Technical glitch hits IndiGo operations
IndiGo operations were affected across the country on Saturday due to a technical glitch in its systems. The glitch led to slower check-ins and massive queues at airports. The airline said it was working to resolve the issue at the earliest. “We are currently experiencing a temporary system slowdown across our network, affecting our website and booking system. As a result, customers may face increased wait time, including slower check-ins and longer queues at airports,” the airline said. In another statement issued later, IndiGo said, “Our airport systems are up and running, and our airport services have eased out...” Key Points
The TribuneDollar up vs euro but remains on track for weekly loss after inflation data
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar rose against the euro on Friday but was on track for its fifth straight weekly loss against the common currency, after slower U.S. consumer spending Key Points
ThePrintSmartphone shipments seen to have shrunk 15% last quarter
Smartphone shipments in India are expected to drop by 10-15% year-on-year in 1Q23 due to brands focusing on clearing inventory instead of high demand, according to Counterpoint Research. Smartphone sales were 19% in January due to online purchases for Republic Day, but fell 12% in February. Sales for premium smartphones, however, were sustained due to new launches and discounts. Channel partners struggled to accept large quantities of shipments due to low turnover rates consequently leading to a slower inventory movement in Q1. Key Points
Economic TimesNext in line to get re-rated? 6 fertilizer stock ideas with four having buy reco and upside potential of u
While it has been slower as compared to other sectors, even the fertilizer sector has been witnessing policy changes which have intended to plug loopholes and increase the operational efficiency of the companies. Given the policy measures, it would be worth bringing them to watchlist because if a re-rating takes place then we could see a sharp move. But one thing which one needs to remember is that in such sectors some time invested capital can underperform for some time. Key Points
Economic TimesFormal employment additions drop in August
New enrolments to the government's social security schemes in India declined in August, indicating slower growth in formal employment. The decline was more significant in higher-paying jobs, with new enrolments in the Employees' Provident Fund (EPF) Scheme falling by 13.3%. However, net subscriptions to the EPF scheme, which takes into account exits and re-entries, reached the highest level this year. Key Points
Economic TimesWorld Bank cuts India’s GDP growth forecast to 6.3% in FY24
India’s GDP is expected to moderate to 6.3%, as against earlier estimate of 6.6%, due to moderation in consumption in FY24, the World Bank said in a report. Key Points
The Hindu