Goldman Sachs revised upwards its forecast for India’s gross domestic product (GDP) growth for calendar year 2024 (CY24) by 10 basis points (bps) to 6.7 per cent, and expects the Reserve Bank of India (RBI) to cut interest rates in the fourth quarter of the current calendar year (Q4-CY24) / third quarter of the current…
Fitch Ratings stated on Monday that a sustained reduction in India’s fiscal deficit, especially if supported by durable revenue-raising reforms, would positively impact the country’s sovereign rating fundamentals over the medium term. The Reserve Bank of India’s (RBI) larger-than-expected surplus transfer to the government should help meet the deficit target of 5.1 percent of GDP…
. The conglomerate is exploring the possibility of obtaining a license to operate on India’s Unified Payments Interface (UPI), a popular public digital payments network. Additionally, Adani is in talks with banks to introduce a co-branded Adani credit card, FT reports. The company is also negotiating to offer online shopping through the Open Network for…
Kumar Mangalam Birla, Chairman of the Aditya Birla Group, declared that Aditya Birla Capital has become the primary growth driver for the conglomerate, boasting assets exceeding Rs 4 lakh crore. This statement came during the unveiling of its super app, ABCD, on April 16. Birla further revealed plans for the group to venture into jewelry…
On Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das introduced three significant initiatives: the PRAVAAH portal, a retail direct mobile app, and a fintech repository. PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) is a secure, centralized web-based portal designed for individuals or entities seeking authorization, licenses, or regulatory approvals from the RBI. Currently,…
In New Delhi, international crude oil prices dropped on Monday due to global growth concerns and improved crude inventory levels in the US. The smaller-than-feared retaliatory attack by Israel on Iran also contributed to the decline. At 10:32 am, the June contract of Brent on the Intercontinental Exchange was trading at $86.50 per barrel, down…
Google has invested $350 million in Flipkart, valuing the e-commerce giant at $36 billion, according to a source familiar with the matter. Despite the significant investment, Google will not gain a seat on Flipkart’s board. Flipkart confirmed the investment but did not disclose the specific amount from Google. “As part of the latest funding round…
Adani Group, led by Gautam Adani, increased its stakes in Adani Enterprises and Adani Green Energy in May ahead of a planned fundraising effort. Promoter entities bought 7.27 million shares of Adani Enterprises worth ₹2,162 crore and 13.9 million shares of Adani Green Energy worth ₹2,507 crore between May 10 and May 23, according to…
Hyundai Motor India is set to launch an IPO soon. The Indian subsidiary of South Korean auto giant Hyundai Motor Co, Hyundai Motor India Limited, is preparing to file draft papers with market regulator SEBI to raise approximately $3 billion through an initial public offering (IPO) at a targeted valuation between $18 billion and $20…
Kaynes Technology India’s stock has surged by over 163% from its 52-week low of Rs 934.85, although it remains 24% below its 52-week high of Rs 3,248. Over the past year, shares of Kaynes Technology India have yielded returns exceeding 150%. In a recent report, Anand Rathi has recommenced coverage on Kaynes Technology India stock…
Fintech company BharatPe announced on Tuesday that it has appointed its interim CEO and chief financial officer, Nalin Negi, as the full-time CEO. Negi assumed the role of interim CEO in January 2023, following the departure of then CEO Suhail Sameer. “We are pleased to endorse Nalin Negi in his new capacity and are appreciative…
Kabra Extrusion Technik Ltd. (BSE: 524109, NSE: KABRAEXTRU, ISIN: INE900B01029) and Eve Power Co. Ltd. (EVE) have agreed to collaborate on delivering advanced Battery Energy Storage System (BESS) solutions in India. In this partnership, EVE will supply battery cells and DC-side ESS products to Kabra, which will then assemble and integrate these products at its…