TCS CEO K Krithivasan attributes the company's sequential lackluster performance to deferred discretionary spends by clients and seasonality. Despite these challenges, he remains optimistic about future business prospects, managing potential changes in immigration regulations, and leading advancements in AI and software engineering for improved productivity.
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Prime Minister Narendra Modi urged the Indian industry to act decisively to leverage global opportunities, identifying India as a trusted partner. He announced missions to boost manufacturing and exports, emphasizing policy stability and an improved business environment, including significant compliance reductions and new initiatives for MSMEs.
TCS reported a 4.5% year-on-year revenue increase in constant currency terms for the Dec quarter, though performance was flat sequentially due to seasonal factors and reduced discretionary spending. Revenue rose to $7.5 billion in dollar terms. Despite a mixed performance across geographies and sectors, TCS's order book grew to $10.2 billion, bolstering confidence in future growth.
Central banks in Asia, including RBI and Bank Indonesia, are increasingly using derivatives to protect their currencies against the strong dollar. The RBI's short forward dollar position reached $68 billion in December, while Bank Indonesia's hit $19.6 billion. This strategy raises concerns about potential deferred selling pressure instead of removing it, suggesting possible future risks.
India's foreign exchange reserves dipped below $653 billion, a near six-month low, as of December 13. This marks a $52 billion decrease since September's peak, influenced by RBI interventions, a weakening rupee, and a strong dollar. The rupee hit a record low against the dollar following the Federal Reserve's hawkish stance on interest rates.
Maruti Suzuki India Ltd reported a 30% rise in overall wholesales for December 2024, totaling 1,78,248 units. Domestic sales increased, with mini and compact cars showing significant growth. Utility vehicle sales also rose, while Ciaz sedan sales dipped slightly. Exports climbed to 37,419 units.
Exiting an investment is as important as entering one. Reviewing your portfolio periodically and making objective decisions can improve long-term returns. If you struggle with investment exits, consult a financial expert.
India's imports of Russian crude oil plummeted 55% in November 2022, the lowest since June, though Russia remained India's top supplier. This drop coincided with an 11% decrease in India's total crude imports. Despite sanctions and price caps, Russia continued exporting, with China and India as major buyers, accounting for 47% and 37% of exports respectively.
RBI has eased rules for asset reconstruction companies (ARCs) to settle dues with defaulters based on the realisable value of assets. Smaller loans up to Rs 1 crore can be settled through a board-approved policy, while larger loans require a board-level panel decision. This change aims to improve recoveries and expedite settlements for personal loan defaults.
SEBI updates rules for credit rating agencies, switching to 'working days' for compliance deadlines. The new guidelines require press releases within seven working days, adjust timelines for delays in debt servicing, and mandate faster tagging of 'issuer not cooperating' and debt servicing confirmation.
A recent CII survey shows optimism in the Indian economy, with 75% of companies finding the environment favorable for private investments. 97% of firms plan to increase employment in FY25 and FY26, with anticipated wage growth and personal consumption boosts. India's 'Viksit Bharat' vision by 2047 depends on creating quality jobs.