Home Blog Page 10445

Hughes India predicts increased competition and affordability in Satcom market post new policy

Satellite-based broadband services will become more competitive and affordable in India following the announcement of the government’s new spacecom policy, according to Pranav Roach, President of Hughes Network Systems India. Roach said the investment going into developing affordable broadband services was creating capacity, which, in turn, was reducing prices globally. However, India had been a capacity-starved market, resulting in disproportionately high prices. Roach added that the policy would enables more equitable access and that high-throughput satellites (HTS) and low Earth orbit (LEO) constellations would help make affordable bandwidth available to Indians in the future.

Third Consecutive Monthly Drop in India’s Bond Yields as Inflation Eases

Indian government bond yields have fallen for the third consecutive month due to easing inflation. The benchmark 7.26% 2033 bond ended at 6.9874% on Wednesday, a new low in over 13 months. The 10-year benchmark yield dipped 13 basis points in May, after falling 20bps in April and 15bps in March; its biggest monthly fall since February-April 2020. The reduction comes amid easing commodity prices and inflation, giving investors confidence to go long, as the rate hike cycle of the Indian central bank appears to be over. India’s retail inflation fell to 4.70% in April, with economists predicting comfortably lower readings over the next few months, including May’s reading which is expected to drop to around 4.2%. Traders now await India’s growth data releasing later in the day, which is expected to show the economy grew by 5% in the January-March quarter, from 4.4% in the previous quarter.

ICICI Securities Primary Dealership’s Head of Trading, Naveen Singh, believes that the decrease in bond yields is due to a reduction in commodity prices and inflation. The Indian central bank has also implied that its rate hike cycle is coming to an end, which has given confidence to investors to go long.

The benchmark 7.26% 2033 bond ended up at 6.9874% on Wednesday, a new low in more than 13 months. The reduction comes amid easing commodity prices and inflation, giving investors confidence to go long, as the rate hike cycle of the Indian central bank appears to be over.

India’s GDP growth exceeds RBI estimate, reaches 7.2% in FY23

India’s Gross Domestic Product (GDP) has exceeded expectations, registering a growth rate of 7.2 per cent for the entire fiscal year 2022-2023 (FY23). This figure has surpassed the Reserve Bank of India’s (RBI) estimate of 7 per cent, reflecting a robust economic performance.

The latest data released by the National Statistical Office reveals that India’s GDP growth gained momentum in the January-March quarter, with an impressive expansion of 6.1 per cent, marking a significant improvement compared to the previous quarter’s growth rate of 4.4 per cent. Notably, the growth rate during this period surpassed earlier estimates, as the RBI had initially projected a growth rate of 5.1 per cent.

During FY23, the agricultural sector grew by 5.5 per cent, whereas the mining sector witnessed substantial expansion, recording a remarkable growth of 16.3 per cent. The construction sector also performed well, registering a growth rate of 10.4 per cent.

This impressive growth in India’s GDP indicates an upward trend and reflects positively on the country’s economic potential. It may attract foreign investors and increase confidence in India’s market, which could further fuel economic growth.

It is important to note that India’s economy has had to overcome several challenges, including the COVID-19 pandemic and associated lockdowns, as well as disruptions in global supply chains. Despite these challenges, India’s economy has managed to perform impressively, demonstrating resilience and adaptability.

Overall, the latest statistics reveal positive signs of growth and development in India’s economy, reflecting a promising future for the country.

[Company mentioned: The article does not mention any specific company.]

[Person mentioned: The article does not mention any specific person.]

Sebi revokes Karvy Stock Broking’s registration for misusing clients’ funds

The Securities and Exchange Board of India (SEBI) has cancelled the registration of Karvy Stock Broking Ltd (KSBL) for misusing clients’ funds and securities. SEBI found that Karvy transferred funds from clients’ accounts to its own accounts and then to its group companies. The firm also raised funds by pledging clients’ securities and failed to settle clients’ funds and securities. Karvy has been declared a defaulter and expelled from the Bombay and National stock exchanges. SEBI previously barred Karvy and its promoter Comandur Parthasarathy from the securities market and imposed a penalty of Rs 21 crore ($2.8 million) for misappropriating client funds by misusing the Power of Attorney given to it.

Government appoints Ashwani Kumar as MD of UCO Bank

The Indian government has appointed Ashwani Kumar as the managing director of UCO Bank. He will replace Soma Sankara Prasad whose term has ended. Kumar is currently an executive director of Indian Bank and previously served as the chief general manager of Punjab National Bank. He is a chartered accountant with experience working in various offices of five public sector banks. The central government has appointed him as the managing director and chief executive officer of UCO Bank for a three-year term beginning June 1, 2023, or until further orders. It is expected that he will bring his diverse experience in the banking sector to help UCO Bank thrive in the future.

