FMCG maker Godrej Consumer Products Ltd (GCPL) on Friday said the devaluation of the Argentine Peso by the recently elected government in Argentina has resulted in a "negative mid-single digit impact" on its consolidated sales for the December quarter. The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar. In December 2023, the Argentine Peso to the US Dollar was devalued from 361 to 808, as the Argentinian economy is facing hyperinflationary pressures. The IndAS 29 (Indian accounting standards) mandates the YTD statement of Profit and Loss to be translated at the closing rate for presentation in consolidated financial statements, said the Godrej Group FMCG arm in a regulatory statement. It mandates all amounts to be restated into the measuring unit at the end of the reporting period by applying a general price index. "Hence, the impact of the devaluation of the Argentine Peso

India is expected to clock a GDP growth in the range of 6.9-7.2 per cent in the current financial year on the back of improving economic fundamentals, Deloitte India said in an update to its quarterly outlook. As per the first advance estimates of national income released by the National Statistical Office (NSO), the Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal, against 7.2 per cent a year ago, mainly due to a good show by mining & quarrying, manufacturing and certain segments of services sectors. Deloitte India's recent economic outlook report said there is an underlying momentum that is building up in the Indian economy, as seen in the improving economic fundamentals. India's current account deficit (CAD) was at 1.9 per cent of GDP in 2022-23 and is expected to be further lower in 2023-24, it said. Further, foreign exchange reserves remain at a comfortable level of Rs 568 billion which is equivalent to over 10 months of import cover. At present ...

Retail inflation: The jump in inflation was due to a rise in food prices as food inflation came in at 9.53 per cent in December

The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks

According to available government data, exports from Rajasthan touched Rs 70,000 crore in the 2022-2023. Trade pundits expect it to reach Rs 80,000 crore in 2023-2024

While income taxes and corporate taxes are expected to grow at around 15 per cent in FY25, the government is likely to lower its target for disinvestment in the next fiscal year