Good morning!
Here are the top stories to start your day.
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⭐ FICCI cuts India’s growth forecast 😕
The Indian economy is expected to grow by 7% in FY23, slower than the earlier forecast of 7.4%, according to a survey of leading economists by the industry body Federation of Indian Chambers of Commerce and Industry's (FICCI). The growth estimate has been revised due to the impact of the war in Ukraine, which is expected to keep inflation high and dampen consumer demand. The industry body also said that a slowdown in China's economy is expected to hurt exports.
⭐ HUL unveils new detergent plant in UP 🧴🧼
FMCG major Hindustan Unilever (HUL) has inaugurated a new spray-dried detergent factory in Uttar Pradesh, which will manufacture products of leading brands like Surf Excel. The company is planning to invest ₹700 crore by 2025 in the plant and a distribution centre. The unit is expected to significantly increase the company's production capacity of detergent powder.
⭐ RBL Bank’s asset quality improves 💪
RBL Bank has reported Q1 net profit of ₹201 crore, as compared to a net loss of ₹459 crore in the same period last year. The rise in profits was attributed to an 82% decline in provisions for bad loans to ₹253 crore. The private lender's gross non-performing assets (GNPA) fell to 4.08%, from 4.99% last year.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.05% |
| Nikkei 225 (Japan) | ▲ 0.24% |
| Hang Seng (Hong Kong) | ▲ 0.51% |
| SSE Composite (China) | ▲ 0.44% |
| Dow Jones (US) (July 21) | ▲ 0.51% |
| NYSE (US) (July 21) | ▲ 0.66% |
| Nasdaq (US) (July 21) | ▲ 1.36% |
| S&P 500 (US) (July 21) | ▲ 0.99% |
Fact of the day
Elon Musk-owned Tesla has sold 75% of its holdings in Bitcoin, a year after investing $1.5 billion in the cryptocurrency.
Source: Economic Times