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Revenues at India's top companies are expected to fall 8.2 percent in the July-September quarter, the biggest decline in at least four years, according to Thomson Reuters data, highlighting the precarious health of the corporate sector. 
 
But analysts say cost-cutting measures and a lower base effect could see companies post a slight 0.4 percent rise in net income from the previous year, the first earnings growth in four quarters. 
 The mixed results could add to concerns about how a weaker-than-expected economy is pressuring Indian companies. While the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has cut official interest rates by 125 basis points since January, banks have moved far more slowly. 
 
The broader Nifty has fallen 10 percent since its record high in early March and is down 1.1 percent so far this year, a mediocre performance for a market that in dollar terms was Asia's second biggest gainer last year. 
 
Another disappointing earnings season would make it harder to justify even current valuations: the NSE is trading at 18.4 times forward one-year earnings, the second highest in Asia after the Philippines. 
 Infosys unofficially kicked off the reporting season on a weak note on Monday. Despite better-than-expected net profit, its shares fell as much as 5 percent after it lowered its dollar <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">revenue</keyword> guidance. 
 
"India has emerged as one of the bright spots among other emerging markets, so we are hoping for a decent earning season to support these valuations," said Phani Shekar, a fund manager at financial firm Karvy. 
 
The expected revenue fall of 8.2 percent would be the worst since at least the April-June quarter of 2011, according to Thomson Reuters data tracking 126 companies with at least $100 million in market value. 
 
But earnings could rise slightly, with the data showing seven out of 10 sectors are expected to have seen profit growth last quarter, led by a 98.3 percent surge in utilities. 
 
That would be followed by a 26.6 percent gain in earnings in the industrials sector, with slightly smaller gains at information technology and consumer staples companies. 
 
Still, that is giving little comfort to analysts given Indian companies have missed consensus forecasts in each of the five previous quarters. Another disappointing earnings season would likely dent confidence at a time when investors are concerned about the pace of reforms by Prime Minister Narendra Modi's government and the prospect of a U.S. <keyword id="114268" type="UNKNOWN" weightage="20" keywordseo="interest-rate-hike">interest rate hike</keyword>. 
 
Foreign institutional investors have sold $3.28 billion in shares since the beginning of September, but remain net buyers of $3.9 billion so far this year. 
 
"Earnings which are below expectations would build up slight disappointment and you can expect foreign investors to be put-off in the short-run, said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance. 
 
(Image: Thinkstock)

Indian companies' revenues could slump most in 4 years in July-Sept

Corporate leaders have requested Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> to take steps to lower down capital cost to boost manufacturing and enhance consumer demand. 
 
The corporate leaders met Modi during the first interaction. 
 
Top industry sources told Economic Times that the leaders jointly urged the Indian Government to take steps to enhance consumer demand, which will improve capacity utilisation across sectors and boost manufacturing. 
 
"Industries across sectors are yet to reach the level of optimal capacity utilisation, indicating that the consumer demand continues to be weak," a person who attended one of the meetings told the financial daily. 
 
The demand showed how the industry was disappointed due to meagre rate cuts by the Reserve Bank of India (RBI). 
 
Although the RBI has reduced key interest rates by 75 basis points, the banks have passed on less than half of that to borrowers. 
 Modi met delegations of the <keyword id="390331" type="ORGANIZATION" weightage="100" keywordseo="Confederation-of-Indian-Industries">Confederation of Indian Industries</keyword> (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI), separately, each lasting about an hour. 
 
The leaders have also sought for additional support to export-oriented sectors so as to scale up production in a competitive manner to cater to overseas markets. 
 
Meanwhile, Modi said three sectors contributed the most to India's import bill - oil and petroleum, electronic goods and defence. He added that sectors had immense potential to innovate and 'Make in India'. 
 
"He spoke of the attention that he has been giving to speeding up projects in various ways, including his monthly PRAGATI interaction with various ministries of the union government, as well as chief secretaries of states," a statement issued by prime minister's office said. 
 
