Top headlines: RBI steps in to save rupee, power crisis deepens, and more

Reliance Retail is still in the process of opening the stores it took over from Future Group towards the end of February. In all, it had taken control of 947 stores of Future Group, and planned to open them within 45 days. The World Bank on Tuesday cut India's economic growth forecast for the current fiscal to 7.5 per cent as rising inflation, supply chain disruptions and geopolitical tensions taper recovery. This is the second time that the World Bank has revised its GDP growth forecast for India in the current fiscal 2022-23 (April 2022 to March 2023)

Ahead of policy decision, RBI steps in to save rupee from hitting a new low

The Reserve Bank of India (RBI) stepped up its intervention in the foreign exchange market on Tuesday as the rupee headed for a new all-time low after a weak opening, though the currency traded in a narrow range ahead of the monetary policy review by the central bank. The rupee opened at 77.68 to a US dollar compared to the previous close of 77.63, and went on to hit the day’s low of 77.74. According to currency dealers, state-run banks sold dollars on behalf of the RBI at around 77.70 levels. The rupee ended the day at 77.71, down 8 paise from its previous close. Read more

 

Reopening 'Future' stores a work in progress for Reliance Retail

Reliance Retail is still in the process of opening the stores it took over from Future Group towards the end of February. In all, it had taken control of 947 stores of Future Group, and planned to open them within 45 days. While some stores are functioning under the banner of Smart Bazaar -- a grocery retail outlet of Reliance Retail -- others remain shut as Reliance Retail is yet to take a call on their business viability. Read more

World Bank cuts India's economic growth forecast to 7.5% for FY23

The World Bank on Tuesday cut India's economic growth forecast for the current fiscal to 7.5 per cent as rising inflation, supply chain disruptions and geopolitical tensions taper recovery. This is the second time that the World Bank has revised its GDP growth forecast for India in the current fiscal 2022-23 (April 2022 to March 2023). In April, it had trimmed the forecast from 8.7 per cent to 8 per cent and now it is projected at 7.5 per cent. Read more

Zomato's Blinkit deal to give Japanese investor SoftBank money in the bank

Zomato’s attempt to acquire quick commerce player Blinkit will come up for board approval on June 17. If the deal goes through, it will not only give Japanese investor SoftBank shares in Zomato, but also allow it to make some money from the investments it has made in Blinkit, said sources in the know. Read more

India's power crisis deepens as policy issues eclipse rooftop solar

India’s Minister of State for New and Renewable Energy Bhagwanth Khuba launched a “Ghar Ke Upar Solar Is Super” — another of those catchily-named schemes that characterise the Narendra Modi government. It’s a nationwide rooftop solar awareness campaign with a promise to mobilise states, citizens and municipali­ties, and enable a major role for rooftop solar in the government’s renewable ambitions. Read more

LIC's mega Rs 21,000-cr IPO does little to lift demat tally in May

New dematerialised (demat) account opening continued to show signs of moderation with the mega initial public offering (IPO) of state-owned Life Insurance Corporation of India (LIC) doing little to lift the tally in May. About 2.65 million new demat accounts were opened last month, according to data released by the country’s depositories—CDSL and NSDL. This was a reduction of almost 750,000 compared with January, when over 3.4 million new accounts were added. Read more