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RBI on Friday cut its GDP forecast for 2022-23 to 7% from 7.2% but retained the inflation projection for the fiscal year at 6.7% and cautioned about upside risks to food prices. It expects second quarter GDP growth at 6.3%; third quarter at 4.6% and fourth quarter at 4.6%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/XCgfAGT

The RBI has said rate hikes by advanced economies was the third shock after Covid and the Ukraine war, but the rupee's movement had been orderly. Governor Shaktikanta Das did not announce any additional measures for the currency, stating that the central bank's inflation targeting would ensure exchange rate stability. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NW9Zf8X

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The sensex rallied 1,017 points on Friday to close at 57,427 points after the RBI raised interest rate by 50 basis points (100bps = 1 percentage point), which was on expected lines. The sensex had closed in the red in the previous seven sessions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8YDPL9C

Commerce and industry minister Piyush Goyal on Friday said the government is working on a "holistic decriminalisation law" during the winter session of Parliament to make life easier for businesses. "Decriminalising sections of various laws will end the harassment faced by businesses and reduce compliance burden," he said at the annual session of PHD Chamber of Commerce and Industry. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5TuMc9w

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Zomato's revenue rose 123% to Rs 4,109 crore in the 2021-22 financial year. The company's loss widened by 24% to Rs 1,098 crore. The company in its annual report said its average monthly transacting customer base grew by 116% in the year. The online food delivery platform went public last year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wsoi78m

​Amid rising inflation and higher fixed deposit rates, the finance ministry on Thursday announced an increase of up to 30 basis points in interest rates on certain small savings products for the next quarter, marking the first increase in nine quarters. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0CJo3xG

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Reliance Industries' retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India's luxury market. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0YzxLpn

India's current account deficit, a key indicator of the balance of payment position, widened to 2.8 per cent of GDP at $23.9 billion in the first quarter of the current financial year, mainly on account of a higher trade deficit. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wYhUdTz

In a report, S&P said global macro performance over the next few quarters points towards growth slowdown with tightening financial conditions amid rate hikes by central banks. Most leading and sentiment indicators are pointing toward slower growth as well. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Bda2Kg7

Continuing to weaken against the dollar, the rupee closed at a new life low of 81.94 against the US currency after nearing the 82-level in intraday trades on Wednesday. The rupee had closed at 81.58 Tuesday. Sensex dipped for the sixth straight session, closing 509 points down at 56,598 as foreign funds continued to sell. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/F6Gsdml

The Reserve Bank of India (RBI) is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kz9MlsR

The Union Cabinet has approved Rs 10,000 crore for the redevelopment of the New Delhi, Ahmedabad and Mumbai's Chhatrapati Shivaji Maharaj Terminus railway stations, information and broadcasting minister Anurag Thakur said Wednesday. While the tender for 47 stations is out, work is under way at 32 stations, Vaishnaw said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/mgGNRDz

The Reserve Bank of India has been selling dollars as it seeks to looks to manage the volatility and the pace of the rupee's fall, traders have said. Estimates of how much the RBI has sold recently range from $1.0-$1.8 billion per day. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1f6A07J

The collection in April was at a record high of Rs 1.68 lakh crore. In May, GST revenue was Rs 1.41 lakh crore, in June Rs 1.44 lakh crore, Rs 1.49 lakh crore (July) and Rs 1.43 lakh crore (August). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Tg8CPYh

An FIR was registered in the case in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange. The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to stock brokers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/e3D096V

US business and media publication Fast Company said it shut down its website on Tuesday evening after the site was hacked and sent "obscene and racist" notifications to Apple users via the iPhone maker's Apple News service. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/FVTnJ0O

Uco Bank and Yes Bank have put in place arrangements with two Russian counterparts as India seeks to step up trade with the sanctioned nation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4w9qbmG

autam Adani said China will feel increasingly isolated as rising nationalism, shifts in supply chains and technology curbs threaten the world’s second-biggest economy. China’s Belt and Road Initiative has run into resistance in many countries, challenging Beijing’s global ambitions, the world’s third-richest man told a conference in Singapore on Tuesday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4aHQVAl

The ports-to-energy conglomerate will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines and hydrogen electrolyser. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bnpJOGj

Deepening economic relationships among members of the Quad to increase technological and energy security amid China's growing influence in the Asia-Pacific region could have long-term credit implications resulting from supply-chain and trade reconfigurations, according to a new report by Moody's Investors Service. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/a8VhWxv

There have been major board-level changes at Infrastructure Leasing and Financial Services (IL&FS) with G C Chaturvedi stepping down from the board from the board and Nand Kishore being appointed MD. C S Rajan, the former CMD, will now be the non-executive chairman. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TbvlrUJ

Eve Air Mobility (EAM), founded by Brazilian aerospace major Embraer, has tied up with Gurugram-based Fly Blade India to bring its electric vertical take-off and landing vehicle (eVTOLs) or air taxis to the country within the next five years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nQ7uGlE

