Top Headlines: 5G spectrum bids on Day 1, IMF cuts India's GDP forecast

The opening day of the biggest telecom auction in the country ended with top telecom firms buying spectrum worth more than Rs 1.45 trillion across frequency bands including 5G. Meanwhile, India, fuelled by its appetite for discounted Ural grades, is understood to have overtaken China as the top destination for seaborne Russian crude oil this month. Read more on these in our top headlines. 

5G spectrum auction: Bid amount exceeds Rs 1.45 trillion on Day 1

The opening day of the biggest telecom auction in the country ended with top telecom firms buying spectrum worth more than Rs 1.45 trillion across frequency bands including 5G. Even the much-acclaimed and expensive 700-MHz spectrum was picked up by telecom players. The bidding was mostly pegged at the base price. Reliance Jio, Bharti Airtel, Vodafone Idea and Adani Group are in the fray to get 5G spectrum that would allow them to offer broadband at a speed ten times higher than 4G. Read more 
 

India seen overtaking China as biggest importer of seaborne Russian crude

India, fuelled by its appetite for discounted Ural grades, is understood to have overtaken China as the top destination for seaborne Russian crude oil this month. The overall Russian crude oil imports to India are set to exceed 1 million barrels a day (b/d) in July, of which Urals crude has accounted for 880,000 b/d in the first 25 days, according to London-based energy analytics company Vortexa. Read more 
 

Mergers & acquisitions on rise as startups diversify into newer spaces

With funding under pressure and its subsequent impact on valuations, larger startups are looking for mergers and acquisitions (M&A) as they diversify into newer spaces and add capacity. This trend was also reflected in the first half of 2022 (January-June). According to Tracxn analysis, till July 26, total acquisitions stood at 169, with the average acquisition price at $90.2 million. Read more
 

IMF slashes India's FY23 GDP growth forecast by 80 bps to 7.4%

The International Monetary Fund (IMF) on Tuesday slashed India’s growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. The IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. Read more
 

We invested, supported our UK biz for a long time: Tata Steel's Narendran

Tata Steel Europe  surprised all in Q1 of FY23 with its best-ever quarterly earnings Ebitda. However, the UK operation continues to be fragile with an impending transition to greener steel. Tata Steel and Tata Sons chairman, N Chandrasekaran, indicated in a recent interview to Financial Times that without government aid there could be closure of sites. T V Narendran, managing director (MD) and chief executive officer (CEO), Tata Steel, tells Ishita Ayan Dutt that there is a case for the UK government to support the transition because it involves carbon footprint reduction. Read more
 

Consumption weakness seen in rural India: Unilever CEO Alan Jope

Markets in India are growing in value but in volumes they are declining, Alan Jope, chief executive officer (CEO) of Unilever, told analysts on Tuesday after announcing his company’s June-quarter results. He attributed the weakness in consumption to inflation, particularly in rural areas. “We are confident of Hindustan Unilever’s (HUL’s) ability to continue to grow ahead of the market and we see that reflected in very strong market share performance,” Jope said. Read more