potential, and there's room for increased collaboration with Europe, said TK Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways. Speaking at the 2nd CII India Europe Business and Sustainability Conclave, he highlighted the India-Middle-East-Europe Connectivity Corridor's potential and opportunities for collaboration in shipbuilding and green ports. Key Points
Economic Times
Significant headwinds continue to prevail : RBI flags trade risks yet again
The Reserve Bank of India (RBI) has highlighted the challenges faced by Indian trade, citing a contractionary zone in PMIs for new export orders in December.The RBI also noted that retail inflation in India has gradually descended closer to the target, despite growth beating expectations. The central bank attributed India's growth to strong domestic demand. Key Points
Economic TimesK-shaped recovery narrative flawed and baseless: SBI Research
The State Bank of India researchers stated that nearly half of India's consumption will be carried out by the lower-income segment, comprising 90% of the population, by the end of the next decade. This prediction highlights the country's progress in bridging the inequality gap and challenges the notion of a flawed K-shaped recovery. According to the researchers, the post-pandemic period witnessed a significant shift in consumption patterns, with an additional Rs 8.2 trillion of consumption now being directed towards the lower end of the economic pyramid. Key Points
Economic TimesAudi planning to launch more 'affordable' EV models in India
Audi India Head Balbir Singh Dhillon told PTI that the company is working with global headquarters to get more models for India. The new models would be much more affordable than the current EV range which is being sold in the country, Dhillon stated. Key Points
Economic TimesIndia’s prospects brighter in 2024, retain fastest-growing spot: Assocham
Construction and infrastructure-related sectors have received a push, with the government capex spending rising so far in FY24. Meanwhile, The centres capex spending was up nearly 55% compared with last year between April- October, whereas states have spent 40% more from last year. Indias GDP expanded 7.6% in the second quarter due to double-digit growth in manufacturing and investment. Key Points
Economic Times‘Can’t incentivise bias against dark skin’ — Chhattisgarh HC dismisses man’s plea for divorce
Chhattisgarh HC noted that woman was subjected to abuse and deserted by husband owing to her dark skin. Woman had also alleged that she was abused and tortured by husband. Key Points
ThePrint
India's growth to slow down further to 6.1% in FY25
The Organisation for Economic Co-operation and Development (OECD) predicts that India's economy will slow down further to 6.1% in FY25 compared to the earlier projection of 6.3%. The slowdown is attributed to adverse weather-related events and a weakening international outlook. However, the OECD expects India's growth to pick up to 6.5% in FY26. Key Points
Economic TimesKeeping an eye on rupee & Fed policy, says FM Nirmala Sitharaman
Sitharaman noted that indicators within India are comfortably placed because of stable policies and predictable tax domains, but there are challenges in the form of weakening consumption in the West. Consumption is falling in many Western economies; it affects me because our exports are so dependent on the European market or the advanced economies' market, where demand is falling and exports will be adversely affected, she said. Key Points
Economic TimesWells Fargo sees economic "soft patch" capping further S&P 500 gains
An upcoming "economic soft patch" will likely weigh on the recent U.S. equity rally and stall sectors such as consumer discretionary and small-cap stocks, strategists at the Wells Fargo Investment Institute warned in a note on Monday. Key Points
ReutersAI will put an end to 'work', Elon Musk tells Rishi Sunak
Elon Musk noted that AI's disruptive nature would affect traditional jobs as we know them. He further speculated that as AI continues to evolve, a shift in the jobs landscape could raise questions about how individuals find meaning in life when work is no longer a necessity. Key Points
mintInfosys Q2 results: IT company’s headcount down 7,530 sequentially
CEO Salil Parekh noted that the company witnessed its highest large deals value at $7.7 billion in Q2. He also added that clients have continued to show interest in AI products and services Key Points
Business Today
India to have its first polar research vessel in five years: Union minister Kiren Rijiju
India is planning to get its first Polar Research Vessel (PRV) in the next five years, with an estimated cost of Rs 2,600 crore. The vessel is necessary to provide research and logistics for its three research stations in the southern continent. The proposal regarding the ship is expected to receive Cabinet approval during this financial year. India is in talks with countries that have the expertise to make such ships, but it would like to build it in India itself. The PRV will also serve as a research platform for scientists to undertake ocean research. Key Points
Economic TimesTop 10 Pieces of Advice From Warren Buffett’s Annual Letters to Shareholders
Warren Buffett, the CEO of Berkshire Hathaway, is one of the most successful investors of our time. But there is more to the Oracle of Omaha. Buffett is an amazing writer as well. Every year he writes an annual letter to the shareholders of Berkshire Hathaway. Key Points
Times of IndiaSensex crosses 61,000 after gaining over 460 points, Nifty reclaims 18,000
The S&P BSE Sensex rose 463.06 points to 61,112.44, while the NSE Nifty 50 settled 149.95 points higher at 18,065. The broader market indices also registered strong gains as volatility dropped sharply. Key Points
India TodayDistribution, pricing and reach key to India growth, says Nestle
The maker of Nescafe coffee and Maggi noodles also called out R&D centres in India, China, South East Asia and Africa markets, where it said it can innovate closer to consumers with agility. The company noted in its annual report that its Munch chocolate in India continues to appeal to consumers through affordable price point management' and an interactive digital campaign with the IPL. Key Points
Economic Times