Moody's slashes India GDP forecast to 4.9% for FY20 citing weak consumption
Global ratings agency Moody's Investors Service on Monday lowered India's gross domestic product growth projection for the fiscal year 2019-20 to 4.9 per cent from 5.8 per cent, citing weak household consumption. Moody's said that India's weak household consumption will curb economic growth and weigh on the credit quality of Indian issuers in a range of sectors.
Reliance Industries ends IOC's 10-year reign to become India's largest company
Mukesh Ambani-led Reliance Industries has ended state-owned Indian Oil Corporation's 10-year reign as India's largest company to top Fortune India 500 list. RIL is the first privately-held company to become the largest corporation in India in 10 years, said Fortune India. RIL had a revenue of Rs 5.81 lakh crore in 2018-19. Fortune India said RIL posted a 41.5 per cent rise in its revenue in the financial year 2018-19, which was 8.4 per cent more than IOC, the second-largest company on the list.
Swiggy's parent firm reports Rs 2,363 crore loss in FY19
Food delivery platform Swiggy's parent firm Bundl Technologies has reported a six-fold rise in losses at Rs 2,363 crore for the financial year-ended March 2019, compared to Rs 397 crore in the previous financial year. The rise in loss was attributed to higher expenses which jumped four-fold during FY19. Meanwhile, Swiggy's rival Zomato reported a loss of Rs 1,001 crore on revenue of Rs 1,397 crore in FY19.
Gearless cars now 11.6% of Maruti Suzuki's sales
India's largest carmaker Maruti Suzuki India Ltd on Monday said it has sold over 6 lakh units of car with automatic transmission so far in the most clear indication yet of the increasing preference of Indian consumers towards un-geared vehicles. Automatic cars contributed to 11.6 per cent of Maruti's total sales in FY19. More than 5 lakh of the company's automatic cars come with the auto gear shift technology, which was launched with the Celerio hatchback in 2014
India should focus on structural, labour reforms to overcome economic slowdown: Gita Gopinath
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. Gopinath, 48, who is travelling to India this week, rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth
'Don't increase GST': Food sellers write to Sitharaman amid tax hike speculations
Processed food companies have requested Finance Minister Nirmala Sitharaman to rethink a rumoured hike in GST rates. The All India Food Processors' Association (AIFPA) has written to the Finance Minister to convey the anxiety among food industry over the proposed price hike on food prices.
The AIFPA, which has ITC, Nestle, PepsiCo, Bikanervala, Haldiram, as well as various small and mid-sized food processing companies, has written to the Finance Minister days before the upcoming GST Council meeting on December 18, The Economic Times reported.
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