BUSINESS
Morgan Stanley lowers India's GDP growth forecast
The foreign brokerage said slower global growth, adverse terms of trade shock, and impact on business confidence from geopolitical tensions weigh on the near-term outlook Morgan Stanley's global economics team expects global growth to average 2.9 per cent YoY in 2022 slowing from 6.2 per cent growth in CY21. Against this backdrop, it has lowered forecasts of India's GDP growth .
Airtel Africa FY22 revenue up 21% YoY, announces final dividend of 3 cents
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries primarily in East Africa and Central and West Africa. Constant currency underlying revenue grew 23.3 per cent for the year and 19.1 per cent in Q4.
India smartphone shipments to cross 170 mn units in 2022
Samsung led the 5G segment with 23 per cent market share in Q1. While affordable smartphone shipments (sub-Rs 7,000) declined, premium smartphones (Rs 25,000 and above) grew 58 per cent, indicating strong consumer appetite to switch and upgrade, according to Cyber Media Research (CMR)
E-commerce enablement platform GoKwik raises $35 mn
The Series B round also saw participation from existing investors Sequoia Capital India and Matrix Partners India. The new funding follows GoKwik's $15 million Series A round in November last year, bringing total funding in the last 12 months to more than $55 million, said the platform.
Britain's retail sales in decline amid raging inflation
This is below the three-month average growth of 3.2 per cent and the 12-month average growth of 6.4 per cent, Xinhua news agency quoted a statement issued by the British Retail Consortium on Tuesday. Since the figures are not adjusted for inflation, the real drop would be much larger it added.
Reliance Nippon Life Insurance FY22 net profit up 30% YoY
It reported a net profit of Rs 50 crore in FY21. The company is a joint venture between Reliance Capital and Japan's Nippon Life. Assets under management rose 13 per cent year on year to Rs 27,619 crore at March-end 2022, against Rs 24,383 past year. In FY22, total new business premium income increased by 13 per cent to Rs 1,282 crore against Rs 1,135 crore in FY21.
Trade pacts with UAE, Australia will fuel economic growth: FM
Speaking at the stakeholders' outreach programme on India-UAE CEPA and India-Australia ECTA here, Sitharaman said awareness events about these pacts are happening across the country. She also said the Director General of Foreign Trade (DGFT) has been asked to translate the details of the trade pacts in Tamil and share them with the media and stakeholders.
Bajaj Finance raises interest rate on FDs with immediate effect
The revised rates on Bajaj Finance's FDs, of up to Rs 5 crore, are effective from Wednesday and will be applicable to fresh deposits and renewals of maturing deposits, a statement said. Post the revision, deposits between 36 to 60 months will offer a cumulative return as high as 7 per cent.
Equity indices settle low amid high volatility, rupee recovers a tad
Sensex closed at 54,364 points, down 106 points or 0.2 per cent, whereas Nifty, at 16,240 points, was down 62 points or 0.4 per cent. Among sectors, metals, power and realty fell the most while banks and FMCG ended mildly in the positive. BSE Midcap and Smallcap indices severely underperformed, falling 1.98 per cent and 2.11 per cent,respectively.
Party time for Kohinoor Foods' investors as stocks up 130% in 1 month
The shares of the company have been reportedly consistently hitting upper circuit for the past 21 days. On Tuesday, the shares closed the day at Rs 20.65, up 4.8 per cent from the previous closing price. In the past one-month period, the shares accumulated over 130 per cent returns for its investors.
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