'Dr Doom' Nouriel Roubini has just uttered what many in the financial markets had been whispering till now. The protests on the streets sparked off by the Citizenship Amendment Act could not have come at a worse time when the economy was demanding all the attention to reverse a crippling slowdown. It's a double-edged sword: if the government lets itself be hijacked by ideological issues, the economy risks going further downhill. Should that happen, the PM will be risking his popularity, which may in turn worsen political distress and give investors, both local and global, cold feet.
STREET PULSE: Where we stand Nifty futures on Singapore Exchange traded 12 points lower at 7 am (IST), signaling fatigue on Dalal Street after Thursday's dream run. The world's shares hit a record high on Friday as a relief over de-escalation of US-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector.
HERE'S WHAT TO WATCH  | MSCI's broadest gauge of the world's stocks in 49 countries rose a tad to hit an all-time high and its index on Asia-Pacific shares outside Japan rose 0.18%. Japan's Nikkei rose 0.43% while Australian stocks rallied 0.67% to a record high. |
| On Wall Street, the Dow Jones Industrial Average rose 211.81 points, or 0.74%, to 28,956 in overnight trade. The S&P 500 gained 21.65 points, or 0.67%, to 3,274 and the Nasdaq 74.18 points, or 0.81%, to 9,203. |
| Oil prices traded sharply lower from their highs hit in the wake of Iran's missile attack. Brent crude fell 14 cents, or 0.2%, to $65.23 after falling more than 4% over the last two days. WTI was down 14 cents, or 0.2%, at $59.42. |
| The rupee on Thursday appreciated by 48 paise to close at 71.21 against the US dollar as investors cheered easing tensions between the US and Iran. |
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Bharti Fundraising Sails… Bharti Airtel's $3 billion fundraising exercise has been subscribed more than three times, garnering pledges of $9-10 billion. Global investors, foreign banks and leading local institutional players including Fidelity, BlackRock, Goldman Sachs and GIC have evinced interest in both the $2 billion QIP and the $1 billion FCCB offering, including a $250 million 'upsize' option. Warburg Pincus, JP Morgan Asset Management, Axis MF, Capital Group, ICICI Prudential, SBI MF, Birla MF, HDFC MF and ICICI Pru Mutual Fund have lined up for the QIP, while BNP Paribas, Lombard Odier, Barclays, UBS and Segantii Capital among others have pitched for the overseas bonds.
Read More Video KYC is Here… The Reserve Bank of India has decided to permit videobased KYC (Know Your Customer) as an option to establish a customer's identity. For banks, non-banking financial companies, wallet service providers and other financial entities regulated by the central bank, this is expected to come as a huge relief as remote customer authentication, as opposed to physically onboarding customers, will help save costs.
Read More Focus on $5 trillion Goal… Prime Minister Narendra Modi on Thursday called for a focused effort from all stakeholders to achieve the target of a $5 trillion economy. At a pre-Budget meeting with nearly 40 experts and economists at the NITI Aayog, PM said the '$5 trillion' idea is not sudden and is based on a deep understanding of India's strengths. Among those who attended the brainstorming session were senior economists, private equity and venture capitalists, business leaders from manufacturing, travel and tourism, apparel, FMCG and analytics, besides subject experts from agriculture, science and technology and finance.
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Sterling Failure… A proxy advisory firm has said the board and audit committee of Sterling and Wilson Solar should be held liable for their 'failure' to protect the interests of public minority shareholders as they approved the revised repayment schedule proposal of the promoters, the Shapoorji Pallonji Group. The company rejected these conclusions. Sterling and Wilson got listed on August 20, 2019, through an offer-for-sale (OFS) of shares by the promoters. While the objective of the Rs 2,850-crore IPO was to enable the promoters to repay loans amounting to Rs 2,563 crore within 90 days of listing, the company received only Rs 1,000 crore until December 31, 2019.
Read More Trai-Television Tussle... Indian television broadcasters are set to take Trai to court over frequent changes and using incorrect methodology in its amended tariff order. Trai chairman RS Sharma rejected the accusations of micromanagement and interference in the pricing of television channels. The regulator has only "fine-tuned" the rules for cable and broadcasting services to encourage investments in content and benefits to consumers. Trai recently amended the new regulatory framework for cable and broadcasting services under which TV users will be able to get more channels at lower subscription prices from March 1.
Read More Meanwhile... Start a business in five days! You may now be able to do so with minimal processes. The government is set to slash the requirements and time taken for starting a new business from 10 process and 18 days to five processes and as many days. Ten key services, including name reservation, incorporation as well as registration for various taxes such as goods and services tax, will soon be available via two forms instead of multiple individual ones at present.
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