A weakening rupee against the dollar and continuing sell-off in most of the major global markets pulled sensex down 954 points to a two-month low Monday. Aggressive selling by foreign funds was the main reason; domestic funds tried to cushion the fall by buying aggressively, but failed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OJNoblu

The Nifty followed a similar trajectory as the sensex and closed 311 points lower at 17,016. RIL, ICICI Bank and ITC led the day's slide while buying in IT stocks, which witnessed relentless selling in the previous few weeks, cushioned the fall marginally. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aXzJvpH

Global financial firms, still smarting from multi-billion dollar losses in Russia, are now reassessing the risks of doing business in Greater China after an escalation of tensions over Taiwan. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/rxFEK8V

"We have retained our India growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although we see the risks tilted to the downside," it said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zaEY1CF

India is set to manufacture Apple’s flagship iPhone 14 smartphones with the company confirming that the devices would be made in India at contract-manufacturer Foxconn’s factory in Sriperumbudur, Tamil Nadu. This would perhaps be the quickest scale-up that Apple has initiated in its India manufacturing setup with the latest iPhone being made here within weeks of its global unveiling on September 7. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sYd5k3N

India is set to manufacture Apple’s flagship iPhone 14 smartphones with the company confirming that the devices would be made in India at contract-manufacturer Foxconn’s factory in Sriperumbudur, Tamil Nadu. This would perhaps be the quickest scale-up that Apple has initiated in its India manufacturing setup with the latest iPhone being made here within weeks of its global unveiling on September 7. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/pVeodA9

Within days of releasing the draft telecom bill for public comments, the government has received feedback that penal provisions for violation of norms on privacy of users need to be tightened further. These are expected to be incorporated when the final legislation is drafted. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jwZrN8G

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The rupee breached the 81 level against the dollar for the first time on Friday as markets turned jittery after the Fed's rate hike and escalation of hostilities in Ukraine. The RBI continued to defend the rupee even as reserves dipped to $546 billion, down by $5 billion during the week ended September 16, and $97 billion lower from their peak levels of $642 billion last year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nwLCfXt

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Economists are unanimous in forecasting that the central bank has no other option but to deliver a 50 bps rate hike next week and take the terminal rate to 6.25 per cent by December. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fQ3zRUp

Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5SZfoEI

Tata Steel will merge with itself six of its subsidiary companies, a statement said on Friday. A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel," the statement issued by Tata Steel said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/JpxDMfG

Indian oil-to-chemicals conglomerate Reliance Industries Ltd said its unit Reliance New Energy Ltd would buy a 20% stake for $12 million in solar technology developer Caelux Corp to produce more powerful and lower cost solar modules. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/etAPYqO

The company has informed customers that the digital health services offered by Tata Health will be available through Tata 1MG (which is run by sister concern Tata Digital) from October 1. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/hapgDFb

Speaking at the Global Fintech Fest in Mumbai, RBI chief general manager P Vasudevan said that often companies ask complainants to privately provide details when they complain on soci-al media, but there is no indication on whether it has been resolved or not. He said that the first recourse for grievance redressal should always be the provider and not the RBI. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZNAvLfC

All eyes are on the RBI’s rate action next week after central banks from Manila to Oslo announced hikes on Thursday. The recent hikes came hours after the US Federal Reserve again raised rates by 75 basis points. Various agencies have forecast a 35-50bps increase as inflation, after moderating in July, has again shot up to 7% in August. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/LpTYEHW

The Supreme Court on Thursday awarded a six-month jail term to former promoters of Fortis Healthcare, Malvinder Singh and Shivinder Singh. The case relates to the sale of shares of Fortis to Malaysia-based IHH Healthcare. The top court also ordered a forensic audit of the share sale in Fortis Healthcare. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/gtawI4G

Domestic rice prices are showing an upward trend and it "may continue to increase" due to low kharif production forecast and 11 per cent jump in export of non-basmati rice, the food ministry said on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nK62YZk

The US Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TKqs61d

The Cabinet on Wednesday approved a production-linked incentive (PLI) of Rs Rs 19,500 crore for high-efficiency solar module manufacturing, a move the government said will substitute imports worth Rs 1.4 lakh crore a year and create 9,75,000 direct and indirect jobs, the government said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0Gb236f

Asked about the action taken again employees who were found to be working parallely for the company as well as for rivals, Premji, on the sidelines of the event, said that their employment had been terminated for "act of integrity violation". from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KHoriRF

ndia is likely to extend its free food programme for the poor by three to six months, a TV channel reported on Wednesday, a move that could cost the government $10 billion more and make it challenging for it to meet its fiscal deficit target. India has spent nearly $43 billion since April 2020 on its free food program known as 'Pradhan Mantri Garib Kalyan Anna Yojana'. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ynOrC47

Indian banks are likely to see a 90 basis points fall in gross non-performing assets (NPAs) to 5% in this fiscal year to March and further improve to 4% by end of March 2024, rating agency Crisil said on Wednesday. The key indicator of banks' asset quality is likely to improve, "riding on post-pandemic economic recovery and higher credit growth," the agency said in a statement. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/oHdMbsY

The Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bX4qdnZ

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