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 about Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA por ... Read more
In this episode, find out about Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA portfolio. Business Term of the Day: Unemployment Rate Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: ... Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: Windfall Tax Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit ratin ... Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit rating Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business T ... Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business Term of the Day: Statutory Liquidity Ratio Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal ... Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal Business Term of the Day: Call Money Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of ... Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of the Day: Profit Margin Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: ... Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: Gross refining margin Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Centr ... Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Central Bank Read more
