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<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/chart-of-the-day-facebook-growth-comes-from-mobile-ads-2014-10"></a></td></tr></tbody></table></div>Apple's capital expenditure, or the money it spends on equipment and property each year, has more than quadrupled since 2010. Based on data from Apple's <a href="http://investor.apple.com/secfiling.cfm?filingID=1193125-14-383437&amp;CIK=320193">annual 10-K filing</a>, which was charted for us by <a href="https://intelligence.businessinsider.com">BI Intelligence</a>, spending on plants and manufacturing equipment rose to $11 billion, from $7 billion in 2013. Apple predicts capital expenditure will leap again in fiscal 2015 to $13 billion.
Asymco analyst Horace Dediu <a href="http://www.asymco.com/2013/10/30/how-many-ios-devices-will-be-produced-in-the-next-12-months/">believes</a> there's a relationship between Apple's growth in capital expenditures and revenue growth in new products. That certainly seems to fit the sudden rise in 2010 - that's when the first iPad launched - but CapEx is also an indicator of Apple's upcoming production schedule: In 2013, Apple announced it would, in 2014, open an Arizona plant to build sapphire displays, and also finally break ground on its second campus in Cupertino. In 2012, Apple reportedly <a href="http://www.asymco.com/2012/11/07/recapex-the-curious-case-of-apples-2012-and-2013-capital-expenditures/">"overspent" to secure production equipment</a> previously owned by Sharp, which <a href="http://www.businessinsider.com/apple-capex-explosion-projecting-1600-per-share-2013-7">dramatically altered</a> the company's forecast by about $2 billion. With at least one new product line debuting in 2015 - the Apple Watch - it's easy to see why Apple plans to spend so much capital on buildings and equipment next year.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>

CHART OF THE DAY: Apple's Capital Expenditure Is On The Rise

<keyword id="20018917" type="General" weightage="20" keywordseo="Capital-expenditure" source="keywords">Capital expenditure</keyword> on the <keyword id="19914937" type="General" weightage="20" keywordseo="Railways" source="keywords">Railways</keyword> has increased by 77 per cent over the past five years with significant investments in the construction of <keyword id="22505706" type="General" weightage="20" keywordseo="new-lines" source="keywords">new lines</keyword>, <keyword id="20375816" type="General" weightage="20" keywordseo="gauge-conversion" source="keywords">gauge conversion</keyword> and doubling, the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 said on Monday. According to the survey tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, in the financial year 2019-2020, the capital expenditure was 1.48 lakh crore which was increased to ₹2.62 lakh crore in 2023-24. "<keyword id="19909154" type="General" weightage="20" keywordseo="Indian-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Railways" meta.hostid="346" meta.entityid="Indian Railways">Indian Railways</keyword>, with over 68,584 route km (as of March 31, 2024) and 12.54 lakh employees (as of April 1, 2024), is the fourth largest network in the world under single management," the survey said. Highlighting the initiatives taken by the Railway Ministry for the enhancement of operations and services, the survey mentioned Amrit Bharat Station Scheme, Mumbai-Ahmedabad High Speed Rail (MAHSR) project and Dedicated Freight Corridors (DFCs) with the progress made in these respective <keyword id="19900581" type="General" weightage="20" keywordseo="projects" source="keywords">projects</keyword>. According to the survey, Amrit Bharat Station Scheme, launched in August 2023 for development of stations on a continuous basis, involves preparation of master plans and its phased implementation to improve amenities, building improvements, multimodal integration, and sustainability. It said that 1,324 stations have been identified for upgradation so far. Talking about another initiative, Mumbai-Ahmedabad High Speed Rail (MAHSR) project, the survey said that under this 508-km project, executed with cooperation from the government of Japan, land acquisition and civil conduct award have been completed. "Overall physical progress of 41.7 per cent has been achieved and financial expenditure of ₹59,291 crore was incurred until 31st March, 2024," the survey said. "Two DFCs are under implementation namely the eastern DFC with route length of 1,337 kilometre and the western DFC with route length of 1,506 kilometre," it added. It further stated that by the end of FY24, 96.1 per cent of the total DFC route length has been completed. Highlighting other major achievements, the survey said that the Railways achieved its highest-ever production for both locomotives and wagons in FY24. "Fifty one pairs of <keyword id="19922877" type="General" weightage="20" keywordseo="vande-bharat" source="keywords">Vande Bharat</keyword> have been introduced until March 2024. The fast pace of infrastructure augmentation has been the result of a substantial increase in financial allocation along with close project monitoring and regular follow-up with stakeholders for expeditious land acquisition and clearances," the survey said. It added, "High-speed, long-distance Vande sleeper trainset coaches having features like quick acceleration, diffused lighting, automatic doors and global positioning system-based passenger information system are under development." According to the survey, the Railways is also planning to introduce Vande metro trainset coaches with features such as sealed wider gangways, centrally controlled automatic sliding doors, CCTVs for safety and surveillance, route map indicator, passenger information and infotainment system, fire detection system and aerosol-based fire suppression system. "The first lot is expected to be turned out in FY25," it said. "Railways has taken several initiatives for providing a clean environment in and around railway stations and trains, such as replacement of conventional toilets with bio-toilets on coaches leading to clean tracks, segregation of bio-degradable/non bio-degradable waste, solid waste management and discouraging use of single use plastic," the survey added.

