COST Financial News

Wipro Ltd, sub-contractor expenses as a percentage of revenue in the December quarter dipped to below or near levels that prevailed before the outbreak. At TCS, HCL Technologies, and Wipro, sub-contractor expenses accounted for 6.14%, 13.12%, and 11.61% of revenue in the third quarter, falling below 7.75%, 13.4%, and 14.49% they reported in the January-March period of 2020. At Infosys, these expenses were a tad higher at 7.89% at the end of December, against 7.32% in the March quarter of FY20.

India boasts of vast production capacity in one industry. The country is the world’s third largest exporter of its industrial products, which are essential for any economy to function. This is a distinction that no other sector in India can claim.

Explore Wall Street's expert insights with this ProResearch article, which will exclusively be available to InvestingPro subscribers soon. Enhance your investment strategy with ProPicks, our newest product featuring strategies that have outperformed the S&P 500 by up to 700%. This New Year, enjoy up to 50% off on a subscription to InvestingPro. In addition, take an extra 10% off a 2-year InvestingPro+ subscription with the code SFY24 or claim an extra 10% off a 1-year InvestingPro+ subscription with the code SFY241 . To ensure ongoing access to valuable content like this, step up your investment game with InvestingPro.

India will be among the first pilot markets for this plan, they said. P&G's operations in India are currently organised into four entities — P&G Health, Gillette (specialising in shaving products), P&G Health & Hygiene and P&G Home Products. The company may evaluate the possibility of having a more simplified operating structure that integrates portfolios and combines the heft of the supply chain with a leaner cost structure. This was internally announced on Thursday last week. P&G global CEO Joe Moeller has been seeking to transform the company's organisational structure to follow an «integrated growth strategy».

Manesar and Greater Noida in the NCR and Maharashtra Industrial Development Corporation (MIDC) in Thane are among the costliest locations to acquire land for building a warehouse, with prices ranging from '15-30 crore per acre, compared to the average price of '2-5 crore per acre in other top markets in the country, according to CBRE. Supply and absorption of warehousing space reached a new high as the pandemic propelled demand for e-commerce and retail, while FMCG continued to perform well, the real estate consultancy said. Total leasing in 2023 stood at 38.8 million square feet across eight cities, CBRE said in a report. «As we envision the future of the industrial and logistics sectors, this robust growth is a testament to the sector's resilience despite global economic challenges,» said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE. Total Industrial and Logistics (I&L) space supply hit a new peak of 36 million sq ft in 2023. The move towards more structured operational models in industries such as retail, FMCG, and manufacturing is spurring demand for efficient last-mile delivery solutions, leading warehousing firms to actively explore markets to meet this demand. During the year, I&L space leasing was predominantly steered by third-party logistics firms with a combined market share of about 45%. Within this sector, occupants from diverse industries such as ecommerce, retail, and manufacturing chose to outsource their supply chain operations to these firms. «Witnessing diverse occupancies in I&L leasing from 3PL, e-commerce, retail, and manufacturing sectors indicates streamlining supply chain operations.

Hubergroup India, a global printing inks and chemicals specialist, is in discussions with various lenders, including ICICI Bank, Axis Bank, HDFC Bank, Tata Capital, Axis Finance, and ICICI Prudential Credit Fund, to borrow ₹1,500 crore in working capital, amortising funds, and bullet loans at costs ranging from 9-14%. Part of the funds will be used to buy out businesses from its German parent. «Hubergroup India, one of the largest in manufacturing globally, is borrowing money to buy out many businesses from the German parent so that the Indian entity will become the flagship entity for the group,» a source said. While talks with ICICI Bank, HDFC Bank, and Axis Bank are ongoing, the finalisation is pending.

millennials and Gen Z in these two countries is once again driven by economics. Living with parents (LWP) reached an all-time high during the pandemic. But that merely gave LWP a 50% boost. 2021 US Census reports that 23 million (45%) 18-29-year-old Americans were living with parents.

(Reuters) -SolarEdge Technologies said on Sunday that it would lay off about 16% of its global workforce as it tries to reduce operating costs.

Shriram Finance (SFL) could replace UPL on the Nifty 50 index while Canara Bank is likely to replace Bandhan Bank on the 12 constituent Bank Nifty index at the semi-annual review of Nifty indices , which will take effect on 31 March . The inclusions could attract net inflow of $245 million to the SFL counter and a net inflow of $36 million to Canara Bank from domestic institutions and insurance companies. UPL could also see outflows of $107 million and Bandhan Bank of $39 million, said Abhilash Pagaria, head of quantitative research at Nuvama Wealth, in a note.

Tata Motors, India’s leading auto manufacturer, announced on Sunday, January 21, its decision to implement an average price hike of up to 0.7% on all passenger vehicles, including electric variants, with effect from next month. This increase will be effective February 1, 2024, and is being taken to partially offset the rise in input cost, Tata Motors said in a statement. The company is grappling with escalating input costs, despite reporting positive global wholesale growth earlier this month.

₹2.67 lakh in a micro-factory to ₹3.16 crore in a mega factory. These regulations may be driving an irrational location of factories. Factories should ideally go where land prices are lower.

Global shipping prices are continuing to rise as Houthi rebels keep up attacks on cargo vessels in and around the Red Sea. The disruptions are at a key point for ships passing through the Suez Canal and are creating ripples across supply chains in Europe and the U.S., delaying shipments and raising transportation costs. Average worldwide costs of shipping a 40-foot container rose 23% in the week through Jan.

Economic growth continues to defy expectations of a slowdown and recession due to continued increases in deficit spending.

Bombay High Court dismissed a public interest litigation (PIL) filed by four law students challenging the Maharashtra government's decision declaring a public holiday on January 22, on account of the Pran Pratishtha ceremony at Ram Lalla Mandir in Ayodhya, Uttar Pradesh, news agency ANI reported. The petitioners claimed that the holiday declared by the Maharashtra government was arbitrary and not in the power of the state govt to announce such a holiday.

Ahmedabad-Mumbai bullet train project, the Chief Representative of JICA India, Saito Mitsunori, said that the PM Gati Shakti plan has accelerated public works in the country. In an interview with PTI, Mitsunori also expressed Japan's interest in enhancing India's border road networks and participating in the transnational power transmission project with Bhutan, Nepal and Bangladesh.

Ayodhya (UP), The old idol of Ram Lalla, kept in a makeshift shrine, will be placed in front of the new idol which will be consecrated at the temple here on January 22, said Govind Dev Giri, the treasurer of Shri Ram Janmabhoomi Teerth Kshetra Trust. He also said that more than Rs 1,100 crore has so far been spent in constructing the Ram Temple and another Rs 300 crore might be needed to complete the work. A 51-inch Ram Lalla idol was placed in the sanctum sanctorum of the Ram temple last week.

Aleph Farms of Israel has received the preliminary green light from health officials to produce and sell the world's first steaks made from cultivated beef cells, not the entire animal

The federal agency in charge of emergency management is changing its program that helps those who survive wildfires, hurricanes and other natural disasters

Layoffs are hitting the world of retail especially hard this week

Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades, pushing homeownership out of reach for many Americans

Tata Motors on Sunday announced price hike across models including Electric Vehicles (EVs) effective from February 1, 2024. The company is set to increase prices by 0.7 per cent (on average) across its passenger vehicles portfolio to partially offset the rise in input costs.