Here are the top stories this evening:
IMF cuts India's FY23 growth forecast by 80 bps to 7.4%
The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent. A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent as against 6.9 percent earlier.
L&T Results | Consolidated profit jumps 45% to Rs 1,702 crore as revenue grows 22%
Larsen & Toubro Ltd (L&T) on July 26 reported 45 percent year on year growth in consolidated net profit at Rs 1,702 crore for the first quarter of FY23. On a sequential basis, the profit declined 53 percent. Despite the strong YoY growth, the profit missed the estimates of a poll conducted by Moneycontrol.com which had forecasted a YoY growth of 55 percent in its consolidated profit.
World may soon be on edge of recession, says IMF's top economist Pierre-Olivier Gourinchas
The risks to the global growth outlook are "overwhelmingly tilted to the downside" and the world could soon be on the brink of a recession, the International Monetary Fund's (IMF) top economist, Pierre-Olivier Gourinchas, has warned.
Aswath Damodaran, Rakesh Jhunjhunwala vindicated as Zomato tanks 12% more
In a perfect I-told-you-so moment, shares of food delivery platform Zomato on July 26 slumped 12 percent to close to Rs 41 apiece, vindicating Aswath Damodaran, who said last year that the stock was not worth more than Rs 41. Ramdeo Agrawal and Rakesh Jhunjhunwala, two of the most successful investors on Dalal Street, also publicly ridiculed the pricing of the company at the time of its IPO.
RBI allows Piramal Enterprises to start NBFC business
The Reserve Bank of India (RBI) has allowed Piramal Enterprises to commence the business of a non-banking finance company (NBFC) without accepting public deposits, the company informed exchanges on July 26.
Fed meeting: 75 bps rate hike a certainty but 100 bps can't be ruled out
The Federal Open Market Committee (FOMC) meeting for the July leg of the rate hike cycle will get underway in a few hours with the agenda of freezing the quantum of the interest rate hike that will be announced on July 27.
Union Bank CEO says aiming for Rs 15,000 crore of recoveries in FY23
Public sector lender Union Bank of India is aiming for recoveries to the tune of Rs 15,000 crore in the current financial year, the bank’s Managing Director and Chief Executive Officer A Manimekhalai told reporters at a post Q1FY23 earnings conference.Read more