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The Baseline

19 Aug 2016

Morning Brief: Tata Elxsi and other midcap outperformers, SBI acquires five associate banks in share swap

Outperformers like PV Sindhu in stocks - pinpointing 15 strong midcap stocks that reported consistent revenue growth in the past four quarters ET
The State Bank of India board has approved the acquisition of five associate banks, and the merger will happen by March 2017. Analysts believe the share swap ratios proposed are fair, and that the stocks of merged banks will rise. BS
Reliance Jio has onboarded over 1.5 million test users for its 4G offering, and says that it will offer data and calls at 'substantially lower' rates than its competitors. Jio has already become the target of complaints from Airtel and others who contend that its test users - who are calling customers on other networks for free - are affecting interconnection costs that telcos have to pay. Jio has shot back, accusing competitors of attempting to sabotage its entry. LiveMint
Firstpost writes that the Modi government made an effort to dim Raghuram Rajan's star power as his term as RBI governor neared its closure. While the government agreed with Rajan's stance on inflation and accepted a 4% inflation target, they were apparently angered by statements Rajan had made about the government and India's growth. The new governor, they hope, will be far more low-key and not a media darling.
Photo of the Day: Baby gorilla Afia is taken out for a walk from her zoo, around Gorilla Island in Bristol. Atlantic/Getty

The Baseline

18 Aug 2016

Morning Brief: Walmart eyeing India entry, and is it too late for Alibaba?

Microfinance stocks such as Equitas and Ujjivanmay be ripe for the plucking, having gained up to 90% since company listing. While most analysts are optimistic about this sector, expecting credit growth, others have taken a contra view and initiated shorts on Equitas as well as on Ujjivan Financial Services with target prices of Rs 142 and Rs 372, respectively. ET
With Amazon cornering the Indian e-commerce market, it may be too late now for Alibaba, which is considering an Indian entry with the acquisition of ShopClues. Alibaba had initially considered Snapdeal before the Indian company hit a valuation wall and is struggling for growth. LiveMint
Uber will allow Indian users to smaller cities to book a cab without installing its app, via a web app. The new feature has been introduced in cities including Kochi and Nagpur, and takes its battle with Ola to the smaller towns. BS
Now that the Indian government has eased foreign investment in retailing, allowing 100% FDI in selling of processed food, Walmart is eyeing the market and may be serious about an entry. The entry of the giant would reshape the market while potentially bringing down food costs for customers. However, Walmart has been criticised elsewhere for low labour pay and long hours for workers. Firstpost
Photo of the day: A man arranges the display in his stall, which is loaded with rakhi offerings for Rakshabandhan today. Reuters

The Baseline

17 Aug 2016

Morning Brief: Ola shuts down TaxiForSure amid fund crunch, Modi promises to reform, perform, transform

In an effort to reduce cash burn amid slowing funding, Ola has shut down TaxiForSure, which it acquired for over $200 million in March last year. Taxi For Sure had been forced to sell to its rival due to slower funding and problems with cab aggregator safety, which had discouraged its investors from providing more money to the startup. Ola is now facing similar challenges with Indian regulators and stiff competition from Uber. BS
Food prices continue to drive inflation up, with the Wholesale Price Index now at 3.55%, up from 1.62% the previous month. Fighting inflation has been a priority of the RBI, but the bank has limited tools against supply side problems, which is driving prices up in the present cycle. Recent droughts, weather shifts and weak agri growth have all driven up the prices of food. Firstpost
Amid the new slogan of 'reform, perform and transform' in his Independence Day speech, Modi has promised institutional reform that will result in less harrasment of taxpayers, better governance, and better access to services. He has also committed to stronger control of inflation, a concern amid rising prices. LiveMint
India has moved up 15 places in the Global Innovation rankings thanks to information and technology exports, reaching 66th place. FE
Photo of the Day: Badminton player PV Sindhu is now one win away from a medal at the Rio Olympics after defeating Wang Yihan of China. Reuters/FE

The Baseline

12 Aug 2016

Research Reports Summary, IOC is StockPick of the Week

It's a marathon research reports roundup this week! Sixty six company stocks saw BUY reports from analysts. Five company stocks saw a SELL report from analysts. Thirty nine stocks came in as HOLD/NEUTRAL.

Pick of the week: Indian Oil Corporation Limited - IOCwhich has received three price upgrades and a target price between Rs. 602- Rs 620.

