Latest Business, Finance, and Share Market News as of 10:00 am on April 17, 2024

The International Monetary Fund (IMF) has raised its forecast for India’s GDP growth in FY24, predicting a robust expansion rate of 7.8%. This is a significant increase of 110 basis points from its previous estimate and surpasses the National Statistical Office’s projection of 7.6%. The IMF also revised its GDP growth forecast for FY25 to 6.8% and maintained the projection for FY26 at 6.5%. The upward revisions were attributed to the strength in domestic demand and a growing working-age population in India.

In other news, the government has clarified that it has no plans to monetize its stake in Vodafone Idea, ahead of the telecom operator’s mega follow-on public offer. Vodafone Idea is set to launch an Rs 18,000 crore equity offering to increase its capex, launch 5G services, and reduce its debt. The company aims to catch up with competitors Bharti Airtel and Reliance Jio in the highly competitive telecom market.

Meanwhile, the rupee hit an all-time closing low of 83.54 against the dollar due to geopolitical tensions in West Asia and rising US Treasury yields. The Reserve Bank of India intervened to prevent further depreciation, but the currency still ended the day with a decline of 9 paise. On the corporate front, logistics startup Shiprocket is expecting to return to profit in FY25 after a series of acquisitions, while fintech major BharatPe appointed Nalin Negi as its new CEO.

Lastly, benchmark indices in India experienced a third consecutive session of losses, with the Sensex falling 0.6% and the Nifty dropping 0.6%. Investors remained cautious amid uncertainties surrounding the Federal Reserve’s interest rate decision and geopolitical tensions in West Asia. The ongoing conflict between Iran and Israel has raised concerns about a potential spike in crude oil prices, further dampening market sentiment.