- Global Forecast to be in a slowdown for the next 18 months; inflation will be a bigger issue, said IMF. The growth expectation is around 3.2% in 2022 and the projection for 2023 is 2.9%.
- US Fed may take rate hikes by 75 bps in its 2 days meeting.
- European Union reaches deal to ration gas amid Russian cut-off fears
- Russian gas cut to Europe hits economic hopes, Ukraine reports attacks on coastal regions.
- IMF slashes India’s FY23 GDP growth forecast by 80 bps to 7.4%
- India’s June crude oil imports up 21% YoY on-demand recovery, Russian discounts
- India’s power shortage at 1% in April-June this fiscal: R K Singh. The power Supply was 401 Billion units against the demand of 405 billion units majorly due to commercial reasons, constraints at the distribution network, and forced outage of generating units.
- IRDAI carrying out a series of reforms for ease of doing business in the insurance sector: Minister
- India’s steel output grows 6% to 10 MT in June 2022, shows world steel data. India is the only country with a positive production rate currently against global economies.
- L&T Q1FY23 net profit surges 45% YoY to Rs 1,702 crore, down by 53% QoQ due to inflation worries and rupee depreciation.
- Asian Paints Q1 net profit up 79% to Rs 1,017 crore; revenue up 55%. Net Profit is up by 20% QoQ. Sees strong demand, records highest volume in Q1FY23 in the last 6 quarters.
- Bajaj Auto Q1FY23 results: Net profit rises 11% to Rs 1,173 crore. Exports of the company are performing well. Semiconductor shortage remains a concern for the auto sector.
- Tata Power Q1 results: Net profit doubles to Rs 795 cr, revenue up 43%, good growth on a sequential basis too.
- Auto component industry to see 9-11% revenue from EV parts by 2027: Crisil
- Bajaj Finserv gains 4% as the board considers a bonus, and stock split plan.
- 5G auction: Bid amount exceeds Rs 1.45 trillion on 1st day of bidding, says Government. Reliance Jio, Bharti Airtel, and others gear up for mega 5G spectrum auction
- Adani Group to invest Rs. 70,000 Cr. in Green Energy and Infra projects.