(Image: Reuters)

Industry biggies urge PM Modi to cut capital cost to boost manufacturing

New Delhi, Dec 4 () The government's decision to launch an umbrella debt exchange-traded fund will provide a better opportunity to retail investors for participation in quality public sector bonds at an affordable cost, experts said on Wednesday.
They further said the move would also help in deepening and widening the participation in the Indian corporate bond market.
The Union Cabinet has approved the launch of exchange traded fund (ETF) for bonds to create an additional source of funding for Central Public Sector Enterprises (CPSEs) and state-owned financial institutions.
The New Fund Offer (NFO) of this ETF is expected be to launched during December itself. 
Bharat Bond ETF would be the first corporate bond ETF in the country.
 "It's a historic occasion for retail investors as also for the Indian corporate bond market, for retail investors as they would now be able to invest in an altogether new liquid avenue in quality Public sector Bonds, through the very low-cost ETF structure," N S Venkatesh, Chief Executive at AMFI said on the Cabinet approval to bond ETFs.
 "And for the economy, as the country's first exchange-traded bonds belonging to quality public sector enterprises bundled in a liquid low-cost ETF structure, would help in deepening and widening the participation in the Indian corporate bond market," he added.
ETF will be a basket of bonds issued by state firms or any government organisation, and will be tradable on exchange. The unit size will be of Rs 1,000, which will allow small investors to invest.
Edelweiss Asset Management Company (AMC), which will manage the government's debt ETF, said Bharat Bond ETF will be a diversified basket of public sector company bonds aimed at providing easy access for retail investors to invest in these bonds and bringing liquidity in the corporate bond market. 
"It will also help these companies with new source of funding. Initially, the ETF will have two maturities -- 3 years and 10 years -- and will invest in bonds of similar maturities," Edelweiss AMC CEO Radhika Gupta said.
 Rating agency Icra VP and Sector Head- Financial Sector Ratings Anil Gupta said lower ticket size of bond ETF is likely to provide better opportunity to retail investors for participation in corporate debt market with lowest credit risk as the underlying investments are proposed to be in 'AAA' rated PSU debt securities.
"As these securities are proposed to be listed on stock exchanges with involvement of market markers, this will also provide liquidity to the investors. A three-year debt ETF is comparable with a three-year fixed maturity plans (FMPs), however unlike FMPs, which have limited secondary market liquidity, ETFs are expected to have secondary market liquidity," he added.
 Gupta further said investors may however be mindful of the risk which these ETFs will have because of interest rate movements, as during an increasing interest rate cycle, the market price of the ETF units will decline. 
 Interest rate risk will however be lower in shorter tenure ETFs, and if held till maturity, the interest rate risk will also be mitigated as the ETFs will be redeemed at face value on maturity.
"Bharat Bond ETF from Edelweiss AMC offers greater opportunities to invest in debt investments at an affordable cost. This is a positive development as far as Indian debt market is concerned," said Tarun Birani, founder and CEO of TBNG Capital Advisors. 
Moreover, of the total mutual fund assets under management of Rs 25 lakh crore, share of MF debt is about Rs 11 lakh crore and this shows the potential for this opportunity, he added. SP

 
 
 
 
 
 ANU

Debt ETF to give opportunity to retail investors to invest in quality PSU bonds: Experts

New Delhi, Apr 22 () Indian companies raised nearly Rs 52,000 crore from commercial papers and corporate bonds by using BSE's Bond platform during the lockdown period. During the lockdown period starting March 23 till April 20, BSE Bond platform has helped in raising funds worth Rs 26,666 crore from commercial papers and Rs 25,323 crore from medium and long term bonds, the exchange said in a statement. The issuers included six public sector companies and 21 private sector firms for commercial papers, and three public sector companies and 15 private sector firms for medium and long term bonds, it said. BSE Bond platform allows corporates to remotely set up their issues and open for subscription seamlessly. The investors can give their bids online and the settlement takes place in an automated way through Indian Clearing Corporation (ICCL). During financial year 2019-20, the platform was used by 116 issuers for garnering over Rs 4.33 lakh crore from commercial papers, and by 121 issuers for raising bonds worth Rs 3.36 lakh crore. The BSE Bond platform was launched on July 1, 2016 to facilitate online bidding for private placement of debt securities. The platform, which allows all categories of investors to place bids, helps bring in transparency and efficiency in price discovery for private placement of debt securities. SP RVK

Companies raise nearly Rs 52,000 cr on BSE Bond platform during lockdown 

<keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> maintained its highest ranking among Indian private sector companies in the latest Global 500 list published by Fortune for 2022. <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries improved its rank by 51 places to 104 from its previous year's rank of 155. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has nine companies in the Fortune's Global 500 list -- five from the public sector, and four from the private sector. Only the debutant <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> -- a public sector company, which came out with an <keyword id="6354763" type="General" weightage="50" keywordseo="ipo" source="Orion">IPO</keyword> earlier this year -- was ranked higher than Reliance at 98 among Indian corporates. It is the 19th year that <keyword id="6484187" type="General" weightage="50" keywordseo="ril" source="Orion">RIL</keyword> has been a part of the Fortune 500 list - much longer than the other private sector companies in India. The Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31. Reliance Industries closed FY22 with record high consolidated revenues of Rs 7.92 lakh crore, up 47 per cent, and EBITDA of Rs 1.25 lakh crore, up 28.8 per cent Y-o-Y, with each of the O2C, retail and digital services businesses posting all-time high revenues. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-expected-to-open-higher-after-a-6-session-gaining-streak/articleshow/93336524.cms">Markets expected to open higher after a 6-session gaining streak</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a>

