BUSINESS
India Achieves Record High Foreign Exchange Reserves: Reaches $655.8 Billion
The rise in foreign exchange reserves was accompanied by Commerce Ministry data showing a sharp 9% growth in the country's goods exports in May.
Moody’s Forecasts India as Asia-Pacific’s Top Economic Performer for 2024
According to Moody's, portfolio inflows into India and ASEAN economics are also likely to gather pace on the back of strong corporate credit metrics, apart from attractive valuations. In May, Moody's had estimated that the Indian economy may grow by 6.8% in the current year and 6.5% in 2025 on the back of robust economic growth-policy stability after the national elections.
CII Forecasts India's GDP Growth to Reach 8% in 2024-25
Puri stated that the agricultural sector, which was worst hit because of erratic weather conditions last year, will be making a smart comeback helped by normal monsoon forecast, which will boost rural consumption and thereby economic growth.
Tesla Shareholders Greenlight Elon Musk's $56 Billion Compensation Plan
Tesla issued a statement putting into spotlight the overwhelming votes of shareholders to ratify its CEO Performance Award in 2018 and the relocation of the electric car-maker into the Lone Star State. It further clarified that the performance-based stock option award approved by shareholders in 2018, with certain conditions, was once again reaffirmed through the company's latest shareholder meeting on Thursday.
Ambuja Cements Expands Footprint with Rs 10,422 Crore Acquisition of Penna Cement by Adani Group
Funded internally, the acquisition is anticipated to increase Adani Cement's market share by 2% nationwide and by 8% specifically in south India. Ajay Kapur, CEO and Whole Time Director of Ambuja Cement, expressed that this acquisition marks a milestone in their growth trajectory, positioning Ambuja as a leading player across India's cement industry.
April Sees India's Industrial Production Grow by 5%
By sector it has broken down in mining 6.7%, in manufacturing 3.9% and in electricity 10.2% compared to the same month of the previous year. The subsectors of manufacture whose activity increased the most during April 2024 were: 'Elaboration of basic metals' 8.1 percent; 'Manufacture of coke and refined petroleum products' 4.9 percent; and 'Manufacture of motor vehicles, trailers and semi-trailers' 11.4 percent.
Moody's Report Highlights Strong Position of Indian Financial Institutions Amid Economic Growth
The creditworthiness of India’s financial system has strengthened significantly over the last 3-4 years. Financial institutions are benefiting from record-high profitability, minimal loan defaults, and steady funding from domestic sources, supporting their stable credit ratings. Improved capitalization, driven by strong internal earnings and capital raised from buoyant debt and equity markets, has also been noted in the report.
India to Lead Global Growth with 6.7% GDP Increase Over Next Three Years: World Bank
In its 'Global Economic Prospects' report, the World Bank kept the growth forecast for India at 6.6% for FY25 and said the nation will remain the fastest among world majors but the pace of expansion might ease a bit. "After the high growth rate of FY 2023/24, the trend growth for the three years from FY 2024/25 is projected to be 6.7 percent on an average," said a report released by the bank.
Modi 3.0 Cabinet composition indicates policy continuity: Nomura
Expecting stability in politics, Nomura has held on to its portfolio and estimated that the Nifty 50 index can climb by next year, above 24,860 points.
Sensex crosses 77,000-mark for first time; Nifty hits all-time high of 23,411.90
Multiple factors fuelled the markets to record yet another session in the green — the RBI up its projection for economic growth in this fiscal to 7.2% from 7% earlier, and fresh inflows from foreign funds.
Don't Miss
Advertisement