IMF Cuts India's FY24 GDP Forecast to 5.9% - Top Indian Market Updates


Here are some of the major updates that could move the markets tomorrow:

IMF cuts India's FY24 GDP forecast to 5.9%

The International Monetary Fund (IMF) has revised its growth forecast for India's current financial year (FY24) from 6.1% to 5.9%, citing tightening financing conditions and ongoing challenges from the Russia-Ukraine war and the lingering pandemic. Despite the downward revision, India is expected to remain the fastest-growing economy over the next two years. The IMF also projects a slowdown in India's inflation with an expected rate of 4.9% in the current fiscal year and further decreasing to 4.4% in the next year.

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NSE Indices rolls out India’s first REITs, InvITs index

NSE Indices Ltd (NSE’s index services subsidiary) launched India’s first-ever Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) Index - Nifty REITs & InvITs Index. The Nifty REITs & InvITs index aims at tracking the performance of REITs and InvITs that are publicly listed and traded on the National Stock Exchange. The index will be reviewed and rebalanced every quarter.

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Glenmark Pharma plans to sell stake in Glenmark Life to reduce debt

Glenmark Pharmaceuticals Ltd is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to reduce the overall debt burden. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Glenmark Life had a market valuation of Rs 5,013 crore as of the stock's closing price on Monday, which values Glenmark Pharma's stake at Rs 4,110 crore. 

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HDFC Bank to raise $6 billion in debt over next 1 year

HDFC Bank will consider raising debt of $6 billion (~Rs 50,000 crore) over the next year. The bank will discuss the fundraise at its board meeting on Saturday (April 15). The proposed fund raise would be by issuing perpetual debt instruments, Additional Tier-1 (AT-1) bonds, Tier-II capital bonds or long-term bonds. The bank will report its earnings for the January-March quarter on Sat.

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Lemon Tree signs franchise agreements to set up two hotels in Nepal

Lemon Tree Hotels (LTH) has signed two franchised agreements for two hotels, Lemon Tree Premier & Lemon Tree Resort, in Budhanilkantha and Lumbini in Nepal, respectively. The company claims to now have five properties in Nepal under different brands of Lemon Tree. Last week, LTH signed a licence agreement for an 88-room property in Whitefield, Bengaluru. The property is expected to be operational by October 2023.

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Kalpataru Power, subsidiaries gets orders worth Rs 3,079 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have secured orders worth Rs 3,079 crore in March and April 2023. The orders include civil works for a data centre and buildings of Rs 1,234 crore, an engineering procurement construction (EPC) order of Rs 754 crore in the railway business, and water supply projects of Rs 708 crore in India. It also received residential and institutional building projects worth Rs 233 crore in Africa.

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SBI to consider raising funds via unsecured notes worth up to $2B

SBI plans to raise up to $2 billion through a public offer or private placement of senior unsecured notes in US dollars during the current financial year. The bank's Executive Committee of the Central Board will meet on April 18 to consider the proposal. The funds will be raised in single or multiple rounds, and the bank will examine the status and decide on long-term fundraising through a public offer and/or private placement of senior unsecured notes in US dollars during the financial year 2023-24.

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Indian companies will face higher interest burden in FY24: India Ratings

Ind-Ra expects the interest burden on corporates to surpass pre-Covid levels, with interest outflows projected to increase by 30% in FY24 compared to FY22, reaching Rs 3.38 lakh crore. According to a report by India Ratings & Research (Ind-Ra), the advantages enjoyed by Indian companies due to lower interest rates and reduced debt in the past are likely to be reversed in the current fiscal year. This is attributed to the sharp rise in interest rates and higher working capital financing needs.

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