INR extends slide near one-month low
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Indian Express
4 minutes ago
- Indian Express
Asian Development Bank lowers India's FY26 growth forecast to 6.5% over US tariffs
The Asian Development Bank (ADB) on Wednesday lowered India's growth forecast for FY26 to 6.5 per cent, down from 6.7 per cent projected in April 2025, citing the impact of US baseline tariffs and associated policy uncertainty. The regional development bank's revision comes as India remains engaged in high-stakes trade deal negotiations. However, finalising a deal before the August 1 deadline for reciprocal tariffs appears unlikely due to differences over market access for agriculture. 'This revision is primarily due to the impact of US baseline tariffs and associated policy uncertainty, in addition to the effects of lower global growth and the direct impact of additional US tariffs on investment flows. Despite this, economic activity remains robust, with domestic consumption expected to grow strongly on the back of a revival in rural demand,' the bank said. However, it added that India's services and agriculture sectors are expected to be key drivers of growth, with the latter supported by a forecast of above-normal monsoon rains. The Central government's fiscal position remains strong, bolstered by higher-than-expected dividends from the Reserve Bank of India, and it is on track to meet its targeted reduction in the fiscal deficit. The ADB also revised India's inflation forecast for FY26 to 3.8 per cent, down from 4.3 per cent projected in April, due to a faster-than-expected decline in food prices following improved agricultural output. Meanwhile, India's GDP growth forecast for FY27 was revised down to 6.7 per cent, from the April 2025 projection of 6.8 per cent. Earlier this week, The Indian Express reported that Indian negotiators concluded another round of talks in Washington in July, and that a US team led by the US Trade Representative for South and Central Asia, Brendan Lynch, is expected to visit India in mid-August. This fresh round of talks, beyond the August 1 deadline, comes amid rising suspense over whether India will face 26 per cent reciprocal tariffs starting that date. US Commerce Secretary Howard Lutnick on Sunday reiterated that August 1 is a 'hard deadline' for countries to begin paying tariffs. 'That's a hard deadline. So on 1 August, the new tariff rates will come in… Nothing stops countries from talking to us after 1 August, but they're going to start paying the tariffs on 1 August,' Lutnick said in a television interview. Notably, US President Donald Trump's deadline for the implementation of reciprocal tariffs has shifted multiple times. While Trump has reiterated that a deal with India is close, the country could face tariffs of up to 26 per cent if both sides fail to reach an agreement. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Economic Times
7 minutes ago
- Economic Times
NRI shocked by 3x price hike in small-town India, blames 'neglect' in viral post. But internet responds with hard truths
A non-resident Indian shared his experience on Reddit. He was surprised by the increased cost of living in India. He noticed negligence in a small town. The town was more expensive than his last visit. Other users responded with their explanations. They mentioned India's rapid growth and changing culture. The post sparked discussions about cost of living and civic awareness. Tired of too many ads? Remove Ads The Internet Reacts Tired of too many ads? Remove Ads A Reddit post by a non-resident Indian (NRI) has sparked a lively discussion online after the user expressed shock over the rising cost of living and growing public negligence in India. Titled 'Never expected India to become this expensive and negligent,' the post quickly gained traction, with many users, both in India and abroad, jumping in to share their NRI, who had returned to India for a vacation, said he was excited to spend time with his parents in a small town. But the reality, he said, was far from what he had hoped.'I came to India for vacation. I was excited about my visit. However, the reality is hitting hard,' he wrote. 'My parents are living in a small municipality town… Even my small town became 3x expensive compared to my last year visit.'He also shared frustration about what he called the country's increasing negligence. 'Too much negligence. No common sense,' he wrote, wondering how India had become so expensive in such a short post quickly attracted comments from fellow Reddit users, with many offering their own user explained, 'The reality of being an NRI is that time freezes in your memory. You expect the place you left to stay the same. But India is changing fast. It's in its peak growth phase.'Another added, 'There's a 'wanna-be' culture in India right now. Everyone's trying to imitate the West, and that's pushing prices up in some sectors, often without reason.'Many users pointed out that India's rapid urban development, inflation, and rising global influence have led to a sharp increase in prices, not just in cities, but in smaller towns as even said that while things may appear more modern on the surface, issues like poor civic sense and weak public infrastructure remain major This article is based on a user-generated post on Reddit. has not independently verified the claims made in the post and does not vouch for their accuracy. The views expressed are those of the individual and do not necessarily reflect the views of Reader discretion is advised.
Economic Times
7 minutes ago
- Economic Times
MRPL shares rally over 6%; YES Securities sees better Q2 on improving refining margins
Shares of Mangalore Refinery and Petrochemicals Ltd (MRPL) climbed as much as 6.4% on Wednesday to Rs 154 on the BSE, lifting their two-day rally to 10.6%, as investor sentiment improved on expectations of a recovery in earnings and a more supportive margin environment. ADVERTISEMENT MRPL's gains pushed its market capitalisation to Rs 26,709.61 crore. Despite the recent uptrend, the stock remains 31.5% below its 52-week high of Rs 224.80, touched in July 2024, though it has rebounded 55.6% from the 52-week low of Rs 98.95 recorded in March 2025. Brokerage Yes Securities retained its 'buy' rating on the stock following the company's first-quarter results last week, raising its price target to Rs 180 from Rs 160. The new target implies a valuation of 1.9 times FY27 estimated price-to-book value. MRPL had reported a consolidated net loss of Rs 271.97 crore for the quarter ended June 2025 (Q1FY26), reversing from a net profit of Rs 73.22 crore in the same period last year. Revenue from operations fell to Rs 20,988.03 crore from Rs 27,289.40 crore Securities attributed the earnings weakness to extended shutdowns and inventory losses. The company's gross refining margin (GRM) came in at $3.88 per barrel for the quarter, significantly below the brokerage's forecast of $7.3 per barrel. In comparison, MRPL had reported GRMs of $6.23 per barrel in the previous quarter and $4.70 per barrel a year underperformance was linked to a 45-day Phase-II shutdown—longer than anticipated—driven by severe rainfall, as well as lower plant utilisation and limited feedstock availability that hit product exports. ADVERTISEMENT Looking ahead, Yes Securities said the company is positioned to benefit from an uptick in refining spreads in the second quarter, supported by elevated diesel cracks and geopolitical risk premiums on crude following the Israel–Iran conflict. With Brent crude averaging around $70 per barrel, the brokerage expects near-term GRMs to remain firm in the first half of FY26. The brokerage also highlighted MRPL's advantageous crude sourcing mix, with over a third of its supply sourced from Russia at discounted rates, helping it maintain some of the highest GRMs among single-location Indian refiners. ADVERTISEMENT Over a three-year horizon, Yes Securities sees earnings quality improving as MRPL moves further into petrochemicals and retailing, while capitalising on integrated operations and upcoming pipeline infrastructure. Demand for value-added products is projected to outpace fuel demand, with the company targeting stable leverage despite elevated capex levels. MRPL's net debt-to-equity currently stands at 0.99x, with debt at Rs 13,230 crore. A potential merger with Hindustan Petroleum Corporation Ltd (HPCL), while speculated in the past, remains unlikely in the near term, the brokerage said. Any such move would depend on the promoters, ONGC and HPCL, and may be deferred beyond FY27 due to tax-loss carryforwards from the OMPL merger. ADVERTISEMENT Also read | Aditya Birla Real Estate shares down 32% from peak. Can the stock reclaim Rs 2,400 post Q1 results? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
