At $21 billion, trade deficit narrows to 5-month low
India Business News: India's trade deficit narrowed to a 5-month low of just under $21 Billion in September as exports grew by 0.6% while imports rose by 1.7%, according t Key Points
Times Of IndiaFortunes soar: India’s richest cross $1 trillion mark amid market rally
Forbes' analysis shows that India’s 100 richest individuals now have a total net worth of $1.1 trillion, more than doubling their wealth since 2019. Key Points
India TodayAmitabh Bachchan’s family office picks small stake in Swiggy: Report
SoftBank-backed Swiggy is targeting a valuation of approximately $15 Billion for its upcoming stock market offering to raise $1-1.2 billion. Key Points
Business TodayIndia's Forex reserves increase by $4.54 bn to $674.66 bn as of August 16
India's Forex reserves saw an increase of $4.54 Billion to reach $674.66 Billion as of August 16, according to the RBI. Foreign currency assets (FCAs) grew by $3.61 Billion to $591.57 billion, while gold reserves surged by $865 million to $601.04 billion. SDRs rose by $60 million to $18.34 billion, and the Reserve position in the IMF increased by $12 million to $4.65 billion. Key Points
Economic TimesSwiggy targets $15 Billion valuation in IPO
SoftBank-backed Swiggy is planning an IPO to raise $1-1.2 billion, targeting a $15 Billion valuation. Competing with Zomato in the quick commerce sector, Swiggy's IPO aims to expand its Instamart business. The company received shareholder approval and expects regulatory clearance shortly. Key Points
Economic Times
US India's top trade partner in first half of the year; max deficit with China
The United States emerged as India's leading trading partner in early 2024, although the country experienced a record trade deficit of $41.6 Billion with China. India's merchandise exports increased by 5.41%, led by sectors such as iron ore and pharmaceuticals, while services exports grew by 6.9% to $178.2 billion, says GTRI. Key Points
Economic TimesIndia's forex reserves come off record highs, fall to $667.39 Billion as on July 26
India's foreign exchange reserves dropped by $3.4 billion, reaching $667.39 Billion as of July 26, according to the Reserve Bank of India. This comes after a rise to a record high of $670.86 Billion the previous week. The RBI intervenes in the market to manage liquidity and prevent excessive volatility in rupee value. Key Points
Economic TimesIndia, EFTA trade pact under ratification process: Jitin Prasada
The Trade and Economic Partnership Agreement between India and EFTA, signed in March, awaits ratification in Iceland, Liechtenstein, Norway, and Switzerland. The deal promises investment benefits and reduced duties on select products. India's trade with EFTA hit USD 24 Billion in 2023-24, with a trade gap favoring EFTA. Key Points
Economic TimesIndia's forex reserves dip by $1.71 bn to $652 bn
India's foreign exchange reserves decreased by $1.71 Billion to reach $652 Billion as of June 28, according to data released by the Reserve Bank of India (RBI). The previous week had seen an increase in reserves by $816 million to $653.7 Billion as of June 21. Key Points
Economic TimesIndia's forex reserves surge $4.3 Billion to hit new lifetime high of $55.8 billion
India Business News: India's foreign exchange reserves surged by $4.3 Billion during the week ended June 7 to scale a lifetime high of $655.8 billion, according to the lat Key Points
Times Of India
Not only is FDI into India falling, but foreign firms are increasingly taking their money out
Actual foreign direct investment is the difference between how much companies put in and how much they take out. While the former is falling, the latter is rising sharply. Key Points
ThePrintIndia's forex kitty reaches new high of $648.7 bn after $4.55 bn jump
India Business News: India's forex reserves jumped USD 4.549 Billion to a new all-time high of USD 648.7 Billion for the week ended May 17, the Reserve Bank said on Friday Key Points
Times Of IndiaExports up 1% to $35 Billion in April; trade deficit widens to 4-month high at $19.1 billion
Imports of services estimated to be increased to USD 16.97 Billion during the month as compared to USD 13.96 Billion in April 2023. India’s merchandise... Key Points
The Tribune IndiaRBI likely to transfer Rs 1,000 Billion to govt in FY25
