Fitch lowers forecast

Mumbai, July 3: Global rating agency Fitch has further lowered its growth forecast for India in 2011 to 7.7 per cent from 8.3 per cent. “The growth has clearly hit a soft patch as GDP grew only 7.8 per cent in the first quarter of 2011, down from 8.4 per cent in the fourth quarter of 2009-10 and 8.9 per cent in the third quarter,” Fitch Ratings said in its report.

Bhel delay

New Delhi, July 3: Power equipment giant Bhel’s plan to float a non-banking finance company has been delayed as the board of the PSU has asked consultancy firm Crisil to incorporate some changes before finalising the contours of the NBFC proposal.

Telecom meet

New Delhi, July 3: The Telecom Commission, the decision-making arm of the DoT, will meet this week to consider the report of an internal committee amid differences in the industry over major issues, including charges for extra spectrum held by incumbent operators and other related matters.

Online retail

Mumbai, July 3: The online retail industry in India is likely to be worth Rs 7,000-crore by 2015 because of the easy availability of broadband services and increasing Internet penetration, according to Assocham.

M&A deals

New Delhi, July 3: Total value of M&A deals involving Indian companies more than halved to $7.7 billion in the June quarter because of high inflation and weak stock market, says global consultancy firm Ernst & Young.