Remember Pranab Mukherjee's fiscal giveaways in 2009? Back then, India Inc played 'cry babies' the same way they are doing now, and fear mongering was as shrill... job losses, gloom and doom. The Finance Minister obliged back then; his government regretted it later. Today's set of policy makers and hard-nosed economy managers can see through the game. Their common refrain that the "rules of the game have changed" is a nuanced way of saying a 'FIRM NO' to a 2009 redux.
STREET PULSE: Where we stand Asian shares are struggling as weak US manufacturing activity and uncertainty over how much further the Fed would cut rates have added to a general air of caution.
Read More  | SGX Nifty traded flat at 7 am (IST), signalling indecisiveness. MSCI index for Asia-Pacific shares outside Japan edged 0.1% lower, Nikkei added 0.2%, Australian stocks eased 0.1%, while South Korean shares shed 0.3% |
| US stocks finished mixed, with Dow eking out a 50-point gain. The S&P500 and Nasdaq slipped 0.1% and 0.4%, respectively. |
Oil prices clawed back the Thursday's losses, with Brent nudging above $60 a barrel, as tighter supplies offset slowing demand growth. Brent crude rose 10 cents to $60.02 a barrel, while US crude futures were at $55.38, up 3 cents.
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Indo-US Trade Deal... India and US appear close to a breakthrough on some knotty trade issues and may ink a trade deal next month. Delhi is said to be willing to allow dairy imports from the US if Washington guarantees that they do not violate religious beliefs. India may also fix a threshold price for imported smart phones, beyond which it can levy customs duty.
Read More It's a Steal... Investors looking for an alternative to bank deposits after the rate cuts can lock their money into AAA-rated corporate fixed deposits from companies like Bajaj Finance, PNB Housing Finance and Shriram Transport Finance, which are yet to reduce deposit rates. Bajaj Finance remains the best bet yet, offering up to 8.6% for a five-year tenure. But the window for the same may not last beyond this month.
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Grim Outlook… Some leading brokerages have slashed Sensex and Nifty targets as earnings disappointment and a slowing economy have clouded the outlook of what was in recent years the most preferred emerging market. With earnings missing estimates, Nomura has cut its March 2020 Nifty target to 11,880 from 12,900, Citi has trimmed Sensex target to 39,000 from 39,600. Others have cut Nifty's EPS estimates.
Read More | Rupee falls to an eight-month low of 71.82 against dollar >>> |
| Govt must clear its dues to ease liquidity crisis: Raamdeo >>> |
Relief Package!... Minister Ravi Shankar Prasad has sought urgent relief from Finance Minister Nirmala Sitharaman for the stressed telecom sector, through a cut in levies such as licence fees and GST as part of a four-step agenda. Prasad has also urged that the Rs 36,000 crore in accumulated input tax credit due to these companies be adjusted against future GST levies.
Read More Meanwhile... With auto sales declining for the ninth straight month in July, more automotive manufacturers have laid off workers and temporarily halted production. Denso Corp's India unit has laid off about 350 temporary workers at its Manesar plant. Bellsonica, which is part-owned by Maruti Suzuki and makes fuel tanks and brake pads, has let go more than 350 workers.
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