Category: Economy

Moody’s revises estimate of India’s Growth

September 12, 2020

• Global rating agency Moody’s has revised its forecast of India’s growth. It has estimated a double-digit contraction to be at 11.5% during the current fiscal year.

First Indian firm to cross $200 bn m-cap: Reliance Industries

September 11, 2020

• The first Indian company to cross $200 billion in market capitalization (m-cap) is Reliance Industries (RIL).
• Tata Consultancy Services (TCS) holds the 2^nd position with an m-cap of Rs 8.75 trillion, ($119 billion).

Goldman Sachs: India’s GDP for FY21 at -14.8%

September 9, 2020

• Goldman Sachs has projected India’s GDP for FY21 at -14.8%. For Calendar Year 2020 it has projected a contraction of 11.1%. For FY22, Goldman Sachs predicts India’s GDP to grow at 15.7% and for Calendar Year 2021 at 9.9%

India Ratings predicts India’s GDP for FY21 at -11.8%; FY22 at 9.9%

September 9, 2020

• India Ratings and Research has projected India’s FY21 GDP growth forecast at -11.8% as against its earlier prediction of -5.3%. For FY22, India Ratings and Research projects India’s GDP at 9.9%. The rating agency estimates the economic loss in FY21 to be Rs 18.44 lakh crore.

Silver Lake to invest Rs 7500 crore in Reliance Retail for 1.75% stake

September 9, 2020

• Reliance Retail has raised Rs 7,500 Crore by selling 1.75% Stake to American private equity player Silver Lake. The investment was announced by Mukesh Ambani-led Reliance Retail Ventures Limited (RRVL).

Vodafone Idea now called as ‘Vi’

September 6, 2020

• Vodafone Idea has announced its new unified brand identity by renaming all its products under a new name and logo “Vi” with an effort to reduce the cost of maintaining two brands.

As per the SBI Ecowrap Report, India’s Real GDP likely to contract by 10.9% in FY21

September 2, 2020

• The State Bank of India’s (SBI) Ecowrap report estimated that the real Gross domestic Product(GDP) for FY21 is expected to shrink by around 10.9%(-10.9%), a decline of full year growth, against its earlier estimate of 6.8%.

ICICI Prudential Life launched voice chatbot named “LiGo”

September 2, 2020

• An Artificial intelligence (AI)-powered voice chatbot named “LiGo” launched by ICICI Prudential Life Insurance Company Limited to provide an easy to use and convenient service touch-point for customers.

NSO: India’s GDP has contracted by 23.9%

September 1, 2020

• According to NSO, India’s GDP has contracted by 23.9% in the first quarter (April-June 2020) for FY21.

Reliance Retail to acquire Future Group’s retail

August 30, 2020

• Under the new acquisition agreement, Reliance Retail and Fashion Lifestyle Limited will be taking over the retail and wholesale undertaking of Future Group for Rs 24,713 crore. The logistics and warehousing businesses of the Future Group will also be transferred to Reliance Retail.