In its India Development Update released Tuesday, the World Bank retained the GDP growth forecast from its previous update at 6.3 per cent for the financial year 2023-24.
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The Singhania family owns 49.11 per cent of the equity of the company, which has seen an erosion in shareholder value since the news of the separation became public last month.
India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly.
Asian Paints said its decorative paint segment, which accounts for about 80% of the company’s revenue, logged double-digit volume growth.
Bajaj Finance, L&T, Titan, Bajaj Finserv, Adani Ports, SBI, IndusInd Bank, UltraTech Cement, HCLTech, Asian Paints, Axis Bank, Hindustan Unilever, and Bharti Airtel were the net gainers in the Nifty 50 pack.
The broader index Nifty also climbed 68.25 points or 0.33 per cent to reach a fresh record high of 20,969.40.
The GST Council in its 51st meeting on August 2 had recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
Mahindra & Mahindra has executed a binding agreement with Temasek for the latter to invest Rs 1,200 crore into Mahindra Electric Automobile Ltd (MEAL), valuing the EV arm at Rs 80,580 crore, M&M said in a regulatory filing.
According to the consultancy, India has a stable airline system led by two principal players after a long time, and “possibly for the first time since (the sector’s) deregulation”.