1. IMF cuts India's GDP growth forecast by 80 bps to 8.2% for FY23, says global prospects set back by war
The International Monetary Fund (IMF) has cut its growth forecast for India for FY23 by 80 basis points to 8.2 percent, warning that Russia's invasion of Ukraine would hurt consumption and hence, growth, by way of higher prices.
2. The long and short of HDFC Bank stock’s prospects
On April 4, when HDFC Bank and Housing Development Finance Corporation announced their mega merger, the stock prices of both lenders shot up 10 percent in a single session. Since then, both shares have dropped 18 percent. Some brokerages have pruned their target price for HDFC Bank’s stock from those set after the merger announcement. What has changed?
3. Maharashtra to start coal imports for blending from end-April as domestic supply remains low
Maharashtra will import coal from Indonesia by the end of April to use it for blending with domestic coal to meet the rising power demand even as domestic coal supply continues to be muted, a top official from the state’s power utility told Money control.
4. RBI asks NBFCs to make additional disclosures under scale-based regulation regime
The Reserve Bank of India on April 19 asked non-banking finance companies (NBFCs) to make additional disclosure in accordance with its framework for scale-based regulation of shadow lenders. The disclosures pertain to regulatory requirements, exposure to sectors like real estate, capital market, among others.
5. L&T Infotech Q4 profit rises 17% YoY to Rs 637 cr, revenue grows 31.6%
Mid-cap IT services provider L&T Infotech reported a consolidated profit after tax (PAT) of Rs 637 crore for the quarter ended March 2022, up 17 percent from Rs 545 crore in the corresponding quarter of the previous financial year. The growth has been broad-based across verticals, service lines, client buckets and geographies. The year saw the highest new client openings and net headcount additions.
6. Mindtree, L&T Infotech working together on projects for 2 years: Mindtree CEO Debashis Chatterjee
Debashis Chatterjee, CEO & MD, Mindtree, spoke to Moneycontrol a day after announcing FY22 results, and shared more insights on the synergies with LTI, demand outlook, and the impact the ongoing Russia-Ukraine crisis could have on business. The mid-cap IT services firm has been in the news for a possible merger with L&T Infotech (LTI) as early as next week. The combined revenue of the two entities would be close to about $3.5 billion.
7. Reliance Brands acquires majority stake in Abu Jani Sandeep Khosla
Reliance Brands Limited (RBL), a subsidiary of Reliance Retail Ventures Ltd, signed a definitive agreement to invest in India’s foremost couturiers Abu Jani Sandeep Khosla (AJSK) for a 51 percent majority stake. The strategic partnership is aimed at accelerating the 35-year-old couture house’s growth plans in India and across the globe.