LIC ranks ahead of Reliance in Fortune's Global 500 list

New Delhi, Jan 17 () State-run Power Finance Corporation Ltd (PFC) on Friday said it has raised USD 750 million through issuance of overseas bonds to fund business expansion plans.
"PFC, the leading NBFC in power sector, successfully carried out the issuance of 10.25 year USD 750 million bonds on January 15 2020 under Reg S &amp; 144 A route. The bonds have a fixed coupon of 3.95 per cent p.a. and a yield of 4.066 per cent. With this offering, PFC becomes the first Indian public sector company to issue senior unsecured USD bonds with a tenure of more than 10 years," it said
This, it said, is also PFC's third international bond issuance in FY 2019-20 as well as PFC's largest single tranche bond.
The final order book amounted to more than USD 2.2 billion, attracting active and wider participation from investors across US, European and Asian markets, with around 42 per cent participation from the US market.
The proceeds from bonds will be utilised in accordance with the external commercial borrowing regulations of the Reserve Bank of India including for on lending to power sector utilities, PFC said.
With this issue, under the PFC borrowing programme of USD equivalent 12 billion
for FY19-20, the total foreign currency raising stands at around USD 3 billion, while the domestic raising is at around USD equivalent 7 billion.
PFC Chairman and Managing Director Rajeev Sharma said, "PFC's bond offer saw a strong demand in the international market and the global investors have chosen to contribute to the development of Indian power sector. The deal concluded at very attractive terms, which shows the high confidence of investors in PFC's business as well as its credit profile and the growth story of Indian Power sector."
PFC, under the administrative control of the Ministry of Power, is a leading Non-Banking Financial Corporation in the country. ABI MKJ

PFC raises USD 750 mn through overseas bonds

New Delhi, Apr 2 () Moody's Investors Service on Thursday changed the outlook for Indian banking system to negative from stable, as it expects deterioration in banks' asset quality due to disruption in economic activity from the coronavirus outbreak. It said Banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital. "We have changed the outlook for the Indian banking system to negative from stable. Disruptions to economic activity from the coronavirus outbreak will exacerbate a slowdown in India's economic growth," Moody's said. Stating that asset quality will deteriorate, Moody's said a sharp decline in economic activity and a rise in unemployment will lead to a deterioration of household and corporate finances, which in turn will result in increases in delinquencies. "Growing solvency stress among non-bank financial institutions will increase risks to banks' asset quality because banks have large exposures to the sector," it added. It expects deteriorating profitability and loan growth to hurt capitalisation. "Increases in loan loss charges and declines in revenue will hurt banks' profitability, which will lead to a deterioration of capitalization. If the government makes more capital infusions into PSBs, as it has in the past few years, it will mitigate capital pressure for them," it added. It said while funding and liquidity at public sector banks (PSBs) will be stable, growing risk aversion in the system following a default by a private sector bank (Yes Bank) will increase funding and liquidity pressure on small private sector lenders. "Disruptions from the coronavirus outbreak will exacerbate India's economic slowdown. A deterioration of global economic conditions and a 21-day lockdown imposed by the Indian government in an effort to slow the spread of coronavirus will weigh on domestic demand and private investment," Moody's added. Moody's rates 16 commercial banks in India, which together account for around 75 per cent of deposits in the system. JD DRRDRR

