News Wrap: World Bank Reduced India's GDP Growth; Hariom Pipe Share Rose Rapidly; Infosys Net Profit; Toyota To Release Its EV
April 13, 2022
Sensex, Nifty and Bank Nifty are all bearish today!
BSE Sensex is down by 237.4 points (-0.41%), a closing price of 58,338.93
Nifty 50 plunged by almost 54.65 points (-0.31%), closing price landed at 17,475.65
Bank Nifty spikes by 284 points (0.75%), closing price at 37,463.40
Few sectoral indices like Nifty Pharma, Nifty Metal, Nifty Oil & Gas were bullish today whereas indices like Nifty Bank, IT and Media were covered with red.
BSE midcap plunged by 0.21% and BSE smallcap rose by 0.27%.
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The World Bank Has Lowered India's GDP Growth Forecast For FY23 From 8.7% To 8%
The World bank has decreased its estimated growth for India from 8.7% to 8% for the present fiscal year and lowered the growth expectation for South Asia, excluding Afghanistan, to 6.6%, according to the reports of Reuters.
The unfinished recovery of the labour market after the epidemic, as well as inflationary pressures in the country, will limit household expenditure. Hartwig Schafer, World Bank Vice-President for South Asia said, “High oil and food prices caused by the war in Ukraine will have a strong negative impact on peoples' real incomes," World Bank has slashed its growth forecast for a few countries like India, Maldives, but has raised it for other South-Asian countries like Pakistan and Sri-lanka.
Hariom Pipe shares hike nearly 51% in their debut trade today!
Hariom Pipe Industries is a premium manufacturer of steel and iron products in India. The company today had its debut trade on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
On the BSE, the stock debuted at Rs 214, representing a 39.86% increase above the issue price. It then increased by 46.86% to Rs 224.70. On the NSE, the stock debuted at Rs 220, representing a 43.7% increase above the issue price which was Rs. 153. It then increased by nearly 51% to Rs 231.
Hariom Pipe Industries' Rs 130-crore Initial Public Offering (IPO) was oversubscribed 7.93 times earlier this month. From March 30 to April 5, the issue was available for subscription.
More To Know:
The Union Cabinet authorised the signing of a bilateral Memorandum of Understanding (MoU) between India's market regulator SEBI and Canada's Manitoba Securities Commission.
Infosys said on Wednesday that its consolidated net profit increased by 12% year on year to Rs 5,686 crore in Q4FY22.
Toyota will release its first full-electric vehicle (EV) in May, with prices starting at $42,000 and offering greater power efficiency and cruising range for everyday driving.
Hyundai Motor said on Wednesday that it will spend 370 billion won ($300 million) on its US facility, which will begin producing environmentally-friendly vehicles later this year.
Sundar Pichai, the CEO of Alphabet and Google, revealed on Wednesday that the company will invest $9.5 billion in new offices and data centres in the United States this year.
In conjunction with an ongoing investigation under the Foreign Exchange Management Act, the Enforcement Directorate (ED) recorded the testimony of Manu Kumar Jain, a former India head of Xiaomi (FEMA).
Anand Rathi Wealth's stock soared on Wednesday after the business posted good fourth-quarter profits.