Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The IT sector outperformed the broader markets in 2021 and many continue to do so this year as well backed by pent up demand for digital transformation.</li><li>Order book, deal pipeline and hiring trend indicate that the demand momentum could sustain in 2022, say analysts.</li><li>Earnings season begins with the results of major IT companies — <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> — on January 12.</li></ul>Infosys, TCS and Wipro are among India’s top five technology services giants that will declare their quarterly earnings on Wednesday (January 12). For the last three months ending December 2020, consensus on the street seems to be that the earnings, for all the companies, are likely to strong growth. Remarkably, Infosys is likely to outpace TCS. <div type="image" title="infosys" height="900" width="1200" msid="88802110" hostid="261"></div>The tech party is likely to continue The last three months of any year is usually not the best time for India’s software exporters but the street is excited. This space has been one of the biggest gainers of the pandemic and that trend is likely to continue. In fact, foreign portfolio investors (FPIs) seem to be betting big on this space given their weightage in <a href="https://economictimes.indiatimes.com/markets/stocks/news/it-sector-weight-in-fpi-portfolio-at-record-high-in-december/articleshow/88737301.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=609ddbe86ff2ff11618ff79bd180e80cd758fbea4c2dfe44681cd9faffcdd48188b59b1090491028dcd35b3a89d06fcfdd8912cfa3db8f278f6031edf028b4907f97bf07e2eb26884a6269d018789df0">technology stocks has risen to a multi-year high.</a> Optimists hark back to the improved guidance from Accenture last month, where the Nasdaq-listed information technology (IT) giant, which <a href="https://www.businessinsider.in/business/corporates/news/indian-it-firms-infosys-wipro-tcs-and-others-gain-after-us-based-peer-accenture-raised-fy22-revenue-guidance/articleshow/88335343.cms">increased its growth estimate </a>for the current financial year. And Infosys may beat TCS in revenue growth, according to at least two analysts. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change in last 5 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.5% </td></tr></tbody><tbody></tbody></table>Although TCS bagged 13 deals, the highest number of orders, Infosys may show better revenue growth compared to the Tata Group company, according to analysts at two broking firms, India Infoline and Motilal Oswal. Infosys shareholders have the ramp up in the Daimler contract to thank for this. The top IT companies are expected to post a revenue growth around 3-4.5%. Analysts at JM Financial expect IT major Infosys to raise its revenue guidance for the financial year 2022 to 18-19% from current 16.5 - 17.5%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected revenue growth in Oct-Dec </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody></table>Source: India Infoline *Revenue growth in constant currency on a sequential basis The demand for IT services has been stronger than ever since the start of the pandemic, and that’s likely to continue. However, the biggest challenge of the last few months for the entire sector, the high levels of attrition, may have peaked, according to Motilal Oswal, another Mumbai-based broking firm. But the easing may not be enough to improve margins yet. “Among Tier I players, EBIT [earnings before interest and taxes] margin will be in a tight (-20 basis points to +40 basis points compared to three months ago) range, although they will see a steep decline v/s 3QFY21 profitability,” a Motilal Oswal report dated January 3 said. Here, if Accenture’s numbers are any sign, its attrition rate declined to 17%, which is still very high compared to other IT players, from 19% just three months earlier. Another factor that may play a significant role in the earnings of these software exporters is the nearly 3% weakening of the rupee during the three months between September and December. A weaker rupee magnifies the numbers for these companies who primarily earn in dollars and other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-hindustan-unilever-bharti-airtel-and-other-hot-stocks-on-january-5/slidelist/88701641.cms">Future Retail, Hindustan Unilever, Bharti Airtel and other hot stocks on January 5</a>