The Reserve Bank of India (RBI) is likely to transfer approximately Rs 1,000 Billion to the government in FY25, according to a report by Union Bank... Key Points
The Tribune IndiaIndia's forex reserves up by $3.66 bn to $641.59 bn as of May 03 after 3 weeks slump
India's forex reserves increased by $3.66 Billion to $641.59 Billion as of May 3, up from a previous contraction of $2.41 billion. Foreign currency assets (FCAs) also surged by $4.45 Billion to $564.16 billion. Gold reserves dropped by $653 million to $54.88 billion, while SDRs increased by $2 million to $18.05 billion. Reserve position in the IMF decreased by $140 million to $4.499 billion. Key Points
Economic Times
European Union to spend 3.5 Billion euros to protect the ocean, says environment chief Conference mobilises more than 2,160 commitments worth approximately $130 billion
Conference mobilises more than 2,160 commitments worth approximately $130 billion. The European Union (EU) will spend 3.5 Billion euros ($3.71 billion) to... Key Points
The Tribune IndiaNIIF eyes $1 Billion for second Private Markets Fund
NIIF is gearing up to secure approximately $1 Billion for its second Private Markets Fund (PMF), according to people familiar with the matter. PMF-II will support private equity and venture capital funds focused on India. Key Points
Economic TimesVedanta to raise Rs 2,500 crore through debt securities
The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for. Key Points
Economic TimesByju Raveendran's net worth plummets to zero, as per Forbes Billionaire Index 2024; Here're others who fel
Forbes' Billionaire Index 2024 highlights a drastic decline in Byju Raveendran's net worth, plummeting from ₹17,545 crore ($2.1 billion) to zero. This sharp downfall follows crises within his startup, Byju's, once valued at $22 billion. The company's financial woes, including a staggering net loss exceeding $1 billion, led to a significant devaluation, with BlackRock marking its worth at just $1 billion. Shareholders recently voted to remove Raveendran as CEO amidst ongoing challenges. Key Points
Economic TimesNikhil Kamath is India's youngest billionaire. Check out who else is on Forbes' 2024 list
Nikhil Kamath, co-founder of Zerodha, tops India's youngest billionaires list with a net worth of $3.1 billion. Mukesh Ambani remains the richest. Zerodha disrupted India's brokerage market with 10 million clients. Key Points
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Forbes Richest List 2024: Here are the top 10 richest persons in India
Forbes' latest '2024 Billionaires List' sees Mukesh Ambani topping as Asia and India's richest individual, with a wealth surge to $116 billion. The roster includes 200 Indian billionaires, up from 169 last year, amassing a combined $954 billion, a 41 percent increase. Gautam Adani follows Ambani, with a net worth of $84 billion. Savitri Jindal remains India's wealthiest woman, with $33.5 billion. Key Points
Economic TimesLandmark Group CEO Renuka Jagtiani among Forbes' 265 ‘New Billionaires’
From India, Renuka Jagtiani, the CEO of e-commerce conglomerate Landmark Group, joins the Billionaires list with a net worth of $4.8 billion. Key Points
Hindustan TimesIndia, Korea and Japan to see more IPOs while China stalls
While IPOs returned to major venues in Europe and the US, the slowdown in Asia was mostly due to Beijings decision to ramp up scrutiny of domestic new share sales as it tries to boost confidence in its equities market. Large deals in Hong Kong also vanished amid concerns about Chinas economy. The city hasnt hosted an offering larger than $1 Billion since Oct. 2022. Key Points
Economic TimesStartup woes: Funding drops by $1.2 Billion from last March
India Business News: Private equity and venture capital investments in March 2024 dropped by $1.2 Billion to $1.8 Billion across 64 deals, contrasting the previous upward Key Points
Times Of IndiaIndia's forex reserves up by $140 mn to $642.63 bn as of March 22
India's foreign exchange reserves continued their upward trend, reaching $642.63 Billion as of March 22, marking the fifth consecutive weekly increase. The rise amounted to $140 million for the reporting week. Foreign currency assets (FCAs) decreased slightly to $568.26 billion, while gold reserves saw an increase to $51.49 billion. Key Points