Date	Stock	Target	Upside	Type	CMP	Broker	Upgrades/downgrades - last 6 months
2016-08-01	Astra Microwave Products Lim.. - ASTRAMICRO	146	21.46	BUY	117.3	HDFC Securities	1 downgrade till date
2016-08-01	Federal Bank Limited - FEDERALBNK	78	21.88	BUY	63.4	Ashika Stock Broking	2 upgrades till date
2016-08-01	Hexaware Technologies Limited - HEXAWARE	220	-0.38	NEUTRAL	215.2	HDFC Securities	1 upgrade,1 downgrade till date
2016-08-01	ICICI Bank Limited - ICICIBANK	280	13.82	BUY	246.7	HDFC Securities	2 upgrades,1 downgrade till date
2016-08-01	Indian Oil Corporation Limited - IOC	620	6.51	BUY	538.8	Ashika Stock Broking	3 upgrades till date
2016-08-01	Indoco Remedies Limited - INDOCO	365	15.91	BUY	314.9	ICICI Securities Limited	2 downgrades till date
2016-08-01	KEC International Limited - KEC	160	12.99	BUY	141.6	HDFC Securities	3 upgrades, 4 downgrades till date
2016-08-01	Larsen & Toubro Limited - LT	1461	-2.76	NEUTRAL	1502.5	HDFC Securities	4 upgrades, 4 downgrades till date
2016-08-01	LIC Housing Finance Limited - LICHSGFIN	608	16.58	BUY	521.55	Ashika Stock Broking	6 upgrades till date
2016-08-01	Unichem Laboratories Limited - UNICHEMLAB	360	27.84	BUY	281.6	Ashika Stock Broking	2 upgrades till date
2016-08-01	Vedanta (Sesa Sterlite Limit.. - VEDL	165	-3.11	HOLD	170.3	ICICI Securities Limited	7 upgrades,1 downgrade till date
2016-08-02	Blue Dart Express Limited - BLUEDART	6500	14.23	BUY	5690.05	ICICI Securities Limited	2 downgrades till date
2016-08-02	Cholamandalam Investment and.. - CHOLAFIN	1100	-4.25	NEUTRAL	1148.8	Phillip Capital	4 upgrades till date
2016-08-02	Eicher Motors Limited - EICHERMOT	25000	12.47	BUY	22227.25	ICICI Securities Limited	7 upgrades till date
2016-08-02	InterGlobe Aviation Limited - INDIGO	1057	28.25	NEUTRAL	824.15	Motilal Oswal	1 upgrade, 2 downgrades till date
2016-08-02	Shoppers Stop Limited - SHOPERSTOP	411	10.17	HOLD	373.05	ICICI Securities Limited	2 downgrades till date
2016-08-02	Sun Pharmaceuticals Industri.. - SUNPHARMA	925	10.26	BUY	838.95	Motilal Oswal	3 upgrades, 4 downgrades till date
2016-08-02	Suryalakshmi Cotton Mills Li.. - SURYALAXMI	267	79.19	BUY	149	BOB Capital Markets Ltd.	2 upgrades till date
2016-08-02	Tech Mahindra Limited - TECHM	530	5.59	NEUTRAL	501.95	HDFC Securities	4 upgrades, 4 downgrades till date
2016-08-02	Ujjivan Financial Services L.. - UJJIVAN	510	11.71	NEUTRAL	456.55	HDFC Securities	-
2016-08-02	VRL Logistics Ltd - VRLLOG	316	Target met	SELL	315.75	Phillip Capital	1 upgrade,1 downgrade till date
2016-08-03	Bharat Petroleum Corporation.. - BPCL	-	-	BUY	604	Motilal Oswal	1 upgrade till date
2016-08-03	Coal India Limited - COALINDIA	-	-	SELL	330.6	Motilal Oswal	7 downgrades till date
2016-08-03	Cyient Limited - CYIENT	589	14.54	BUY	514.25	Karvy	4 upgrades,1 downgrade till date
2016-08-03	EIH Limited - EIHOTEL	100	-10.19	HOLD	111.35	ICICI Securities Limited	-
2016-08-03	Hester Biosciences Limited - HESTERBIO	708	-4.43	HOLD	740.85	BOB Capital Markets Ltd.	1 upgrade till date
2016-08-03	Indian Bank - INDIANB	246	21.51	BUY	202.45	Phillip Capital	3 upgrades,1 downgrade till date
2016-08-03	Pidilite Industries Limited - PIDILITIND	812	10.78	BUY	733	ICICI Securities Limited	5 upgrades till date
2016-08-03	Tata Communications Limited - TATACOMM	543	20.4	BUY	451	ICICI Securities Limited	3 upgrades, 2 downgrades till date
2016-08-03	V.S.T Tillers Tractors Limited - VSTTILLERS	2250	20.91	BUY	1860.95	Motilal Oswal	1 upgrade,1 downgrade till date
2016-08-03	Vinati Organics Limited - VINATIORGA	595	8.51	NEUTRAL	548.35	Motilal Oswal	3 upgrades,1 downgrade till date
2016-08-04	Alembic Pharmaceuticals Limi.. - APLLTD	-	-	NEUTRAL	643	Angel Broking	3 downgrades till date
