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☆ India's growth to slow in 2023 on fading reopening impact-Goldman Sachs
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Nov 21 (Reuters) - Goldman Sachs expects India's economic growth to slow to 5.9% next year, from an estimated 6.9% growth in 2022, as the boost from the post-COVID reopening fades and monetary tightening weighs on domestic demand. "In the second half, we expect growth to re-accelerate as global growth recovers, the net export drag declines, and the investment cycle picks up," Sengupta said. The Reserve Bank of India (RBI), last week, pegged the domestic growth rate at 7% for 2022-23. Goldman Sachs expects headline inflation to drop to 6.1% in 2023, from 6.8% in 2022, saying government intervention was likely to cap food prices and that core goods inflation had probably peaked. "But upside risks to services inflation are likely to keep core inflation sticky around 6% year-on-year," Sengupta added.

☆ J.P.Morgan predicts a mild U.S. recession next year
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - J.P.Morgan economists predict a "mild recession" in the United States in the back half of next year given expectations for the Federal Reserve to tighten monetary policy further in its battle against inflation. The investment bank sees the economy contracting by 0.5% by the fourth quarter of next year, and possibly dragging into 2024. That is seen cutting 2023 U.S. gross domestic product (GDP) to 1%, almost half of its forecast for 2022. A 50-bps hike is expected in December, followed by 25 bps each in February and March. Personal consumption expenditure - the Fed's preferred inflation metric - is expected to moderate to 3.4% next year.

☆ Barclays cuts 2023 global growth forecast, expects weakest growth in four decades
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Barclays economists on Wednesday cut their global economic growth forecast for 2023 as inflation is seen unlikely to fall quickly, forcing monetary policy to be 'restrictive'. The brokerage warned that 2023 looks set to be one of the weakest in four decades with advanced economies likely heading into a recession. They now forecast global growth at 1.7% on a year-on-year basis, compared to September's forecast of 2.2%. For the U.S., the brokerage sees a longer recession that will see gross domestic product decline by 0.1% in 2023. It expects India to grow over 5% on a year-on-year basis in 2023.

☆ KFC's Middle East and North Africa franchisee sets price range for IPO
▼ + stars: | 2022-11-14 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, is set to raise as much as $1.8 billion from its initial public offering after the company disclosed an indicative price range on Monday. The price range was set at 2.50 dirhams to 2.62 dirhams per share, the company said in a statement, implying an equity value for the group between $5.73 billion to $6.01 billion. The final price will be disclosed on Nov. 23, the company said. Retail investors in the UAE will be allocated 5% of the offering, while retail investors in Saudi Arabia will be offered 10%. Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger and by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ ArcelorMittal's Q3 profit beats expectations on energy savings
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 10 (Reuters) - ArcelorMittal (MT.LU), the world’s second-largest steelmaker, reported higher-than-expected third-quarter earnings on Thursday as cost cutting and energy savings offset declining demand. The Luxembourg-based company said third-quarter core profit (EBITDA), the figure most watched by the market, was $2.7 billion. This was less than half the year-ago figure, but higher than the average forecast in a company poll of $2.34 billion. ArcelorMittal said it had cut its gas consumption in Europe by 30% in a bid to counter surging energy prices, as a slowdown in economic growth across the globe weakened demand for steel. The company said that in the face of weaker demand and higher energy costs, it had cut capacity accordingly, adding that demand should pick-up once industry destocking was completed.

☆ Tata Motors falls as core earnings fail to impress
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors posted a narrowed net loss for the July-September quarter and said its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 53% year-over-year. However, brokerage Jefferies said the company's EBITDA came in 14% below its estimate, while Emkay Research and Motilal Oswal also said the number missed their estimates. "Tata Motors' performance was an all-around miss," Motilal Oswal analyst Jinesh Gandhi wrote in a note. Tata Motors stock was last down 4.4% at 414.25 rupees and was the biggest loser on India's benchmark Nifty 50 index (.NSEI), which is down 0.7%. Through the last close, Tata Motors shares had shed a tenth of their value, while the Nifty 50 index had gained around 4%.

