The Reserve Bank of India (RBI) will hold the first monetary policy meeting of the fiscal year amid global uncertainties.
Singapore’s Sembcorp Industries Ltd, Enfinity Global Inc. and JSW Group have been shortlisted to acquire green energy producer Mytrah Energy India Pvt. Ltd in a deal potentially worth around $2 billion in enterprise value. Barclays Bank is managing the sale after an earlier deal with private equity firm KKR fell through
Lenders to the debt-laden Future Group are in discussions with at least five entities, including an Edelweiss Group unit, to auction assets of the group’s flagship Future Retail Ltd, for more than ₹5,000 crore. The talks, if successful, will give the buyers access to the assets in Future Retail’s Big Bazaar stores that are now under the control of Reliance Industries.
HDFC Bank’s loan book grew by 20.9% on a year-on-year basis to R 13.7 lakh crore. Given that overall loans for the banking industry grew only 8.5% year on year upto March 11 to Rs 117 lakh crore
The IT major is shifting its services from Russia to its other global delivery centres. The move comes amid mounting pressure on UK Chancellor Rishi Sunak, who has been fielding some tough questions lately over the Russian presence of Infosys, a company in which his wife, Akshata Murty, has a share.
Dr Reddy’s laboratorie said it has inked a pact with Novartis AG to acquire the cardiovascular medicine brand Cidmus in India for $61 million (about Rs 463 crore).
The PSU oil major said it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast.
Asian Paints it will acquire stake in two companies – White Teak and Weatherseal Fenestration –in a move to strengthen its presence in the fast-growing home improvement and décor segment. Asian paints will acquire 100 per cent of Obgenix Software, popularly known by the brand name of White Teak.
Moving on to markets
U.S. equity futures and Treasuries fell Monday, while Asian shares were mixed, amid concerns over the pros=spect of aggressive Federal Reserve interest-rate hikes and stiffer sanctions on Russia. Oil prices declined, extending a drop sparked by a U.S. announcement of an unprecedented release of strategic reserves to fight elevated energy costs.
Brent crude futures fell $1.01, or 1%, to $103.38 a barrel by 2223 GMT.
Business term of the day
A real interest rate is one that has been adjusted for inflation, reflecting the real cost of funds to the borrower and the real yield to the lender.
