‘GDP to grow 8.2% in FY23 with more downside risks’

Sensex drops 191 points; Nifty ends near 17,000 level

Shedding around 3%, NTPC was the top loser in the Sensex pack

The BSE benchmark Sensex tumbled 191 points on Friday, tracking losses in index-heavyweights HDFC twins, Kotak Bank and Axis Bank amid mixed cues from global markets.

After a choppy session, the 30-share index ended 190.97 points or 0.33% lower at 57,124.31. Similarly, the NSE Nifty declined 68.85 points or 0.40% to 17,003.75.

NTPC was the top loser in the Sensex pack, shedding around 3%, followed by M&M, Axis Bank, PowerGrid, Kotak Bank, Dr Reddy’s, Bajaj Finserv and HDFC.

On the other hand, HCL Tech, Tech Mahindra, Asian Paints, Wipro and Infosys were among the gainers.

"A range-bound day of trading ahead of Christmas ended the week as this month quite clearly belonged to the IT sector which stood tall amidst extreme volatility as cost-push inflation across sectors is keeping street worried on the impact in the hands of the consumer," said S Ranganathan, Head of Research at LKP Securities.

While buoyancy in exports and tax collections coupled with the success of the PLI schemes are positives, there are many sectors where consolidation is waiting to happen which is where longer term investors need to focus on in the present corrective phase, he noted.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo were in the red.

Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude dipped 0.10$ to $76.52 per barrel.

TVS Apache RTR 165 RP introduced

TVS has launched its first offering under its Race Performance sub-brand – the Apache RTR 165 RP. The bike is priced at ₹1.45 lakh (ex-showroom, India).

The most notable change on the model is the heavily reworked engine. It now uses a 164.9 cc, four-valve, single-cylinder engine that makes 19.2hp at 10,000rpm and 14.2Nm of torque at 8,750rpm. For reference, the RTR 160 4V makes 17.5hp at 9,250 rpm and 14.73Nm at 7,250rpm. The power figure of the RTR 165 RP is much higher than any other 160cc motorcycle on sale in India.

TVS has said the 165 RP features 15 % bigger valves controlled by Hi-Lift Hi-Duration cams and dual spring actuators for racier engine performance. Other changes come in the form of a revised bore stroke ratio of 1.37 that allows free-revving up to the redline and a new dome piston for a higher compression ratio.

The bike also gets a slipper clutch, adjustable brake and clutch levers. It continues to use the 5-speed gearbox. Other mechanical components like the frame and brakes appear to be identical to the RTR 160 4V. TVS has said The suspension has been retuned, but for this bike. It misses out on the adjustable suspension the RTR 200 4V is available with. At 148kg, it weighs 2 kilograms more than the rear disc brake-equipped RTR 160 4V.

While the design is the same as the RTR 160 4V, it does feature a unique colour scheme and seat cover. TVS has also said that the model will be limited to 200 units.

PHOTOS: Return of the Breckenridge Holiday Lighting Festival

Thousands of people turned out on Dec. 4 for the return of Breckenridge Holiday Lighting Festival, held after last year’s celebration was canceled due to the COVID-19 pandemic.

The annual festival included the Holiday Dog Parade, the Moose March fun run for kids 12 and under and the popular Race of the Santas, which featured dozens of people dressed in Santa Claus outfits running through historic downtown Breckenridge. The evening culminated with the lighting of downtown Breckenridge at the Blue River Plaza off Main Street with 13,000 feet of 250,000 LED holiday lights.

Lyft, Ford And Argo AI To Launch Autonomous Rideshare Service In Miami

Ride-hailing service Lyft Inc. (LYFT) has teamed up with with autonomous vehicle technology startup Argo AI and its Ford Motor Co. (F) to launch at least 1,000 self-driving vehicles on Lyft’s ride-hailing network over the next five years, starting with Miami and Austin.

Ford’s autonomous vehicles, powered by the Argo Self-Driving System, on Lyft’s ridesharing network will be made available for ridesharing in Miami later this year and in Austin starting in 2022.

“This collaboration marks the first time all the pieces of the autonomous vehicle puzzle have come together this way,” Lyft co-founder and CEO Logan Green said. “Each company brings the scale, knowledge and capability in their area of expertise that is necessary to make autonomous ride-hailing a business reality.”

“This collaboration is special because we’re executing on a shared vision for improving the safety, access to and affordability of transportation in our cities,” said Bryan Salesky, founder and CEO, Argo AI. “Beyond the link that Lyft provides to the customer, we’ll be able to work together to define where an autonomous service will benefit communities the most and ensure we’re deploying the technology safely.”

As part of the agreement, Argo will use anonymized service and fleet data from Lyft in exchange of Lyft receiving 2.5% of the common equity of Argo AI.

‘GDP to grow 8.2% in FY23 with more downside risks’

BofA flags inflation, policy shift risks

Warning that the new year would be riskier than the previous two in terms of growth, inflation and the perils of monetary policy normalisation on consumption demand in particular, along with other external risks, a Wall Street brokerage has pencilled in an 8.2% GDP growth next fiscal, with more downside risks to the projection.

Consumption demand

The biggest risk to the projection is a derailed consumption demand that has been the main growth driver in the past many years, said the Bank of America Securities India house economists who still believe that consumption demand will remain the key driver of growth next fiscal as well.

The economists expect higher growth next fiscal on the back of higher overall gross value add (GVA) growth due to the lower outgo on subsidies, along with stable agriculture sector growth at about 4% and robust services growth, adding up to an overall GVA growth of 7%, down from a likely 8.5% in FY22. FY23 GDP growth is seen at 8.2%, down from 9.3% in FY22.