2016-08-04	Cadila Healthcare Limited - CADILAHC	405	7.83	BUY	375.6	ICICI Securities Limited	2 upgrades, 5 downgrades till date
2016-08-04	Carborundum Universal Limited - CARBORUNIV	267	2.93	HOLD	259.4	Karvy	1 upgrade till date
2016-08-04	Emami Limited - EMAMILTD	1070	-7.31	NEUTRAL	1154.35	Phillip Capital	2 upgrades,1 downgrade till date
2016-08-04	Orient Cement Limited - ORIENTCEM	180	8.73	NEUTRAL	165.55	HDFC Securities	2 upgrades,2 downgrades till date
2016-08-04	PI Industries Limited - PIIND	734	-6.11	HOLD	781.75	BOB Capital Markets Ltd.	3 upgrades, 2 downgrades till date
2016-08-04	The Ramco Cements Limited - RAMCOCEM	447	21.26	SELL	567.7	HDFC Securities	4 upgrades till date
2016-08-04	Voltas Limited - VOLTAS	325	-8.05	NEUTRAL	353.45	HDFC Securities	8 upgrades, 3 downgrades till date
2016-08-04	Wonderla Holidays Limited - WONDERLA	460	14.3	BUY	402.45	ICICI Securities Limited	-
2016-08-05	Brigade Enterprises Limited - BRIGADE	208	31.73	BUY	157.9	HDFC Securities	1 downgrade till date
2016-08-05	Capital First Limited - CAPF	749	10.15	BUY	680	HDFC Securities	1 upgrade till date
2016-08-05	Century Plyboards (India) Li.. - CENTURYPLY	263	23.21	BUY	213.45	Motilal Oswal	2 upgrades till date
2016-08-05	Dishman Pharmaceuticals and .. - DISHMAN	198	18.6	BUY	166.95	Karvy	2 downgrades till date
2016-08-05	Entertainment Network (India.. - ENIL	800	11.11	BUY	720	ICICI Securities Limited	1 upgrade till date
2016-08-05	Hindustan Media Ventures Lim.. - HMVL	330	19.61	BUY	275.9	Phillip Capital	1 upgrade till date
2016-08-05	Kajaria Ceramics Limited - KAJARIACER	1370	10.43	BUY	1240.65	ICICI Securities Limited	2 upgrades till date
2016-08-05	Ortel Communications Limited - ORTEL	300	77.51	BUY	169	Phillip Capital	-
2016-08-05	Pennar Engineered Building S.. - PENPEBS	225	26.4	BUY	178	Phillip Capital	-
2016-08-05	Rural Electrification Corpor.. - RECLTD	240	9.51	BUY	219.15	Dynamic Levels	-
2016-08-05	SHAILY ENGINEERING PLASTICS .. - SHAILY	640	23.08	BUY	520	Nirmal Bang	-
2016-08-05	SML Isuzu Limited - SMLISUZU	1497	13.52	HOLD	1318.75	Karvy	2 upgrades,1 downgrade till date
2016-08-05	Sundaram Finance Limited - SUNDARMFIN	1660	11.97	NEUTRAL	1482.5	Motilal Oswal	1 downgrade till date
2016-08-05	Tata Steel Limited - TATASTEEL	450	18.53	BUY	379.65	Phillip Capital	5 upgrades,1 downgrade till date
2016-08-05	Titan Company Limited - TITAN	425	1.69	HOLD	417.95	ICICI Securities Limited	5 upgrades, 2 downgrades till date
2016-08-05	Tube Investments of India Li.. - TUBEINVEST	653	16.53	BUY	560.35	Karvy	2 upgrades till date
2016-08-06	Cummins India Limited - CUMMINSIND	940	3.5	BUY	908.2	HDFC Securities	2 upgrades, 3 downgrades till date
2016-08-06	Greaves Cotton Limited - GREAVESCOT	-	-	NEUTRAL	138.5	Angel Broking	2 upgrades, 3 downgrades till date
2016-08-06	Siemens Limited - SIEMENS	870	33.35	SELL	1305.35	Phillip Capital	3 upgrades,1 downgrade till date
2016-08-08	Arvind Limited - ARVIND	370	19.94	BUY	308.5	ICICI Securities Limited	1 upgrade till date
2016-08-08	Bharat Electronics Limited - BEL	1560	26.83	BUY	1230	ICICI Securities Limited	1 upgrade, 1 downgrade till date
2016-08-08	Bharat Forge Limited - BHARATFORG	906	10.35	BUY	821	HDFC Securities	2 upgrades, 5 downgrades till date
2016-08-08	Bharti Infratel Limited - INFRATEL	450	21.77	BUY	369.55	ICICI Securities Limited	2 downgrades till date
2016-08-08	Coromandel International Lim.. - COROMANDEL	300	14.94	BUY	261	Motilal Oswal	2 upgrades till date
2016-08-08	Credit Analysis And Research.. - CARERATING	1400	23.03	BUY	1137.95	ICICI Securities Limited	-
2016-08-08	Gateway Distriparks Limited - GDL	393	46.53	BUY	268.2	Motilal Oswal	1 downgrade till date
2016-08-08	GATI Limited - GATI	200	39.03	BUY	143.85	ICICI Securities Limited	1 upgrade till date
