MUMBAI: India’s economy grew at its slowest pace in at least two decades in the January-March quarter, according to government figures released Friday, with warnings of worse to come as it grapples with the fallout of the world’s largest coronavirus lockdown.
Asia’s third-largest economy expanded by just 3.1 percent during the period which coincided with the first week of a months-long shutdown, with the next quarter expected to reflect a severe contraction as manufacturing, services and consumption came to a grinding halt.
Annual growth hit an 11-year low, coming in at 4.2 percent, the slowest pace of expansion since the 2008 global financial crisis.
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India quarterly growth slumps to 3.1%, worst in two decades
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India quarterly growth slumps to 3.1%, worst in two decades
- Asia’s third-largest economy expanded by just 3.1 percent during the period
Closing Bell: Saudi main index closes in red at 10,325
RIYADH: Saudi Arabia’s Tadawul All Share Index edged down on Monday, shedding 38.83 points, or 0.37 percent, to close at 10,325.20.
The total trading turnover of the benchmark index stood at SR4.02 billion ($1.07 billion), with 61 listed stocks advancing and 191 declining.
The Kingdom’s parallel market Nomu also declined by 144.88 points, or 0.62 percent, to close at 23,226.94.
The MSCI Tadawul Index advanced by 0.11 percent to 1,371.06.
The best-performing stock on the main market was Saudi Industrial Development Co., with its share price rising 6.32 percent to SR12.44.
Al Yamamah Steel Industries Co.’s share price increased by 6.06 percent to SR35.
Cherry Trading Co. also saw its stock climb 5.27 percent to SR26.16.
Conversely, the share price of the National Shipping Co. of Saudi Arabia, also known as Bahri, edged down 5.87 percent to SR26.64.
On the announcements front, SAL Saudi Logistics Services Co. said it intends to issue a riyal-denominated sukuk through a private placement, both inside and outside the Kingdom.
In a Tadawul statement, the company said the amount and terms of the sukuk offering will be determined at a later stage, based on prevailing market conditions.
SAL added that the proceeds will be used for general corporate purposes, capital expenditure plans to support future expansions and projects, and to achieve long-term financial and strategic objectives.
The company has appointed J.P. Morgan Saudi Arabia and SNB Capital as joint lead managers and bookrunners for the sukuk offering.
SAL’s share price declined by 0.63 percent to SR158.90.
In another announcement, Almarai Co. said the diesel price increase from January is expected to result in additional direct costs of approximately SR70 million for the company this year.
The firm added it will continue to focus on business efficiency, cost optimization, and other initiatives to mitigate the impact of the diesel price increase.
Almarai’s share price fell 3.50 percent to SR41.90.
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