BUSINESS
Britain the only G7 economy forecast to shrink in 2023
Adding to growing political pressure on UK Prime Minister Rishi Sunak after the sacking of the Conservative party chair Nadhim Zahawi, the Washington-based IMF warned on Tuesday it expected the UK economy to contract by 0.6 per cent this year - 0.9 percentage points worse than it had pencilled in just three months ago and slower even than sanctions-hit Russia, The Guardian reported.
Sitharaman to present economic survey for 2022-23 in Parliament today
She will lay the document in the Lok Sabha after the conclusion of President Droupadi Murmu's address to both Houses of Parliament. Tuesday is the first day of the Budget session of Parliament. Apart from this, a copy of the President's address will also be laid in the Lok Sabha.
All outstanding ratings, including Adani company, under continuous surveillance: Acuite Ratings
In a regulatory filing, the LIC said the credit rating of all of the Adani debt securities held by LIC are 'AA' and above which is in compliance with the IRDAI investment regulations as applicable to all life insurance companies. Shares of Adani group's listed entities came down after short seller Hindenburg Research came out with a report alleging fraud by the Indian conglomerate.
Gautam Adani no longer in the list of world's 10 richest individuals
According to the Bloomberg Billionaires Index, Adani's wealth has dropped to $84.4 billion, leaving him in 11th place. The steep decline in Adani's fortune can be attributed to the recent report by Hindenburg Research, a New York-based short-seller. The report, which was released last week, accuses Adani and his companies of various fraudulent activities, stock manipulation, and malpractices. Adani Group, however, has rejected all such allegations.
Indian economy remains a 'bright spot', says IMF
The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast. The growth rate will be back at the 2022 level of 6.8 per cent in 2024, the fund has further projected, based on "resilient domestic demand despite external headwinds".
Govt receives 99 bids for 36 coal mines under commercial auction
Monday was the last date for submission of technical bids for these rounds. According to official sources, for the sixth round, two or more bids were received for 25 coal mines, a single bid for seven mines, and 10 bids for four mines in the second attempt of the fifth round.
Abu Dhabi's IHC to invest $381 million in Adani Enterprises FPO
The announcement comes at a time when Adani Enterprises, owned by Asia's richest man, Gautam Adani, has suffered major losses in its companies' market value. Despite the recent market turbulence, IHC remains confident in the fundamentals of Adani Enterprises, as reflected by its CEO, Syed Basar Shueb
Budget wishlist: Economy can touch $5 tn if lives of marginalised farmers improve
"Farmers are and should be the centre of focus in all discussions, as they are the important stakeholders. Farmers are always confused by the various and frequent changes in the market on what will be the value for their harvest. We need to bring in significant transparency for them so that farmers can plan their livelihoods,
LIC's exposure to Adani group is only 0.975% of its AUM
In a regulatory filing on Monday, the LIC said that its total AUM are over Rs 41.66 lakh crore as at September 30, 2022. Therefore, its exposure in the Adani group, as on date, is 0.975 per cent of its AUM at book value. The life insurer said the total amount invested under Adani Group amounts to Rs 36,474.78 crore as on date. These investments have, however, been made over a period.
'Cement industry to close FY23 with 380 million ton production'
In a research report, CARE Advisory said that India's cement production is to range between 380-390 million tonnes in FY23, a growth rate of 8-9 per cent year-on-year (yoy). In FY22, production of cement was at 356 million tonnes, up 20 per cent yoy as compared with 296 million tonnes in FY21 due to the low base effect, the report said.
Don't Miss
Advertisement