India GDP to grow at 7%, inflation seen at 6.8% in FY23; RBI to hike repo rate 25-35 bps in Dec meeting
Indian economy’s recovery from the coronavirus pandemic, as well as the pace of the economy is better as compared to global peers despite headwinds such as high inflation, monetary policy tightening, rising interest rate, and the Russia-Ukraine war. Recently, IMF trimmed its 2023 global economic growth forecast to 2.7%. The agency also warned of a possible $4 trillion loss in global economic output between now and 2026. Given the conditions within India, and globally as well, CareEdge economists expect the Indian economy to grow at 7% in FY23. The fiscal deficit for the current fiscal year is seen at 6.5% of GDP. The current account deficit (CAD) is projected to widen to 3.6% of GDP.?RBI?in its December MPC meeting is expected to hike the repo rate by 25-35 basis points (bps).
Utkarsh Small Finance Bank gets SEBI nod for IPO; offer entirely fresh issue of Rs 500
Varanasi-based Utkarsh Small Finance Bank has received the Securities and Exchange Board of India (SEBI) nod for Rs 500 crore IPO (Initial Public Offering.) The IPO comprises equity shares of face value of Rs 10 each, and is a complete fresh issue of shares. The entire proceeds will go to the company, according to the Draft Red Herring Prospectus (DRHP). The small finance bank may consider issue of securities aggregating up to Rs 100 crore in a pre-IPO placement round. If such a placement is undertaken, the fresh issue size will be reduced.?ICICI Securities?and Kotak?Mahindra?Capital Company are the book running lead managers of the IPO, while KFin Technologies is the registrar to the offer.
Pre-IPO shares worth Rs 12k cr could hit market by year end
Pre-IPO investors and promoters can potentially offload `20,000-25,000 crore worth of stock in November and December with the lock-in period expiring for 12-14 companies. However, given that the current market price of many of the stocks is well below the IPO price, some promoters and private equity (PE) funds may not sell their stakes just yet. Pre-IPO investors are typically allotted shares at a discount of 25-30% to the IPO price.
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Want internet to be free from market domination by anyone: MoS MeitY Rajeev Chandrasekhar
Minister of State for Electronics and Information Technology (MeitY)?Rajeev Chandrasekhar?on Thursday said that the government wants the internet to be free from any market domination.
His comments follow the second fine imposed on technology major Google in the last five days by the Competition Commission of India (CCI) for anti-competitive practices. With a fine of Rs 936 crore on Tuesday, in total the competition watchdog has imposed a fine of Rs 2,274 crore on the company for abusing its dominant market position on its Android?mobile app?store and Android smartphone operating system.
Honda teases compact SUV; likely to be India-bound
A teaser image of Honda’s upcoming compact SUV has surfaced online, right off a billboard in Indonesia. In this day and age digital age, Japanese carmaker has taken it directly to the streets and announced the introduction of its next big launch that is expected to rake in numbers and bring big volumes for the brand. Teased with just two words ‘Wheeling in’, Honda has managed to send anticipators and fans of the SUV segment into a frenzy.