The annual Economic Survey for 2022-23 projected the economy to grow by somewhere between 6% and 6.8%, depending on global factors in 2023-24, with 6.5% a baseline expectation. While admitting that the world economy faces considerable uncertainty that could affect India’s growth, the survey struck a confident note, mirroring the sunny posture of the government, which plans to showcase the recovery on its watch as one of the main pitches for the 2024 polls.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/e0Wa7u9
President Droupadi Murmu Tuesday showcased fearlessness, decisiveness and stability among the hallmarks of the Modi government and emphasised these strengths have not only helped it tackle numerous challenges and played a crucial role in delivering transformative governance to the country, but also allowed the world to look towards India with high hopes.
"Change is the only constant in life! Last 9 years, I’m lucky to have received so much love that it makes this goodbye so difficult. Thank you all. The end of a journey also marks the beginning of a new one, full of exciting opportunities. Hello to a new adventure!" Jain said in a tweet, which also had his full statement.
The government survey is likely to say that growth is seen at 6.5% for 2023-24 under the baseline scenario, the person said, declining to be named as the matter was confidential. This would be the slowest in three years. Nominal growth is likely to be forecast at 11% for 2023-24, the source added.
Adani Group, which is in the eye of a corporate-cum-stock market storm due to a damning report by US-based short seller Hindenburg Research, late on Sunday said that 68 of the 88 questions posed by the firm were already addressed through annual reports of various group companies, offer documents and stock exchange disclosures.
The Centre is expected to close the year with higher than budgeted tax collections during 2022-23, marking the second straight fiscal year of the actual collections being more than the Budget estimates. During the last 22 years, there have been only two occasions - 2006-07 to 2007-08 and 2015-16 to 2017-18 - when the actual collections have been more than the Budget estimates (BE) during successive years.
Institutional investors are fully backing the Rs 20,000-crore follow-on public offer (FPO) for Adani Enterprises (AEL) even though the stock is below the offer price. However the company is not sure how retail investors will look at the issue at the current market price. However, it is confident some high net worth and ultra-high net worth investors (UHNIs) will participate in it.
The ongoing earnings season, global market cues, domestic macroeconomic data announcements and auto sales numbers would also influence trading in the market, they added.
Foreign investors have pulled out a net of over Rs 17,000 crore this month so far due to the attractiveness of the Chinese markets and the cautious stance adopted by them ahead of the Union Budget and US Federal Reserve meeting.The outflow in January came after a net inflow of Rs 11,119 crore in December and Rs 36,239 crore in November.
Amid speculation that Adani Enterprises may be forced to amend its Rs 20,000-crore follow-on public offer after a plunge in its stock price, the company clarified that its FPO remains on schedule at the set issue price. The flagship of the Adani Group had fixed the FPO at Rs 3,112-Rs 3,276 per share. However, on Friday, the first day of retail bidding for the FPO, the stock closed at Rs 2,762 on BSE.
Bankers say that Adani Group's borrowings are secured by assets, and group companies have the required cash flows to service loans. Lenders say credit quality will be unaffected by the outcome of the holding company's public issue or the crash in share prices. However, the group has pledged a major chunk of its Ambuja Cements holdings and may have to offer fresh equity as security to foreign lenders to compensate for the share price fall.
Air India will on Friday seal half of an order for some 495 jets with Boeing and engine suppliers General Electric and CFM International, industry sources said, as its new owner seeks to revive the airline and compete with larger rivals.
A technical issue with the New York Stock Exchange's opening auction on Tuesday led to more than 80 stocks being briefly halted at the start of trading, sowing confusion among traders about which orders were filled and whether they were at the correct prices.
With nominal GDP of 10.6%-11%, India's gross tax collection growth rate is likely to be around 8% in 2023/24, compared with 14.5% in the current year, due to base effect, said Gaura Sengupta, an economist at IDFC First Bank.
In an internal meeting, Sundar Pichai, who is CEO of Google parent Alphabet Inc, said he had consulted with the company’s founders and board in making the decision for 6% cuts.
