Top headlines: IMF cuts India's FY22 GDP forecast; IndiGo Q1 loss widens

Business Standard brings you this evening's top stories

IMF slashes India's economic growth forecast for FY22 to 9.5%

The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe second COVID-19 wave cut into recovery momentum.

This forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that IMF had projected in April before the second wave took a grip.

For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April. Read more

IndiGo Q1 net loss widens to Rs 3,174 crore; misses Street estimates

InterGlobe Aviation, parent of the country's largest airline IndiGo, on Tuesday reported a net loss of Rs 3,174 crore for the three months to June, primarily due to a sharp decline in revenues amid the second wave of the coronavirus pandemic.

The airline, which had a fleet of 277 planes at the end of June 2021, incurred a net loss of Rs 2,844 crore in the year-ago period.

The carrier's consolidated total income increased by 177.2 per cent to Rs 3,170 crore in the first quarter of the current fiscal, it said in a statement. Read more

IndusInd Bank Q1 consolidated net profit nearly doubles to Rs 1,016 cr

Private lender IndusInd Bank on Tuesday reported a 99% year-on-year (YoY) rise in consolidated net profit at Rs 1,016 crore for the quarter ended June 30. The lender had posted a net profit of Rs 510 crore in the corresponding quarter last year.

Net interest income for the quarter was at Rs 3,564 crore as against Rs 3,309 crore a year ago. Read more

Canara Bank Q1 net nearly triples to Rs 1,177 cr as provisions dip

Public sector lender Canara Bank's net profit rose by 190 per cent to Rs 1,177 crore in the first quarter ended June 2021 (Q1FY22) improvement in non-interest income and dip in provisions for bad loans.

The Bengaluru-based public sector lender, had posted net profit of Rs 406 crore during the same quarter last year (Q1FY21). Read more