Economic TimesIndia's current account deficit narrows to USD 10.5 Billion or 1.2 pc of GDP in Oct-Dec 2023
Mumbai, Mar 26 (PTI) India’s current account deficit narrowed to USD 10.5 Billion or 1.2 per cent of GDP in the October-December quarter as against USD 11.4 Billion or 1.3 per cent in the preceding three months ending September, the Reserve Bank said on Tuesday. When compared to the year-ago period, the narrowing in the […] Key Points
ThePrintChina’s clean-tech success isn’t entirely because of statist policy
It’s not a story of easy money and state subsidies as much as a tale of capitalism working well to direct resources. Unlike real estate, clean-tech in China isn’t overleveraged. Key Points
mintDecember quarter CAD narrows to 1.2 percent of GDP
“The current account deficit narrowed in Q4 despite a wider merchandise trade deficit, cushioned by a record high services trade surplus and secondary income” Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays. “ Positive FDI and FPI flows kept the BOP in surplus. We expect current account financing needs to remain manageable this fiscal year and next.” Key Points
Economic TimesIndia's CAD dips to USD 10.5 Billion in October-December: RBI
New Delhi, Mar 26 (PTI) India’s current account deficit declined to USD 10.5 Billion or 1.2 per cent of the GDP in October-December quarter from USD 11.4 Billion in the previous three months and USD 16.8 Billion a year back, the Reserve Bank of India (RBI) said on Tuesday. Net FDI inflow at USD 8.5 […] Key Points
ThePrintOctober-December current account deficit at USD 10.5 bn vs USD 16.8 bn (YoY), says RBI
New Delhi [India], March 26 (ANI): The Reserve Bank of India (RBI) on Tuesday released the preliminary data on India’s balance of payments (BoP) for the third quarter of October-December 2023-24. India’s current account balance recorded a deficit of USD 10.5 Billion (1.2 per cent of GDP) in Q3: 2023-24, lower than USD 11.4 Billion […] Key Points
ThePrint
India's CAD narrows to 1.2% of GDP in Q3 due to higher service costs
India's current account deficit (CAD) decreased in the October-December quarter of fiscal year 2023/24 to $10.5 billion, or 1.2% of GDP, compared to $11.4 Billion or 1.3% of GDP in the previous quarter. This improvement was primarily driven by higher service exports, with a 5.2% year-on-year growth in services exports, particularly in software, business, and travel services. Key Points
Economic TimesVedanta touts $6 Billion investment pipeline as growth driver
Projects (are) under execution to deliver $7.5+ Billion yearly EBITDA, vice chairman Naveen Agarwal said, adding $6 Billion is being invested across business verticals that will potentially yield incremental revenues of $6 Billion and incremental yearly EBITDA potential of $2.5-3 Billion . Key Points
Economic TimesAccenture fans IT industry spending gloom with annual forecast cut
Accenture now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%. The firm has been grappling with sluggish demand for its IT and consulting services as high interest rates slam the brakes on an industry that benefited from breakneck growth during the pandemic. Key Points
Economic TimesAjay Singh's consortium raises offer for Go First by ₹100-150 crore, says report
The consortium, which includes budget carrier SpiceJet's managing director Ajay Singh and Busy Bee Airways, increased the bid amount between 1 Billion rupees ($12.06 million) and 1.5 Billion rupees, one of the sources said. Key Points
mintIndia's forex exchange reserves at over two-year high
Mumbai (Maharashtra) [India], March 16 (ANI): India’s foreign exchange reserves rose by USD 10.470 Billion to USD 636.095 Billion in the week that ended on March 8, as per the latest data released by the Reserve Bank of India (RBI). The foreign exchange kitty rose for a third straight week to hit an over two-year […] Key Points
ThePrint
View: Lifting veil on corporate political donations via poll bonds throws troubling questions
Electoral bonds data revealed major donors' name, raising concerns about the relationship between money and politics ahead of the upcoming Lok Sabha elections. The disclosure of anonymous electoral bonds sheds light on hidden transactions and highlights the need for transparency in democratic processes. Key Points
