Maruti Suzuki has responded to the nearly 25% corporate tax cut by slashing prices of 10 different models by Rs 5,000 each, representing just about 1% or less discount on average prices in a so-called pass-through of benefits to consumers. The move has two meanings: either the carmaker is too confident of an imminent demand revival, or typical corporate avarice outweighed slowdown concerns.
STREET PULSE: Where we stand Asian stocks edged up on Thursday as hopes the US and China may soon end their year-long trade war boosted demand for riskier assets while worries about a US presidential impeachment bid ebbed.
Read More  | SGX Nifty traded nearly 25 points higher at 7 am (IST), signalling a possible rise for equity indices on Dalal Street. MSCI index for Asia-Pacific shares outside Japan rose 0.1%, Japan's Nikkei gained 0.45% and Australian shares 0.13%. |
| US stocks closed higher. Dow added 0.61%, S&P500 rose 0.62%, and the Nasdaq 1.05%. |
Oil futures rose in Asia in a sign of cautious optimism about global economic prospects, but some investors warned that an end to trade friction is far from certain. US crude ticked up 0.27% to $56.64 a barrel, while Brent rose to $62.54.
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Zee Deal… Subhash Chandra's Essel Group on Wednesday said its lenders have unanimously agreed to extend the timeline for making pending payments. The extension will enable the group to optimise the value output from sale of its assets, it said. The announcement has come at a time when some of the mutual funds started dumping Zee Entertainment shares which were pledged with them by the Essel Group as collateral against the loans. Zee's stock declined 2.7% to close at Rs 271.9 on the BSE on Wednesday.
Read More Red Carpet… Prime Minister Narendra Modi on Wednesday invited foreign investors from sectors such as real estate, defence, infrastructure and food to embrace the "golden opportunity to partner India", as he enumerated measures to liberalise the economy. Speaking on 'Restoring Global Stability' at the Bloomberg Global Business Forum in New York, Modi said the Indian economy had added $1 trillion over the past five years, and aims to become a $5 trillion giant. "We are determined to reach $5 trillion. We have the capability and conditions with us."
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Grim Growth… UNCTAD has forecast India's growth to moderate to 6% in 2019 from 7.4% in 2018 due to lower-than-targeted tax collections and limited public spending. "Together with a projected deceleration in the rate of growth in 2019 for India, where below-target collections from the recently introduced GST have combined with fiscal consolidation efforts to limit public spending, will further slow growth in the Asian region as a whole," it said in its Trade and Development 2019 report. Meanwhile, Asian Development Bank has cut India's growth for the financial year to 6.5% from 7% projected earlier, owing to slower growth in consumption and investments. The corporate tax cuts, announced by Finance Minister, will lead to an increase in private investments and enhance India's global competitiveness, it said.
Read More Bond Revamp… RBI is considering including double-A rated securities to a class of corporate bonds which an investor can use as collateral to raise short-term money in the market at rates within one percentage point of the RBI's policy rate. Currently, only triple-A rated corporate papers are allowed to be traded on the so-called tripartite repo market, which has so far failed to attract much participation.
Read More Meanwhile...The White House released a call transcript on Wednesday, confirming President Donald Trump did ask his Ukrainian counterpart to probe his political rival Joe Biden, a day after Democrats seized on the explosive allegation to launch an impeachment process. "There's a lot of talk about Biden's son, that Biden stopped the prosecution and a lot of people want to find out about that," Trump told Volodymyr Zelensky in the July 25 call.
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