2016-08-08	GlaxoSmithKline Consumer Hea.. - GSKCONS	6765	5.87	BUY	6390	ICICI Securities Limited	2 upgrades, 3 downgrades till date
2016-08-08	HCL Technologies Limited - HCLTECH	1000	20.63	BUY	829	Angel Broking	1 upgrade, 7 downgrades till date
2016-08-08	HT Media Limited - HTMEDIA	86	10.26	HOLD	78	ICICI Securities Limited	-
2016-08-08	Kansai Nerolac Paints Limited - KANSAINER	353	-1.94	HOLD	360	BOB Capital Markets Ltd.	2 upgrades,1 downgrade till date
2016-08-08	MindTree Limited - MINDTREE	600	3.34	NEUTRAL	580.6	Motilal Oswal	1 upgrade, 4 downgrades till date
2016-08-08	Tata Motors Limited - TATAMOTORS	576	11.61	BUY	516.1	Motilal Oswal	10 upgrades, 4 downgrades till date
2016-08-08	Triveni Turbine Limited - TRITURBINE	150	21.46	BUY	123.5	Motilal Oswal	-
2016-08-08	TTK Prestige Limited - TTKPRESTIG	4590	-7.84	HOLD	4980.45	ICICI Securities Limited	2 upgrades, 1 downgrade till date
2016-08-08	Union Bank of India - UNIONBANK	194	55.57	NEUTRAL	124.7	HDFC Securities	2 upgrades, 2 downgrades till date
2016-08-09	Amara Raja Batteries Limited - AMARAJABAT	919	0	HOLD	919	BOB Capital Markets Ltd	1 upgrade, 2 downgrades till date
2016-08-09	Bata India Limited - BATAINDIA	446	16.91	SELL	536.75	Motilal Oswal	1 upgrade, 3 downgrades till date
2016-08-09	Colgate Palmolive (India) Li.. - COLPAL	1110	14.67	BUY	968	Phillip Capital	2 upgrades, 2 downgrades till date
2016-08-09	HEG Limited - HEG	150	-7.69	HOLD	162.5	ICICI Securities Limited	-
2016-08-09	Hero MotoCorp Limited - HEROMOTOCO	3750	11.71	BUY	3356.95	Phillip Capital	9 upgrades till date
2016-08-09	INOX Leisure Limited - INOXLEISUR	290	12.42	BUY	257.95	ICICI Securities Limited	1 upgrade, 1 downgrade till date
2016-08-09	Kewal Kiran Clothing Limited - KKCL	2025	9.46	HOLD	1850	ICICI Securities Limited	1 downgrade till date
2016-08-09	Manappuram Finance Limited - MANAPPURAM	114	35.15	BUY	84.35	Motilal Oswal	1 upgrade till date
2016-08-09	Mangalam Cement Limited - MANGLMCEM	365	15.14	BUY	317	ICICI Securities Limited	4 upgrades, 2 downgrades till date
2016-08-09	Marico Limited - MARICO	300	-0.12	NEUTRAL	300.35	Phillip Capital	6 upgrades,1 downgrade till date
2016-08-09	Prism Cement Limited - PRISMCEM	122	16.41	BUY	104.8	Motilal Oswal	-
2016-08-09	Repco Home Finance Limited - REPCOHOME	966	16.96	BUY	825.9	Motilal Oswal	1 upgrade till date
2016-08-09	The Byke Hospitality Limited - BYKE	306	90.54	BUY	160.6	BOB Capital Markets Ltd.	1 downgrade till date
2016-08-10	Idea Cellular Limited - IDEA	100	5.71	HOLD	94.6	ICICI Securities Limited	3 downgrades till date
2016-08-10	Jagran Prakashan Limited - JAGRAN	220	19.57	BUY	184	ICICI Securities Limited	3 upgrades till date
2016-08-10	JK Cement Limited - JKCEMENT	855	11.47	BUY	767.05	ICICI Securities Limited	2 upgrades, 1 downgrade till date
2016-08-10	Lupin Limited - LUPIN	1650	4.04	NEUTRAL	1586	Phillip Capital	3 upgrades, 5 downgrades till date
2016-08-10	Somany Ceramics Limited - SOMANYCERA	582	-2.35	HOLD	596	ICICI Securities Limited	2 upgrades till date
2016-08-10	SRF Limited - SRF	1600	0.81	NEUTRAL	1587.2	Phillip Capital	1 upgrade, 2 downgrades till date
2016-08-10	Tata Global Beverages Limited - TATAGLOBAL	147	5.98	HOLD	138.7	ICICI Securities Limited	1 upgrade, 2 downgrades till date
2016-08-11	Apar Industries Limited - APARINDS	630	15.53	BUY	545.3	Dynamic Levels	-
2016-08-11	Apollo Tyres Limited - APOLLOTYRE	169	-1.43	NEUTRAL	171.45	Phillip Capital	1 upgrade,1 downgrade till date
2016-08-11	Britannia Industries Limited - BRITANNIA	3280	-0.2	NEUTRAL	3286.6	Phillip Capital	3 upgrades, 2 downgrades till date
2016-08-11	Meghmani Organics Limited - MEGH	50	15.21	BUY	43.4	Phillip Capital	2 upgrades till date
2016-08-11	NIIT Technologies Limited - NIITTECH	510	23.01	BUY	414.6	Phillip Capital	1 upgrade, 3 downgrades till date

