Discover the top business headlines that are trending across the world today!
Benchmark stock indices fell in early trade on Friday, weighed down by a decline in IT stocks following Infosys' underwhelming Q2 results. By 10:12 am, the S&P BSE Sensex dropped 400.17 points to 80,606.44, while the NSE Nifty50 fell 96.85 points to 24,653.
Broader market indices also traded in the red, as volatility impacted sentiment on Dalal Street. IT stocks led the decline, with Infosys dragging the sector down due to its weak outlook. Top gainers on the Nifty50 included Axis Bank, Wipro, Eicher Motors, Tata Motors, and HDFC Life, while Infosys, Tech Mahindra, ITC, BPCL, and Nestle India were among the top losers.
Additionally, shares of Manappuram Finance plunged 15% after the Reserve Bank of India (RBI) directed its subsidiary, Asirvad Micro Finance, to halt loan sanctions and disbursals.
India's economic growth stands out as a bright spot in the global economy, driven largely by its robust domestic market, according to World Bank President Ajay Banga. Speaking ahead of the upcoming World Bank and IMF annual meetings, Banga highlighted India's impressive ability to maintain a growth rate of 6-7% despite challenging global conditions. He emphasized that the country's focus on its domestic economy is a healthy sign of sustainable growth. However, Banga noted that India still needs to address key issues such as air and water quality, as outlined by the prime minister. The World Bank is actively working with India on various initiatives to improve quality of life, and Banga expects to see tangible results from these collaborations in the coming months.
Six months after facing scrutiny for high sugar levels in Cerelac, Nestle India has introduced a new line of baby food without refined sugar. Suresh Narayanan, Chairman and Managing Director, stated, "We have realized our goal of launching Cerelac variants without refined sugar." This initiative, which began three years ago, has led to the release of new Cerelac options free of refined sugar. The expanded Cerelac range now includes 21 variants, 14 of which will be sugar-free. Seven of these sugar-free variants will be available by the end of November, with the rest launching soon after. Earlier this year, Nestle faced criticism following a report by Public Eye and the International Baby Food Action Network (IBFAN) that highlighted the presence of added sugar in Cerelac sold in India.
India is projected to solidify its position as the world's third-largest economy by 2035, according to a report by S&P Global. Alongside China, Vietnam, and the Philippines, emerging markets in the Asia-Pacific region are expected to drive approximately 65% of global economic growth. The report, titled "Emerging Markets: A Decisive Decade," highlights that emerging markets will experience an average GDP growth of 4.06% through 2035, significantly outpacing the 1.59% growth forecast for advanced economies. Jose Perez-Gorozpe, head of emerging markets credit research at S&P Global Ratings, emphasized the crucial role of these markets in shaping the future global economy. India is poised to become the fastest-growing major economy over the next three years and the third-largest by 2030. The report also noted that India's inclusion in JP Morgan’s government emerging market bond index in 2024 could unlock significant domestic capital and improve government funding opportunities.
