Discover the top business headlines that are trending across the world today!
Despite GDP growth falling short of expectations for the July-September quarter, experts believe the Reserve Bank of India’s Monetary Policy Committee (MPC) is unlikely to cut the policy repo rate in its upcoming review due to elevated inflation in October. Consumer Price Index (CPI) inflation reached 6.2% in October, surpassing the RBI's tolerance limit, creating an unfavourable backdrop for rate cuts, according to Shreya Sodhani, regional economist at Barclays.
The government reported second-quarter GDP growth at 5.4%, significantly below the RBI’s 7% projection and market expectations of 6.6%. Barclays has revised its FY25 GDP growth forecast to 6.5% from 6.8%.
While the MPC may maintain the current repo rate in December, experts, including ICRA's chief economist Aditi Nayar, suggest a February 2025 rate cut could be possible if inflation eases in the coming months, despite weaker-than-expected economic growth.
Adani Green Energy Ltd. plans to revisit its shelved $600 million dollar bond issuance between April and June, showcasing resilience amidst allegations against founder Gautam Adani, according to Group CFO Jugeshinder Singh. The company also aims to raise up to $500 million offshore by February through banks or private placements. Singh noted other Adani firms might explore public bond sales in India over the next year.
With $3 billion in refinancing due next year, the conglomerate points to its $6.3 billion cash reserve to manage financial needs. Allegations by US prosecutors that Adani and associates offered $250 million in bribes for solar energy contracts have impacted market confidence, wiping $34 billion off Adani firms’ market value.
The group, however, is actively countering the narrative, citing robust financial health in a recent credit report and refuting claims linking its companies to the US probe. Singh assured investors of their strong position amidst ongoing challenges.
Reliance Industries, India’s largest company by revenue, profit, market value, and social impact, has emerged as the most visible corporate in Wizikey's 2024 News Score rankings. The AI-powered media intelligence firm highlighted Reliance's dominance in media visibility, surpassing top FMCG and banking firms in the country.
Reliance scored an impressive 97.43 out of 100, marking consistent growth from 96.46 in 2023, 92.56 in 2022, and 84.9 in 2021. The Wizikey News Score evaluates brands based on news volume, headline appearances, publication reach, and readership. Reliance has maintained its top position since the rankings began five years ago, outpacing competitors like State Bank of India (89.13), HDFC Bank (86.24), and Zomato (82.94).
As the world’s first standardized metric for news visibility, Wizikey’s News Score leverages AI, big data, and machine learning to assess a brand's media presence, setting a benchmark for corporate visibility.
Swiggy Instamart's Onion Flash Sale Offers Relief Amid Soaring Prices, Inspired by Viral Plea
Swiggy Instamart recently hosted a quirky flash sale on onions in response to soaring prices and a viral plea from a Delhi customer. The humor-filled incident began with a Reddit post where the user asked a restaurant to send extra onions, joking about their skyrocketing cost. Once affordable at Rs 30-40 per kilogram, onions now cost over Rs 80 in Delhi NCR, leaving households struggling to manage grocery budgets.
The Reddit post struck a chord with many, highlighting inflation's impact on essentials. Swiggy Instamart stepped in with a solution, offering onions at Rs 39 per kilogram for an hour-long flash sale in Delhi NCR. Swiggy co-founder Phani Kishan shared the initiative’s backstory on X (formerly Twitter), encouraging consumers to grab the deal before stocks ran out. The lighthearted yet impactful move brought some much-needed relief to onion lovers amidst the crunch.