Source: Trendlyne Research Reports Summaries

The Baseline

12 Aug 2016

Morning Brief - RBI Governor Rajan creates headlines while aiming for the opposite, Aditya Birla Group and Grasim merger worries shareholders

RBI Guv Raghuram Rajan mentions PM Modi while trying not to. In an interview Rajan said that "anything I say about Prime Minister Modi will be problematic." It's a no-win situation for Rajan in his efforts to avoid controversy, where his refusal to answer a question about Modi itself generates headlines. NDTV
The merging of group firms Aditya Birla and Grasim isn't exactly good news for shareholders, with the ABG's financial services arm to be carved out into a separate company, and potentially higher debt coming into the books for Grasim. Firstpost
Bank stocks are going to take some time to recover say analysts, with poor earnings and asset quality in PSU banks resulting in reputations taking a beating. Best to wait and watch for the next 12 months. ET
Telecom companies have taken their fight against Jio and interconnect charges all the way to the PMO, but Jio is planning to expand its testing phase with free call and data offerings to customers even further in the coming months. Jio says it will add employees from selected companies to its free testing plans. LiveMint
Photo of the Day: Saina Nehwal wins her badminton match at the Olympics against Brazilian player Vicente, facing both the Brazilian and a raucous home crowd strongly supporting her opponent. IE/Associated Press

The Baseline

11 Aug 2016

Upcoming Announcements - Consumer Price Index, Raghuram Rajan's source of worry, updates tomorrow

Tomorrow the government will release some overall economic data, at 5:30 pm. There are hopes that the Manufacturing Output and Industrial Production numbers will show a boost, encouraging investors that India's economy is on the healthy track, especially with ongoing worries on global growth.

Also included in this announcement will be the number that caused outgoing RBI Governor Raghuram Rajan so much heartburn in recent months: the Consumer Price Index number, which tracks inflation in prices for Indians. The graph above shows that the CPI has been rising over the target 4% rate in recent months. The last figure was 5.77% - it is now forecast to hit close to 6% in the announcement tomorrow.

