Weekly News: The IMF cut India's growth rate for the current fiscal year to 6.6%
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- The IMF cut India's growth rate for the current fiscal year to 6.6 per cent from its previous estimate of 7.6 per cent due to the temporary negative consumption shock of demonetisation, days after the World Bank also decelerated India's growth estimates to 7.7 per cent in 2017 and 7.6 per cent in 2018 amid strong private consumption.
- India's Wholesale prices rose 3.39 percent year-over-year in December, faster than November's 3.15 percent increase. However, that was below the 3.56 percent climb expected by economists.
- India and Peru plan to start negotiations on a bilateral free trade agreement covering goods, services and investments sometime in the first quarter. Peru said an initial technical meeting in the first quarter would mark the first time that India, one of the world's biggest and fastest-growing economies, negotiated a comprehensive trade deal with a Latin American country.
- Reliance Industries is planning to invest a sum of `30,000 crore into Reliance Jio Infocomm to further its development and improve its signal strength. Reliance Industries will sell 600 crore preference shares to raise the amount. These preference shares will be sold through a rights issue and will be nine percent non-cumulative optionally convertible (OCPS) available at 50 each including a premium of 40.
- Tata Motors has launched the much-awaited SUV, the Hexa, positioning it as a lifestyle off- roader with an attractive pricing of 12.08 lakh and upwards. Hexa is set to give a tough fight to the likes of the industry leader Innova, Mahindra XUV 500, Maruti's Ertgia among others.
- Ashok Leyland launched a newly modified LCV, 'Partner', and an Intermediate Commercial vehicle (ICV), 'Guru, after exiting the Light Commercial Vehicle (LCV) joint venture it had with Nissan in September last year.
- Mahindra & Mahindra has signed a share subscription agreement for subscribing upto 75.1% of the share capital of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), Turkey.
- BHEL has commissioned another 500 MW unit of Sagardighi Thermal Power Station Phase II in West Bengal. The unit was the second 500 MW set to be commissioned at Sagardighi Thermal Power Station (TPS) Phase II project in Murshidabad district of West Bengal.
Oil & Gas
- A committee under the Ministry of Environment, Forests and Climate Change has given a green signal to Cairn India for undertaking drilling works of 64 exploratory and appraisal wells in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of Andhra Pradesh.
- Zydus Cadila has received approval from the US drug regulator for its chemotherapy drug methotrexate tablets for the US markets. The drug is used for treatment of leukemia, lymphomas, breast cancer, lung cancer, head and neck cancers and other cancers will be produced at the group's manufacturing facility in Ahmedabad.
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