GDP growth surpasses estimates at 7.8% in Q4; FY24 tops 8%

India's gross domestic product (GDP) growth surpassed all expectations and stood at 7.8 percent in the January-March quarter, though slower versus 8.4 percent in the third quarter. The 2023-24 full-year GDP growth has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent, data released by the Ministry of Statistics and Programme Implementation on May 31 showed. Read here

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Adani Group stocks soar up to 13% on higher volumes

Adani Group firms' shares surged on May 31 amid heightened trading activity, bucking the trajectory of the benchmark indices.
At 1440 hours on May 31, shares of Adani Enterprises soared by more than 7 percent, while Adani Ports & SEZ saw a gain of 4 percent. Adani Total Gas surged by 10 percent, while Adani Power climbed to 13 percent and Adani Energy Solutions was trading nearly 3 percent higher. Adani Green Energy shares rose by 4.4 percent, while Adani Wilmar, Ambuja Cements, and ACC recorded gains 3.6 percent, 2 percent and 2 percent, respectively. NDTV's shares rose 9 percent. Read here

Lok Sabha elections phase 7: PM Modi eyes Kashi hat-trick, 'queen' takes on 'prince', Abhishek Banerjee's acid test

It's time for the final dance before the June 4 verdict. The battle lines are drawn for the seventh and final phase of Lok Sabha elections, with 57 constituencies across 8 states and Union Territories going to polls on June 1. As many as 904 candidates are in the fray in the final phase, which will cover all the constituencies of Punjab and Himachal Pradesh along with key seats in states like Uttar Pradesh, Bihar and West Bengal. Read details here

Avendus Group plans to launch new credit fund in FY25, thrice the size of previous fund

Financial services firm Avendus Group is in the works to launch a third credit fund this fiscal year that will be twice or thrice the size of the previous fund, Nilesh Dhedhi, Managing Director and CEO, Avendus Finance, told Moneycontrol. “We will launch a third credit fund this fiscal year. Typically, people try to reach 2 and a half or 3x of the last fund. I mean, that is typically how the market works,” said Dhedhi in an exclusive interview. Details here

Solar pumps maker Oswal Pumps said to plan Rs 2,000 crore IPO

Oswal Pumps Ltd, a manufacturer of solar and other kinds of pumps, plans to come out with a Rs 2,000-crore initial public offering, people aware of the matter told Moneycontrol. “The company is working with investment banks JM Financial, IIFL, Axis Capital, CLSA and Nuvama to prepare its draft red herring prospectus and the draft prospectus is expected to be filed in the next couple of months,” one person said. “The IPO will include a mix of primary and secondary share sales. The company will use the capital to expand its manufacturing capacity, working capital requirements and other purposes.” Read more here

Govt urges big corporates, unicorns to set up incubators for manufacturing startups

The Department for Promotion of Industry and Internal Trade (DPIIT) has approached large corporations like Apple, Tata Group, Hyundai, Skoda and Maruti and unicorns like boAT, Moglix, Meesho and EaseMyTrip to set up incubators for manufacturing startups in India, according to people in the know. Details here