The World Bank reduced its FY23 growth forecast for India to 6.5% from 7.5% in June, the most pessimistic prognosis for the country by any major institution, as it warned of a “deteriorating external environment.” For FY24, it has trimmed the growth forecast by 10 basis points to 6.5%. “In the face of slowing global…
Lead prices reached a seven-week high on Thursday stockpiles fell amid concerns about smelter closures. Copper and zinc prices also increased as a result of limitations placed on metal from a Russian business by the London Metal Exchange (LME). Trading was choppy as investors also tried to factor in potential loss of demand from aggressive…
Muthoot Finance has launched its 28th public issuance of secured redeemable non-convertible debentures (NCDs) with a face value of $1,000 each and a base issue size of 75 crores, with an option to retain oversubscription up to 225 crores, aggregating to a tranche limit of 300 crores. The cash raised will be used largely for…
As central banks from India to the Czech Republic intervene to defend their currencies, global foreign-currency reserves are plummeting at the quickest rate on record. This year, reserves have fallen by almost $1 trillion, or 7.8%, to $12 trillion, the largest loss since Bloomberg began compiling data in 2003. Part of the slump can be…
Despite a prohibition on wheat exports in May and restrictions on sugar shipments, India’s agricultural exports maintained steady through the end of this fiscal year. According to data obtained from the DGCIS, agricultural exports increased by about 20% between April and August to $23 billion, just slightly faster than the growth in total merchandise exports….
Gold rate and silver rate were trading higher in India on Thursday, on the back of positive global cues. Gold December futures were trading at Rs 51,915 per 10 grams on the Multi Commodity Exchange, up Rs 269 or 0.5% from the previous close of Rs 51,646. On the MCX, silver December futures were trading…
Communications Minister Ashwini Vaishnaw announced at the Digital India Conference of State IT Ministers at the India Mobile Congress that the government has allocated Rs 26,000 crore for the installation of 25,000 mobile towers over the next 500 days. The government hopes to achieve this by providing last-mile internet connectivity to remote locations. The state-owned…
The amount of palm oil imported into India in September increased to its highest level in a year, thanks to strong demand for the tropical oil ahead of the festival season and a significant price discount over other oils, according to six dealers on Tuesday. The benchmark Malaysian palm oil prices, which have almost halved…
In anticipation of a meeting of OPEC+ producers to negotiate a significant output cut in what energy executives and experts view as a tight supply market, oil prices increased little on Wednesday, adding to gains of 3% in the previous session. After rising $2.94 the day before, Brent crude increased by 11 cents to $91.91…
Reliance Industries subsidiary RSBVL and US-based Sanmina Corporation have concluded a contract to establish an electronics manufacturing joint venture worth around Rs 3,300 crore. Reliance Strategic Business Ventures Limited (RSBVL) will own 50.1 percent of the joint venture, while Sanmina will own 49.9 percent. This ownership will be obtained principally by an investment of up…