COVID-19 impact: Moody's changes outlook on Indian banks to negative

<ul><li>The Indian government is hiring private sector experts for administrative posts. </li><li>The plan is to hire 400 domain experts from the corporate industry. </li><li>Niti Ayog will hire 54 private sector employees for flexi-pool posts.</li></ul>The Indian government is luring experts from the private sector to boost efficiency in the administration process — and fill <a href="https://indianexpress.com/article/india/plan-to-import-talent-a-third-of-deputy-secys-from-outside-govt-starts-work-to-induct-400-directors-5776102/">400 jobs</a>. Government posts like Joint Secretary(JS), lower Deputy Secretary(DS) and Director level positions in the Central government, might be soon belong to private sector professionals, if the proposal goes through, The Indian Express reported. Traditionally, candidates who pass out of the three all-India services — IAS, IPS and IFS — were considered for such job roles. The others in running were also from 37 participating services like — railways, income tax, telecom and custom services amongst others. There are a total of 650 posts at the Director level and this move is expected to transition nearly 60% of these jobs— including 400 vacant positions to domain experts, Financial Express reported citing officials from the Department of Personnel &amp; Training. The department is mulling a process to evaluate private sector employees to fill the senior talent pool, it added. The government has been facing talent shortage in top roles. Niti Ayog, a government think tank is also considering <a href="https://www.financialexpress.com/india-news/lateral-entry-2-0-centre-mulls-importing-400-experts-from-private-sector-at-deputy-secretary-and-director-level-says-report/1604876/">hiring 54 private sector employees for “flexi-pool posts”</a> — which was earlier reserved for consultants. Recently, the Indian government inducted nine private sector employees as joint secretaries in various departments via Union Public Service Commission(UPSC). Until then, the joint secretaries were recruited from Indian Administrative Service (IAS) cadre officers. See also: <a href="https://www.businessinsider.in/as-unemployment-swells-in-india-educated-millennials-favour-government-jobs/articleshow/69267943.cms">As unemployment swells in India, educated millennials favour government jobs</a> <a href="https://www.businessinsider.in/job-creation-in-india-slows-down-by-6-9-in-january-esic-payroll-data/articleshow/68574896.cms">Job creation in India slows down by 6.9% in January: ESIC payroll data</a> <a href="https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms">Unemployment in India highest among urban youth, says government data</a>

Nearly 400 government jobs likely for domain experts from the private sector

New Delhi, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel the economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of <keyword id="172709" type="General" weightage="80" keywordseo="punjab-and-sind-bank" source="Orion">Punjab and Sind Bank</keyword> here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management, and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian economy faced the problem of twin balance sheets -- stress on the balance sheets of banks and corporate at the same time. Before the Modi government came to power in 2014, difficulty in the Indian banking system actually started because of irrational 'Phone Banking', which happened during the tenure of the UPA government, she said. Back then, Sitharaman said, the priority in lending was given to not-so-worthy customers in an unprofessional manner. As a result, they became NPAs (non-performing assets). "As a result (of various initiatives of the government), I am glad to say the problems of twin balance sheets have gone away," she said, adding that as per the Reserve Bank of India, it is a twin balance sheet advantage that is benefiting the Indian economy. Observing that combined profits of the public sector banks tripled to Rs 1.04 lakh crore in 2022-23 against Rs 36,270 crore in FY14, Sitharaman said the banks "need to build on laurels". "At this stage, it is our duty towards the people of India to ensure that the banks can build on the strength and not lose this momentum that we have achieved," the minister noted. She said that the performance of the public sector banks has improved on account of various initiatives taken by the Modi government since 2014. There was an improvement in all critical parameters like return on asset, net interest margin and provisioning coverage ratio, she added. The 4R strategy followed by the Modi government to revitalise the state-owned banks has yielded results, she said. The 4R strategy refers to recognising the problem of non-performing assets, recapitalising the banks, resolving their problems, and reforming them. Further, Sitharaman said the banks should endeavour to adopt a proactive approach in reaching out to people to achieve optimum utilisation of financial inclusion schemes. There should be a focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country, she said, adding they must aim to increase brick-and-mortar banking presence in border areas, particularly in those covered in the Vibrant Village programme. The bank should also promote the Mahila Samman Bachat Patra announced in the Budget 2023-24 through special drives and campaigns, she said. They must ensure that the entire Priority Sector Lending (PSL) target is met and not transferred to RIDF (Rural Infrastructure Development Fund), she added. She urged banks to focus on improving digital infrastructure with a focus on artificial intelligence and use this to the maximum so that efficiency increases. However, she cautioned that banks should ensure digital safety and there should be enough firewalls. The minister also recalled the story of the Punjab and Sind Bank, which had suffered due to partition in 1947. Only two of the ten branches remained in India, while the rest went to Pakistan. Starting from just two branches in 1947, the Punjab and Sind Bank has 1,553 branches, and the 1,554th at Karimganj in Assam was inaugurated remotely by the minister on Saturday. Speaking on the occasion, Minister of State for Finance Bhagwat <keyword id="12139871" type="General" weightage="80" keywordseo="kishanrao-karad" source="Orion">Kishanrao Karad</keyword> also appreciated the bank for its various initiatives to transfer the bank to a future-ready <keyword id="17873797" type="General" weightage="50" keywordseo="techno-savvy-bank" source="Orion">Techno Savvy Bank</keyword> and how the bank over the years has transformed itself gradually with the latest products and services. He also expressed satisfaction with the role played by public sector banks in making the Indian Financial System reliant and robust. Additional Secretary in the Department of Financial Services MP Tangirala also highlighted how Punjab and Sind Bank as a PSB is contributing to the overall development of the Indian Economy through its network of branches, ATMs and business correspondents.