Economic TimesForex reserves surge to $636.095 billion
India Business News: India's foreign exchange reserves grew by USD 10.470 Billion to reach USD 636.095 Billion by March 8, marking a third consecutive week of growth. Fore Key Points
Times Of IndiaExports see fastest growth in 20 months led by engineering
India Business News: India's goods exports rose 11.9% to $41.4 billion, highest in 20 months. Imports increased, resulting in a trade deficit of $18.7 billion. Various sec Key Points
Times Of IndiaExports rise 11.9% to 11-month high in February
India's Feb goods exports hit $41.40 billion, 11.9% up, with a $18.71 Billion trade deficit. Merchandise exports increased 11.9% year-on-year to an 11-month high of $41.40 Billion in February, while imports increased 12.2% a four-month high of $60.11 billion, led by gold imports which went up 133% to $6.15 billion. Key Points
Economic TimesIndia's forex reserves jump by $10.5 bn to $636.1 bn as of March 8
India's foreign exchange reserves saw a substantial increase of $10.47 Billion to reach $636.1 Billion for the week ending on March 8, as per the latest data released by the Reserve Bank of India (RBI). This follows a previous surge of $6.55 billion, bringing the reserves to $625.63 Billion for the week ended March 1, 2024. Key Points
Economic Times
Trade deficit widens to $18.7 Billion in February; imports, exports rise 12.2%, 11.9% YoY
In February, India's trade deficit expanded to $18.71 billion, rebounding from a nine-month low in the previous month, according to government data released on Friday. Merchandise imports surged 12.2% year-on-year to $60.11 billion, while exports rose 11.9% to $41.4 billion, compared to January's figures of $54.4 Billion and $36.9 billion, respectively. Key Points
Economic TimesCurrent Account Deficit expected to reach year's high of 1.2 % of GDP in FY24 third quarter, predicts rati
India Ratings and Research (Ind-Ra) forecasts a current account deficit of USD11 Billion in 3QFY24, with expectations for a dip in the deficit in 4QFY24. Ind-Ra projects a rise in merchandise exports and imports, leading to a moderation of the goods trade deficit and an increase in the services trade surplus. Key Points
Economic TimesIndia's forex reserves surge by $6.55 bn to $625.63 bn as of March 1
India's foreign exchange reserves have risen by $6.55 Billion to reach $625.63 Billion for the week ending March 1, as per the latest data from the Reserve Bank of India (RBI). This follows a previous increase of $2.98 Billion to $619.07 Billion for the week ended February 23, 2024. Key Points
Economic TimesDespite domestic struggle, China ups foreign investments in Asia-Pacific 'to soft-land its companies'
A new report by Australia’s Griffith Asia Institute found that China’s investment in the region has grown to $37 Billion in 2023 from $29 Billion the year before. Experts tell ThePrint this is a part of its strategy to assert its economic prowess. Key Points
ThePrintPakistan’s external public debt rises by $1.2 Billion in six months
Pakistan's external public debt increased by $1.2 Billion in six months to $86.358 billion, primarily from the World Bank and China, resulting in $3.5 Billion in Q3 2023. Key Points
Business Today
Aviva Plc to buy back shares worth £300 million
Aviva's operating profit increased 9% to £1.467 Billion ($1.9 billion) in 2023. Aviva also declared a final dividend of 22.3 pence a share. With this, the total dividends for the year stand at 33.4 pence, up 8% from the previous year. Key Points
mintIndia's forex reserves up by $2.98 bn to $619.1 bn as of Feb 23
India's foreign exchange reserves increased by $2.98 Billion to reach $619.07 Billion for the week ending February 23, as per data from the Reserve Bank of India (RBI). This rise follows a previous drop of $1.13 Billion to $616.1 Billion in the week ended February 16, 2024. Key Points
Economic TimesFPIs get licence to thrill, lap up $8.7 Billion govt bonds in 5 months
Foreign portfolio investors (FPIs) have purchased ₹71,817 crore - or around $8.7 Billion - worth of Indian government bonds since September 22, the day JP Morgan announced the index inclusion, latest data by Clearing Corporation of India Limited (CCIL) showed. To be sure, for the whole of 2023, overall FPI investment in Indian debt - including corporate bonds - was $8.3 billion. Key Points
