BUSINESS
India's FY22 GDP expected to grow by 8.7%: MOFSL
MOFSL now projects real GDP growth of 8.7 per cent in FY22, down from 11.1 per cent expected earlier. Nonetheless, it revised upwards its FY23 forecasts to 5.4 per cent now from an earlier 4 per cent. It also said that nominal GDP growth is now projected at 15.6 per cent for FY22 vis-a-vis 15.1 per cent earlier and 10 per cent for FY23.
FPOs federation needed to enhance farmers income: Grant Thornton Bharat
"The next big step could be to confederate a few FPOs in a district or state into a federal body through an SPV, to carry out intensive and vigorous marketing activities with greater scale economies, and leverage upon newly proposed schemes to promote agri infrastructure, establish storage facilities etc," the report said.
PNBHF proposed capital infusion to strengthen equity buffer: Ind-Ra
According to the ratings agency, it will also provide the company with the capital needed to grow the franchisee. "PNBHF had seen heightened delinquencies and a decline in asset under management in the last two years due to a challenging operating environment amid the Covid-19 pandemic," Ind-Ra said in a report.
Tata puts up India's largest Solar Carport in Pune
The 6.2 MW solar carport deployed by Tata Power will generate 86.4 lakh kWh of electricity per year and is estimated to reduce 7,000 tons of carbon emissions annually and 1.6 lakh tons over its lifecycle. Spanning over 30,000 square meters, this carport will not only generate green power, but will also provide covered parking for finished cars in the plant.
Sensex tumbles 650 points; metal, oil & gas lead selloff
The across-the-board selloff was led by metal, oil and gas and financial stocks. Around 11.05 a.m., Sensex was trading at 51,668.59, lower by 654.74 points or 1.25 per cent from its previous close of 52,323.33. It opened at 52,568.07 and has touched an intra-day high of 52,586.41 and a low of 51,647.90 points.
Hiked again, petrol nears century mark pan-India
Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per-litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
RBI to conduct auction for GoI securities conversion on June 21
The RBI has, from April 22, 2019, started conducting the auction for conversion of GoI securities on third Monday of every month. As per the method, bidding in the auction implies that the market participants agree to sell the source security or securities to the GoI and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Indian ultra-HNIs likely to invest $30 bn in tech start-ups by 2025
According to a newly-launched report titled, "Turning Ideas to Gold," jointly prepared by 256 Network and Praxis Global Alliance, India expects to add 95 new tech unicorns to its 56-strong unicorn pool by 2025. As per the report, India is expected to have around 10,000 UHNIs, which will include business leaders, celebrities, NRIs, and digital entrepreneurs with a cumulative wealth of $700 billion by 2024.
Microfinance sector witnesses recovery in Q4 FY21: Report
During the first two quarters of the last financial year, the sector had witnessed de-growth followed by a 1.5 per cent growth in the third quarter. Live customer base in the microfinance segment grew by 4.2 per cent on a QoQ basis, and 13 per cent on a year-on-year basis and both urban and rural markets witnessed significant quarterly growth of 8.5 per cent and 10.4 per cent, respectively.
Vishal Sikka's AI platform Vianai Systems raises $140M
Vianai said it will use new funds to accelerate the delivery of its human-centered AI platform and products to enterprises worldwide. "In the time to come, AI can play a transformative role in Indian business and Indian society. My dream is to see India's youth as a massive creative force that can use tools, like Vianai's platform, to build human-centered AI systems for India and for the world." said Sikka, Founder and CEO of Vianai.
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