Business News Highlights: RBI Maintains Status Quo On Key Rates, Projects Growth For FY25 At 7%
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Ather has introduced its latest electric scooter model, the Rizta, catering to a more family-oriented demographic compared to its sportier counterpart, the 450. Priced at 1.10 lakh for the base variant and Rs 1.45 lakh for the top-end version, the Rizta prioritises practicality with an emphasis on spaciousness and comfort. This is evident in its elongated seat design, providing ample room and enhanced comfort for riders. Read Here
One day after the International Monetary Fund's (IMF) decision to disassociate itself from Krishnamurthy Subramanian's projection of 8 per cent growth for India, the former Chief Economic Adviser (CEA) and executive director at the global organisation responded in a statement, asserting that the IMF staff have consistently provided inaccurate assessments regarding India's growth statistics.
The BoB Essential Commodity Index (BoB ECI) surged by 5.9 per cent year-on-year in March 2024, marking the most rapid increase since August 2023, according to Dipanwita Mazumdar, Economist at Bank of Baroda. On a sequential basis, it rose by 0.4 per cent. When adjusted for seasonal variations, the increase was more pronounced at 0.8 per cent. This upward trend is primarily attributed to the escalation in vegetable prices, particularly potatoes and onions.
Mark Zuckerberg has surpassed Elon Musk to claim the third position in the world's wealthiest individuals list, as per the Bloomberg Billionaires Index. This shift in rankings marks the first change in the billionaires' standings since 2020. Read Here
Renowned cardiologist Dr Devi Shetty emphasised the importance of prioritising prevention in healthcare, particularly as cases of non-communicable diseases (NCDs) continue to escalate. His remarks come ahead of World Health Day, observed annually on April 7th. This year's theme, "My health, my right," advocates for universal access to quality health services for all individuals everywhere.
Tech giant Microsoft has issued a warning, suggesting that China may utilise Artificial Intelligence-generated content on social media platforms to influence public opinion and advance its geopolitical agenda, particularly during elections in nations such as India, South Korea, and the US. Read Here
Amitabh Kant, G20 sherpa and former CEO of NITI Aayog, highlighted India's rapid adoption of electric vehicles (EVs) and emphasised that domestic companies should now set their sights on producing electric two-wheelers for the global market. Speaking at Ather Energy's community day event, Kant pointed out that India is already the largest exporter of two-wheelers globally. He urged Indian EV companies to expand their focus beyond the domestic market and cater to international consumers as well.
IT giant Cognizant has reportedly postponed salary hikes for its 'eligible' employees until August. This effectively extends the increment timeline for the company's employees by approximately four months, compared to the raises distributed in the previous year. Moneycontrol reported, citing sources, that the firm, with approximately 347,000 employees worldwide, of which around 254,000 are based in India, has deferred salary hikes. Additionally, the news report stated that Cognizant confirmed the deferment to the news organisation.
A senior diplomat from the Indian High Commission in Singapore announced on Saturday that bilateral trade between Singapore and India surged to $35.6 billion in the fiscal year 2022-23, marking an 18.2 per cent increase compared to the previous year. T Prabakar, the First Secretary (Commerce) at the high commission, revealed that Singapore ranks as India's eighth largest trade partner for the same period, constituting 3.1 per cent of India's total trade.
Prabakar made these remarks while addressing the Institute of Company Secretaries of India (ICSI) Third International Conference held in Singapore from April 5-6.
Indiabulls Real Estate announced on Saturday that its board has approved a plan to raise Rs 3,911 crore by issuing shares and warrants to investors, including the Blackstone Group and Embassy Group. Blackstone, the global investment firm, will contribute Rs 1,235 crore, while Bengaluru-based Embassy Group will inject Rs 1,160 crore. Upon the conversion of the warrants, Embassy Group will possess 18.7 per cent ownership, with Blackstone holding 12.4 per cent.
Industry experts predict that the surge in EV battery production, coupled with the 'Make in India' initiative, will drive down manufacturing expenses and amplify electric vehicle (EV) sales within the nation. Liz Lee, Associate Director at Counterpoint Research, highlights India's EV sector as poised for substantial expansion. “Government initiatives such as the PLI scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers,” Lee opined.
Indiabulls Real Estate informed on Friday that it received board approval for raising funds by issuing shares and warrants to investors. The company issued a regulatory filing and said that it will raise Rs 3,911 crore via issuance of shares and warrants to investors, including the Blackstone Group and the Embassy Group. Blackstone will invest Rs 1,235 crore and take ownership of 12.4 per cent in the firm, while Embassy Group will invest Rs 1,160 crore for a stake of 18.7 per cent.
JSW Energy Limited announced on Friday that it raised Rs 5,000 crore by selling equity to institutional investors, like Abu Dhabi Investment Authority (ADIA). The firm said that the funds will help accelerate the growth plans.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.
The stock markets closed on a flat note on Friday following the announcement from the Reserve Bank of India (RBI) to maintain the status quo on repo rate at 6.5 per cent. The S&P BSE Sensex settled marginally higher by 21 points at 74,248, while the NSE Nifty50 closed above the 22,500 mark at 22,514, up by 1 per cent.
This marked the seventh consecutive repo rate call taken by the RBI. The SDF rate also continues to be at 6.2 per cent, while the bank rate and MSF rate stood at 6.75 per cent. The regulator also maintained its stance of ‘withdrawal of accommodation’.
Sharing an outlook on the economy, Governor Shaktikanta Das said that the real GDP growth for FY25 is estimated at 7 per cent, with the first quarter growing at 7.1 per cent, second at 6.9 per cent, while third and fourth quarters are projected to grow at 7 per cent each.
The Consumer Price Index (CPI) inflation projection for the fiscal year stood at 4.5 per cent, Das noted. He added, “The headline inflation has eased to 5.1 per cent during both January and February, and this has come down to 5.1 per cent in these two months from the earlier peak of 5.7 per cent in the month of December... Looking ahead, robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4 per cent.”
Zee Entertainment Enterprises Ltd announced on Friday that the firm will be reducing its workforce by 15 per cent. The company issued a regulatory filing and said that the firm is adopting the pruning process after the MD and CEO, Punit Goenka, suggested a lean organisational structure with broadcast, digital, movies, and music as the core business units of the media entity.
"In line with his overall strategic approach, the MD & CEO has initiated the process of rationalisation of the workforce by 15 per cent, that will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future," the firm noted.
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