Economic slowdown

Engineering and construction major Larsen & Toubro (L&T) is likely to miss its FY20 order inflow guidance of 10-12%, reflecting the economic slowdown.The company has received just four orders in the third quarter so far, with three of them worth below ₹2,500 crore each and just one contract worth over ₹7,000 crore.The company had won orders worth ₹1,76,834 crore at the group level during the year ended March 31, 2019, registering a growth of 16% over the previous year.On a cumulative basis, L&T’s order inflow for the half year ended September 30, 2019 stood at ₹86,992 crore, meaning that the company will have to bag orders of over ₹1 lakh crore in less than four months, to maintain its guidance of 10-12%According to L&T MD & CEO S.N. Subrahmanyan, the company is anticipating some big orders but client decisions on orders are getting pushed for one reason or the other. “The capital expenditure in the private sector is not … [Read more...] about Slowdown impacts L&T order book

Hyderabad: Telangana Chief Minister K Chandrashekhar Rao on Saturday disputed the Centre's claim that there is no impact of the economic slowdown in the country. He said the Centre is making tall claims on a daily basis, both in Parliament and outside, that there is no effect of economic slowdown in the country, but the facts are quite different. Stating that there is a decline in the funds received from the Centre towards the state's share in taxes, he said there is no match between what the Central ministers are proclaiming in Parliament and the ground realities. He warned that if this situation continues, the state's financial position may turn grave. KCR, as the chief minister is popularly known, said the economic situation is in a state of uncertainty and asked the Principal Secretary (finance) to decrease funds for all the departments in tune with the decrease in funds from the Centre. He also instructed all the departments to reduce expenditure. The chief minister also wrote to … [Read more...] about KCR Disputes Centre’s claim of No Slump Impact, Asks Sitharaman to Release Rs 19,719 crore in Arrears

        Former Finance Minister P Chidambaram continued his attack on the Centre and said India won’t recover from the economic slowdown as long as the BJP was in power and it could be removed only by following Tamil Nadu’s example, which had stopped the saffron party’s advance down south.“They are pushing the economy down a deep abyss. The GDP forecast has come down from 8% to 4.5%. But, former Chief Economic Adviser to the Government Arvind Subramanian had put it at 3.5%. The country’s economy is going on a tailspin,” Chidambaram told the media on his arrival at the airport in Chennai after his release on bail in the INX Media case.Earlier, the Congress veteran had alleged that Prime Minister Narendra Modi had left it to his ministers to indulge in ‘bluff and blister’ about the state of the economy. He had also charged Modi with being ‘unusually silent’ on the economy.The Congress leader added that … [Read more...] about If BJP stays in power, India won’t recover from slowdown: Chidambaram

        As the placement process for the Indian Institutes of Technology (IITs) completes a week, it seems that the economic slowdown has left little to no effect on job offers as well as salary packages this year. While in some cases, the total number of companies registered for the first phase of placement season has reduced in some IITs, the number of crore-plus packages has doubled, and so have the number of international job offers, as compared to the previous year.Last year, three IIT-Bombay (IIT-B) students were offered crore-plus package by three different companies whereas this year, Microsoft alone made offers to three students of ₹1.5 crore (base salary plus benefits) each. The company has also offered ₹1.5-crore package to students in IIT-Roorkee and IIT-Madras this year.On the other hand, Uber has slightly lowered its offer this year at IIT-B. In the past two years, the company had offered USD 150,000 (roughly ₹1.05 crore) package … [Read more...] about Despite slowdown scare, IIT students get better job offers

HKMA chief: Countercyclical capital buffer ratio for banks may be cut further The Hong Kong Monetary Authority will adopt necessary measures including a possible further cut of the countercyclical capital buffer ratio for banks to maintain financial stability amid a deteriorating economic outlook, the authority's chief executive said. Maintaining the soundness and stability of Hong Kong's financial system has been the most important task as the city is facing a complex and volatile internal and external environment, said Eddie Yue Wai-man, HKMA's chief executive, at a press briefing in Beijing on Wednesday. "If the economy further declines and the property market suffers correction, there is room for us to further lower the CCyB (countercyclical capital buffer)," Yue said. "Maintaining public and market confidence is crucial for us to keep the financial system stable." The HKMA cut the CCyB ratio to 2 percent from 2.5 percent in October citing that economic indicators have signaled … [Read more...] about HK plans to bolster financial stability