Reliance Industries: The oil-to-telecom conglomerate will announce its March quarter earnings later today. India’s most valuable company is likely to report at least a 40% year-on-year growth in net revenue in March quarter, while profit is seen rising 30-100%.
Mahindra & Mahindra: The Mahindra Group has initiated a restructuring to trifurcate its flagship automobiles business that contributes 55% to the group revenue, according to a media report. The exercise, in the early stages, will involve separating the electric vehicle, tractor and passenger vehicle (PV) businesses into three independent companies via a demerger process.
Banks: ICICI Bank, Bank of Baroda, and Bank of India have raised interest rates on new loans by 40 basis points, a day after the Reserve Bank of India raised its repo rate by a similar quantum, citing inflationary pressure.
Wipro: The IT major and HFCL Ltd., a telecom equipment manufacturer and technology provider, have entered into a partnership to engineer a variety of 5G transport products.
ACC Ltd. and Ambuja Cements: Billionaire Gautam Adani is in talks with investment groups and funds from the Middle East, for financing support of up to $2 billion for acquisition of ACC and Ambuja, Holcim’s twin cement assets in India.
Tata Power Company: Tata Power Solar Systems, a subsidiary of Tata Power, said it has won India’s largest solar engineering procurement and construction order for 1 GW project worth ₹5,500 crore from state-owned SJVN Ltd. Tata Power will also announce its March quarter results today.
Delhivery, the SoftBank-backed logistics unicorn, plans to raise ₹5,235 crore next week through an initial public offering, a sign of IPO activity picking up after companies put the brakes on their plans to avoid a clash with Life Insurance Corp. of India’s mega-IPO and choppy markets.
The Delhivery IPO will open for subscription on 11 May. The price band has been set at ₹462-487 per share, valuing the company at ₹35,283 crore at the upper end of the band.
Moving on to markets
Indian indices are likely to open lower on Friday, in line with global peers.
Asian shares fell, following overnight losses on Wall Street, as investors worried that aggressive rate hikes by central banks to check inflation could hurt growth
Bitcoin, the world’s largest cryptocurrency, dropped the most in almost a month after the Bank of England flagged a possible recession and double-digit inflation.
The largest digital currency fell as much as 8.4% to $36,639, the biggest intraday drop since 11 April. It had gained 5.3% on Wednesday.
Business Term of the Day
The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System (FRS) that determines the direction of monetary policy specifically by directing open market operations (OMOs). The committee is made up of 12 members: the seven members of the Board of Governors; the president of the Federal Reserve Bank of New York; and four of the remaining 11 Reserve Bank presidents on a rotating basis. The 12 members of the FOMC meet eight times a year to discuss whether there should be any changes to near-term monetary policy
In this episode, find out why RBI has extended the deadline for renewal of the bank locker agreement, also find out about why Zomato has scrapped the 10-minute delivery Business T ... Read more
In this episode, find out why RBI has extended the deadline for renewal of the bank locker agreement, also find out about why Zomato has scrapped the 10-minute delivery Business Term of the Day: Tax credit Read more
In this episode, find out about the resignation of Spencer retail’s MD & CEO, also find out about ICICI Bank’s Q3 results Business Term of the Day: Capital Budget Read more
In this episode, find out about the resignation of Spencer retail’s MD & CEO, also find out about ICICI Bank’s Q3 results Business Term of the Day: Capital Budget Read more
In this episode, find out about the changes made to the IBC by Ministry of Corporate Affair’, also find out about Adani Enterprises’ Follow on public offer Business Term of the Da ... Read more
In this episode, find out about the changes made to the IBC by Ministry of Corporate Affair’, also find out about Adani Enterprises’ Follow on public offer Business Term of the Day: Public private partnership Read more
In this episode, find out about Rattan India Enterprises’ plan for its EV venture Revolt Motors, also find out why the US FDA pull up Sun Pharma Business Term of the Day: e-gaming ... Read more
In this episode, find out about Rattan India Enterprises’ plan for its EV venture Revolt Motors, also find out why the US FDA pull up Sun Pharma Business Term of the Day: e-gaming policy Read more
In this episode, find out why Infosys reported a 13.4% YoY rise in profit in Q3, also find out about Alibaba selling a stake in One97 Communication Business Term of the Day: Telec ... Read more
In this episode, find out why Infosys reported a 13.4% YoY rise in profit in Q3, also find out about Alibaba selling a stake in One97 Communication Business Term of the Day: Telecom spectrum Read more
In this episode, find out about HUL’s 51% acquisition of Zywie Ventures, also find out about Wipro’s leadership changes Business Term of the Day: Financial inclusion Read more
In this episode, find out about HUL’s 51% acquisition of Zywie Ventures, also find out about Wipro’s leadership changes Business Term of the Day: Financial inclusion Read more
In this episode, find out about APSEZ’s acquisition of Haifa Port Company, also find out about Axis Bank’s revised agreement with Max Financial for the insurance venture Business ... Read more
In this episode, find out about APSEZ’s acquisition of Haifa Port Company, also find out about Axis Bank’s revised agreement with Max Financial for the insurance venture Business Term of the Day: Spinoff Read more
In this episode, find out about the progress of IDBI bank privatisation, also find out why TCS reported lower expected earnings Business Term of the Day: ChatGPT Read more
In this episode, find out about the progress of IDBI bank privatisation, also find out why TCS reported lower expected earnings Business Term of the Day: ChatGPT Read more
In this episode, find out about SEBI’s decision to allow govt holding in IDBI Bank to be reclassified as public after divestment, also find out about L&T Realty Developers’ pla ... Read more
In this episode, find out about SEBI’s decision to allow govt holding in IDBI Bank to be reclassified as public after divestment, also find out about L&T Realty Developers’ plan to sell a stake in Think Tower Developers Business Term of the Day: Plant Load Factor Read more
