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Accenture's growth outlook augurs well for Indian IT services players

Accenture’s Q1 FY22 results have sent a wave of cheer among analysts, as the company raised its revenue guidance and said it expects double-digit growth in outsourcing, up from single digit to low double-digit growth expected earlier. Accenture’s financial year ends on August 31. The company raised its revenue outlook for FY22 to 19-22 per cent in local currency, up from 12-15 per cent earlier. The company stated that technology continues to be the single biggest driver of change, accelerating, disrupting, and creating new opportunities.

ONGC scripts turnaround of subsidiaries, OPaL reports first profit

India's top oil and gas producer ONGC has scripted a sharp turnaround in fortunes of its subsidiaries with its petrochemical unit reporting its first ever profit, a top official said. ONGC Petro additions Ltd (OPaL), the venture ONGC floated for downward integration and expansion into petrochemical field by utilizing its naphtha stream from Hazira and Uran and C2+ components from imported LNG, has been steadily seeing operational profit or EBITDA improvement since 2016- 17 but the lopsided capital structure with high-debt servicing cost and high depreciation during the initial period of capitalisation led to incurring net losses

Toyota Kirloskar eyes wholesales to grow over 60% YoY in 2021

Toyota Kirloskar Motor (TKM) is expecting to close the current year with around 60 per cent growth in overall wholesales over last year with demand trends gravitating back to pre-Covid times, a senior company official has said. The company, which sells models like Fortuner, Innova Crysta and Urban Cruiser in the domestic market, is witnessing constant increase in customer orders and is looking at dispatching around 1.3 lakh units this year

Tata Realty and Infrastructure looks to launch REIT after 2-3 years

Tata Realty and Infrastructure Ltd will scale up its commercial real estate portfolio to at least 12 million square feet over the next 2-3 years before considering launching real estate investment trust (REIT) public issue to monetise its rent-yielding office assets. In an interview with PTI, the company's Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said the company has 7 million square feet of rental commercial portfolio, almost all are office assets, and it is making huge investments on expansion.

Fintech unicorn Razorpay's value jumps to $7.5 bn; up 7.5x in 15 months

Fintech unicorn Razorpay has raised $375 million in the Series F round of funding at a $7.5-billion valuation, making it India’s second-most valuable start-up in this space, after Paytm. The company valuation has surged over seven times in 15 months, helping it push Walmart-owned digital payments firm PhonePe to the third spot on the country’s most-valuable fintech list.

Power CPSEs register 45% growth in capex investment: Power ministry

Central public sector enterprises (CPSEs) have registered. 45 per cent growth in investment on capital expenditure over the previous year. For FY2021-22, the capital expenditure (capex) target of the CPSEs, under the Ministry of Power, is Rs 50,690.52 crore. Power sector CPSEs incurred a capex of Rs 22,127 crore till November 2020, which was 49.3 per cent of the total expenditure for the fiscal.

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