Category: BUSINESS

S&P Global Ratings on Wednesday slashed India’s GDP growth forecast for the current financial year to 9.8 per cent saying the second COVID wave may derail a budding recovery in the economy and credit conditions. The US-based rating agency in March had a 11 per cent GDP growth forecast for India for the April 2021-March 2022 fiscal, on account of a fast economic reopening and fiscal stimulus. S&P, which currently has a ‘BBB-‘ rating on India with a stable outlook, said the depth of the Indian economy’s deceleration will determine…

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 Infrastructure major Larsen & Toubro (L&T) on Wednesday said it will soon deliver 22 oxygen generators to various hospitals across India to address the severe crunch of oxygen for COVID-19 patients in the country “L&T will soon start delivering 22 oxygen generators to various hospitals in India, where the scarcity is most acute. These units will absorb air from the atmosphere before converting it into medical-grade oxygen and pumping it into pre-existing pipes in the hospitals,” the company said in a regulatory filing. L&T said of these, the parts of…

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In a regulatory filing with the Bombay Stock Exchange (BSE), Ashok Leyland has announced that it will scale down production due to the COVID-19 crisis. The company will operate plants for only 7 to 15 days this month.Commercial vehicle manufacturer Ashok Leyland will scale down operations at its plants for 7 to 15 days this month. It will shut down the units for the remaining part of the month due to rising COVID-19 cases. The automaker officially announced the same through a regulatory filing with the Bombay Stock Exchange (BSE).…

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State Bank of India (SBI) will try to keep the interest rates benign as long as possible with a view to supporting the economic growth, its chairman Dinesh Kumar Khara has said. On the impact of the second wave of COVID-19 on non-performing assets of the bank, the SBI chief said that as the lockdown was not pan-India, one will have to wait and watch to assess its impact on the banking sector. Observing that multiple variables including inflation have a bearing on the interest rates, he said, “our effort…

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State Bank of India’s home loan interest rates now starts from 6.7 per cent for loans up to ₹ 30 lakh and 6.95 per cent for loans between ₹ 30 lakh and ₹ 75 lakh.The State Bank of India (SBI), the country’s largest lender reduced its interest rates on home loans from 6.95 per cent to 6.70 per cent, and women borrowers are eligible to receive a special concession of five basis points. In a statement released on Saturday, May 1, the State Bank of India said that the customers can also apply for a loan…

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The airline had earlier announced that it would suspend its operations from Shillong for eight days starting from April 23, an official said. Private carrier IndiGo has extended the suspension of its flight operations from the Shillong airport till May 15, an official said today. The airline had earlier announced that it would suspend its operations from Shillong for eight days starting from April 23, he said. “It is hereby informed that M/s Indigo Airlines @IndiGo6E has extended suspension of their #Shillong operations up to 15th May 2021,” the airport…

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 Equity benchmark Sensex declined over 300 points in early trade on Friday, tracking losses in index majors HDFC twins, ICICI Bank and Infosys amid concerns that the second wave of COVID-19 pandemic may derail the economic recovery of the country. The 30-share BSE index was trading 316.81 points or 0.66 per cent lower at 47,763.86. Similarly, the broader NSE Nifty dropped 75.45 points or 0.52 per cent to 14,330.70. ICICI Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by HDFC twins, Bajaj Finance,…

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 Billionaire Mukesh Ambani’s Reliance Industries Ltd has bought Britain’s iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance’s current stake in Oberoi hotels and hotel/managed residences in Mumbai that it’s developing. Over the past four years, Reliance has announced USD 3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in…

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The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday, tracking weaker dollar against key rivals and a positive trend in the domestic equity market. Forex traders said the government’s decision to open COVID vaccination to all above 18 years from May 1 lifted investor sentiment. At the interbank forex market, the local unit opened at 74.65 against the US dollar, then gained some strength to quote at 74.64, a rise of 23 paise over its last close. In the previous session, the…

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Cash flow management solutions startup Credflow has raised USD 2.1 million (around Rs 15.2 crore) in a seed funding round led by Stellaris Venture Partners, Omidyar Network India and Flourish Ventures. Small business-focused Credflow will be investing the fund to develop its platform, strengthen technology capabilities, build new products and expand the customer base, it said on Wednesday, adding that angel investor Nitin Gupta, who founded Uni.money, also participated in the round. The SaaS-based platform helps small businesses manage their finances by providing a dashboard of pending amounts by customers,…

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