News Overview

ACN reiterated FY23 revenue growth guidance to 8-11% YoY CC (inorganic contribution of ~2.5%), led by double-digit growth in managed services.

ACN reiterated FY23 revenue growth guidance to 8-11% YoY CC (inorganic contribution of ~2.5%), led by double-digit growth in managed services.

In November 2022, debt funds saw net inflows of Rs3,669 crore while net inflows into equity funds were subdued at Rs2,258 crore. Passive funds saw strong inflows of Rs10,394 crore during November 2022.

The Singapore Exchange's Nifty futures traded 48 points, or 0.26%, higher at 18,366.

On Nifty, NTPC was the top gainer soaring by 2.3% followed by Bajaj Finserv, Kotak Bank, Eicher Motors and Power Grid up 1% each.

Data Source: Office of the Economic Advisor The negative causal relationship between rate hikes and fall in WPI inflation appears to be working perfectly. Consider this causality. Between May 2022 and November 2022, the RBI hiked repo rates by 225 basis points from 4.00% to 6.25. During the same period, WPI inflation fell 1,078 bps from 16.63% to 5.85%. That is because rate hikes hit the manufacturing sector first but take time to trickle down to the retail level. The Monetary Policy Committee (MPC) of the RBI should take solace from the fact that the WPI inflation has reacted sharply to the rate hikes. Clearly, with the CPI inflation being a lag indicator, it should follow suit. In May 2022, WPI inflation had touched a 31-year high of 16.63%. WPI inflation had actually become a lot steeper in 2022 due to the Ukraine war, impact of Russia sanctions, China’s zero-COVID lockdowns and global central bank hawkishness; apart from high inflation and pressure on cost of funds

Data Source: Office of the Economic

The board of directors approved the composite scheme of the arrangement, which highlights the demerger of TAN business (Mining Chemicals) from STL to DMSPL.

The project's total cost is Rs 5,723.59 crore.

The private lender on Friday (2 September 2022) announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India.