Adani, Tata Profit Misses Add to Alarm Over India Stocks Outlook
A deepening slowdown in corporate earnings is fueling fresh concern over India's $4.1 trillion stock market, and threatening to undermine Prime Minister Narendra Modi's latest efforts to revive growth.
Citigroup Inc. and HSBC Holdings Plc are among banks that have cut profit forecasts as the latest earnings from some of India's top firms, including Adani Enterprises Ltd. and Tata Motors Ltd., trailed estimates. Local brokerage JM Financial Ltd. expects the benchmark NSE Nifty 50 Index's earnings to grow less than 5% this fiscal year, the slowest pace since the pandemic. Some strategists say even that forecast may be too optimistic.
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UPI
an hour ago
- UPI
'Black boxes' from jet crash in India found; sole survivor doing well
1 of 10 | India's Prime Minister Narendra Modi visits the site of an Air India plane crash near the airport in Ahmedabad, India, on Friday. Photo by Indian Press Information Bureau | License Photo June 13 (UPI) -- Both of the "black boxes" were recovered from the wreckage of the Boeing 787-8 Dreamliner in India after after all but one of the 242 people onboard died. The voice and data recorders may help investigators learn what caused the passenger jet to crash just minutes after it took off from Ahmedabad for London's Gatwick Airport on Thursday. "The Flight Data Recorder (Black Box) has been recovered within 28 hours from the accident site in Ahmedabad," Ram Mohan Naidu Kinjarapu, the Indian Union Minister of Civil Aviation, said in a social media post. "This marks an important step forward in the investigation. This will significantly aid the enquiry into the incident." Hours later on Saturday morning local time, the voice recorder was found. The captain of the flight sent a distress call to air traffic control less a minute after take off, India's aviation authorities confirmed Saturday. The plane crashed just 33 minutes after takeoff. The recorders were recovered from on top of the medical college hostel where the jet crashed. Members of the U.S. Transportation Safety Board and British authorities are assisting with the investigation. More 50 of those killed from the plane are British nationals. The aircraft was made in the United States. U.S. Transportation Secretary Sean Duffy said Thursday they haven't found any safety data that the plane model itself is unsafe. "They have to get on the ground and take a look. But again, right now it'd be way too premature," Duffy said at a news conference. "People are looking at videos and trying to assess what happened, which is never a strong, smart way to make decisions on what took place." It was the first fatal flight involving the 787-8. Boeing has manufactured 1,188 of the planes since they went into service in 2009. India's government is inspecting all Boeing 787s , the aviation minister just told reporters in a press briefing. Air India operates 33 Boeing 787s and rival airline IndiGo has one, according to data from Flightradar24. Rescue workers scoured the site for survivors and, miraculously, one man, British national Vishwash Kumar Ramesh, who had been in seat 11A on the Air India flight, right next to his brother. He walked away from the crash site with only minor injuries. The sole survivor is doing well in hospital but is "psychologically disturbed," according to the Civil Hospital medical director. The jet struck a hostel for B.J. Medical College and Civil Hospital students and relatives, a medical school. The total death toll is at least 290. The British national of Indian origin told the Hindustan Times it happened very fast. "Thirty seconds after takeoff, there was a loud noise and then the plane crashed," Ramesh said. "I don't know how I'm alive, how I exited the plane." Ramesh added, "I don't know how I survived. I saw people dying in front of my eyes -- the air hostesses, and two people I saw near me. ... I walked out of the rubble." He was seated near a left-side window emergency exit in the economy section of the aircraft. He said he saw the exit, tried to get out through it and succeeded. Ramesh said he still can't believe he made it out alive. Prime Minister Narenda Modi visited him in the hospital. Modi said on X, "Met those injured in the aftermath of the tragic plane crash in Ahmedabad, including the lone survivor and assured them that we are with them and their families in this tough time. The entire nation is praying for their speedy recovery. A student said it was a "miracle" she missed the flight. Bhoomi Chauhan, 28, said she was angry after a traffic jam on the way to the airport meant she missed boarding the flight by just 10 minutes. Now she said is "numb" after learning a about the crash. In a statement on X Air India offered its deepest condolences to families of those killed and added, "The passengers comprised 169 Indian nationals, 53 British nationals, 7 Portuguese nationals and 1 Canadian national. The FAIMA Doctors Association said on X that "The wife of one super-specialist doctor was found dead." Fifty MBBS students were hospitalized in stable condition while two or three were in critical condition and four or five students were missing. Three to four relatives of resident doctors also are missing, according to FAIMA.
Bloomberg
6 hours ago
- Bloomberg
India Prime Minister Modi to Participate in G-7 Summit in Canada
Indian Prime Minister Narendra Modi will attend the G-7 Summit in Kananaskis, Canada, on June 16–17, marking his sixth consecutive appearance, the South Asian nation's foreign ministry said in a statement. He is expected to participate in talks on energy security, innovation, AI and quantum technologies, along with bilateral meetings.
Yahoo
19 hours ago
- Yahoo
Business Lookahead: Eyes on the Middle East
STORY: From tensions escalating in the Middle East to the G7 leaders meeting in Canada, these are the stories to watch in business and finance in the coming week. :: Middle East tensions :: Tehran, Iran Another of the major geopolitical tail risks investors have long been worried about has just become a reality with Israel and Iran. The initial reaction has been a spike in oil prices, a drop in stocks, and a safe-haven rally spanning gold to government bonds. Markets will be closely following how the situation unfolds and what the world's top powers do in the coming days. :: Fed focus The U.S. central bank is expected to hold rates steady on Wednesday. It will also offer projections on monetary policy and the economy for the first time since March. Tuesday's May retail sales numbers, meanwhile, could show how tariffs may be affecting consumer spending. There will also be a flurry of interest rate decisions in Europe. Central bank meetings are scheduled in Sweden, Switzerland, Norway and the UK. :: Bank of Japan The Bank of Japan kicks off its two-day policy meeting on Monday. Investors are seeking guidance on the BOJ's rate trajectory and bond tapering plans. The BOJ has vowed to keep raising rates if underlying inflation approaches its 2% target. :: G7 meeting Geopolitics, trade and much more will be on the table when the Group of Seven summit in Alberta, Canada, kicks off on June 15. Japan, for one, hopes for a trade agreement on the sidelines. And some suspect the EU could accept a 10% U.S. tariff with no retaliation for greater U.S. commitments to NATO and Ukraine. And host Canada, keen to diversify trade away from the U.S., has invited India's Narendra Modi to attend, after bilateral relations soured in recent years. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
