Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 20 June 2023

Let's begin with the market. In a recent research report analysing India’s consumer sector stocks, BNP Paribas has retained its ‘underweight’ call, expressing concerns about the sector’s growth prospects, even while noting improved margin comfort. In the report, analyst Kunal Vora examines the financial metrics of the FMCG sector over the past decade, including pre- and post-pandemic trends. Despite these concerns, the report highlights that stocks such as Titan and Britannia are favoured for their growth potential, while ITC and Emami are seen as offering value.

On to industry. US-based specialty chemical company Lubrizol Corporation announced its plans to invest over $150 million across several projects in its portfolio in India. This will include breaking ground on India’s largest CPVC resin plant in Vilayat, Gujarat, doubling capacity at its site in Dahej, Gujarat, opening a grease lab in Navi Mumbai and enabling significant in-country job growth and innovation, it said in a statement. While maintaining that India is among the fastest growing global economies with a favourable climate for business investment, Rebecca Liebert, President and CEO, Lubrizol, said, quote, “We are building on 50 years of success in India by adding new manufacturing, lab and R&D sites, supporting in-country innovation and adding jobs that capitalize on the great expanding workforce and business conditions in India, allowing us to serve needs not only in India but in surrounding countries,” unquote.

Meanwhile, The Indian industry feels the time has come to unleash the next phase of reforms in GST administration to enhance ease of doing business and called for an amnesty scheme for resolving existing tax disputes that have tied up business capital and government revenue, according to a survey. The GST administration has undergone tremendous transformation since its introduction on July 1, 2017, a Deloitte survey said on Tuesday, reported PTI. The survey found an increased acceptance of the simplified tax regime amongst businesses, with 88 per cent of MSMEs reporting a reduction in goods and services costs along with optimised supply chains. According to the survey, 80 per cent of business leaders expressed that the time is ripe for the next phase of GST regime reforms for enhanced ease of doing business and sectoral growth in the next few years.

Moving on. Baring Private Equity Asia and ChrysCapital will buy a 90% stake in Indian mortgage lender HDFC’s education finance arm for 90.60 billion rupees, marking the country’s largest-ever private equity buyout in the financial services sector, reported Reuters. The two investors valued HDFC Credila Financial Services at a pre-money valuation of 103.50 billion rupees and will infuse primary proceeds of 20 billion rupees into the company. BPEA is one of Asia’s biggest private equity firms managing more than $22 billion, while ChrysCapital is one of India’s biggest local private equity firms. They two are betting on the country’s aspirational middle class and an increasing number of students taking loans to study abroad. Indian students studying abroad grew 68% to 750,365 in 2022, and these students are expected to spend $75-80 billion on foreign education in 2024, according to Credila’s annual report.

In the technology world, WhatsApp is here with a new media picker with numbered thumbnails. This improvement is here to improve the user experience by allowing them to keep track of the items that they have selected. As with any update, this feature is available to some beta users. One can avail the latest update of WhatsApp beta for Android through the Google Play Store. Previously, WhatsApp rolled out an update in regards to linking an existing WhatsApp account with a Meta Quest device. The device will reportedly be recognised as an official linked device in future updates. Now, the messaging platform is here to provide users with an improved media picker. This would enhance the experience of sending images, videos, GIFs, and other media.

In some good news for auto lovers, Renault has taken the wraps off its all-new flagship SUV, Rafale, at the ongoing Paris Air Show. It shares the platform with Renault Espace but is the company’s first SUV to feature Renault’s brand new design language. Here’s all you need to know about the Renault Rafale. It will be the flagship SUV in the company’s global line-up. This coupe SUV gets a striking design and is very aerodynamic as well. In terms of dimensions, the Rafale measures 4.7 metres in length, 1.86 metres in width, 1.61 metres in height and has a wheelbase of 2.74 metres.

Lastly, let's see how the share market performed today. Domestic indices recovered all the intraday losses and ended Tuesday’s session broadly in green. The NSE Nifty 50 surged 61.25 points or 0.33% to 18,816.70 and BSE Sensex soared 159.40 points or 0.25% to 63,327.70.
 

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