BUSINESS
4QFY23 to be strong quarter for Indian FMCG companies
Our channel checks also confirm this trend. Rural growth has remained sluggish while urban consumption has also softened. We expect most companies in our staples coverage to report double-digit EBITDA growth helped by sales growth and margin improvement. While general consumption trends remained muted, we expect 4QFY23 to be a strong quarter for Indian FMCG companies, as the benefits of past price hikes should drive double-digit revenue growth, while the cool-off in raw material prices and lower than usual advertisement spends should help margins, BNP Paribas India said.
Raj Neervannan-cofounded AlphaSense raises $100 mn, bullish on India
Existing investors, including the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and Viking Global Investors, also participated in the round. This investment, said the company, will fuel the continued deployment of AlphaSense's advanced AI capabilities, including generative AI that dramatically speeds up the research process for business and financial professionals.
Sitharaman meets IMF's Gita Gopinath, discusses downside risks to economy
The meeting took place on Tuesday on the sidelines of the IMF-World Bank Spring Meetings. According to the Finance Ministry, Sitharaman congratulated Gopinath for accelerating India's work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated New Delhi's commitment to foster efforts to address growing debt vulnerabilities.
Deliberate malicious attempt by Bharti Airtel to defame RJIL's consumer friendly tariffs: RJIL to TRAI
Bharti Airtel had filed a complaint on alleged predatory offers of Live TV channels with broadband plans by RJIL. RJIL said a close reading of the complaint letter would clearly establish that Airtel's sole grouse is that JioFiber is offering reasonable tariffs to customers. "Evidently, all its unsubstantiated claims of predation, non-level playing field, non-compliance with TTO's and NTO are just woven around this singular theme and this complaint should be dismissed simply on the ground of being frivolous attempt to protect its own interests.
IMF cuts growth projection for India 'because it got it wrong before'
The fund's had a grim warning for the global economy though: while the recovery from pandemic and the war in Ukraine will continue, although at a rate slower than projected before, because of recent turmoil in the banking sector -- shutting down of two regional banks in the US and the distress sale of Switzerland's Credit Suisse -- the "fog around the world economic outlook has thickened".
India committed to reforms agenda, has investment opportunities: Nirmala Sitharaman
Participating in a roundtable meeting on "Investing in the India Decade" organised by industry body FICCI and US India Strategic Partnership Forum in Washington D.C. on the sidelines of Spring meetings of the IMF and World Bank, Sitharaman on Tuesday underlined the reality of a global acknowledgement of a "New India" and the renewed role India is poised to play in global economic order, besides India as an investment destination.
Google slapped with $32 mn fine for unfair practices in app market
The punishment came as the U.S.-based global tech giant made shady agreements with South Korean mobile game companies between June 2016 and April 2018, banning them from releasing their content on One Store, according to the Fair Trade Commission (FTC).
Hyundai to invest $18.2 bn in EV production by 2030
Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will collectively make the investment to become the world's No. 3 EV maker in terms of sales by 2030, the group said in a statement. The move is in line with global carmakers' plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming.
Interest rates likely to fall to pre-Covid levels in advanced economies, IMF says
The International Monetary Fund (IMF) said increases in borrowing costs are likely to be "temporary" once high inflation is brought under control. The Bank of England has been raising interest rates since December 2021, taking them from 0.1 per cent to 4.25 per cent. This has raised mortgage payments for many homeowners.
1 in 4 cars sold in India now has embedded cellular connectivity, Baleno leads
Maruti Suzuki's Baleno was the best-selling connected car model in 2022, while MG, Hyundai, Kia and Tata Motors led in terms of connected car models' share in their portfolios. Launched in 2019 with a price of less than Rs 20 lakh with over 50 features, MG's Hector was the first non-premium model in India to have embedded connectivity.
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