India's L&T beats profit estimates on robust overseas orders
The company's consolidated profit after tax stood at 36.17 billion rupees ($416.7 million) for the quarter ended June 30, above analysts' average expectation of 33.68 billion rupees, per data compiled by LSEG.
Total orders grew 33%, faster than the 8% growth a year ago and a 24% growth in the preceeding quarter.
($1 = 86.8100 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
6 minutes ago
- Daily Mail
Major supermarket cuts another 3,600 jobs as it slashes staff costs
Morrisons slashed more than 3,600 jobs last year as the embattled retailer turned a profit for the first time since its 2021 private equity takeover. The group, which cut more than 8,800 jobs in 2023, saw its headcount fall from 104,819 to 101,144 in the 12 months to 27 October 2024, Companies House accounts published this week show. Cost cutting efforts helped Morrisons swing to a pre-tax profit of £2.1billion for 2024, having suffered losses of £919million and £1.3billion in the previous two years respectively. However, it saw group revenues slump from £18.3billion to £17billion for the year. Morrisons' market share has increasingly come under pressure from European discounters, with Lidl poised to take its spot as Britain's fifth largest supermarket after double-digit growth in the second quarter. The group has already lost its position as the fourth-biggest grocer in Britain to Aldi. Boss Rami Baitieh is attempting to engineer a recovery at Morrisons, which was acquired by private equity firm Clayton, Dubilier & Rice (CD&R) in a debt-fuelled £7billion deal in October 2021. Job losses in the year to the end of October 2024 were compounded in March when Morrisons announced it cut more than 350 jobs across its cafes, convenience stores, florists and fresh food counters following the introduction of higher labour costs in last year's Autumn Budget. Morrisons is now alone among the supermarket sector in pushing ahead with staff cuts, with Aldi, Tesco and Sainsbury's all announcing job losses since the Autumn Budget. Mr Baitiéh - an ex air force colonel, dubbed 'Mr Fixit' – said in March: 'The changes… are a necessary part of our plans to renew and reinvigorate Morrisons and enable us to focus our investment into the areas that customers really value and that can play a full part in our growth.'
Reuters
6 minutes ago
- Reuters
European second-quarter corporate profits expected to rise 3.1%
Aug 5 (Reuters) - The outlook for European corporate health has further improved, latest earnings forecasts showed on Tuesday after the European Union struck a framework trade deal with the U.S. a little more than a week ago. European companies are expected to report average growth of 3.1% in second-quarter earnings, LSEG I/B/E/S data shows. This is an increase from the 1.8% rise analysts had expected a week ago.
Reuters
35 minutes ago
- Reuters
India hits back at Trump's threat over Russian oil purchases
NEW DELHI, Aug 5 (Reuters) - India's ruling party and main opposition condemned on Tuesday a threat by U.S. President Donald Trump to raise tariffs on goods from India over its Russian oil purchases, in a show of political unity as a trade rift deepens with Washington. Trump had already in July announced 25% tariffs on Indian imports, and U.S. officials have cited a range of geopolitical issues standing in the way of a U.S.-India trade accord. Manish Tewari, a member of parliament and leader of the opposition Congress, said Trump's "disparaging remarks hurt the dignity and self-respect of Indians". "The time has come to call out this constant bullying and hectoring," he added. BJP Vice President Baijayant Jay Panda quoted Henry Kissinger - the most powerful U.S. diplomat of the Cold War era - in a post on X: "To be an enemy of America can be dangerous, but to be a friend is fatal." India's Foreign Ministry said the country was being unfairly singled out over its purchases of Russian oil, and highlighted continued trade between Moscow and both the United States and the European Union, despite the war in Ukraine. "It is revealing that the very nations criticising India are themselves indulging in trade with Russia," it said in a statement issued late on Monday. "It is unjustified to single out India," the ministry said. It said the EU conducted 67.5 billion euros ($78.02 billion) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons. The United States, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals. It did not give a source for the export information. The U.S. embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. In 2021, Russia was the EU's fifth-largest trading partner, with goods exchange worth 258 billion euros, according to the EU executive European Commission. India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. It has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine. New Delhi has resisted, citing its longstanding ties with Russia and economic needs. India's National Security Adviser Ajit Doval is likely to travel to Russia this week on a scheduled visit, two government sources said. Foreign Minister S Jaishankar is expected to visit in the coming weeks. The sudden rift between India and the U.S. has been deepening since July 31, when Trump announced the 25% tariff on goods being shipped to the U.S. and for the first time threatened unspecified penalties for buying Russian oil. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end the war with Ukraine. The trade tensions have caused concern about the potential impact on India's economy. The equity benchmark BSE Sensex .BSESN closed down 0.38%, while the rupee dropped 0.17% versus the dollar.