Capital expenditure on Railways increased by 77% over 5 years: Economic Survey

New Delhi, The Centre on Saturday said that all states except Tamil Nadu have availed benefits of "Special Assistance to States for <keyword id="112324" type="ORGANIZATION" weightage="20" keywordseo="capital-expenditure">Capital Expenditure</keyword>". The scheme is aimed at boosting capital expenditure by the state governments, who are facing a difficult financial environment this year due to the shortfall in tax revenue arising from the Covid-19 pandemic. According to <keyword id="9291953" type="COMPANY" weightage="20" keywordseo="the-ministry-of-finance">the Ministry of Finance</keyword>, capital expenditure has a <keyword id="10421981" type="UNKNOWN" weightage="20" keywordseo="higher-multiplier-effect">higher multiplier effect</keyword>, enhancing the future productive capacity of the economy, and results in a higher rate of economic growth. "Therefore, despite the adverse financial position of the <keyword id="6357307" type="UNKNOWN" weightage="20" keywordseo="Central-Government">central government</keyword>, it was decided to extend a special assistant to the state governments in respect of capital expenditure, in the financial year 2020-21," "The scheme has got very warm response from the state governments. So far capital expenditure proposals of Rs 9,879.61 crore of 27 States have been approved by the Ministry of Finance." As per the statement, an amount of Rs 4,939.81 crore has already been released to the states as the first instalment under the scheme. "The capital expenditure projects have been approved in diverse sectors of economy like, 'Health, Rural Development, Water Supply, Irrigation, Power, Transport, Education, <keyword id="111319" type="COMPANY" weightage="20" keywordseo="Urban-development">Urban Development</keyword>'." Besides, the scheme has three parts of which the first covers the north-eastern region. "Under this part, Rs 200 crores is allocated to seven north-eastern states. In view of higher population and geographical area, Assam has been allocated Rs 450 crores under the scheme," The second part of the scheme for all other states that are not included in part-I. "An amount of Rs 7,500 crores is earmarked for this part. This amount has been allocated amongst these states in proportion to their share of central tax as per the interim award of <keyword id="9256069" type="COMPANY" weightage="20" keywordseo="the-15th-finance-commission">the 15th Finance Commission</keyword> for the year 2020-21," In addition, the third part of the scheme is aimed at pushing various citizen-centric reforms in the states. "Under this part, an amount of Rs 2,000 crores is earmarked. This amount will be available only to those states who carry out at least 3 out of the 4 reforms specified by the Ministry of Finance in its letter dated 17th May, 2020 regarding reform linked additional borrowing permissions." Accordingly, the four reforms are - 'One Nation One Ration Card, Ease of doing Business Reform, Urban Local Body pr Utility Reform and Power Sector Reform'. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

