A foreign brokerage report predicts that the Indian economy will grow at a rate of 6.2% in the next fiscal year, citing favorable policy settings, positive credit momentum, and manageable macros. Despite external challenges, the growth is expected to be supported by these factors. Read more on the Economic Times.
Tamil Nadu is targeting to become a $1 trillion economy by 2030 and has set a roadmap for growth in sectors such as sustainable mobility, semiconductors, electronics, renewable energy, and GCCs. The state’s automotive industry is transitioning to alternative fuel technologies, while the focus on semiconductors aims to contribute 40% of India’s electronics exports. Tamil Nadu’s home-grown talent and historical leadership in renewable energy are additional drivers for growth.
Domino’s Pizza in India is doubling down on its efforts to compete with gourmet pizzerias and regional pizza players. The company is introducing new premium cheese varieties, toppings, and sauces for its gourmet range. It is also increasing sampling of the gourmet pizzas in key markets across the country. Domino’s is focused on bringing international quality and fast delivery to the market. The pizza chain is launching a new campaign aimed at Gen Z and millennials and is expecting India and China to be its major sources of international growth next year.
Spandana Sphoorty Financial, a microfinance lender, aims to achieve a growth rate of 23% in the next three to four years, increasing its assets under management to Rs 28000 crore by the end of FY28. The company plans to focus on customer acquisitions while keeping ticket sizes lower, with a ceiling of Rs 80000. It also aims to maintain the average ticket size per borrower at around Rs 36000. The lender’s non-performing assets ratio has decreased, and it has introduced new loan products.
US service sector activity picked up slightly in November to record an 11th straight month of expansion, according to survey data published Tuesday. The services index of the Institute for Supply Management (ISM) for November was 52.7 percent, up from 51.8 percent in October. The figure beat analysts’ expectations, and was above the 50-point threshold marking growth in the sector.
The September quarter earnings of companies across market capitalisation was largely better than expected, with a majority of them seeing robust growth in the profitability and bottomline amid easing cost pressures. At least seven companies, with a market capitalization of over Rs 500 crore, reported a net profit in the second quarter after posting losses in the three preceding quarters.
Several states are likely to miss their capital expenditure targets for the ongoing fiscal due to polls and fall in revenue, according to an analysis. A steep fall in revenue receipts will further lead to a major compression in state capex, says Icra Ratings Chief Economist Aditi Nayar.
Parle Products, the renowned biscuit maker, witnessed a growth slowdown of 4% in FY23, after experiencing consistent double-digit growth over the past three years. Despite the slowdown, Parle retained its position as India’s largest food company. The company’s net sales reached Rs 17,223 crore, while profits tripled to Rs 905 crore.
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The demand for warehousing has shown resilience marked with growth in lease rentals for logistic spaces across top eight markets during the half year ended September. Total 23 million sq ft space transacted in the first half ending September across the top eight markets represents a 10% on-year drop in volume.
