Of the 1,897 projects, 448 projects had a cost overrun of Rs 5,55,352.41 crore, which is 65.2 percent of their sanctioned cost. Around 56 projects were ahead of schedule, 632 projects were on schedule, and 902 projects were delayed, according to QPISR data
The Indian economy experienced a faster-than-anticipated expansion of 8.4% in Q3FY24, pushing FY24 growth to 7.6%, up from 7.3% in January. The growth was primarily driven by investment and manufacturing, but also by a downward revision to the previous year s numbers and a boost in net taxes. The growth reached its highest level in one and a half years, with the FY23 number revised downwards to 7% from 7.2% projected earlier.
Axis believes that the said recovery will begin at the start of the new year and FY25 will show strong revenue growth. The brokerage has picked Coforge, Persistent Systems, and KPIT Technologies as its top IT sector picks post the December quarter (Q3FY24) results.
Retail companies have reported mixed performance, with premium retailers sustaining their growth momentum. However, value retailers continued to face pressure, noted the brokerage. Trent and Westlife Foodworld are the top picks of Axis Securities in the retail space post Q3FY24 results.
Post the earnings, brokerage Citi is overweight on PSU Utilities & Defence, Industrials, Banks/Insurance and underweight on Consumer Discretionary, IT Services, and Metals. Its December 2024 NIFTY target is 22.5k, which indicates a 2 percent upside.