Morning Buzz: Jio Financial to raise money via bonds, formal job creation drops to 6-month low and more

Here are the top business headlines this morning to get your day started

  • Published:
  • 21/11/2023 09:42 AM

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Corporate India’s profit share rises to almost 5 percent of GDP

Profits of Indian companies have reached a 4.9 percent share of GDP. Analysts expect this to rise to 8 percent in the next few years which means that profits would compound at 20 percent a year. The last time the profit to GDP ratio was at 5 percent was in 2007-08. A large part of the present rise has been led by banks and commodity companies.

(Business Standard)

Jio Financial to raise money via bonds

Jio Financial is looking to raise money via the bond market. Its first issuance is expected to be Rs 5,000-10,000 crore and the company is in the process of getting a credit rating. Market sources said the company might have to pay 15-25 basis points more than parent Reliance Industries to raise money. They also expect it to get an AAA credit rating.

(Business Standard, Financial Express)

Formal job creation drops to 6-month low

Fresh additions of subscribers to provident fund accounts have fallen to a six-month low. The number of new monthly additions declined by 6.45 percent in September to 891,582 subscribers. This data has been released since April 2018 and allows economists to gauge the state of formal job creation in the economy. September saw an increase in subscribers in the sugar industry, courier services and iron and steel.

(Business Standard)

India’s gold imports rise 60 percent in October

India’s gold imports rose 60 percent to 123 tons in October. This information came from a government official not authorised to speak to the media. A reason could be that gold prices fell to a seven-month low in October prompting jewellers to stock up for the festive season. Officials expect imports to fall to about 80 million tons in November.

(Reuters)

Last Updated :

November 21, 23 09:52:24 AM IST