India has one of the world's largest reserves of coal, yet has to import it in large quantities to meet its energy requirement. This is essentially because coal mining remains a Coal India monopoly. The move to open up the sector through FDI liberalisation throws up many possibilities, including partial divestment in Coal India, hiving off its subsidiaries to foreign investors and accelerated development of cleaner technologies. Long time coming!
STREET PULSE: Where we stand Stocks are struggling to recover as global bond yields flirted with record lows amid economic turbulence from intensifying US-China frictions to a no-deal Brexit, which are driving investors to safer harbors.
Read More  | SGX Nifty traded 33 points down at 7 am (IST), signalling weakness ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan was flat in early trade while Japan's Nikkei rose 0.14%. |
| Major US stock indices finished Wednesday's trade higher. Dow gained 258 points, or 1%; the S&P500 rose 0.7% and the Nasdaq 0.4% |
Oil prices clung to gains on Thursday after official data confirmed a big drop in US crude inventories. US crude rose 6 cents to $55.84 a barrel, while Brent crude was down 7 cents at $60.42.
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Red Carpet... India opened its doors further to FDI, diluting the stringent condition of local sourcing for single-brand retail, in continuation of measures aimed at reviving growth. It also allowed 100% FDI in commercial coal mining and as much in contract manufacturing through the automatic route, hoping to attract global vendors looking to diversify supply chains as the US and China battle it out in a trade war.
Read More | Govt unveils Rs 6,268 crore subsidy for 6 mt sugar export >>> |
| Despite rate cuts, banks wary of slashing deposit rates >>> |
Hatchet Buried…The battle between the co-promoters of IndiGo, India's largest airline by market share, showed signs of a thaw after Rakesh Gangwal agreed to a new policy on related party transactions and Rahul Bhatia said he had always credited his partner for his work. But the complaints filed with Sebi and the government remain and will be processed.
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Big Selloff… Brokers must unwind stock positions worth Rs 2,500-3,000 crore within the next two days after markets regulator Sebi refused to accept a request to stretch an August-end deadline for squaring off all client trades that have not been fully paid. Brokers will also have to unwind positions where they pledged clients' securities with banks or NBFCs to raise working capital. The impact was visible during Wednesday's trade, with top five stocks in terms of margin funding on NSE such as Yes Bank, RIL, L&T, Maruti Suzuki and Indiabulls Housing declining between 1% and 7%.
Read More Junked!... Global ratings agency Moody's Investors Service on Wednesday downgraded Yes Bank's creditworthiness deeper into 'junk' status, citing concerns over lower-than-expected capital raising recently, and the lender's ability to raise more funds in the future. Meanwhile, about Rs 500 crore plantation loans that the bank had advanced to Cafe Coffee Day are said to be at default risk.
Read More Meanwhile... RBL Bank stocks crashed to a 34-month low on Wednesday amid speculation about stock sales by employees in the wake of Cafe Coffee Day founder VG Siddhartha's disappearance, possibly based on undisclosed knowledge of the group's exposure to the lender. The stock slipped to it lowest level since October 19, 2016. The bank denied any wrongdoing by employees.
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