All states except Tamil Nadu availed special capital expenditure scheme: Centre

<keyword id="36749" type="General" weightage="20" keywordseo="capital" source="Orion">Capital</keyword> <keyword id="53105" type="General" weightage="20" keywordseo="expenditure" source="Orion">expenditure</keyword> has started pushing private investment and the <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> target of Rs 7.5 lakh crore for the current financial year is likely to be met, the Economic Survey 2022-23 said. The capital expenditure (capex) of the <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">central</keyword> government which increased by 63.4 per cent year-on-year in the first eight months of FY23 was another growth driver of the Indian economy, crowding in the private capex since the January-March quarter of 2022, it said. "On the current trend, it appears that the full year's capex (announced in the Budget) will be met," it said. A sustained increase in the private capex is also imminent with the strengthening of the balance sheets of the corporates and the consequent increase in credit financing it has been able to generate, it said. The <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">Finance Minister</keyword> raised capital expenditure (capex) by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to continue the public investment-led recovery of the pandemic-battered economy. The capex in the previous year was pegged at Rs 5.5 lakh crore. The government laid emphasis on capital expenditure to push economic growth hit by the pandemic. It was expected that the increase in public spending would crowd in private investment. Going by the capex multiplier estimated for the country, the economic output of the country is set to increase by at least four times the amount of the capex, the Survey said. State, in aggregate, are also performing well with their capex plans, it said, adding, like the Central government, states also have a larger capital Budget supported by the Centre's grant-in-aid for capital works and an interest-free loan repayable over 50 years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/indian-economy-projected-to-grow-between-6-6-8-in-fy24-says-economic-survey-2023/articleshow/97489284.cms">Indian economy projected to grow between 6-6.8% in FY24; private capex necessary for job creation: Economic Survey 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani Enterprises FPO fully subscribed on the last day</a>

Capital expenditure target of ₹7.5 lakh crore for FY23 to be met: Economic Survey

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> declared the highest-ever standalone net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> of Rs 40,526 crore in FY24, the company informed the exchange in a filing. The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The <keyword id="21739636" type="General" weightage="20" keywordseo="crude-oil-production" source="keywords">crude oil production</keyword> of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24. However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23. The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board. The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas <keyword id="20646431" type="General" weightage="20" keywordseo="gas-production" source="keywords">gas production</keyword> decreased by 3 per cent. The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> in FY24, compared to Rs 30,208 crore spent in the previous year. ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries. The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

ONGC declares highest ever standalone profit in FY24

Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy. Sitharaman had in her first Budget in 2019 replaced leather briefcase -- which had been in used for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. Budget 2023-24 would be in paperless form, as done in the last two years, and would be available on the 'Union Budget Mobile App' for hassle-free access by Members of Parliament (MPs) and the general public. Here are the key numbers to watch for in Budget 2023-24, which is widely expected to boost spending towards policies that create jobs, leave more money in hands of the common man and boost manufacturing, while increasing tax revenues. * <keyword id="6365485" type="General" weightage="20" keywordseo="Fiscal-Deficit" source="Orion">Fiscal Deficit</keyword>: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2023 is 6.4 per cent, against 6.71 per cent in the last fiscal. The number for 2023-24 would be in focus as it is widely expected that the government would open its purse strings in an election year. * Disinvestment/Privatisation: In current fiscal year the budgeted disinvestment target is likely to be missed, like the past four years. It is expected the government would set a realistic target for next fiscal. * <keyword id="112324" type="General" weightage="20" keywordseo="Capital-Expenditure" source="Orion">Capital Expenditure</keyword>: The government's planned capital expenditure for this fiscal year is budgeted at Rs 7.5 lakh crore, higher than Rs 5.5 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivising states to step up capex. * Tax Revenue: The Budget had pegged direct and indirect tax mop-up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore. The government's tax revenues are expected to overshoot the budget estimates by about Rs 4 lakh crore on buoyant income tax and customs duty. * <keyword id="6370254" type="General" weightage="20" keywordseo="Borrowing" source="Orion">Borrowing</keyword>: The government's gross borrowing budget was at Rs 14.31 lakh crore in current financial year ending March 31. The government borrows from the market to fund its fiscal deficit and with tax revenues seeing an uptick, the government has cut its gross borrowings by Rs 10,000 crore to Rs 14.21 lakh crore. The borrowing number would be watched by the market, especially on the back of expected higher capital expenditures to boost growth. * <keyword id="3236955" type="General" weightage="20" keywordseo="Nominal-GDP" source="Orion">Nominal GDP</keyword>: India's nominal GDP growth (real GDP plus inflation) in the current fiscal is estimated to be 15.4 per cent. The numbers for next fiscal would be lower as the inflation has come down. The Budget is expected to give an outline on the nominal GDP growth numbers. Real GDP growth in current fiscal is projected at 7 per cent and come down to 6-6.5 per cent in the next. * Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education.

