Moneycontrol Selects: Top stories this afternoon

Moneycontrol Selects: Top stories this afternoon

Craze for index funds distorting market dynamics; passive investing no free lunch: Dhirendra Kumar

A lot of money has been flowing into passively managed funds such as index funds and exchange-traded funds over the last year. To a large extent, this approach is being driven by the popular perception that a) index investing is less risky and b) actively managed funds don’t beat the market anyway. Both views are wrong, says Dhirendra Kumar, Chief Executive Officer, Value Research. Read More

Tomato to get even costlier in weeks ahead; recovery only by September

Tomato prices are likely to rise even more in the weeks ahead as incessant rains in some areas and lack of adequate showers in others hits production and transportation of the kitchen staple, according to agriculture experts.

“The problem of price rise will go on for some time. No new plantation can be planted amid rains. Prices will continue to rise in weeks to come. It will be a minimum of 2 months before we see prices stabilise,” says Sanjay Gupta, Managing Director and Chief Executive Officer of National Commodities Management Services Limited (NCML). Read More

MC Selects

Brokerages alarm caution as HCL Tech Q1 earnings lag estimate on all fronts; stock slips 2%

The IT major's Q1 earnings missed the Street's estimate on all three fronts of profit, revenue and profitability. Even though the company recorded a 7.6 percent year-on-year growth in net profit for the April-June quarter to Rs 3,534 crore, it witnessed a decline of 11.2 percent sequentially. The bottomline was also below analysts estimate of Rs 3,782 crore for the quarter under review, dragged down by a slowdown in deals and verticals like Hi-tech and telecom. Read More

Online gaming at current growth may lead to Rs 20,000 crore tax collection in FY24: Govt

The 28 percent goods and services tax (GST) levy on online gaming could see revenue collection from this sector jump as much as 12 times to Rs 20,000 crore in FY24 if growth rates remain the same, said revenue secretary Sanjay Malhotra.

While the levy led to an outburst from the gaming industry which has termed it a death knell, Malhotra played down the concerns in an interview with Moneycontrol. Read More

India regaining its rightful place, working with a clear vision for 2047: PM Modi

In an interview with French newspaper Les Echos, Prime Minister Narendra Modi spoke about 25 years of India-France strategic partnership. In the interview, PM Modi talked about India's "clear vision" for 2047 and regaining its rightful place in the world. Read More

Double-digit growth could become difficult this year, see momentum once uncertainty ends: TCS CEO Krithivasan

TCS' recently appointed CEO K Krithivasan said achieving double-digit growth this year appears to be challenging as clients exercise caution in an uncertain demand environment. He further stated that the company needs a quarter to two before they can confidently state that difficult times are behind them. Read More

Raging Yamuna flowing at record level; spills onto streets in Delhi

The torrential Yamuna in Delhi swelled to a staggering 208.48 metres Thursday morning, inundating nearby streets and public and private infrastructure, and causing immense hardships to people living in close proximity to the river. Read More