Top headlines: Non-BFSI cos lag in Q3, El Nino & India's climate crisis

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As world economy looks beyond China, India steps up as a new powerhouse

India’s economic transformation is kicking into high gear. Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. The government is spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade. Read more...

Realistic approach: Budget 2023 likely to steer clear of populist measures

Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Read more...

Little to cheer for in Q3 early bird results; non-BFSI companies lag

The early bird results for Q3FY23 hint at a further slowdown in corporate earnings and revenue growth.

The combined net profit of 225 early bird companies across sectors was up 2.5 per cent year-on-year (YoY) in the third quarter of 2022-23 but this was the least increase in 10 quarters. These companies’ combined net sales in the October-December period were up 18.2 per cent — the most sluggish growth in seven quarters. Read more...

Hero Electric looks to raise nearly Rs 2,000 crore to drive expansion

Hero Electric is in search of strategic or financial investors to raise nearly $250 million (around Rs 2,000 crore) to fund its expansion plans, a senior company executive said. The company is not looking for mergers and acquisitions, but is open to having a strategic investor who can bring some technical expertise. Read more...

Record hot 2023? El Nino may add fuel to India's climate crisis

Planet-warming threshold of 1.5 degrees Celsius (1.5°C) is feared to be breached this year, triggering a cascading impact on India’s weather patterns, including the monsoon. A 1.5°C increase in the average Earth’s temperature is measured over a base of pre-industrial temperature. Read more...