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Bosch flags further cost cuts after giving 'subdued' outlook for 2024

Reuters · 1y ago

Bosch flags further cost cuts after giving 'subdued' outlook for 2024

Bosch, the world's largest automotive supplier, has warned of cost cuts and staff reductions due to stagnating vehicle production. The company expects no economic growth in 2024 and plans to implement restructuring measures to remain competitive. Despite aiming for revenue growth of 5%-7% in 2024, Bosch acknowledges that its margin on earnings may remain stable at best. The company's CFO highlighted challenging conditions in the global automotive sector, including higher costs and a price battle in China.

Related News

Demand Recovery in Sight, These Sectors Could Reward Investors

OutlookIndia

OutlookIndia · 3m ago

Demand Recovery in Sight, These Sectors Could Reward Investors

Analysts anticipate a recovery in demand fueled by urban growth and favorable monsoon conditions. This recovery is expected to positively impact sectors like consumer goods, capital goods, and financials. Tax cuts, declining inflation, and improvements in rural demand further bolster this outlook. Key sectors poised for benefits include consumers, capital goods, particularly defense, and financials. Analysts maintain an optimistic outlook, especially given the economic rebound and government policies to enhance demand recovery.

Zomato Gains Over 2% To 52-Week High After HSBC Raises Target To INR 150

Inc42 · 1y ago

Zomato Gains Over 2% To 52-Week High After HSBC Raises Target To INR 150

Shares of Zomato surged by 2.5% to a 52-week high of INR 138 per share on BSE, following a target price increase by HSBC to INR 150. The brokerage firm holds a positive long-term outlook for Zomato, despite predicting subdued growth in 2024. Another analyst, Elara Securities, recommended buying Zomato stock after the platform fee for food delivery services was raised by 33%. Zomato's profitability in the food delivery business is expected to be driven by increased convenience fees, advertising income, and restaurant commissions. At the close of Thursday's session, Zomato shares were trading at INR 137.

Fabless startup Mindgrove partners with Bosch for indigenous semiconductor design solutions - The Economic Times

Economic Times

Economic Times · 2m ago

Fabless startup Mindgrove partners with Bosch for indigenous semiconductor design solutions - The Economic Times

Bosch Global Software Technologies and Mindgrove Technologies have partnered to develop high-performance system-on-chip (SoC) solutions targeting automotive, consumer electronics, and IoT sectors. Mindgrove, backed by Peak XV Partners, will handle the SoC design for local and global markets, while Bosch contributes R&D expertise. They aim to create cost-efficient, secure solutions using the open-standard RISC-V architecture. Bosch may adopt Mindgrove's SoCs post-assessment, leading to broader third-party adoption.

Will 2024 be a bounce-back year for startups?

TechCrunch · 1y ago

Will 2024 be a bounce-back year for startups?

In 2022, startups faced challenges as the economic landscape shifted, impacting funding and buying cycles. While IT budgets may improve in 2024, startups may struggle to benefit as tech vendors raised prices, forcing companies to allocate more funds to existing expenses. Many startups turned to cost-cutting measures such as layoffs, but this approach also presents difficulties in maintaining productivity with fewer resources. The outlook for startups in 2024 is uncertain, with differing opinions on whether they can expect an improvement or face further obstacles.

India Inc’s credit quality remained robust in FY24, say rating agencies

Thehindubusinessline

Thehindubusinessline · 1y ago

India Inc’s credit quality remained robust in FY24, say rating agencies

India Inc's credit quality remained strong in FY24, with more entities being upgraded than downgraded. Credit rating agencies attribute this to a resilient economy, robust domestic consumption, government infrastructure spending, and healthy balance sheets. Despite global uncertainties, the credit ratios remained elevated for most agencies. Sectors benefiting from domestic consumption and government spending, such as infrastructure and construction, saw the most upgrades. However, some export-linked sectors experienced downgrades due to subdued global demand and high-cost inventory. The outlook for FY25 remains positive, with upgrades expected to continue surpassing downgrades.

Pfizer CEO, Under Fire, Will Do ‘Whatever It Takes’ to Grow

Livemint

Livemint · 10m ago

Pfizer CEO, Under Fire, Will Do ‘Whatever It Takes’ to Grow

Pfizer CEO, Albert Bourla, has stated that he is committed to growing the company's earnings per share (EPS) and is willing to make further cost cuts if necessary. This comes as the company faces criticism from activist investor, Starboard Value, over alleged mismanagement and underwhelming returns. Bourla's response includes emphasizing the company's cost-saving initiatives and defending their recent deal-making. Despite the criticism, Pfizer raised its guidance for the year following a strong third quarter boosted by sales of COVID-related products. The stock, however, saw a decline after the announcement.

Reliance Retail-backed Dunzo may cut more jobs to pare costs; defers 50% of June salary

Economic Times

Economic Times · 2y ago

Reliance Retail-backed Dunzo may cut more jobs to pare costs; defers 50% of June salary

Reliance Retail-backed Dunzo, a tech startup, is reportedly considering further job cuts as part of cost reduction measures. The company has also deferred 50% of the salary for June. These actions come as Dunzo seeks to manage its expenses amid challenging market conditions. This comes after Dunzo fired about 30% of its workforce, or over 300 staff, in April, as reported by ET, while simultaneously planning a shift in its business model.

India's long bond rally falters as fiscal risks mount, demand ebbs

Economic Times

Economic Times · 17d ago

India's long bond rally falters as fiscal risks mount, demand ebbs

India’s long-duration bond rally is slowing due to reduced demand from banks and insurers, alongside fiscal concerns from declining tax revenues and GDP growth. The Reserve Bank of India's neutral stance and limited prospects for further rate cuts add to this pressure. A mismatch between supply and demand for long-duration securities exacerbates the issue, with potential interest rate increases and regulations influencing investor decisions, coupled with challenges in the broader economic outlook.

Swiggy gets a valuation jump, still way below its peak

VCCircle

VCCircle · 1y ago

Swiggy gets a valuation jump, still way below its peak

Swiggy, the popular food delivery unicorn, has received a boost in its valuation after a US-based public markets investor increased the value of its investment. This comes as a positive development for Swiggy, who has previously experienced several valuation cuts throughout the year. Although the new valuation is still below its peak, it indicates a positive outlook for the Bengaluru-based company.

Qualcomm to lay off over 1,200 employees in US: Report

Economic Times

Economic Times · 1y ago

Qualcomm to lay off over 1,200 employees in US: Report

According to a recent filing with the California Employment Development Department, Qualcomm plans to lay off around 1,258 employees from its offices in San Diego and Santa Clara, California. The job cuts, accounting for 2.5% of Qualcomm's workforce, are expected to take effect in December. This announcement comes after Qualcomm provided a gloomy outlook for its fiscal Q4, citing a slump in smartphone sales and the likelihood of job cuts. The company denies rumors of shutting down its R&D facility in Shanghai, but plans to downsize due to economic uncertainties.

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