The corporate results of first quarter of FY24 so far (excluding financial services firms) have reflected a substantial surge in profits but a decline in net sales,. Out of the 635 non-financial companies that have reported their results, the combined sales have decreased by 2.82% to reach ₹13.91 lakh crore, according to data from the CMIE. Remarkably, even Reliance Industries, the country’s largest revenue-generating company, faced a 4.69% drop in revenues, totaling ₹2,31,132 crore, alongside a 10.8% decrease in net profit, amounting to ₹16,011 crore.
Life was cruel for a has-been Bollywood starlet. Her days were numbered. Add to the misery was marriage to a benami NRI businessman who was down to producing/directing trash short films. Now, meet a couple posing to be early-stage investors on a popular TV channel who are supposedly blessed with business acumen and foresight and are in tight with a few VCs. Together with the starlet, they plan a heist.
The case for investment into Indian markets remains very strong. We are in the midst of new growth cycle and the earnings for the financial year that just went by have beaten almost everyone’s expectations.
Way back in 2008, he was stuck in a traffic jam in Mumbai and was reading the innumerable billboards alongside the highway. On one he saw a picture of a gleaming, oversized New York blue glass skyscraper apartment building with improbable hanging gardens on random floors. The advert was for an investment fund with a “guaranteed return of 20%”. At that moment it dawned upon him how messed up the market was. Within two weeks he was 90% in cash.
The recent promise for the markets and the economy all started in September 2019 with the cutting of Corporate tax rates. This event, which we’ve referred to in many of our write-ups in the past 24 months, is very significant because it marks a shift in government policy away from boosting share of labor compensation in GDP and towards boosting share of corporate profits in GDP.