Public sector bank profits grew 3x in 9 years says Sitharaman

<a href="http://www.businessinsider.in/searchresult.cms?query=Fortune+magazine+">Fortune magazine </a>has ranked Indian bankers Chanda Kochhar and Arundhati Bhattacharya as the top two in a list of most powerful women in <a href="http://www.businessinsider.in/searchresult.cms?query=Asia+Pacific">Asia Pacific</a>. 
 
Kochhar, 53 heads the country's largest private sector lender <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Bank">ICICI Bank</a> stands tall at Number 1 on the list. The magazine has recognized Kochhar who has revolutionized Indian banking and for making <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Bank">ICICI Bank</a> into the "nation's largest and most profitable private sector lender". 
 
Kochhar is closely followed by Arundhati Bhattacharya, the chairman of the country's largest lender bank - <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">State Bank of India</a>. Bhattacharya has shot up from the fourth spot from last year. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Hindustan+Petroleum+Corporation">Hindustan Petroleum Corporation</a>'s chairman and managing director Nishi Vasudeva is the 3rd Indian on the list at fifth rank. India’s third largest private sector bank <a href="http://www.businessinsider.in/searchresult.cms?query=Axis+Bank">Axis Bank</a>'s managing director and CEO Shikha Sharma comes in ninth. 
 The list includes top executives from over 6 countries in the <keyword id="119132" type="COMPANY" weightage="20" keywordseo="Asia-Pacific">Asia Pacific</keyword>. Chinese women lead the list with over 11 entries.

Indian bankers top Fortune's most powerful women list

Economy around the world has received a severe blow during the recent times due to several significant changes on the face of human activity on the earth. As a result, a slowing down of global economy and Indian economy have become the hottest topics ever in the social media and news channels. The BJP led NDA government has assumed its power over the central government for the second consecutive term and this sign is considered a setback that ruled the country over the last term also. Corporate income tax rates have been slashed Amidst this background, the Finance Minister Nirmala Sitharaman made a historical announcement today as a festival bonanza that has brought cheers to the Indian masses. This announcement declared a cut in corporate tax for the domestic companies in India which is expected to benefit more than 7 lakh companies in the country. These companies are now paying a hefty tax rate of 30% over their income. Over 1.3 lakh companies in the manufacturing sector are now paying a tax rate of 27.8 percent and the respite announced for these companies is slightly lower, but brings a considerable benefit. The cut in corporate tax The Finance Minister’s announcement regarding the corporate tax rate cut has several dimensions. The corporate income tax rate has been reduced for all companies from 30% to 22%. When added with the surcharge and education cess, this will work out to 25.17 percent coming down from an alarming 34.94 percent. However, this benefit can be claimed only if the company has not availed of any tax incentives or exemptions. Companies in different sectors will get the benefit from the said announcement in different measures. How experts say the <keyword id="107573" type="PERSON" weightage="20" keywordseo="Corporate-tax-cut">corporate tax cut</keyword> will impact the general public in India The present corporate income tax rate cut announcement by the government of India during a crucial time of slowdown in the economy is considered as a highly significant announcement. Some experts say this is not a zero-sum game. The present move will help increase the cash flow for the firms in the country and give way to more investments by them. In turn, the companies will come forward to pass on the benefits they received tot eh customers much ahead of the upcoming festival season in India. Some economists say that the present corporate tax rate cut is undoubtedly the best way and the quickest method to boost up the consumption by the general public. Over the recent past, a severe fall in the consumption of goods across some important sectors was considered one of the major factors that led to the economic slowdown. The present rate cut will invariably show its impact on government finances too. Nevertheless, the government is keen that growth is its top priority given the present circumstances. There will be a sense of relief across different markets and the prices of goods across several sectors will come down very soon. While the government might face a loss from tax revenues, the higher tax revenues due to more consumption can help compensate for the loss. Maybe time will tell if there could be any reduction in the interest rates which might affect the interests of the investors. Much of the benefits to the general public due to the present tax rate cut is obvious, but we need to wait and see the results.

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Indian companies' revenues could slump most in 4 years in July-Sept

Reuters

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