COST Financial News

By Paul Lienert and Joseph White

India's Cyient Ltd reported a 45% rise in quarterly profit on Tuesday that just missed analysts' estimates as rising expenses at the engineering and IT services company offset strong order pipeline and demand recovery in some sectors. The Hyderabad-based company reported a 45% rise in consolidated net profit of 1.68 billion rupees ($20.53 million)for the first quarter ended June 30th 2023, compared with 1.16 billion rupees a year ago. Analysts, on average, were expecting Cyient to earn 1.73 billion rupees ($21.14 million), as per Refinitiv data.

(Reuters) -UPS has reached a tentative five-year labor deal with the Teamsters Union that represents about 340,000 U.S. workers at the parcel delivery firm, the company said, sending its shares up 2.3% on Tuesday.

₹8,000-10,000 per year to file returns correctly. I receive many queries from holders of foreign stocks (including in the form of ESOPs, or employee stock options), who, despite being told the complexity of income tax return (ITR) filing and the implications of improper disclosure, look for people who can do this at low cost. This is simply being penny wise and pound foolish! The omission of disclosure of foreign assets invites a ₹10 lakh penalty, and inaccurate filing comes with 30% additional tax and penalties.

My previous column (bit.ly/3O1XGqi) had presented empirical evidence on the political business cycle to show how economic life vibrates to the rhythms and rituals of politics. That policymaking is influenced by the forces of realpolitik is clear. To truly understand this, we require a model of the political economy where policy takes shape.

Ajmera Realty & Infra India Ltd (ARIIL) has reported 82% year-on-year growth in net profit of Rs 21 crore for the quarter ended June. Revenue for the quarter rose 113% from a year ago to Rs 118 crore. The listed developer sold over 1.35 lakh sq ft space valued at Rs 225 crore during the quarter while recording collections worth Rs 111 crore.

pharmaceutical exports this fiscal year are set to grow nearly twice as fast as last year to hit sales of $27 billion, driven by strong U.S. buying, a government-backed trade body told Reuters, despite deaths linked to Indian-made cough syrups. The robust forecast comes against the backdrop of earlier concerns from the government that last year's deaths of dozens of children in Gambia, which the World Health Organization (WHO) linked to drugs made in India, had «adversely impacted the image of India's pharmaceutical products across the globe». Two other cough syrups made in India killed 19 children in Uzbekistan around December, according to the Uzbekistan government. India is the world's third largest maker of drugs by volume after the United States and China, and senior pharma trade official Udaya Bhaskar said the country was too big a player for buyers to move away because of «these aberrations» in Gambia and Uzbekistan. «As far as the Gambia and Uzbekistan incidents are concerned, if you see in terms of the image of the country, there is a dent,» Bhaskar, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), told Reuters on Tuesday.

For the June quarter, the bank is expected to report a 45.4% year-on-year (YoY) growth in net profit to Rs 5,999 crore, according to the average of estimates given by 14 brokerages. Net interest income — the difference between interest earned and interest expended — is expected to increase 28% YoY to Rs 11,981.4 crore. The private sector lender is scheduled to release its earnings on Wednesday.

wealth creation is to buy a property. However, according to Capital Mind CEO Deepak Shenoy, more money can be made in markets with far less hassle than in real estate. The founder and CEO of Bengaluru-based Capital Mind, revealed how his own mother had to struggle for two years to evict a defaulting tenant who refused to pay after the very first month.

The U.S. presents many obstacles to crypto companies, with a multiplicity of federal and state regulatory agencies having real or potential jurisdiction over the industry. Its unique political environment has contributed to more governmental skepticism toward crypto than is seen in other countries, and high-profile punitive actions by the Securities and Exchange Commission are making many crypto companies nervous about maintaining a foothold in the U.S.

