PremiumAhead of market opening read top business news, equity market precursors, and economic and banking news updates from India and across the world for 14 July, 2022
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Nomura lowers GDP forecast for 2022-23 to 4.7%
Nomura on Wednesday sharply lowered India’s gross domestic product (GDP) growth forecast for 2023 to 4.7% from 5.4% estimated earlier on the back of the global economic slowdown, elevated inflation and rising interest rates. However, it maintained its growth projection for 2022 at 7.2%, highlighting a robust near-term economic growth outlook. Read more
Crude oil imports from Russia jump nearly fivefold in Apr-May
Crude oil imports from Russia increased 371% in April-May of the current financial year. According to data from the Department of Commerce, in value terms, the imports from Russia surged about 621% to $3.18 billion in these two months. Read more
Ola Electric’s goals far-fetched; listed 2Ws need to step up
Ola Electric Mobility held an investor meet at its Futurefactory in Tamil Nadu on 11 July. Ola’s plan of building an electric vehicle (EV) ecosystem is encouraging. It aims to become a vertically integrated electric mobility company in the two-wheeler (2W) and passenger vehicle (PV) segments, where the total addressable market is around $1 trillion with a market size of 155 million vehicles, according to the company. Read more
Multiplexes struggle to fill void after covid devastates showbiz
Though multiplexes have fast-tracked their expansion plans, screen count will take time to reach pre-pandemic levels in India, said industry experts. Read more
Mukesh Ambani vs Gautam Adani: Are India’s richest men about to battle over $2 customers?
It was too quiet to last. A sustained and brutal destruction of capital in India’s telecom industry was only just starting to give way to a period of peace and calm. The three operators who survived out of the dozen on the scene in 2016 must have been grateful for the end to a debilitating price war. Stable market shares and decent per-user revenue would support the next round of investment. Read more