Budget for world's fastest growing economy: Key numbers to be watched

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/eurodollars-get-smoked-2014-1"></a></td></tr></tbody></table></div>Five years after the darkest days of the financial crisis, America's corporations continue to sit on <a href="http://www.businessinsider.com/173-trillion-of-corporate-cash-in-q1-2013-5">mountains of cash</a>.
For the most part, cash has been increasingly used to <a href="http://www.businessinsider.com/sp-500-cash-usage-2013-11">buy back stock and increase dividends</a>. And to a lesser extent, companies have been deploying that cash via capital expenditures, which represent the business spending to replace equipment and support growth initiatives.
Most economists have argued that <a href="http://www.businessinsider.com/replacing-aging-capital-stock-is-bullish-2013-12">aging equipment</a> and a general <a href="http://www.businessinsider.com/jpmorgans-tom-lee-hikes-sp-500-target-2013-11">pent-up demand</a> for these capital goods represent a <a href="http://www.businessinsider.com/morgan-stanley-2014-us-economic-outlook-2013-12">bullish economic force to come</a>. The question has largely been: when?
However, Societe Generale's Andrew Lapthorne has taken the exact opposite side of this argument. According to the data and ratios he's looking at, "US corporates are not underspending when it comes to capital expenditure and, in fact, relative to sales they may be overspending!"
Wow.
"The following chart shows overall capex to sales ratios for the US ex-financials," he wrote. "Rather than being depressed, what we see is that capex levels versus sales are relatively elevated. If anything it would appear from this data that capex levels are too high - not too low - as many are saying."
Considering the persistently anemic demand, Lapthorne expresses skepticism that companies will want to increase capital expenditures at this point since the increase in depreciation expense will only put further pressure on profit margins.
Here's Lapthorne:
Indeed, if we look at the evolution of capital expenditure and cash flow growth, we see that we have already been through a long period of substantial capex growth and capex growth has exceeded cash flow growth for some time. Importantly, just as cash flow growth is slowing so too is capex growth and, in the absence of a pick-up in demand, it may continue to do so in an effort to preserve those precious high margins and profitability.
So why are corporates complaining about the lack of investment opportunities an opting largely to engage in share buybacks instead? As has been the case in Japan, we'd argue that the problem is not a lack of desire to invest, but anemic demand reflected in very low sales growth. After all, corporates did step up capital expenditure post the financial crisis only to then be confronted with a lackluster economic recovery. If the demand demand isn't there why invest? And, of course, with credit abundant there are easier ways to boost asset prices, so why not pursue those instead?
It's incredible that five years after the crisis, fear may be a force keeping businesses from spending.
Whether you buy his argument or not, Lapthorne reminds us that there is a risk that corporations will not ramp spending in a way that we would like.
<div class="KonaFilter image-container"><div class="image">Societe Generale</div></div>

CHART OF THE DAY: One Analyst Surprisingly Argues That Businesses Are Spending Too Much

New Delhi, June 9 () Golden Tobacco Ltd (GTL) on Tuesday said it has decided to defer all capital expenditure except those in advance stages due to the coronavirus pandemic and it has around "nil unutilised fund based limits" as on April 30, 2020. In a regulatory filing disclosing the impact of COVID-19, the company said in April and May 2020 there was no production and currently its plants are operating based on demand, outlook and labour availability. On the planned capital expenditure, GTL said it has "decided to defer all capital expenditure except those in advance stages" which were to be completed by the end of 2019-20. Manufacturing operations have gradually restarted with due guidelines from the respective government authorities. Cigarette/cigar manufacturing plant located at Vadodara resumed operations from June 1, it added. Sufficient inventory of raw material at plants are ensured for smooth manufacturing operations, the company said. With regards to liquidity position, GTL said it has "around nil unutilised fund based limits" as on April 30, 2020. GTL sells a range of cigarettes under different brands including Panama, Chancellor, Golden's Gold Flake and Taj Chhap. RKL MKJ MKJ

