State Bank of India is currently trading above its 200 day SMA, but the bank stock is likely to fall again on dismal Q2 results. Kotak has projected a 40% fall in net profit for SBI YoY due to provisions against bad loans, hopefully buffetted by higher loan recoveries. The news comes just as Vinod Rai, who is helping oversee turnaround in the sector, said that two large PSU banks may merge after addressing their bad assets. 

Uber is now preparing to provide bus and van services in India, in an expansion the company calls 'Uber Everything'. The idea is to offer every option available for a passenger to go from point A to point B. The pilot in India will be managed from Bangalore's technical center. Uber had previously offered UberMoto, the two wheeler service, but had to retire it after regulatory pushback, and the insistence from the Karnataka government that the service was illegal. 

What is the world's best-performing IPO? That would be Luen Wong Group Holdings Ltd, which jumped 1,438% on the first trading day after its April IPO and is now 6,715% above its offer price. This is an outcome less because of company performance and more due to the nature of Hong Kong's stock market, where over 50 companies had their market value jump over 1000% in a six month period.  

GST reform is likely to push India past 8% GDP growth, says an S&P report. The estimate for India has gone up even as China struggles to maintain its growth footing and is now averaging around 6.1%. 

Photo of the day: A man dressed as Spiderman cleaned windows at a children's hospital in Brazil and joked with the patients during the country's Children's Day. Reuters