The current account deficit will likely hit a three-year high at $43.8 billion in FY22
For the fiscal year ended March 2022, the Indian economy is expected to report a current account deficit of 1.8% of GDP or $43.81 billion in absolute terms. In FY21, there was a current account surplus of 0.9% of GDP. The data will be officially released for FY22 on the last day of June 2022. In Q3FY22, the current account deficit touched a high of 2.74% of GDP but is expected to have tapered to 1.96% in Q4FY22. This is largely on the back of a sharp improvement in merchandise exports. However, WTO is a tad cautious.
IIFL Mega Deal: Abu Dhabi’s ADIA to pump ₹2,200 cr into IIFL Home Finance
IIFL Home Finance Ltd, a 100% subsidiary of IIFL Finance Ltd, has inked a definitive agreement with the sovereign fund Abu Dhabi Investment Authority (ADIA). The deal is to raise Rs. 2,200 crore by ceding a 20% equity stake in the company. This marks one of the biggest equity infusions into the affordable housing finance segment. IIFL Home Finance will use the funds for granular expansion.IIFL Home Finance AUM of Rs23,617 crore has an active customer base of 168,000 spread across 16 states. It employs 3,200 persons.
Apollo, Reliance Industries consortium said to make a binding offer for Boots
The consortium of Reliance Industries and Apollo Global made a binding offer for the international drug store arm of Walgreens Boots. The bid is fully backed by committed financing. The drug store chain is owned by American retail giant Walgreens Boots Alliance with a presence in the UK, Ireland, Italy, Norway, the Netherlands, Thailand, and Indonesia. While Walgreen had pegged its valuation at $8.8 billion, bidders are more willing to pay around $5 billion. Boots has a network of more than 2,200 stores across the UK.
Deepak Nitrite dips 5% amid the buzz of plant closure notice post-fire incident
Deepak Nitrite stock was down another 5% and is now at a yearly low after the fire accident at its plant. There is now the buzz of a plant closure notice by the Gujarat government after the fire incident at Nandesari. The stock is now almost 43% down from its October peak price. The Director of Industrial Safety will give permission to restart the plant only after safety compliances are fully adhered to. In the last one week, the stock price of Deepak Nitrite fell 16% after the massive fire following 5 chemical blasts on 02nd June.
Mirza International hits record high; stock zooms 51% in four weeks
Leather products manufacturer, Mirza International touched a record high of Rs. 259.45 in a range-bound market. The stock is already up 51% in the last 4 weeks since it reported a 3-fold jump in PAT at Rs.30.24 crore for Q4FY22. Mirza also reported revenue growth of 42% at Rs. 445 crore in the fourth quarter. Mirza is into a range of leather products and also has a leather tannery for captive use. Mirza had also approved the amalgamation of RTS Fashions and demerger of its Red Tape business. These are subject to approvals.