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 current account norms, why SBI posted a stellar Q1 numbers Business Term of the Day: FEMA Read more
In this episode, find out why RBI has extended the deadline for current account norms, why SBI posted a stellar Q1 numbers Business Term of the Day: FEMA Read more
In this episode, find out why PNB gave a go-ahead for PNBF housing finance-Carlyle deal, why Bharti Airtel’s Q1 earnings missed estimates. Business Term of the Day: ARPU Read more
In this episode, find out why PNB gave a go-ahead for PNBF housing finance-Carlyle deal, why Bharti Airtel’s Q1 earnings missed estimates. Business Term of the Day: ARPU Read more
In this episode, find out why Birla group is looking to transfer its stake in Vodafone Idea to the government, why India’s exports jumped to a record. Business Term of the Day: M ... Read more
In this episode, find out why Birla group is looking to transfer its stake in Vodafone Idea to the government, why India’s exports jumped to a record. Business Term of the Day: Mortgage Read more
In this episode, find out which 4 companies are expected to launch their public issues, when E-Rupi will be launched by PM Modi and what is it about Business Term of the Day: Repo ... Read more
In this episode, find out which 4 companies are expected to launch their public issues, when E-Rupi will be launched by PM Modi and what is it about Business Term of the Day: Repo Rate Read more
In this episode, find out why RBI imposed fine on Axis Bank, why US markets rose post FOMC meeting. Business Term of the Day: Real Time gross settlement Read more
In this episode, find out why RBI imposed fine on Axis Bank, why US markets rose post FOMC meeting. Business Term of the Day: Real Time gross settlement Read more
In this episode, find out why top Indian lenders have invested in a blockchain company, why US markets fell overnight Business Term of the Day: Net interest income Read more
In this episode, find out why top Indian lenders have invested in a blockchain company, why US markets fell overnight Business Term of the Day: Net interest income Read more
In this episode, find out why Q1 earnings have been disappointing for L&T, Tata Motors, why markets will be watching for FOMC meeting today Business Term of the Day: Non-perfo ... Read more
In this episode, find out why Q1 earnings have been disappointing for L&T, Tata Motors, why markets will be watching for FOMC meeting today Business Term of the Day: Non-performing Assets Read more
In this episode, find out why JSPL has revised the terms to sell power unit to promoter firm, why market is closely Q1 nos of Axis Bank, Kotak Mahindra Bank Business Term of the D ... Read more
In this episode, find out why JSPL has revised the terms to sell power unit to promoter firm, why market is closely Q1 nos of Axis Bank, Kotak Mahindra Bank Business Term of the Day: Market Share Read more
In this episode, find out why Bijus acquired Epic for $500 m, why IMF is estimating global growth at 6% Business Term of the Day: European Central Bank Read more
In this episode, find out why Bijus acquired Epic for $500 m, why IMF is estimating global growth at 6% Business Term of the Day: European Central Bank Read more
In this episode, find out why Bajaj Finance Q1 nos disappointed, why Swiggy closed a $1.25 bn fund raise Business Term of the Day: Cloud computing Read more
In this episode, find out why Bajaj Finance Q1 nos disappointed, why Swiggy closed a $1.25 bn fund raise Business Term of the Day: Cloud computing Read more
