 "Top headlines: Vedanta may issue NCDs, IMF cuts FY24 India growth forecast")
Vedanta may issue NCDs; parent could raise $1 billion via stake sale
BSE-listed Vedanta Ltd is planning to issue bonds, while promoter Vedanta Resources Ltd (VRL), according to banking sources, might be looking to raise around $1 billion through a sale of up to 5 per cent stake.
Vedanta informed the stock exchanges in a communication on Monday that a committee of directors would meet on April 13 to consider the issuance of non-convertible debentures (NCDs) on a private placement basis. The company, which announced a record Rs 37,700-crore dividend for 2022-23, did not disclose the amount it hoped to raise by issuing NCDs. Read more...
Bengaluru in close race with Delhi in direct tax collection: I-T dept data
Bengaluru, which houses global and Indian IT giants, is set to overtake Delhi to become the second-highest contributor in the country’s direct tax collection, after Mumbai, an internal analysis of the Income-Tax Department showed.
India’s technology capital has shown a high growth of 525 per cent in direct tax collection, comprising personal income tax and corporation tax, during the period 2007-08 to 2022-23. Read more...
IMF cuts FY24 India growth forecast to 5.9% as global banking crisis weighs
The International Monetary Fund (IMF) on Tuesday slashed its economic growth forecast for India by 20 basis points (bps) to 5.9 per cent for 2023-24 (FY24), citing lesser scope for pent-up demand due to historical revisions to data. This is the lowest growth forecast for India by any multilateral development bank, with the World Bank and the Asian Development Bank forecasting gross domestic product (GDP) growth at 6.3 per cent and 6.4 per cent respectively. Read more...
HDFC Bank to raise up to Rs 50,000 crore through bonds in FY24
HDFC Bank, the country’s largest private-sector lender, is planning to raise up to Rs 50,000 crore (about $6 billion) through bonds including additional tier (AT) I, tier II, and infrastructure bonds in the next 12 months.
Commercial banks’ combined fund raise through bonds (AT I, tier II and infrastructure bonds) was about Rs 1.14 trillion in 2022-23 as against about Rs 73,200 crore in FY22. Read more...
Bed occupancy under 3% in major cities even as Covid cases top 37,000
As the two-day mock drill to check the preparedness for Covid-19 concluded on Tuesday, data showed that less than 3 per cent hospital beds in major cities were occupied by those infected by the virus. This coincided with active Covid-19 cases crossing 37,000. In the past 24 hours itself, India reported 5,676 fresh Covid-19 cases, taking the daily positivity rate to 2.88 per cent. Despite the steady rise in cases, only 358 Covid-19 vaccine doses were administered in the past 24 hours. Read more...