Importance	Announcement	Previous	Forecast
Medium	Consumer Price Index	5.77%	5.9%
Low	Industrial Production (YoY)	1.2%	1.5%
Low	Manufacturing Output (MoM)	0.7%

The Baseline

11 Aug 2016

Morning Brief - Reliance Jio hits back, Supreme Court to hear plea by Airtel and telcos today

Advertising is coming to the Railways: In a bid to increase revenues, the Railway Ministry is likely to launch a Rail Display Network, which will include advertising on digital screens set up across railway stations, and potentially trains across the rail network. ET
The Supreme Court will hear Airtel and other telco complaints about interconnection charges increasing, as Jio users call other networks for free. Jio has hit back against complaints, saying that existing telcos are trying to prevent Jio entry and increased competition in the space. LiveMint, ET
Dilip Buildcon has made a healthy debut into the stock market, listing at 10% premium over its offer price. The public offer despite a slow start had been oversubscribed 20.95 times. FE
The Delhi AAP government has introduced a draft policy that will regulate cab app companies like Uber and Ola. This will require them to take state taxi licenses in Delhi, and ban surge pricing. Firstpost
Photo of the Day: The swimming pool in the Rio Olympics turns a bright shade of green, and swimmers say they are unable to see their partners under water during the team events. Reuters

The Baseline

10 Aug 2016

Morning Brief - telecom operators pen complaint against Reliance Jio, Retailers demand action against Amazon, Flipkart and Paytm

Telecom operators are alleging that Reliance Jio's free trials to subscribers are choking their own networks, as Jio users call customers on other networks for free. In a letter to the telecom secretary, telcos are alleging predatory pricing by Jio. BS
Non performing assets rose in all three state run banks that reported their quarterly results yesterday, with IOB and UCO also declaring losses. LiveMint
Marc Faber, economic writer and editor, says he would rather invest in India than US for the next decade, considering India's higher growth prospects and economic outlook. ET
Retailers are clamoring for action against e-commerce players like Amazon, Flipkart and Paytm for allegedly violating FDI norms. The DIPP however says it lacks the authority to enforce regulations against these companies. FE
Photo of the Day: Indian rower Dattu Baban Bhokanal has entered the quarterfinals of the rowing competition at the Rio Olympics, and will be competing for a berth in the semi-finals. Reuters

The Baseline

09 Aug 2016

Morning Brief - winners and losers of GST, data growth slowdown worries Bharti Airtel and Idea

Winners and losers of GST: Some sectors set to see increased prices on their products due to GST, others like IT likely to benefit more from the law. ET
Data growth is slowing for telecom companies Idea and Bharti Airtel, and firms are trying to lure customers with bundled packages with cheaper price tags. FE
RBI has kept its key interest rate unchanged at 6.5%, citing growing consumer inflation. This is the last policy review headed by the current RBI governor Raghuram Rajan. The government has yet to name his successor. LiveMint
The PMO released salary details of key staffers as part of the RTI Act, and Bhaskar Khulbe, the prime minister's secretary, is the highest paid on the list with a monthly salary of Rs. 2.01 lakh. BS
Photo of the Day: India's men's hockey team at Rio. Reuters

The Baseline

08 Aug 2016

Morning Brief - TRAI to review interconnect charges, telcos resist; disinvestment boost for government

The government is likely to see a big boost in disinvestment revenue as 30 cash-rich PSUs including ONGC, NTPC, Power Grid, ONGC Videsh and BHEL will start buying back a portion of their own shares during the year. FE
Policy rates unlikely to be changed by RBI tomorrow, according to economists, and Raghuram Rajan is likely to let the new RBI governor decide on rate cuts versus status quo. LiveMint
TRAI has decided to review interconnection charges that telecom companies pay each other when customers call between networks, much to telcos' dismay. Telecom companies allege that the review is being done to benefit a new entrant and plan to take TRAI to court. NDTV
GST will be taken up in Lok Sabha today to ratify the amendments made in the Rajya Sabha. Aiming for early implementation, Union Ministers have spoken to state chief ministers in BJP ruled states to ensure that the assemblies pass the bill in the state quickly. Firstpost
Photo of the Day: The Flying Gymnast, Dipa Karmakar becomes the first Indian gymnast to enter the vault finals at the Rio Olympics. Reuters/NDTV Sports