Golden Tobacco to defer all capex plans amid COVID crisis

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<ul class="summary-list"><li>Investors want to know when Big Tech's huge investments in AI will generate returns.</li><li>They probably didn't like what they heard during Microsoft's earnings call.</li></ul>Big Tech would like you to believe that AI is forever.From Silicon Valley to the Evergreen State, leaders of the world's most powerful companies have been busy spinning a tale that the technology will one day deliver a generational payday big enough to <a target="_blank" class="" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">make their investment blitz worthwhile.</a>It's becoming less clear when, or even if, that payday will ever arrive.On Tuesday, <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7">Microsoft</a> left Wall Street wondering if a monstrous payout would ever come from billions of dollars of capital expenditure on AI as the Redmond-based heavyweight reported second-quarter earnings for the year.Though revenue and net income in the quarter rose 15% and 10% year-on-year to $64.7 billion and $22 billion, respectively, Microsoft's leaders shared a cautious message about when its AI investments could be expected to deliver the outsized returns investors wanted.The way Amy Hood, Microsoft's longtime chief financial officer, tells it, "the next 15 years and beyond" is the timeline investors should prepare to wait out. Why? Because building out the computing networks and infrastructure needed to power <a target="_blank" class="" href="https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7">AI is very, very expensive.</a>Capital expenditure at the company jumped almost 80% year-on-year in the April-June quarter to $19 billion, with Hood noting on an earnings call that "cloud and AI-related spend" represents nearly all of that total.Investors have known for some time that this is the case. Microsoft is directing roughly half of its capital expenditure toward building and leasing data centers that host AI models and the other half toward things like servers and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-advantage-amazon-desperation-for-gpu-chips-2024-6">GPUs bought from chip firms like Nvidia.</a>Investors will also know that tech firms are looking at AI as a long-term opportunity. Last year, in the month his company invested billions of dollars into OpenAI, <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-powerhouse-ai-investment-openai-2024-7">Microsoft CEO Satya Nadella</a> said that <a target="_blank" href="https://www.weforum.org/press/2023/01/satya-nadella-says-ai-golden-age-is-here-and-it-s-good-for-humanity/">"AI is just at the beginning of the S-curve."</a><div type="image" title="Satya Nadella Microsoft Build" height="1456" width="2710" msid="112170943" hostid="261" sizebytes="27172"></div>But if climbing up that S-curve means enduring heavy capital expenditure without near-term returns, investors aren't so sure if it'll all be worth it. Azure, Microsoft's cloud business that should be having a clear boom moment in the AI era, saw growth slow this quarter.It partly explains why, in after-hours trading, Microsoft's stock fell by as much as 7%.Some remain optimistic. Gregg Moskowitz, research analyst at Mizuho, wrote in a note that despite <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">Azure</a> revenue growth missing expectations — which Microsoft attributed to capacity constraints — "revenue growth opportunities over the medium term and beyond are greater than many realize."Wedbush analyst Dan Ives, meanwhile, noted that "AI monetization trends" should accelerate as Microsoft expects to bring more enterprise customers on board. They no doubt will.Whether investors are willing to put up with the capital expenditure needed to justify that customer acquisition is another matter.

Microsoft's timeline for its massive AI bet is testing everyone's patience

New Delhi, Mar 16 () State-owned Indian Oil Corporation (IOC) on Monday said it has raised Rs 2,995 crore through a privately placed debenture issue to fund its capital expenditure requirements. The company "issued 29,950 unsecured, rated, taxable, redeemable, non-convertible debentures of Rs 10,00,000 each aggregating to Rs 2,995 crore on a private placement basis on March 6, 2020, to meet its capex (capital expenditure) requirement," it said in a regulatory filing.   ANZ HRS

IOC raises Rs 2,995 cr debt to meet capex

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Abhishek N. ChinnappaAmazon CEO Jeff Bezos is a big spender when it comes to capital expenditures.</div></div></div><ul><li>Tech giants are investing more heavily in infrastructure than previously believed, according to Morgan Stanley.</li><li>In a report Tuesday, the firm said it expects cloud capital expenditures to grow 29% year-over-year in 2018. The firm previously thought growth would be closer to 23%. </li><li>The change is primarily led by giants like Facebook and Amazon who have billions of dollars to spend on data centers and other infrastructural projects.</li></ul> Major infrastructure investments by tech giants like Facebook and Amazon have led to a surprise bump in 2018 data center spend, according to Morgan Stanley analyst Katy L. Huberty. In a report Tuesday, Huberty said that Morgan Stanley expects cloud capital expenditures to grow 29% year over year in 2018, thanks to "continued workload shift to public cloud and easing component constraints." The firm had originally expected 23% growth, but raised its estimate after seeing how companies acted in the first quarter.This puts growth in the space 13 percentage points higher in 2018 than in 2017, when the space saw just 16% growth."We see hyperscale data center investment inflecting above our prior expectations," Huberty wrote.Among the big spenders are Amazon, Facebook, Google and Microsoft, who together make up 75% of the capital expenditures of the 14 companies tracked by Morgan Stanley its Cloud CapEx Tracker. Amazon "continues to invest heavily to expand AWS capabilities and improve data center efficiency," while Facebook also has plans to invest around $15 billion in data centers, servers, network infrastructure and office facilities, according to the report."Similarly, both Google and Microsoft highlighted the need to invest aggressively in their data center business," Huberty wrote.But it's not just giants making investments in cloud. An April Morgan Stanley survey of 100 chief information officers "suggests the percentage of total company workloads residing on the public cloud will increase from 20% today to 44% by 2021," according to the report. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Morgan Stanley</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ate-healthy-fast-food-week-calories-sodium-2018-5">I ate nothing but 'healthy' fast food for a week -&#xa0;here's what happened</a></h3> <div> </div> </div>