Economic TimesBillionaire Adani Group’s refinancing risks ebb on earnings lift
The groups Ebitda, or earnings before interest, tax, depreciation and amortization rose more than 60% to 194.75 Billion rupees ($2.3 billion) in the third quarter ended Dec. 31 with a bulk of that coming from the transport, infrastructure and energy units of the conglomerate. The group reported an Ebitda of $9.5 Billion for the nine months to Dec. 31. Key Points
Economic TimesFDI inflows decline 13 pc to $ 32 Billion in Apr-Dec 2023
Foreign direct investment (FDI) inflows in India declined 13 per cent to $ 32.03 Billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the latest government data. Key Points
Business Today
Singapore Property Giants Hit by High Rates, Global Downturn
Singapore property giants City Developments Ltd. and CapitaLand Investment Ltd. reported bigger-than-expected declines in full-year profits, after being battered by high interest rates and a global real estate downturn. Key Points
Hindustan TimesPakistan says IMF conditions for USD 1.2 Billion tranche met
According to experts, new Pakistan government would have to enter into fresh talks with IMF to get a new loan. Pakistan has met the IMF’s benchmarks... Key Points
The Tribune IndiaWarren Buffett sees no chance of ‘eye-popping’ results with record cash
Berkshire Hathaway Incs cash hoard jumped to a record at $167.6 Billion in the fourth quarter as the conglomerate struggled to find deals at attractive valuations. The company also reported fourth-quarter operating earnings of $8.48 billion, versus $6.63 Billion for the same period a year earlier, helped by an increase in insurance underwriting earnings and investment income amid higher interest rates and milder weather. Key Points
Economic TimesBuffett’s Berkshire posts record cash as operating earnings rise
International Business News: Warren Buffett’s Berkshire Hathaway Inc. posted an increase in operating earnings as higher interest rates and fewer catastrophes benefited the conglomerate’s insurance business. The firm reported fourth-quarter operating earnings of $8.48 billion, versus $6.63 Billion for same period a year earlier. The results were helped by a jump in insurance underwriting earnings and investment income amid higher interest rates and milder weather. The firm’s cash pile also set a fresh record at $167. Key Points
Times Of IndiaWarner Bros. shares hit all-time low: what's happening with entertainment giant?
Warner Bros. struggles with declining revenue and profits, shares plummet 9.3% Key Points
Hindustan Times
India's forex reserves dip by $1.13 bn to $616.1 bn as of Feb 16
India's foreign exchange reserves decreased by $1.13 Billion to $616.1 Billion for the week ending February 16, as per Reserve Bank of India (RBI) data. Foreign currency assets (FCAs) dropped by $740 million to $545.78 billion, including the effect of non-US units' appreciation or depreciation. Gold reserves fell by $362 million to $47.38 billion, while SDRs decreased by $28 million to $18.11 billion. Key Points
Economic TimesBelieve it or not! Single-day gain in Nvidia stock more than RIL's total market value
Chipmaker Nvidia is the world's fourth largest stock and Wall Street's third after Microsoft ($3 trillion) and Apple ($2.8 trillion). Saudi Aramco is worth about $2 trillion. Nvidia soared more than 16% overnight and added $277 Billion to its m-cap in just one day. In dollar terms, Reliance Industries is just about $243 billion. Key Points
Economic TimesNvidia’s $277 Billion market cap addition dwarfs Indian IT sector, RIL and much more
Nvidia’s total market capitalisation now stands at $1.89 trillion, making it the third-largest US company, trailing only behind tech giants Microsoft and Apple. Key Points
mintAbbVie Eyes Selling at Least $13 Billion of Bonds to Fund M&A
Pharmaceutical giant AbbVie Inc. is looking to sell at least $13 Billion of corporate bonds to help fund its acquisitions of ImmunoGen Inc. and Cerevel Therapeutics Holdings Inc., according to people with knowledge of the matter. Key Points
mintPE firm CVC Capital raises USD 6.8 bn
