IMF raises India’s growth projection to 12.5% in FY22
The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for FY 2021-22 from 11.5% estimated in January. As per IMF’s report, India is the only country expected to register double-digit growth in the current financial year. The GDP growth for FY23 is estimated at 6.9%. However, the surge in Covid-19 cases poses a severe downside risk to the growth outlook for the economy. The IMF’s World Economic Outlook now sees world growth of 6% this year, after the contraction of 3.3% in 2020 amidst the Covid-19 pandemic.
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Cargo volume handled by Adani Ports rises 41% YoY in March
Adani Ports & Special Economic Zone Ltd (APSEZ) said it had handled cargo volume of 26 million metric tonnes (MMT) in March, an increase of 41% over the corresponding period last year. The overall cargo volumes handled by APSEZ rose 27% year-on-year (YoY) to 73 MMT for the quarter ended March (Q4). In the container segment, APSEZ handled cargo volumes of 247 MMT, an increase of 11% YoY.
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Bharti Airtel to transfer 800MHz spectrum in 3 circles to Jio
Reliance Jio Infocomm has signed a definitive agreement with Bharti Airtel for acquiring the ‘Right to Use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. With this trading of the right to use spectrum, Jio will have 2x15MHz of spectrum in the 800MHz band in Mumbai circle and 2x10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles.
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Flipkart partners with Mahindra Logistics to accelerate deployment of EVs
E-commerce giant Flipkart has announced its partnership with Mahindra Logistics Ltd (MLL) to help accelerate the deployment of electric vehicles (EVs) across its logistics fleet in India. Flipkart has committed to 100% electric mobility of its logistics fleet and will deploy more than 25,000 EVs by 2030. Through its EDEL brand, MLL will play a significant role in working with various original equipment manufacturers (OEMs) to help Flipkart’s sustainable transition to EVs.
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Sobha posts record sales bookings in FY21
Sobha Limited reported a total sales volume of 13.37 lakh square feet of super built-up area worth Rs 1,072 crore for the quarter ended March (Q4). The real estate developer’s sales volumes achieved in Bengaluru, Gurugram, Pune, and Kochi were the highest ever in its history. Sales volume and total sales value were up 48% YoY and 54% YoY, respectively, in Q4 FY21. Sobha launched new residential projects of 2.77 million square feet of super built-up area and 0.27 million square feet of commercial space.
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Power market traded highest ever monthly volume of 8,249 MU in March: IEX
Indian Energy Exchange (IEX) said its power market traded the highest ever monthly volume of 8,249 million units (MU) in March 2021, posting a growth of 92% YoY. This has been due to the increase in demand and consumption of electricity across the country. The electricity market achieved an all-time high volume of 73,941 million units in FY21. This a growth of 37.2% as compared to the previous financial year.
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Delhi HC rejects Britannia’s plea of trademark infringement against ITC’s Sufeast Digestive Biscuits
A single-judge bench of the Delhi High Court dismissed a petition of Britannia Industries against ITC Limited for alleged trademark infringement by ITC’s Sunfeast Farmlite Digestive biscuits. Britannia had claimed that the labelling and packaging of ITC’s digestive biscuits were deceptively similar to that of its NutriChoice Digestive biscuits. The court ruled that it “cannot readily presume the digestive biscuit consumer, even if of average intelligence and imperfect recollection, to be unaware of the difference between these categories of digestive biscuits”.
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G M Breweries Q4 Results: Net profit rises 155% YoY to Rs 45 crore
G M Breweries Limited reported a 155.29% YoY increase in net profit to Rs 45.34 crore for the quarter ended March (Q4). Its revenue from operations rose 17.18% YoY to Rs 127.70 crore during the same period. G M Breweries’ net profit has increased by 18.02% YoY to Rs 80.09 crore for the financial year ended March 2021. The company’s board has proposed a dividend of Rs 4 per share.
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JSPL reports highest ever production, sales in FY21
Jindal Steel & Power Ltd (JSPL) reported a 61% year-on-year (YoY) increase in sales to a record high of 7.86 lakh tonnes in FY 2020-21. This can be attributed to robust domestic demand, attractive export markets, and a wide range of product offerings. The steelmaker said its production has crossed the 20 lakh tonne mark for the first time.
In other news, JSPL has announced plans to sell its entire stake in its wholly-owned subsidiary, Jindal Power Ltd, to bring down its overall debt to Rs 28,000 crore and reduce carbon emissions within the group.
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Axis Bank becomes co-promoter of Max Life Insurance
Axis Bank, along with its subsidiaries— Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance Company after completing the acquisition of a 12.99% stake in the firm. The Axis entities have a right to acquire an additional stake of up to 7% in Max Life in one or more tranches (rounds). “With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis entities on its Board,” said Axis Bank in a statement.
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Saregama signs licensing deal with short video app Triller
Saregama India Limited has signed a global licensing deal with short format video platform Triller. As part of the deal, Saregama will license its entire catalog to Triller, which will allow users to create innovative content using the robust music library of over 1.30 lakh songs in diverse Indian languages. Saregama is India’s oldest music label owned by RP-Sanjiv Goenka group of companies.
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