MORGAN STANLEY: The data center market is getting a huge boost, thanks to big cloud spending from Amazon and Facebook

<ul><li>The global investment firm said the government may provide a "credible path" for fiscal deficit reduction in 2023-24</li><li>The government will also reiterate the medium-term roadmap to lower the central government's deficit to 4.5 per cent of GDP.</li><li>On the capital expenditure, <keyword id="48670" type="General" weightage="80" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword> expects capital expenditure spending to increase to 2.9 per cent of GDP in 2023-24.</li></ul> In its <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24, the Indian government is expected to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capital expenditure, besides focusing on improving the ease of living for its people, said Morgan Stanley. The global investment firm said the government may provide a "credible path" for fiscal deficit reduction in 2023-24 and reiterate the medium-term roadmap to lower the central government's deficit to 4.5 per cent of GDP. "We expect the central government's fiscal deficit to narrow to 5.9 per cent of GDP in F2024 from 6.4 per cent in F2023 (estimate). We expect fiscal consolidation on the back of lower subsidy payments, which will also ensure that focus on public capex spending is sustained, thus supporting the growth outlook," it said in a report. "We build in a gradual fiscal consolidation path as we believe that continued focus on capex spending is beneficial not only from a cyclical perspective but also for the medium-term growth potential of the economy." On the capital expenditure, Morgan Stanley expects capital expenditure spending to increase to 2.9 per cent of GDP in 2023-24, a tad higher than the 2.8 per cent estimated for the current financial year. Further, on the inflation, it said the price rise is likely to moderate in 2023-24 as the effect of higher commodity prices wears off on year-on-year terms and supply chains continue to normalize. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s retail inflation is set to moderate to 5.4 per cent in 2023-24 and to 4.8 per cent in 2024-25 from 6.6 per cent in 2022-23, the Morgan Stanley report said. Meanwhile, India's retail inflation during the month of December was at 5.72 per cent, data released last week showed. India's retail inflation rate based on Consumer Price Index was 5.88 per cent in November from 6.77 per cent in October. Retail inflation in India had remained above 6 per cent till October for over three quarters, which was beyond <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s comfort zone. Budget 2023-24: The government is in the process of finalising the Budget document to be presented on February 1. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10. Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> election due in April-May of 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistan-is-south-asias-weakest-economy-world-bank-report/articleshow/97079183.cms">Pakistan is South Asia's weakest economy: World Bank report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/pm-modi-asks-bjp-workers-to-refrain-from-making-unnecessary-comments-about-films/articleshow/97080001.cms">PM Modi asks BJP workers to refrain from making 'unnecessary' comments about films</a>

You Searched For "capital expenditure" and got 14 results

CHART OF THE DAY: Apple's Capital Expenditure Is On The Rise

Dave Smith

Capital expenditure on Railways increased by 77% over 5 years: Economic Survey

PTI

All states except Tamil Nadu availed special capital expenditure scheme: Centre

IANS

Capital expenditure target of ₹7.5 lakh crore for FY23 to be met: Economic Survey

PTI

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

ANI

ONGC declares highest ever standalone profit in FY24

ANI

Budget for world's fastest growing economy: Key numbers to be watched

PTI

CHART OF THE DAY: One Analyst Surprisingly Argues That Businesses Are Spending Too Much

Sam Ro

Golden Tobacco to defer all capex plans amid COVID crisis

PTI

Bankers say private capex will take one more year to revive

PTI

Microsoft's timeline for its massive AI bet is testing everyone's patience

Hasan Chowdhury

IOC raises Rs 2,995 cr debt to meet capex

PTI

MORGAN STANLEY: The data center market is getting a huge boost, thanks to big cloud spending from Amazon and Facebook

Becky Peterson

Budget 2023: Morgan Stanley sees focus to be on fiscal consolidation, investment-led growth

ANI

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