At Least 9 Dead After Rain and Hailstorm Hits Parts of Sindh and Hyderabad, Pakistan

Heavy rains and hailstorms have caused at least nine people to lose their lives in different parts of Sindh, Pakistan. Hyderabad and Sindh regions have witnessed heavy rainfall with lightning, gusts of wind, and hailstorms, resulting in property damage and loss of lives. The Hyderabad Electric Supply Company’s energy system was also impacted, leaving millions without electricity for hours. The severe weather in Kotri City caused the collapse of a wall, killing three children and injuring seven others. Additionally, six others died after being struck by lightning in the Tharparkar district.

ARY News, a Pakistani news channel broadcasting in English and Urdu, reported on the tragic incidents caused by the heavy rainfall.

India’s Q4 GDP Rises to 6.1%, Fiscal Deficit Narrows to 6.4% of GDP YoY

India’s National Statistical Office (NSO) has released the country’s Gross Domestic Product (GDP) data for the January-March quarter (Q4FY2023). The results exceeded expectations, revealing that GDP growth rose to 6.1% during this period compared to the 4.4% growth rate seen in the previous quarter (Q3). Overall, the economic growth for the fiscal year (FY23) was better than expected, with a growth rate of 7.2%, compared to a predicted growth of 5.5% for Q4. The Controller General of Accounts (CGA) also released the fiscal deficit data for FY23 during this time, indicating a narrowing of the fiscal deficit to 6.4% of the GDP year on year (YoY). This was aided by buoyant tax receipts and lower payments, which helped to meet budget gap targets. The Indian government is targeting further deficit reductions for the fiscal years 2023-24 and aims to reach a fiscal deficit level below 4.5% of the GDP by 2025-26.

There is no specific person mentioned in the article and no need for step-by-step instructions. The article is focused solely on reporting recent economic developments in India.

Kerala Government Increases Purchase Limit from Startups to INR 3 Crore

The Kerala government has increased the ceiling on the purchase of products and services from startups registered with the Kerala Startup Mission (KSUM) from INR 1 crore to INR 3 crore in an effort to boost the state’s startup ecosystem. This move will help various government departments, public sector undertakings (PSUs), boards, corporations, and local self-government (LSG) institutions to leverage innovative technology solutions from startups. Startups that have completed three years from the date of their registration or three years from the date of the product approval by KSUM are eligible for the benefits of the scheme. The state-run agency has launched a flagship project called ‘Government As a Marketplace for providing the innovative services and products of startups to government departments.

Kerala Startup Mission (KSUM) is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state. Anoop Ambika is the CEO of KSUM.

The government’s move to increase the ceiling on the purchase of products and services from startups will help boost the startup ecosystem in the state of Kerala. This will allow various government departments and institutions to leverage innovative technology solutions from startups for their operations. Kerala Startup Mission (KSUM) plays a vital role in promoting entrepreneurship and incubation activities in the state, which will benefit from this move. Anoop Ambika, the CEO of KSUM, believes that early product adoption is always critical for startups to scale, and the government as an adopter helps startups grow exponentially while adopting innovative solutions.

IT Sector Growth to Slow Down in FY24 with Low Hiring Amid Uncertainties

The Indian IT sector’s revenue growth is expected to slow down to mid-single digits in the fiscal year 2024 amid intensifying headwinds, domestic rating agency Icra has said. This is due to continuing uncertainties that have affected the industry’s growth momentum in the last two quarters. This development is expected to have a negative impact on hiring with companies anticipating to add employees in low levels. The banking, financial services and insurance segment, which accounts for a third of the industry’s revenue, has tapered more than other segments due to the crisis in the American banking industry. The leading companies included in the sample set added fewer employees in FY23 than in the previous year due to macroeconomic uncertainties.

Icra is a domestic rating agency that provides independent research, ratings, and risk and policy advisory services in various sectors of the Indian economy.

Nasscom is an industry lobby grouping that promotes and represents the Indian IT sector globally.

Indian Shares Dip as Reliance’s Financial Performance Disappoints Ahead of GDP Data Release

Indian shares saw a decline on Wednesday, with Reliance Industries and financial stocks dragging down the Nifty 50 index by 0.53%. The benchmark S&P BSE Sensex also saw a 0.55% dip as six of the 13 major sectoral indexes logged losses, with financials falling by 0.82%. State Bank of India Ltd, the country’s largest state-owned lender, lost 2.18%, while Reliance Industries’ market capitalization decreased by almost $155m due to a decrease in its MSCI weightage. Investors also waited for US Congress to vote on the debt ceiling agreement deal, while India’s Q1 GDP data was also due to be released later in the day.

Reliance Industries is India’s largest conglomerate, with stakes in oil, gas, refining, petrochemicals, and telecoms. It is owned by Mukesh Ambani, who has a net worth of $97.3bn, making him the richest person in India and one of the wealthiest people in the world.

Shrikant Chouhan is the head of equity research (retail) at Kotak Securities. He is an expert in technical and derivatives analysis and frequently provides insights into financial markets and economic developments in India.