S&P Global Ratings maintained its economic growth prediction for India at 7.3% in FY23 and 6.5% in FY24, with “risks weighted to the downside.” Retail inflation is expected to remain over the central bank’s medium-term objective of 2-6% through the end of 2022. According to the agency’s new Economic Outlook for the Asia Pacific, rising…
Oil and Natural Gas Corp sold oil through a three-month local tender for the first time, commanding $5-$8 per barrel more than existing rates under new rules that enable producers’ marketing freedom, according to industry sources. According to the report, ONGC, the country’s leading oil explorer, accepted bids at that level through an auction of…
The Monetary Policy Committee (MPC) is expected to unanimously decide to raise the policy repo rate by 50 basis points (bps) at its upcoming meeting in order to rein in above-target inflation and address currency concerns. If the MPC votes for a 50 basis point increase in the repo rate (the interest rate at which…
The Indian rupee fell to a new record low on Monday, owing to risk aversion in equity markets and a strong U.S. dollar. Investors are apprehensive ahead of the RBI MPC meeting later this week. The native currency began at 81.52 per dollar, down from Friday’s finish of 80.99. Analysts predict that the rupee would…
In a bid to drive efficiency and cut operational costs, Tata Steel has decided to merge seven subsidiaries, including four listed entities with itself. The Board of Directors of all the Tata Steel group companies have approved the schemes for the proposed amalgamation. Based on an independent valuer report, Tata Steel Long Products investors will get…
India expects to improve its coal power fleet by around a quarter by the end of the decade in order to meet rising demand until energy storage costs decline. The world’s third-largest emitter of greenhouse emissions would install roughly 56 gigatonnes of coal generating capacity unless the cost of storing electricity falls significantly. India is…
U.S. tech major Accenture has given a below market estimate revenue guidance of 8–11 percent for FY23 due to reduced IT spending and rising inflation. This is a probable signal that the Indian IT firms may face headwinds and see the revenue growth momentum slowing down. Accenture expects revenue growth of 8 to 11 percent…
The price of gold and silver in India decreased today, mirroring the dip in global prices. Silver prices on the MCX fell 0.4% to 57,059 per kg, while gold futures fell 0.25% to nearly 7-month lows of Rs. 49,321. Spot gold prices fell 1% to $1,656.97 per ounce on foreign markets due to a strong…
The Government approved an extra 19,500 crore in funding for the production-linked incentive (PLI) plan for the development of high-efficiency solar modules. The government anticipates that this financial assistance will stimulate investment of 94,000 crores in a heavily dependent on imports industry, resulting in the domestic production of 65 GW of completely and partially integrated…
On Wednesday, oil prices increased somewhat due to supply worries, but gains were limited by investor concerns that another aggressive U.S. interest rate hike might trigger a recession and reduce demand for gasoline. Brent crude futures were up 11 cents, or 0.1%, to $90.73 per barrel after sliding $1.38 the day before. U.S. West Texas…
