Indices at previous closing
Nifty50: 16,958 ▼215 (-1.2%)
Sensex: 56,463 ▼703 (-1.2%)
Nifty Bank: 36,341 ▼387 (-1.0%)
For more updates on F&O, click here.
IMF slashes India's growth forecast
The International Monetary Fund (IMF) has cut India's growth forecast for FY23 by 80 basis points to 8.2%. The IMF has warned that the Russia-Ukraine conflict could hurt consumption in India, and hence impede growth. Despite a sharp cut in growth projections, the IMF's forecast is still higher than the RBI's expectations. The central bank has pegged India's growth at 7.2% in FY23.
The IMF also lowered the world economy's growth rate in 2023 by 20 basis points to 3.6%.
Coal India on a power trip
Coal India Limited (CIL) said that it supplied 14.2% more coal this month to thermal power plants, compared to the same period last year. Putting its Herculean strength at work, CIL clocked a 27% year-on-year growth and is headed towards its highest production in April at 26.4 million tonnes (MT).
To cater to the post-pandemic revival in demand, the company has set aside additional 8.75 MT of coal for government power generation companies.
L&T Info to win
L&T Infotech investors are probably doing a happy dance as the company’s consolidated net profit zoomed by 17% year-on-year to ₹637.5 crore in the March quarter. The company posted a consolidated yearly profit of ₹2,296 crore as compared to ₹1,936 crore the year before – an 18.6% growth.
Now, let’s talk more numbers. The company generated an annual revenue from operations of ₹15,668 crore in the last fiscal, stepping up its own game by 26.6%. The March quarter’s operating revenue also grew by 31.5% to ₹4,301 crore.
Sectoral indices (April 19)
| Top gainers | Top losers |
| Nifty Oil & Gas ▲ 0.7% | Nifty IT ▼ 2.9% |
| NA | Nifty FMCG ▼ 2.8% |
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.3% |
| Nikkei 225 (Japan) | ▲ 0.5% |
| Hang Seng (Hong Kong) | ▲ 0.1% |
| SSE Composite (China) | ▼ 0.3% |
| Dow Jones (US) (April 19) | ▲ 1.4% |
| NYSE (US) (April 19) | ▲ 1.1% |
| Nasdaq (US) (April 19) | ▲ 2.1% |
| S&P 500 (US) (April 19) | ▲ 1.6% |
Fact of the day
The Indian semiconductor market is expected to more than double from $27 billion in 2021 to $64 billion by 2026.
Source: The Financial Express
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