Officials from the ministry of corporate affairs and Infosys have called a roundtable meeting with CAs, CSs and cost accountants to understand the performance issues with MCA21—the e-filing portal of the ministry
The ministry of corporate affairs (MCA) has organised a meeting in Mumbai with chartered accountants (CAs), company secretaries (CSs) and cost accountants to understand performance issues with its MCA21 portal. The interactive meeting would take place on 6 May 2013 at 2.30pm at the Indian Merchants Chamber (IMC).
As Moneylife has pointed out earlier, MCA21, the e-filing portal of the MCA, has remained unstable after the management of the website was taken over by Infosys from Tata Consultancy Services (TCS) (Read Why can’t Infosys get MCA21, the e-filing system working?)
In order to receive genuine and frank feedback, the MCA through local councils and chapters of CAs, CSs and cost accountants has organised the interactive meeting.
Amardeep Singh Bhatia, joint secretary of the MCA as well as senior officials from the Mumbai region and Infosys would be present at the meeting. After brief remarks by the MCA and Infosys officials, there would be a round table discussion.
The HSBC Purchasing Managers' Index which measures the trends in manufacturing sector every month fell to 51 points in April, the lowest reading recorded since November 2011
Manufacturing activities in India may gain momentum in the coming months, given a pickup in export orders, declining prices and improved operating conditions, a survey by HSBC said today.
Although India’s manufacturing growth rate fell to its lowest in over four years last month, export orders picked up and both input and output inflation eased, as per a monthly Purchasing Manager survey conducted by HSBC India and financial information provider Markit.
Besides, operating conditions in the Indian manufacturing economy improved further during April and there was a modest increase in incoming new work, the survey said.
The slowing growth rate and declining inflation may prompt the central bank to cut the interest rates tomorrow, although there is not “plenty of scope for RBI to slash rates”.
The HSBC Purchasing Managers' Index measures the trends in manufacturing sector every month on the basis of changes in output, new orders, employment, suppliers' delivery times and stocks of purchases. The index fell to 51 points in April, the lowest reading recorded since November 2011.
“Growth in manufacturing continued to slow as domestic orders decelerated and power outages curbed output. On the bright side, new export orders picked up and inflation continued to ease,” it said.
HSBC said that growth needs a boost from further policy reforms and stepped up implementation of infrastructure related investment projects.
Commenting on the survey results, HSBC’s chief economist for India and ASEAN Leif Eskesen said: “Manufacturing activity lost momentum again in April, with output growth slowing further on the back of a deceleration in domestic orders and continued power outages.
“Export orders, on the other hand, picked up. Encouragingly, input and output price inflation eased. With the growth momentum slowing and inflation receding, the RBI is likely to cut the policy rate this week,” he said.
“To add juice to the economy again the reform momentum has to get its second wind and we need to see more implementation of key infrastructure related projects,” HSBC said.
“The latter is likely to gradually happen as some of the investment projects expedited through the investment committee are rolled out,” it said.
FY14F looks poised to be a year of strong profit growth, says Nomura Equity Research in its Quick Note on Dabur India
Dabur India reported solid results for the fourth quarter of FY13, with volume growth of 12%, which was a key positive. Margins improved by 120 basis points (bps), which was ahead of Nomura’s and consensus expectations. The management was confident of delivering robust volume growth and an improvement in margins in FY14F. Q4FY13F results gives confidence that some of the disruptions as a result of the revamp of the distribution system are now firmly behind and FY14F looks poised to be a year of strong profit growth. These observations were made by Nomura Equity Research in its Quick Note on the company’s performance.
Key highlights from Dabur’s Q4FY13 results
In segmental performance, Dabur’s consumer care business revenues rose 13.1% to Rs12.9 billion with margins improving by 10 bps y-o-y. Foods business revenues improved 19.4% with margins down 300bps. The Real brand delivered market share gains.
As per the management’s conference call, post-results:
• Volume growth guidance for FY14F should continue to be 8%-12% as in most years. But for FY14F, management expects to come in at the top end of that guidance, which is a positive.