- Brokerages have lowered growth expectations for companies in the IT sector. While Infosys still remains a favored company analysts have become less likely to recommend firms like Wipro and TCS for investments. At the end of the June quarter, 50 analysts assigned a “buy” rating on Infosys (47 analysts held a “buy” rating at end of June 2014) while only 29 analysts and 17 analysts were advising clients to buy TCS and Wipro, respectively. LiveMint
- India and Cyprus have signed a tax treaty that marks a significant move in India's fight against tax evasion. India will have the right to tax capital gains arising in the country. This is set to curb the large money flows to Cyprus (and earlier, Mauritius) that were reaching the country to avoid taxes in India. Firstpost
- With Raghuram Rajan no longer RBI Governor, pressure has already started on his successor Urjit Patel to cut benchmark lending rates. Commerce and Industry Minister Nirmala Sitharaman called for steep cuts, saying she plans to take this up with the Finance Ministry. Rajan, an inflation hawk, had resisted calls from the government to lower rates, pointing to rising inflation in Indian markets as a reason to limit cuts. FE
- TCS settles a US lawsuit where the company had been accused of fraud, for $26 million. A second lawsuit, where the jury announced a $940 million fine on TCS, is still awaiting its final verdict. BS
- Photo of the Day: Rescue operations continue in Amatrice, Italy where an earthquake has shattered half the town. The impact and mild aftershocks were felt as far as Rome. Atlantic
