Top headlines: Four rate hikes likely in FY23, 'Tata Neu' an instant hit

Business Standard brings you the top headlines this morning

Experts see four rate hikes in FY23, beginning June: BS Poll of economists

India’s retail inflation rate, which touched nearly 7 per cent in March, could trigger a series of repo rate increases by the Reserve Bank of India (RBI), a survey of economists by Business Standard has showed. While all the participants surveyed agreed that the interest rate hike cycle could begin in June, 90 per cent of them said there could be two to eight hikes, which means interest rates might go up by 50-200 basis points (bps) in the current financial year. Half of the participants expect at least four repo rate hikes in FY23. Read more

Govt shortlists up to 60 anchor investors for LIC's share sale

For the initial public offering (IPO) of the Life Insurance Corporation of India (LIC), the Centre has shortlisted 50-60 anchor investors, which include BlackRock, Sands Capital, Fidelity Investments, Standard Life, and JP Morgan, and will soon finalise its anchor book. The feedback from anchor investors has led to price discovery in LIC shares, valuing India’s largest insurer at around Rs 7 trillion, said an official aware of the development. Read more

Impressive start: Super app 'Tata Neu' is a superhit among customers

Tata Neu, the much-touted super app, has turned out to be an instant hit among customers and also is high on the list of most downloaded apps. The super app, which ranked 48th on the App Annie list of most downloaded apps in the country across segments on Google Play a day after it was launched (April 8), jumped to the second spot by April 11, a place behind social e-commerce app Meesho, which is at the top for weeks in a row. Read more

Fuel price rise could not have stoked March inflation, say experts

This may come as a surprise to many. Retail price inflation in petrol was the lowest at 10.21 per cent in March since November 2020. In diesel, it scraped the bottom of the barrel at 5.19 per cent in the last month of 2021-22 since February 2020. Even liquefied petroleum gas (LPG) was at a nine-month low of 9.97 per cent in the month. Yet fuels were held responsible for the 17-month high Consumer Price Index-based inflation rate of 6.95 per cent in March. Read more

Plastic ban looming, FMCG firms consider importing paper straws

With barely two-and-a-half months to go before the plastic straw ban kicks in on July 1, fast-moving consumer goods (FMCG) companies that sell juices and milkshakes in small tetra packs with straw attached see only one plausible alternative at this point: Paper straws. Only, making the switch from plastic to paper is easier said than done. Read more