India News

Business process management industry in India to hit $50 bn mark by 2025: Nasscom

The Indian business process management industry is expected to nearly double its size to $50-55 billion by the end of 2025, IT industry body Nasscom has said. Revenues of the Indian BPM industry stood at $29.8 billion in FY17, as against $28 billion in the previous year, registering growth of 6.4%.

Nasscom said the BPM sector has created direct employment for about 1.2 million people, an increase of over 100,000 jobs when compared to the previous year. As per industry estimates in the last fiscal, the IT industry, including the BPM sector, had created about 170,000 jobs.

Anil Ambani led Reliance Communications property sale plans blocked; here is why

Lenders to Reliance Communications (RCom) recently turned down a proposal by the telco to sell 17 properties across the country to repay Ericsson Rs111 crore, bankers said. RCom’s move to partly repay Ericsson’s dues, bankers said, was an attempt at settling the insolvency petition filed against it at the Mumbai bench of the National Company Law Tribunal. The proposal needs to be ratified by banks as they have initiated a strategic debt restructuring scheme for the company.

HPCL is top IIFL pick even as it maintains Buy rating on all 3 OMCs

We upgrade FY18-19ii EPS for OMCs by 10-25% on the back of: 1) firm GRMs; 2) sustained product sales; and 3) strong outlook for marketing margins. OMCs trade inexpensively, offering earnings yield of 10-11% and dividend yield of 3.5-5% on FY18ii, assuming 40% payout (>45% in FY17). We maintain ‘buy’ on all the three OMCs. HPCL is our top pick, given its net long marketing portfolio and lowest embedded value in SoTP.

CLSA and Deutsche Bank bullish on TCS shares after robust Q2 earnings

Global research and brokerage firms CLSA and Deutsche Bank are bullish on the shares of Tata Consultancy Services, after India’s IT bellwether posted its second quarter (July-September) earnings yesterday, which beat analysts’ expectations as consolidated profit rose, backed by robust volume growth and operational performance. CLSA has retained a buy call on the stock, increasing the target price to Rs 2,970, from the previous target of Rs 2,880. TCS shares continued to rise on Friday morning, and were trading at Rs 2,580.75 on NSE, up by more than 1.2% since the previous close.

Pay hike blunts CIL edge before tougher race

KOLKATA: Coal India workers may be celebrating the 20% salary increase they won after a hard bargain, but with every such hike, the monopoly state-owned company may be rendering itself uncompetitive in terms of production cost just when the sector is set to be opened soon for private commercial mining.

Following the salary revision, labour accounts for 55% of the cost of production at Coal India compared with 50% previously and about 22% for most private coal miners.

Sensex moves up 113 pts, Nifty climbs above 10,000

The benchmark Sensex went up 113 points and the NSE Nifty seized control of 10,000 level today as domestic investors raised the bar ahead of key industrial output numbers to be released later in the day. Another record close on Wall Street after the release of the US Fed minutes fuelled the uptrend.

The 30-share Sensex was higher by 112.53 points, or 0.35 per cent, at 31,946.52. Healthcare, realty, IT, capital goods, oil and gas and auto stocks were in the pink of health, rising by up to 0.86 per cent. The gauge had lost 90 points yesterday.

SBI to offer loans to SMEs against input credit

State Bank of India (SBI) will now give short-term working capital demand loans (WCDL) called the SME Assist to small- and medium-scale enterprises (SMEs) equivalent to 80% of their input credit for a period of nine months, at a concessional rate of interest. The new facility will be available to 1.6 million SME customers that the bank services across the country.