☆ INDIA STOCKS Indian shares fall as autos drag, awaits U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

BENGALURU, Nov 10 (Reuters) - Indian shares fell on Thursday, weighed by auto and metal companies, as investors braced for crucial U.S. inflation data that will provide clues about the severity of the Federal Reserve's future interest rate hikes. The NSE Nifty 50 index (.NSEI) dropped 0.7% to 18,037 as of 0522 GMT, while the S&P BSE Sensex (.BSESN) fell 0.70% to 60,609. Indian benchmark indexes hit an over-9-1/2 month peak on Wednesday, driven by the bank Nifty index (.NSEBANK) touching a record high on the back of improved asset quality and credit growth for lenders. The bank index has gained about 17% so far this year, beating the benchmark Nifty index's 4% gain. Shares of Axis Bank (AXBK.NS) fell 2.7% after the Indian government proposed to sell a 1.55% stake in the private lender.

☆ Whirlpool's India unit reports 39% drop in Q2 profit
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 1 (Reuters) - Home appliances maker Whirlpool of India (WHIR.NS) reported a 39% drop in second-quarter profit on Tuesday, as costs increased and demand for white goods was muted amid surging inflation. Whirlpool's profit before exceptional items, its share of profit from joint ventures, and tax slid to 669.9 million Indian rupees ($8.10 million) from 1.09 billion Indian rupees, a year earlier. It had booked a one-time fair value gain of 3.25 billion rupees last year on equity interest in kitchen appliances maker Elica India. Revenue rose marginally by 0.31% to 16.12 billion rupees, helped by the higher prices. IFB (IFBI.NS) posted a 2% fall in its second-quarter profit last week on higher expenses.

☆ India's Tech Mahindra Q2 profit, revenue beats expectations
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 1 (Reuters) - Indian IT services provider Tech Mahindra (TEML.NS) reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. The Pune-based company's revenue from operations increased nearly 21% to 131.3 billion Indian rupees ($1.59 billion) in the July-September quarter, but a 27% jump in expenses pulled net profit down 4% to 12.85 billion rupees. Analysts on average were expecting a profit of 12.04 billion rupees on revenue of 129.9 billion rupees, according to IBES data from Refinitiv. Tech Mahindra's stock closed up 0.7% on Tuesday, but did little to affect its roughly 39% slide this year. ($1 = 82.6710 Indian rupees)Reporting by Ashish Chandra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares track Asian peers lower on rate hike fears
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 20 (Reuters) - Indian shares opened lower on Thursday, following dour sentiment in other Asian markets for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will continue on its aggressive rate-hike path. The NSE Nifty 50 index (.NSEI) was down 0.44% at 17,434.75 as of 0347 GMT, while the S&P BSE Sensex (.BSESN) declined 0.38% to 58,884.30. In broader Asia, Asia-Pacific shares, excluding Japan, (.MIAPJ0000PUS) fell to more than two-year low, while the yield on the 10-year U.S. Treasury note touched a fresh 14-year high. Among stocks, cigarettes-to-consumer goods maker ITC Ltd (ITC.NS) was up 0.29%, ahead of its quarterly results. ($1 = 82.9880 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's INOX Leisure loss halves as box office income picks up
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - INOX Leisure Ltd (INOL.NS), India's No.2 multiplex cinema operator, on Wednesday said its second-quarter loss more than halved, as box office and food and beverage revenues inched closer to pre-pandemic levels. This has helped offset some pressure from a lacklustre slate of releases with the likes of "Raksha Bandhan" and "Laal Singh Chaddha" flopping at the box office. Still, net box office revenue of 2.09 billion was far higher than 270 million rupees in the pandemic-hit quarter a year ago, while food & beverage revenue jumped to 1.10 billion rupees from 150 million rupees. Box office revenue was 3.11 billion rupees in the corresponding pre-pandemic quarter, while food and beverage revenue was 1.41 billion rupees. The jump in box office and food sales helped overall revenue from operations surge eight-fold to 3.74 billion rupees and offset a 155.1% jump in total expenses.

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