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Q4 manufacturing outlook positive: Ficci survey

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New Delhi, March 11: The outlook for the country’s manufacturing sector for the current fourth quarter (Q4) ending March 31 is positive, industry chamber Ficci said on Sunday.

Ficci cited an increased percentage of its survey respondents reporting higher production in the ongoing quarter as compared to the previous one.

Releasing its latest quarterly survey on Indian manufacturing, Ficci said the positive outlook for the sector in the fourth quarter (January-March) has increased significantly to 55 per cent from 47 per cent in October-December 2017.

“This positive outlook is notable as Q-4 2017-18 witnessed the highest percentage of respondents (55 per cent) expecting higher production since Q-2 of 2016-17,” said a Ficci statement.

“The percentage of respondents reporting low production has also come down to 11 per cent in the fourth quarter from 15 per cent in Q3 of 2017-18.”

Ficci’s latest survey assessed the expectations of manufacturers for the current quarter in 12 major sectors while responses were drawn from over 300 units in large as well as small and medium (SME) segments, with a combined annual turnover of over Rs 3 lakh crore.

“In terms of order books, 51 per cent of the respondents in Q4 are expecting higher number of orders as against 42 per cent of Q3 which again is a sign of revival,” the survey said.

According to Ficci, there are “visible signs of revival in capital goods and improvement is seen in export outlook also”.

“The future investment outlook remains pessimistic as 64 per cent respondents reported that they are not planning any capacity additions for the next six months,” the industry body said.

“High raw material prices, low domestic and export demand, exchange rate appreciation, increasing imports, excess capacities and shortage of working capital finance are some of the major constraints which are affecting expansion plans of the respondents.”

Noting that overall capacity utilisation in manufacturing remains low, the survey reported that “the average capacity utilisation for the manufacturing sector is about 77 per cent for Q3 2017-18 which is similar to that of Q2”.

The outlook for exports is marginally positive as 47 per cent of the participants are expecting a rise in exports during the quarter in consideration.

“Rupee appreciation has also affected exports during Q3 as 80 per cent of the respondents reported that the exports were affected by upto 5 per cent due to rupee appreciation,” Ficci said.

“Hiring outlook for the sector remains subdued in the near future as 70 per cent of respondents mentioned that they are not likely to hire additional workforce in next three months.”

Reflecting the rising inflation, the survey reported that the cost of production as a percentage of sales “has risen significantly for 62 per cent respondents in Q3 2017-18.

“This is primarily due to increase in cost of raw materials, increased wages, power cost and higher GST rates on certain products.”

IANS

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Sensex slips 160 points after opening in the green

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Mumbai, Sep 26: The key Indian equity indices traded on a negative note during the afternoon session on Wednesday after they opened on a positive note, with the S&P BSE Sensex losing around 160 points so far.

Investors were cautious ahead of the US Federal Reserve’s monetary policy meet later in the day, analysts said.

Selling pressure was witnessed in the auto, FMCG and IT stocks.

At 12.57 p.m., the NSE Nifty50 traded at 11,039.75 points, lower by 27.70 points or 0.25 per cent from the previous close.

The BSE Sensex, which had opened at 36,936.64 points, traded at 36,492.59 points, down 159.47 points or 0.44 per cent from the previous close of 36,652.06 points.

So far, it has touched an intra-day high of 36,938.74 points and a low of 36,416.34.

IANS

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Post-2014, India ‘richer’ by 601 new billionaires, Mukesh Ambani on top

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Mumbai, Sep 25 : India added a whopping 601 new billionaires since 2014, with Reliance Industries Ltd Chairman Mukesh Ambani topping the ‘Barclays Hurun India Rich List-2018’ for the seventh consecutive year with an estimated wealth of Rs 371,000 crore.

As per the report, in 2014, there were 230 billionaires or multi-billionaires, which shot up to 831 in the 2018 in the BHI Rich List.

Earlier, in 2012, the figure was a modest 59 billionaires, which climbed to 141 in 2013. But after notching 230 billionaires in 2014, the list has grown phenomenally with 296 (2015), 339 (2016), 617 (2017) and now 831 billionaires in 2018.

Similarly, the number of USD billionaires in India in the past seven years at the prevailing exchange rates has shot up from 59 (2012) to 141 (2018) as the USD’s value grew from INR 55.60 to INR 68.40 during the period.

Among women, there was only one self-made billionaire in 2013, which increased to 11 in 2018. Women multi-billionaires shot up from just five in 2013 to 136 this year.

The cumulative wealth of these 831 individuals featured in the latest list stands at USD 719 billion, or one-quarter of the Indian GDP of USD 2,848 billion as per the IMF’s April 2018 estimates.

After Ambani, next comes S.P. Hinduja and family of Hinduja Group with estimated wealth of Rs 159,000 crore, Arcelor-Mittal’s L.N. Mittal and family at Rs 114,500 crore in the top bracket.

Following them are: Wipro’s Azim Premji at Rs 96,100 crore, Sun Pharmaceuticals Ltd’s Dilip Shanghvi at Rs 89,700 crore, Kotak Mahindra Bank’s Uday Kotak at Rs 78,600 crore, Serum Institute of India’s Cyrus Poonawalla at Rs 73,000 crore, Adani Group’s Gautam Adani and family at Rs 71,200 crore, Shapoorji Pallonji Mistry’s Cyrus P. Mistry at Rs 69,400 crore,

Five of the Top 10 belong to Maharashtra, one each from Gujarat and Karnataka, two are London-based and one is in Monaco, as per the rich list.

As expected, the country’s commercial capital Mumbai tops the billionaires’ list with 233 names, followed by New Delhi at 163 and IT capital Bengaluru at 70, said Barclays Private Clients CEO S.N. Bansal.

The annual list is a compilation of the super-richest Indians having a net worth of Rs 1,000 crore or more. This number has increased by a staggering one-third – from 617 in 2017 to 831 in 2018, said Hurun Report India’s Managing Director Rahman Junaid.

While 306 new entrants made it to the list this year, 75 of those featured in 2017 failed to find a place in the super exclusive club this year.

“The Indian edition of the list is the fastest growing rich list in the world, highlighting the optimism of a young, vibrant and ambitious country,” Junaid pointed out.

As far as top wealthy business clans are concerned, more than 50 percent of the businesses listed in the 2018 rich list belong to just 10 Indian families – Ambani, Godrej, Hinduja, Mistry, Shanghvi, Nadar, Adani, Damani, Lohia and Burman.

Four of these family-run businesses are in the first-generation and second generation, one is in third generation and one in fifth generation of operations.

“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than before,” said Bansal at the report launch.

IANS

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Rupee extends losses, nears 73 against Dollar

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New Delhi, Sep 25: The Indian rupee slipped in the early trade on Tuesday. It weakened by 33 paise to 72.82 against the US dollar. 

The rupee closed at 72.63 against the greenback on Monday.

The key Indian equity indices opened on a negative note today, owing to a weak rupee and rising crude oil prices.

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