(Corrects free cash flow figure in paragraph 5 to $5.6 billion from $8 billion)

By Lucinda Elliott, Anna-Catherine Brigida and Rodrigo Campos

Goods and Services Tax, for unnecessarily delaying a case, terming their conduct as «highly improper.” While imposing a cost of Rs 5,000 on the authority for causing harassment to Jupiter Exports for issuing a tax demand notice without granting a personal hearing, a bench comprising justices Amit Mahajan and Vibhu Bakhru said that the revenue authorities had wasted two years of judicial time by just seeking adjournments on the pretext of filing a counter affidavit. “The order be also sent to the Commissioner of GST, Department of Trade and Taxes, Vyapar Bhawan, IP Estate, New Delhi, for necessary information and compliance and if it is found that there is dereliction of duties on the part of the concerned officer, appropriate action for recovery of the amount from the salary of the officer be taken, the order stated.

Snack company Mondelez India is expanding its manufacturing plant's capacity at Sri City in Tirupati district and Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy virtually took part in the foundation stone-laying ceremony on Tuesday. With an investment of Rs 1,600 crore, this project, first announced during the Global Investors Summit (GIS) in Visakhapatnam is taking off now.

Investing.com — U.S. futures edged higher Tuesday, as investors digest a deluge of corporate earnings ahead of a key Federal Reserve meeting.

milk products in the country. The milk procurement has increased in June 2023 by 5.6 per cent compared to last year," Fisheries, Animal Husbandry and Dairying Minister Parshottam Rupala said in a written reply to the Lok Sabha. The department periodically reviews the milk situation in the country, he said. «Based on the inputs received from major dairy cooperatives, the stock of Skimmed milk powder has increased from 1,16,002 tonnes to 1,30,000 tonnes during May 2023 to June 2023,» Rupala said. The Department of Animal Husbandry & Dairying does not regulate the procurement and sale prices of milk in the country, the minister added. «Prices are decided by the cooperative and private dairies based on their cost of production and market forces. Wholesale Price Index of fodder is in decreasing trend and it was 248 in January 2023, 237.4 in April 2023 and has moderated to 222.70 in June 2023. With the ensuing monsoon season, green fodder availability has improved,» Rupala said.

Bengaluru’s eateries are expected to hike rates by 10% from August in the wake of rising fuel, gas and milk prices, said the Bruhat Bangalore Hotel Association (BBHA). ET has learned that the association is set to meet Central and state ministers next week to discuss commodity price control. Hoteliers in the city have been warning about a potential price hike for a month, with rising commodity costs.

ICRA said it expects the revenues of its sample set of 25 Indian pharmaceutical companies which account for 60% of the overall Indian pharmaceutical industry to grow by 7-9% in FY24. The revenue growth will be primarily supported by 8-10% expansion in the domestic formulation market and 6-8% growth in the US, while revenues from Europe and emerging markets are expected to rise by 3-5% and 8-10%.

New Delhi: India’s plan to use the rupee for trade transactions with the UAE could unlock major trade opportunities and reduce conversion costs for small businesses, according to commerce and industry minister Piyush Goyal on Tuesday. “By implementing the Rupee currency in UAE trade, we aim to open vast trade opportunities while addressing the 5-6% costs incurred otherwise in currency conversion, impacting MSMEs significantly," said Goyal, highlighting the strategic importance of this decision.

Larsen & Toubro (L&T) reported robust financial results for the quarter ended June 30, 2023. The company achieved a 34% YoY growth in consolidated revenues, reaching ₹47,882 crore, with international revenues contributing 40% of the total. The total consolidated Profit After Tax (PAT) stood at ₹2,493 crore, marking a significant increase of 46% compared to the same quarter of the previous year.

Retail milk prices that have shot up nearly 22% in three years, including about 10% in the last one year, are expected to increase further in the coming three-four months as feed and fodder prices are on the rise amid the monsoon deluge. The Department of Animal Husbandry & Dairying does not regulate procurement and sale prices of milk in the country.