Infosys may show faster growth than TCS in the Dec quarter, say analysts

Real gross domestic product (GDP) increased at an annual rate of 2.9 per cent in the fourth quarter of 2022. In the third quarter, <keyword id="16265152" type="General" weightage="20" keywordseo="real-gdp-increased" source="Orion">real GDP increased</keyword> 3.2 per cent, according to the "advance" estimate released by the Bureau of Economic Analysis. The increase in real GDP reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and non-residential fixed investment that were partly offset by decreases in residential fixed investment and exports, according to <keyword id="126668" type="General" weightage="20" keywordseo="us-department-of-commerce" source="Orion">US Department of Commerce</keyword>. Imports, which are a subtraction in the calculation of GDP, decreased. "The increase in private inventory investment was led by manufacturing (mainly petroleum and coal products as well as chemicals) as well as mining, utilities, and construction industries (led by utilities)," US Department of Commerce said. The increase in consumer spending reflected increases in both services and goods, according to the Bureau of Economic Analysis. "The news couldn't have been any better," US President Joe Biden said of Thursday's GDP report. "We're moving in the right direction. Now, we've got to protect those gains." The US President was making a speech on PBS, an American public broadcast service. Within services, the increase was led by health care, housing and utilities, and "other" services (notably, personal care services). Within goods, the leading contributor was motor vehicles and parts. Within federal government spending, the increase was led by non-defence spending, according to US Department of Commerce. "The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees. Within non-residential fixed investment, an increase in intellectual property products was partly offset by a decrease in equipment," the Bureau of Economic Analysis said in the Thursday report. The US Commerce Department said, "Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected a downturn in exports and decelerations in non-residential fixed investment, state and local government spending, and consumer spending." These movements were partly offset by an upturn in private inventory investment, an acceleration in federal government spending, and a smaller decrease in residential fixed investment. Imports decreased less in the fourth quarter than in the third quarter, the US Commerce Department said. Current-dollar GDP increased 6.5 per cent at an annual rate, or USD 408.6 billion, in the fourth quarter to a level of USD 26.13 trillion. In the third quarter, GDP increased 7.7 per cent, or USD 475.4 billion, the Bureau of Economic Analysis said. Non-residential fixed investment is often considered the sector most critical to sustaining an economic expansion, as well as contributing to the longer-term growth of the economy. There are three major components of non-residential fixed investment: structures, equipment, and intellectual property products. "The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The 'second' estimate for the fourth quarter, based on more complete data, will be released on February 23, 2023," the report from the Bureau of Economic Analysis said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/air-indias-progress-has-been-nothing-short-of-stunning-ceo-campbell-wilson/articleshow/97364472.cms" style="">Air India's progress has been 'nothing short of stunning': CEO Campbell Wilson</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/article/equal-weight-index-for-diversified-investments-with-low-volatility/articleshow/97338206.cms" style="">Equal-weight index: For diversified investments with low volatility</a>

US economy expands 2.9 per cent in December quarter

New Delhi, Feb 13 () German steel maker Thyssenkrupp on Thursday posted a net loss of 364 million euros for October-December due to increased interest expenses for financial debt and one-time expenses in connection with the elevator division which it seeks to sell. The company, which follows October to September financial year, had clocked a 68 million euro loss for the same period a year ago, Thyssenkrupp said in a statement. The company said it expects to take a decision of sale of its elevator business soon. The elevator arm of the steel maker, thyssenkrupp Elevator India, is major player in the country. On its sales, the company said that even in a difficult economic environment its sales were virtually stable at 9.7 billion euro in the first three months of the current fiscal even. "This is also reflected in order intake, which was 4 per cent lower overall at 9.7 billion euro," it said. The elevator technology business booked orders worth 2.2 billion euros in the past quarter mainly resulting from new installations and modernization business in the US. thyssenkrupp AG CEO Martina Merz said, "The latest figures are not great. But we are convinced that we are on the right track. A decision on the elevator transaction is imminent, the negotiations with codetermination representatives on the steel strategy are making progress, and we are improving our performance. We are moving in the right direction." ABI MRMR

Thyssenkrup reports 364 million euros loss in December quarter

Mumbai, Mar 12 () India's current account deficit narrowed sharply to USD 1.4 billion or 0.2 per cent of GDP in the December quarter, the Reserve Bank said on Thursday.The deficit was at 2.7 per cent of the GDP in the year-ago period and 0.9 per cent in the preceding quarter.The sharp contraction was primarily due to a lower trade deficit at USD 34.6 billion, and a rise in net services receipts, the central bank said.The CAD is a critical indicator of the macroeconomic health and represents the gap between the overall foreign exchange expended and received in the economy.The data also comes on a day when the rupee depreciated to a 17-month low of 74.24 against the US dollar.For the first nine months of the fiscal year, the CAD has narrowed to 1 per cent of the GDP. AA RAM

