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President Murmu will inaugurate the Navy's state-of-the-art stealth frigate on August 17. In a significant fiscal update, the Income Tax department revealed that gross direct tax collection surged by 15.73 percent, reaching Rs 6.53 lakh crore by August 10 in the ongoing fiscal year. Impressively, net direct tax collection, factoring in refunds, reached Rs 5.84 lakh crore, marking a notable 17.33 percent increase compared to the same period in the previous year. Get more India News and Business News on Zee Business.
We like Nuvoco for its sizable presence in high growth east region, increasing share of premium products (37%), focus on improving trade shar industry leading 1.83 times clinker factor. Net debt/ Ebitda increased to 3.6 times in FY23 versus 3.4 times due to Rs 17.1 billion/ Rs 4.9 billion operating cash flow/ capex and then to decline to 2.4 times/ 1.7 times in FY24E/ FY25E factoring Rs 14.1 billion/ Rs 5.5 billion and Rs 20.2 bn/ Rs 9 billion OCF/ capex respectively. upgrade from 'Sell' to 'Accumulate' with a revised target price of Rs 392
Following last week’s update on aggregate wage inflation, Westpac revised its profile for wages growth over 2023 and 2024. In essence, the update speaks to a broad-based moderation in the pace of wage inflation. This is certainly highlighted by the softer-than-expected outcome for the headline figure in June, up 0.8% (3.6%yr), but is also witnessed to by the detail. The moderation is evident across most components of the data, not only in the breakdowns by sector and by bargaining arrangement, but also if bonuses are included or only those who received a pay increase are considered. The next update for September quarter 2023 will capture an above-average increase in the minimum wage (5.9% in 2023 vs. 4.7% in 2022) in addition to the 15% pay raise for aged care workers. Still, factoring in that strength – a forecast 1.3% gain – is still not enough to offset the broader moderation at play, leading us to revise down our year-end forecast for wages growth from 4.1%yr to 3.8%yr.
Furthermore, the upward trajectory of the USD/JPY pair could experience support as investors are still factoring in the odds of a quarter basis points (bps) rate hike by the Fed. However, Japan’s … Read Full Story at source (may require registration)
We revise our FY24/25E estimates by 1.7%/3.7%, post factoring in healthy growth prospects for hydrocarbon business. The stock is currently trading at price to earning of 32.9 times/27.1 times FY24/25E. Maintain ‘Buy’ rating on stock with revised SoTP based target price of Rs 3,302 (Rs 2,955 earlier) valuing core business at PE of 25 times FY25E (22 times earlier), given recent large order wins aiding strong revenue visibility and improving Hyderabad Metro Performance. We believe L&T is well-placed to benefit in the long run given-