BUSINESS
Jio Financial Services, BlackRock agree to form joint venture to enter India's asset management industry
Jio BlackRock brings BlackRock's deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities.
Congress hits back at PM Modi, says ‘let’s talk about per capita income’
Senior Congress leader and former Finance Minister P Chidambaram in a tweet said, “India's Rank today in terms of GDP is 5. That makes us proud. India's Rank in terms of per capita income is 128. That must make us humble and determined to grow at a faster rate.”
US Fed raises interest rates for the 11th time in 16 months
The new hike, which was announced after a two-day meeting of the Fed’s top decision-making body, take the rate to the highest level in 22 years — to between 5.25 and 5.50 per cent. "Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation," the Fed said in a statement, adding: "The extent of these effects remains uncertain. The committee remains highly attentive to inflation risks."
Indian markets consolidating with sector rotation as dominant theme
Infosys drove the IT space lower as it materially reduced guidance and put a cap on the overall rally in IT, he said. US markets continued to rally going into the Fed meeting tonight, wherein it is expected that post the 25bps hike the fed will stop putting and end to a record pace of rate hikes. Last inflation print of 3 per cent also would drive the pause in rate hikes.
Buying in heavyweights boosts Nifty
The index closed with gains of 93 points at 19774 levels. Broader markets too followed suit and witnessed buying interest. All sectors ended in the green, except for consumer durables. FMCG, PSU bank, realty, and oil and gas were top gainers, he said.
Reliance, L&T lead Sensex surge
A 25 bp rate hike, already discounted by the market, will not trigger any market move. But if the Fed chief indicates that inflation is coming under control and, therefore, no further rate hikes are needed, that will be a big trigger for markets to move up. But such an outcome is highly unlikely since the Fed will play it safe even if inflation is coming under control, he added.
Mass consumers projected to drive Indian retail market to $1.3 tn by 2030: Report
In terms of gross merchandise value (GMV), mass consumers are projected to drive over 45 per cent of the $300 billion e-commerce opportunity by 2030, contributing to $135 billion in GMV, according to the report by market research firm Redseer. As of 2022, India has 65-70 million households transacting on e-commerce platforms monthly, which is projected to go up to 120-130 million by 2030.
Tata Motors Q1 PAT at Rs 3,300 crore, to rejig capital structure
The company’s Board also approved the simplification and consolidation of its capital structure. Tata Motors closed Q1FY24 with a total income of Rs 103,596.62 crore (against Q1FY23's Rs72,822.02 crore) and a net profit of Rs 3,300.65 crore (against a net loss of Rs.4,950.97 crore).
Sri Lanka: 1mn Indian eggs ease severe shortages & black market monopoly
Trade and Food Safety Minister Nalin Fernando on Tuesday released one million eggs imported from India and priced each at nominal Sri Lankan Rs 35. After releasing the eggs imported from India to the market, Sri Lanka Cabinet decided to remove the maximum retail price imposed on eggs with effect from Tuesday midnight.
IMF raises India's GDP growth projection to 6.1% in 2023-24
However this projection by IMF is still lesser than the 6.5 per cent growth projected by RBI for 2023-24. The IMF has also cautioned that persistent challenges could impact the medium term outlook.
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