Prime Minister Narendra Modi on Thursday made a strong pitch to settle the Article 370 debate, calling upon political parties to rise above differences in national interest and promising Kashmiris a new deal for rapid development, better pay & perks for govt servants, more opportunities for youth, efficient local governance, early polls and quick efforts to resurrect the state as a tourist hub. Political analysts said success of Modi's valiant move will be incumbent on delivery on these promises.
STREET PULSE: Where we stand  | SGX Nifty traded flat at 7 am (IST), signalling a possible positive start for Dalal Street. Asian shares caught the tail of a Wall Street rally this morning, helped by China's better-than-expected export figures. Nikkei advanced 0.6%, while Australian stocks stood flat and the KOSPI gained 1.0%. On Wall Street, the S&P500 registered its largest one-day percentage gain in two months on Thursday, while Dow and Nasdaq climbing over 1%. Read More |
| Crude oil prices rose, supported by expectations of more production cuts by OPEC. Brent futures rose 23 cents to $57.61 a barrel while WTI futures gained 25 cents to $52.79. Read More |
| LOOK WHO'S |  |
Ready for Rollback?... Leading FIIs will meet top finance ministry officials, led by Economic Affairs secretary Atanu Chakraborty, on Friday as the government seeks to ease concerns over dwindling foreign portfolio inflows after a Budget move to increase income-tax surcharge on them. Besides the tax surcharge, these investors are likely to raise issues such as restricted access to corporate bond markets and tighter KYC norms.
Read More Desperate Push... In an all-out bid to convince RBI, Indiabulls founder Sameer Gehlaut has promised to relinquish all control and rights, have no say in the management and bring the promoter group shareholding below 10 per cent in the proposed bank to be formed after the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank.
Read More | WHO'S |  |
Trade war threatens to recoil on the originator...
The escalation in US-China trade war has brought forward the next US recession, according to a majority of economists polled by Reuters who now expect the Fed to cut rates again in September and once more next year. The economists who took part the August 6-8 poll saw 45% chances of the US economy slipping into a recession in two years, up from 35% who said so in the previous poll and the highest since this question was first asked in May 2018.
Read More Bad Start... Many retail investors missed out on the Affle India IPO as their bids got rejected because of their inability to navigate through the newly-introduced UPI payment platform. Nearly 14,000 retail investors who applied through the UPI platform -- which was 50% of total UPI applications received -- did not go through, said an investment banker.
Read More Meanwhile... In a relief for new enterprises, taxation authority CBDT has clarified that scrutiny of startups not recognised by the Department for Promotion of Industry and Internal Trade on the 'angel tax' issue will be conducted only after sanction from higher authorities. This followed an assurance from the Finance Minister in her Budget speech.
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