Top headlines: IMF says India to grow 9.5%; retail inflation at 5-month low

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IMF keeps its India economic growth projection for FY22 unchanged at 9.5%

The International Monetary Fund (IMF) has retained its projection for India’s economic growth in the current financial year at 9.5 per cent, even as it has moderately scaled down its forecast for the world economy during 2021 by 10 basis points to 5.9 per cent in view of worsening Covid dynamics and supply disruptions.

In its World Economic Outlook (WEO), the IMF has maintained India's gross domestic product (GDP) estimates for next financial year at 8.5 per cent, unchanged from its July projections. Read more

TPG Rise to invest Rs 7,500 cr in Tata Motors' EV arm at $9.1-bn valuation

Tata Motors Ltd (TML) and TPG Rise Climate on Tuesday entered into a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated. TPG Rise Climate along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11 % to 15 % stake in this company translating to an equity valuation of up to $9.1 bn. Read more

Retail inflation eases to 4.35% in Sept; IIP grows 11.9% in August

India's retail inflation eased again in September, falling to a five-month low, thanks to a favourable comparison with last year and moderating food prices that offset a surge in the cost of crude oil and fuel, government data showed on Tuesday.

Consumer price inflation fell sharply to 4.35% in September from 5.3% in August.

The Index of Industrial Production has risen 11.9% year-on-year for the month of August as against 11.5% in July, fresh data showed. Read more

India's Everest Organics starts making ingredient for Merck's Covid pill

India's Everest Organics Ltd said on Tuesday it had started making the active pharmaceutical ingredient (API) for a generic version of Merck & Co's experimental antiviral drug molnupiravir to treat mild to moderate COVID-19.

Shares of Everest Organics jumped as much as 11.6% after the news came in, and were last up 9.9% at Rs 330 in a weak Mumbai market. Read more