HDFC Bank’s first quarter results at first seem to suggest all is well; with its net profit growing by 30.5% to Rs 606.1 crore. A closer look reveals that the bank’s core business is suffering from the after effects of the economic slowdown.
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Railways carry 10% more goods in June 2009
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In June 2009, the Indian Railways carried 9.6% more cargo at 71.5mn tonnes, compared to June 2008. That is the highest so far in the current fiscal and also much higher than the growth in full year 2008-09. Railway freight volumes give an inkling of how the basic industries are performing in an economy.
Filed under: Economy+Policy, Top News, Freight, Industries Outlook, Railways
High level ministerial team for infrastructure
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Infrastructure projects in India are now being executed in half the time it took some years ago. Well, that may well be the headline a few years down the line, if the government succeeds in yet another effort to speed up infrastructure projects in the country. The government has set up a big committee of ministers to oversee the process of approval and execution of infrastructure projects.
Filed under: Economy+Policy, Infrastructure & Construction, Top News, Government
India’s industrial output grows in May 2009
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A revival in industrial production is a healthy sign for the Indian economy, as it had turned negative in the recent past. With a question on agricultural output due to a late monsoon, it falls upon industry and services to contribute to the economy’s growth in 2009-10.
What:
- The index of industrial production for May 2009 has increased by 2.7%, doubling from its growth in April 2009.
- The manufacturing index, a keenly watched sub-indicator, grew by 2.5%.
Why:
Filed under: Companies, Top News, Economy Number Speak, IIP, industrial growth
Infosys June 2009 results a worry, currency fluctuations cushion earnings
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Infosys Technologies kicked off the earnings season on a positive note. Its results reflect a tough operating environment but exceeded its guidance and market expectations. The software major’s revenues declined by 2.9% over the preceding quarter to Rs 5,472 crore in the June 2009 quarter. Its net profit would have declined too but a 130% increase in other income kept net profit constant at Rs 1,915 crore. In dollar terms, its revenues declined by 0.1% sequentially and by 1.9% in constant currency terms.
Filed under: Companies, Information Technology, Top News, Infosys, Results
Budget 2009-10: Impact on Industry
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Income Tax
This was a big disappointment to those expecting a bagful of goodies from the Indian government, that the Union Budget 2009-10 would cut dividend distribution tax, corporate tax rates will be cut and so on. There was no change in the corporate tax rate.
Filed under: Companies, Top News, 2009-10, Income Tax, Policy From the Government, Union Budget
Individuals and the Budget: No major tax reliefs, no major pain
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There was little to cheer for the individual tax payer in the 2009-10 Union Budget. The view perhaps is that the burden on him has been lowered substantially in the past few years. Hence, there is no reason to do a lot this year.
Filed under: Economy+Policy, Top News, 2009-10, Income Tax, Tax, Union Budget
India’s Union Budget 2009-10: First Impressions
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Overall Impact
The Union Budget 2009-10, as Pranab Mukherjee mentioned, is one of continuity. No major new schemes. No major tax changes. No change in the thinking of the government with respect to the fiscal deficit. No major reforms announced in the Budget, either. The initial impression one gets is that the government is hoping that the external environment will improve, domestic demand will pick up and lift the economy out the trough.
Filed under: Economy+Policy, Top News, Fiscal Deficit, India, Industries Outlook, Pranab Mukherjee, Union Budget
Rail Budget: finances go off track
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Today, the Railway Budget 2009-10 was presented by the railway minister Mamata Banerjee. It was her maiden budget and she left no stone unturned to announce populist schemes, the hallmark of every rail minister. When the times were mostly good, as in the previous government’s tenure, it didn’t pinch but in a slowing economy, it is undoing the strong position the railways made for itself in the past five years.
Filed under: Economy+Policy, Top News, Economy Number Speak, Mamata Banerjee, Railway Budget, Railways
Fuel inflation: Petrol and diesel prices hiked
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It is not the first time that the government has hiked petrol and diesel prices in the run-up to the budget. On July 1, the government announced a Rs 4/litre increase in petrol prices and Rs 2/litre for diesel. That amounts to a price hike of 10% and 7% respectively.