BUSINESS
IMF slashes India's 2022 growth forecast to 7.4%
The International Monetary Fund (IMF) on Tuesday slashed its annual growth projection for India by 0.8 percentage points to 7.4 per cent for 2022 and forecast "increasingly gloomy developments" for the global economy such as high inflation, downturn in China because of Covid. and spillovers from the war in Ukraine.
IMF slashes global growth forecast for the next 18 months
The Washington-based IMF said it now expected the global economy to grow by 3.2 per cent in 2022 -- a 0.4 point reduction since April -- while inflation is now believed to be higher than the previous forecasts. The slowdown is predicted to continue next year, when growth is now forecast to be 2.9 per cent -- 0.7 points lower than had been pencilled in three months ago, The Guardian reported.
Cloud-based travel tech platform Spotnana raises $75 mn
Founded by Sarosh Waghmar and Shikhar Agarwal, the platform has raised over $100 million in two years, doubling its employee to over 200 people and the majority of them work in Bengaluru, Pune and Mumbai. "The infrastructure that has been in place for decades puts huge barriers between suppliers and travelers.
Amazon hikes Prime subscription in UK, Europe by up to 43%
In an email to customers blaming "increased inflation and operating costs" for the hike, the e-commerce giant said that its annual Prime subscription will jump 20 per cent in the UK from 79 pounds to 95 pounds from September 15, reports The Verge. Whether Amazon Prime will increase the subscription in India is yet to be seen, a country where it has over 22 million users and the company is rolling out a major redesign for Prime Video.
US Federal Reserve on track for most aggressive rate hike cycle
Cumulatively, this would be tantamount to about 350 bps rate hike during 2022, making it the most aggressive rate hike cycle, Acuite Ratings said in a report. While the INR has depreciated by 7.3 per cent against the dollar in 2022 so far, interestingly, the rupee has appreciated against many other DM currencies during the same period such as the euro, GBP, and the yen.
Zomato must have acquired Swiggy than Blinkit to avoid bloodbath: Ashneer Grover
Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday. According to Grover, merging Swiggy would have seen Deepinder Goyal-led Zomato to reach Rs 450 a share. "On the stock market - letsblinkit served piping hot misery to zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!" (Had Zomato merged with Swiggy, its stock price would have been Rs 450) tweeted Grover.
UBS upgrades RIL scrip to Buy from Neutral
On Tuesday, the scrip was changing hands at about Rs 2,438. According to UBS, the key among Reliance Industries' stock price performance drivers are new investment opportunities to deploy large cash flows profitably. With India's commitment to net-zero carbon emissions by 2070, UBS estimates it as an $20 trillion opportunity in renewables, batteries and hydrogen.
New investing model provides a 1077% return in the past 13 years?
If you are an institutional or retail investor and had invested Rs 1,00,000 in companies identified by the Great Places to Work from 2008 to 2021 under the Hold Model, you would have a whopping 1077 per cent return. These returns would be far higher than the 282 per cent return on the BSE Index and 277 per cent on the Nifty 50 during the same period.
Zomato was game over on listing itself: Shankar Sharma quotes Amitabh Bachchan from 'Deewar'
"Zomato stock reminds me of what Amitabh Bachchan said in 'Deewar' on hearing news of dad's death: 'Mar to woh bees saal pehle gaya tha. Aaj to sirf ussey jalaya ja raha hai'. It was game over on listing itself," Sharma said in a tweet. The stock market investor's reaction came after Zomato is plunging to new lows.
Adani Group market capitalisation exceeded $200 bn: Gautam Adani
The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India, said Gautam Adani. "The best evidence which showcased our confidence and belief in the future, is our investment of $70 billion in facilitating India's green transition.
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