India's current account deficit narrows to $1.4 bln in December quarter

New Delhi, Feb 28 () India's economic growth slowed to 4.7 per cent in October-December 2019, according to official data released on Friday. The Gross Domestic Product (GDP) growth was registered at 5.6 per cent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO). During the nine-month period (April-December 2019), the Indian economy grew 5.1 per cent as against 6.3 per cent in the same period a year ago. The GDP growth rate for the first quarter of 2019-20 was revised to 5.6 per cent, and for the second quarter to 5.1 per cent. The NSO has pegged economic growth at 5 per cent in 2019-20 in its second advance estimates released on Friday, the same as its estimates last month. The Reserve Bank had also estimated 5 per cent GDP growth for 2019-20. China's economic growth was 6 per cent in October-December 2019, which was the weakest expansion in over 27 years. China's economic growth was 6.1 per cent in 2019 (calendar year), the slowest in about three decades. KKS ABM

India's GDP growth slips to 4.7 pc in December quarter

The last month of 2021 saw good hiring growth in India in sectors like travel and hospitality, retail and education, owing to the festive quarter and a rebound, a new report showed on Friday. The rebound was, however, likely to be hampered once again with the <keyword id="1609796" type="General" weightage="20" keywordseo="omicron" source="Orion">Omicron</keyword> variant spread in the country this month. According to the Naukri JobSpeak Index, the festive year-end marked an upswing in hiring activity over last year across all major metros. "While IT has continued to drive growth in hiring, it is heartening to see a comeback from sectors of hospitality and travel, retail, and real estate," said Pawan Goyal, Chief Business Officer, <keyword id="218117" type="General" weightage="20" keywordseo="naukri-com" source="Orion">Naukri.com</keyword>. Top metro cities saw growth in hiring when compared with December last year. Hyderabad led at +12 per cent (on-year), growth followed by Bengaluru (+11 per cent), Mumbai (+8 per cent), Pune (+4 per cent), and Chennai (+6 per cent). Delhi was flat and Kolkata de-grew by 3 per cent. "We see a lot of talent shifting back to their cities of work with most companies drafting their return to work policies. As companies continue to press the pedal on their digital transformation journeys, the demand for certain functional areas and sectors will keep growing," Goyal added. Among the emerging cities, Ahmedabad (+21 per cent) recorded the highest growth. Hiring for new jobbers and young professionals was steady in December as demand for freshers and professionals with 4-7 years of experience remained flat. Demand was slightly affected for professionals in the 8-12 years (-4 per cent) and 13-16 years (-9 per cent) experience segments, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/best-tax-saving-investment-options-in-2022/articleshow/88751934.cms">Best tax saving investment options in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-hinduja-global-solutions-tanks-20-as-street-expected-two-times-the-dividend-announced/articleshow/88751657.cms">IT firm Hinduja Global Solutions tanks as street expected two times the dividend announced</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rupifi-bags-25-million-from-tiger-global-others-to-boost-buy-now-pay-later-offering/articleshow/88750509.cms">Rupifi bags $25 million from Tiger Global, others to boost buy now pay later offering</a>

Retail, travel and hospitality sectors hired the most number of employees in December: Report

Mumbai, Jan 23 () JM Financial on Thursday reported a 14.6 per cent rise in its net income to Rs 157.5 crore for the December 2019 quarter, despite a muted growth in total income as its disbursals shrunk during the period.
 The net income during the December 2018 quarter was Rs 137.46 crore.
 The company's total income inched up 0.52 per cent to Rs 905.45 crore, the city-headquartered company said in a statement.
 Reflecting the crisis in the NBFC sector since September 2018 following the bankruptcy of IL&amp;FS and the resultant risk aversion to the sector, JM Financial saw its loan book steeply falling to Rs 12,662 crore in the quarter from a high Rs 16,136 crore in December 2018.
 Similarly, its gross non-performing assets (NPAs) and net NPAs rose almost three times to 1.56 per cent and 1.35 per cent, respectively, from 0.68 per cent and 0.57 per cent, respectively, in December 2018.
 "Given the overall challenging environment, we had a good quarter led by investment banking and wealth management businesses. We have significantly de-grown our wholesale book but retail mortgage presence has increased and we continue to grow that business. The distressed credit team is focused on recoveries," said Vishal Kampani, managing director of JM Financial Group.
 He said the investment banking, wealth management and securities business gained traction during the quarter and the pipeline for investment banking transactions continues to remain healthy.
 On the spike in bad loans, he said the company has managed to reduce the SMA2 (special mention account-2) numbers from 1.94 per cent of the portfolio to 0.73 per cent. This has mainly been a result of timely asset sales.
 As guided earlier, debt-equity and net debt-equity ratios stand at 1.78 and 1.36, respectively, he added.
 JM Financial's shares closed 5.36 per cent higher to Rs 107.20 apiece on the BSE, against the Sensex's gain of 0.66 per cent after four successive days of steep fall. BEN HRS

