Top headlines: MS cuts India GDP forecasts; Novelis to invest $2.5 bn in US

Morgan Stanley cuts India’s growth forecasts on inflation, global slowdown

Morgan Stanley has lowered its forecasts for India’s economic growth in the next two fiscal years, saying a global slowdown, surging oil prices and weak domestic demand would take a toll on Asia’s third-largest economy.

Gross domestic product growth will be 7.6% for fiscal 2023 and 6.7% for fiscal 2024, 30 basis points lower than the previous estimates, the brokerage said in a note dated Tuesday. READ MORE.

Novelis to invest $2.5 bn in US in Birla Group’s biggest greenfield project

Aditya Birla group’s Novelis today announced it will invest $2.5 billion to build a new low-carbon recycling and rolling plant in Bay Minette, Alabama, USA.

The highly advanced facility by Hindalco subsidiary will have an initial 600 kilotonnes of finished aluminum goods capacity per year. READ MORE.

Delhivery IPO subscribed 21% on Day 1 on institutional and retail interest

Logistics services provider Delhivery’s IPO was subscribed 21 per cent on Wednesday, the first day of the issue. The retail and institutional investor portion of the issue were both subscribed 29 per cent each.

A day earlier, Delhivery raised Rs 2,346 crore from 64 anchor investors. READ MORE.

PV dispatches dip 4% in April as supply challenges remain, says SIAM

Passenger vehicle dispatches from factories to dealers in the domestic market declined by 4 per cent in April as supply side challenges continued for the automotive industry, industry body SIAM said on Wednesday.

Total passenger vehicle domestic wholesales stood at 251,581 units last month as compared to 261,633 units in April 2021. READ MORE.

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