Build-up to the Budget: The government's budget deficiti may go over 3% as Arun Jaitley prepares to borrow in order to spend on the economy, according to officials. The Indian economy is not yet back to full health after demonetization, and the government is hoping that additional spending on roads, irrigation and rail projects, as well as sops to taxpayers, will boost spending and drive growth back up.
Mistry companies have filed an affidavit with the National Law Tribunal, saying that independent directors at Tata Sons were newly appointed in order to fire Cyrus Mistry. The affidavit alleges that the newly inducted directors Amit Chandra and Ajay Piramal attended their second board meeting without knowing the facts, and colluding with the Tatas to cast their vote. The affidavit also alleges that the three directors had done business together and knew each other well.
Stock in spotlight: Reliance Communications, which hit a new 52 week low today on news that Moody's has revised the company's rating downward, from “B1” to “B2” with negative outlook. Moody stated that EBITDA from the company’s Indian operations - which contribute around 85% of EBITDA, will remain under pressure over next 6-12 months in light of intensifying competition in India’s mobile sector and the government’s demonetization.
Photo of the day: NSG Commandos march at the Republic Day parade.