JM Financial net income jumps 14.6 pc in December quarter

New Delhi, Jan 28 () Shares of HDFC on Tuesday jumped over 3 per cent after the company reported a near four-fold growth in net profit for the three months to December 2019.
 The company's scrip gained 3.13 per cent to Rs 2,470.85 on the BSE.
 On the NSE, it climbed 3.16 per cent to Rs 2,471.70.
 The mortgage lender on Monday reported a near four-fold growth in net profit at Rs 8,372.5 crore for the three months to December as against Rs 2,113.8 crore in the same period last fiscal year.
 The company said the massive gain in bottomline is notional but mandatory from an accounting perspective, as it is based on the valuation gain on its 9.9 per cent stake in Bandhan Bank following the merger of subsidiary Gruh Finance with the Kolkata-based lender effective last October.
 For the first time, the loan book crossed Rs 5 lakh crore during the quarter, vice chairman and chief executive Keki Mistry said.
 The company booked a 24 per cent growth in individual loans, after adding back loans sold in the preceding 12 months, while excluding that the same clipped at 16 per cent. SUM ANS
ANS

HDFC shares rise over 3 pc as December quarter profit soars

New Delhi, Jan 28 () Shares of HDFC on Tuesday closed nearly 2 per cent higher after the company reported a near four-fold growth in net profit for the December 2019 quarter.
The company's scrip rose 1.53 per cent to close at Rs 2,432.40 on the BSE. During the day, it jumped 3.13 per cent to Rs 2,470.85.
On the NSE, it rose by 1.56 per cent to close at Rs 2,433.40.
About 1.85 lakh shares of the company were traded on the BSE and 66 lakh shares on the NSE during the day. 
The mortgage lender on Monday reported a near four-fold growth in net profit at Rs 8,372.5 crore for the three months to December as against Rs 2,113.8 crore in the same period last fiscal year.
 The company said the massive gain in bottomline is notional but mandatory from an accounting perspective, as it is based on the valuation gain on its 9.9 per cent stake in Bandhan Bank following the merger of subsidiary Gruh Finance with the Kolkata-based lender effective last October.
 For the first time, the loan book crossed Rs 5 lakh crore during the quarter, vice chairman and chief executive Keki Mistry said.
 The company booked a 24 per cent growth in individual loans, after adding back loans sold in the preceding 12 months, while excluding that the same clipped at 16 per cent. 