Mumbai, Feb 21 (PTI) Private equity and investment advisory firm CVC Capital Partners on Wednesday said it has mopped up USD 6.8 Billion (around Rs 56,366 crore). The Luxembourg-based company has over USD 1 Billion investments in four domestic companies — the Indian Premier League franchise Gujarat Titans, Healthcare Global, Sajjan India and United Lex, […] Key Points
ThePrint
Flipkart boosts Q4 international sales for Walmart
India Business News: Walmart's international sales increased by 17.6% YoY to $32.4 billion, driven by Flipkart's best Big Billion Days. Walmart aims to tap into new suppli Key Points
Times Of IndiaFlipkart boosts Walmart’s Q4 international sales
India Business News: Flipkart delivered its best big Billion days (BBD) in 2023 and boosted Walmart’s international sales growth in Q4FY24. Walmart's international sales increased by 17.6% YoY to $32.4 billion. Flipkart's flagship annual festive sales event BBD attracted a record 1.4 Billion customer visits. India, Mexico, and China are expected to drive three-fourth of Walmart's international business growth in the coming years. Key Points
Times Of IndiaIndia's current account deficit likely at below 1% of GDP in FY24
India's trade deficit narrows and services exports increase, prompting economists to lower the current account deficit (CAD) estimates for FY24. Capital inflows are expected to improve, but the rupee may not strengthen as the central bank aims to boost reserves. April-January period sees lower net services exports and improved FDI flows. Key Points
Economic TimesIndia's forex reserves dip by $5.24 bn to $617.23 bn as of Feb 9
India's foreign exchange reserves dip by of $5.24 Billion to $617.23 Billion for the week ending on February 9, latest data by Reserve Bank of India (RBI) showed on Friday. Key Points
Economic Times‘Tech sector at $254bn in year of uncertainty’
India’s technology and tech services industry is expected to end FY24 with $253.9 Billion net revenues, up by 3.8% from a year earlier in a difficult year for bellwether IT services companies Key Points
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Trade deficit in Jan dips as imports fall more than exports
The merchandise trade deficit narrowed to $17.49 Billion in January from $19.80 Billion in December. Key Points
mintIndia's trade deficit widens annually to $17.49 bn in January
India's trade deficit increased to $17.49 Billion in January 2023, according to Commerce Secretary Sunil Barthwal. The deficit was $17.03 Billion in January and $19.8 Billion in December 2023. Merchandise exports rose by 3.12% to $36.92 billion, while imports increased by 7.4% to $54.41 billion. Key Points
Economic TimesAmerica Movil Q4 net profit jumps, revenue dips on strong peso
MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil on Tuesday posted a better-than-expected 31.7% increase in its fourth-quarter net profit to 18.062 Billion pesos ($1.065 billion), Key Points
ThePrintMexico's America Movil Q4 net profit jumps 31.7%
MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil on Tuesday posted an 31.7% increase in its fourth-quarter net profit, landing at 18.062 Billion pesos ($1.065 billion). Net profit Key Points
ThePrintBombay Dyeing Q3 Results: Net profit rises to ₹305.4 crore on land sale gains, lower costs
Total expenses fell by 39.4% to 4.60 Billion rupees, largely due to a nearly 99% fall in inventories of finished goods, while its input costs also dropped 4.3%. Key Points
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Advent looking to deploy $5 to $10 Billion in India over the next five years
Advent International believes that Indian valuations are not a barrier to making deals, as they are relative to growth opportunities and risk returns. The firm views the premium valuations in India as a reflection of the significant growth opportunities and the relative attractiveness of the market. Last year alone, it invested $7 Billion in new opportunities ranging from cybersecurity to pharma, but more importantly, realised $8.4 Billion via exits — higher than their previous five-year average of $5.7 billion. Key Points
Economic TimesGautam Adani is back in the $100 Billion club after Hindenburg bombshell
Shares of his flagship Adani Enterprises Ltd. rose for an eighth day following an earnings report last week that showed a 130% surge in profit. He’s now the 12th-richest person in the world, just one spot behind, Mukesh Ambani. Key Points
Business Today