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Here are the top stories to start your day.
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⭐ Adani Wilmar cuts edible oil prices 🛢
FMCG firm Adani Wilmar slashed cooking oil prices by up to ₹30 per litre owing to the fall in global prices. The edible oil company which operates under the Fortune brand, revised the price of soybean oil to ₹165 per litre from ₹195. The price of sunflower oil was reduced to ₹199 per litre from ₹210. Company’s management said this step will boost demand for the upcoming festive season.
⭐ Bank of Maharashtra’s profits leap 🏦
Bank of Maharashtra's net profit more than doubled year-on-year to ₹451 crore in Q1 of FY23. Net interest income rose 20% to ₹1,686 crore in the quarter. The bank's asset quality improved as the gross non-performing assets (GNPA) fell to 3.74% from 6.35% in the same period a year ago.
⭐ India expected to grow above 7% in FY23 📈
India’s gross domestic product (GDP) growth for FY23 is expected to be above 7% despite global headwinds, according to the Minister of State for Finance Pankaj Chaudhury. He said India’s GDP is estimated to have grown by 8.7% during FY22. India’s economy is recovering, but faces challenges from global monetary tightening, supply chain issues as well as increasing inflation, he added.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.78% |
| Nikkei 225 (Japan) | ▲ 0.71% |
| Hang Seng (Hong Kong) | ▼0.88% |
| SSE Composite (China) | ▲ 0.016% |
| Dow Jones (US) (July 18) | ▼0.69% |
| NYSE (US) (July 18) | ▼0.32% |
| Nasdaq (US) (July 18) | ▼0.81% |
| S&P 500 (US) (July 18) | ▼0.84% |
Fact of the day
Plane manufacturer Boeing has cut its 20-year industry outlook for plane demand by 6% to 41,170 aircraft, due to uncertainty over the impact of sanctions against Russia.
Source: Business Insider