 
 SUM ANS
ANS

HDFC shares end nearly 2 pc higher post December quarter earnings

Mumbai, Mar 12 () The country's current account deficit (CAD) narrowed sharply to USD 1.4 billion, or 0.2 per cent of GDP, for the December 2019 quarter, the Reserve Bank of India (RBI) said on Thursday. The deficit had stood at 2.7 per cent in the corresponding quarter a year ago and 0.9 per cent in the previous quarter. The sharp contraction in the deficit was mainly due to a lower trade deficit of USD 34.6 billion, and a rise in net services receipts, the central bank said. The CAD, a critical indicator of the macroeconomic health, represents the gap between the overall foreign exchange expended and received in the economy. The release of the data, coming at a time when markets are spooked due to the coronavirus concerns, will help provide hope to investors. The foreign exchange market tracks the gap closely, and the release of the data comes on a day when the rupee depreciated to a 17-month low of 74.24 against the dollar. During the 'taper tantrum' episode of 2013, the CAD at record highs was one of the reasons for the rupee to be hammered. For the first nine months of the financial year, the CAD has narrowed to 1 per cent, the RBI said. During the December 2019 quarter, the trade deficit narrowed to USD 34.6 billion as against USD 49.3 billion for the same period a year ago, the RBI data said adding that the dip was largely driven by a correction in imports. The Indian economic growth may slow to a decadal low of 5 per cent for the financial year 2019-20, driven largely by consumption, which seems to have impacted the imports as well. On the services front, the net earnings increased to USD 21.9 billion, which was marginally higher as compared to the USD 21.7 billion in the year-ago period. The RBI said the receipts increased on the back of a rise in net earnings from computer, travel and financial services. In what can be seen as a surge in remittances by the diaspora, the private transfer receipts rose 9 per cent to USD 20.6 billion for the quarter, the RBI said. The net foreign direct investment was also higher at USD 10 billion in the December 2019 quarter, as against USD 7.3 billion in the year-ago period. Foreign portfolio investments recorded a net inflow of USD 7.8 billion as against an outflow of USD 2.1 billion last year on account of net purchases in both the debt and equity market, it said. The external commercial borrowings by Indian companies increased to USD 3.2 billion for the quarter, up from the USD 2 billion in the year-ago period, the RBI said. There was an accretion of USD 21.6 billion to the foreign exchange reserves on a balance of payment basis as against a depletion of USD 4.3 billion in the third quarter, the RBI said. AA HRS

Current account deficit narrows sharply to USD 1.4 bn in December quarter

Mumbai, India's <keyword id="183320" type="General" weightage="20" keywordseo="current-account-deficit" source="Orion">current account deficit</keyword>, a key indicator of the country's external sector, declined to USD 18.2 billion or 2.2 per cent of the GDP in the December quarter of the current fiscal. The decline was mainly due to narrowing of merchandise trade deficit, according to data released by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Friday. The Current Account Deficit (CAD) was USD 30.9 billion or 3.7 per cent of the GDP in the second quarter of 2022-23 and at USD 22.2 billion or 2.7 per cent of the GDP in the December quarter of 2021-22. "Underlying the lower current account deficit in Q3:2022-23 was a narrowing of merchandise trade deficit to USD 72.7 billion from USD 78.3 billion in Q2:2022-23, coupled with robust services and private transfer receipts," RBI said. Services exports reported a growth of 24.5 per cent on a year-on-year (y-o-y) basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and on a year-on-year basis. In the December quarter, net foreign direct investment decreased to USD 2.1 billion from USD 4.6 billion in the year-ago period. Net foreign portfolio investment recorded inflows of USD 4.6 billion in the December quarter as against an outflow of USD 5.8 billion in the third quarter of 2021-22. RBI said net outgo from the primary income account, mainly reflecting investment income payments, increased to USD 12.7 billion from USD 11.5 billion in the year-ago period. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 30.8 billion in the December quarter, an increase of 31.7 per cent from their level a year ago. Non-resident deposits recorded net inflows of USD 2.6 billion in the third quarter of the current fiscal as compared to net inflows of USD 1.3 billion in the year-ago period. According to <keyword id="153247" type="General" weightage="20" keywordseo="rbi-data" source="Orion">RBI data</keyword>, India recorded a current account deficit of 2.7 per cent of GDP during April-December 2022 period as compared to a deficit of 1.1 per cent during April-December 2021 period.

You Searched For "december quarter" and got 11 results

Infosys may show faster growth than TCS in the Dec quarter, say analysts

Bhakti Makwana

US economy expands 2.9 per cent in December quarter

ANI

Thyssenkrup reports 364 million euros loss in December quarter

PTI

India's current account deficit narrows to $1.4 bln in December quarter

PTI

India's GDP growth slips to 4.7 pc in December quarter

PTI

Retail, travel and hospitality sectors hired the most number of employees in December: Report

IANS

JM Financial net income jumps 14.6 pc in December quarter

PTI

HDFC shares rise over 3 pc as December quarter profit soars

PTI

HDFC shares end nearly 2 pc higher post December quarter earnings

PTI

Current account deficit narrows sharply to USD 1.4 bn in December quarter

PTI

Current Account Deficit narrows to 2.2% of GDP in Q3: RBI data

PTI

Popular Keywords

Buying Guides