Lockdown

The company had posted a net profit of Rs 76.09 crore on operational revenue of Rs 1,454 crore, up from a net profit of Rs 37.42 crore on revenue of Rs 1,025.54 crore during the corresponding period of the previous year. The total comprehensive income for the company for the period under review stood at about Rs 80 crore

India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors. "The recent strong run of data increases our confidence that India is well positioned to deliver domestic demand alpha, which will be particularly important as developed markets' growth weakness percolates into Asia's external demand," Morgan Stanley said.

In a statement, the Union Finance Ministry said that the two installments have been released as against the normal monthly devolution of Rs 58,332.86 crore. "This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure," it said. As per the ministry, states like Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore and Bihar got Rs 11,734.22 crore.

Early trends for July indicate data holding across sectors with mobility (ex-residential) fairly steady and unemployment levels lower than in the previous month. Credit growth continues to rise -- it has reached its highest level since April 2019.

Domestic equities continued its northbound journey on the back of positive global cues and better than expected 1QFY23 earnings. Nifty opened higher and sustained momentum to close near day's high with gains of 114 points (0.7 per cent) at 16,719. Barring IT, pharma and oil & gas, all other sectors ended in green with banking and financial services being top gainers, up more than 1 per cent.

However, India may lose $118 billion in GDP contribution and five million job opportunities by 2026 if businesses and government are late to Cloud adoption, the report warned. With global players heading towards new systems like 3D printing, IoT, robotic automation, slow or low adoption in Cloud may result in Indian industries losing competitive edge and India may lose its attractiveness among investors, expats and new businesses.

In a research report, Kotak Securities said with risks of global slowdown and correction in global commodity prices, exports could soften further while imports hold on implying risks of a wider trade deficit. According to the report, exports in June increased by 16.8 per cent to $37.9 billion (May: $38.9 billion) while declining by 2.6 per cent month-on-month.

The GDP grew 4.1 per cent year on year in Q4FY22 as against 1.6 per cent during the same quarter of FY21. Here's what some of the observers have to say on the GDP figures: Vivek Rathi, Director - Research at Knight Frank India. Global spillovers of supply shortages, crude oil shock and higher input costs thwarted India's growth momentum in 4Q FY22.

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 .

Accordingly, the ratings agency believes that its 'FY23 Economic Outlook' released in January 2022 is unlikely to hold in view of the global geo-political situation arising out of the Russia-Ukraine conflict. "Since the duration of Russia-Ukraine conflict continues to be uncertain, Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions."