News Wrap: India's IMF Is Lowered; Global Longlife Hospital's IPO; Jio's New Postpaid Plans; Steel Stocks Rise; Hindalco's Annual Net Profit
April 19, 2022
Sensex, Nifty and Bank Nifty are all bearish today!
BSE Sensex is down by 703.59 points (-1.23%), a closing price of 56,463.15.
Nifty 50 plunged by almost 215 points (-1.25%), closing price landed at 16,958.65.
Bank Nifty dipped by 387.4 points (-1.05%), closing price at 36,341.6.
Except for Nifty Oil & Gas, all the other sectoral indices landed on the bearish side with Nifty Bank, Auto, Realty and IT ranging between 1 - 2%
BSE midcap and smallcap indices both plunged by 1.20% and 1.21% each.
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The IMF has lowered India's growth forecast to 8.2%
The International Monetary Fund (IMF) has cut India's growth prediction for the current fiscal year by 80 basis points to 8.2%, warning that the ongoing Russia-Ukraine conflict could damage consumption and the economy in the long run as inflation rises.
The growth estimate was provided by the financing group in its "World Economic Report," which was issued today.
Higher oil costs are projected to weigh on private consumption and investment, according to the IMF's prediction for India's GDP.
It also predicted that India's current account deficit in 2022-23 will be 3.1%, up from 1.5% in 2021-22. India's GDP growth prediction for 2023-24 was also lowered to 6.9% from 7.1% in the global body's January report.
The IPO for Global Longlife Hospital is set to begin on April 21
Global Longlife Hospital and Research, situated in Ahmedabad, is a multi-speciality tertiary care hospital that offers health care services. Global Longlife Hospital and Research, a pharmaceutical firm, is planning an initial public offering (IPO) on April 21. The initial public offering (IPO) will be accessible until April 25. The SME IPO will have a lot size of 1000 shares at a price of 140 per share.
The issuance has a total size of 3,500,000 equity shares worth Rs. 49 crore. Non-institutional investors will receive 50% of the allocation, while retail investors will receive the remaining 50%. The net proceeds of the offering are planned to be used for leasehold land acquisition, loan repayment, and general company purposes. The firm is anticipated to list on the BSE SME after the IPO.
More To Know:
The Jio Institute announced that it has begun accepting applications for its one-year full-time post-graduate programmes (PGP) in the burgeoning fields of "Artificial Intelligence and Data Science" and "Digital Media and Marketing Communications."
Jio, India's largest telecom and internet provider, announced new postpaid entertainment options on Tuesday as part of its JioFiber postpaid category.
Sunflag Iron & Steel's stock has risen 73% so far this month. The steel producer's shares climbed over 8% on Tuesday in an otherwise lacklustre equities market.
Following the news of the merger, shares of the HDFC twins - HDFC Bank and HDFC - have been on a downward trend.
Hindalco is expected to record a net profit of Rs. 2,075 crore, up 218% year on year, according to the brokerage house.