PNB Housing, owned by Punjab National Bank, is looking to raise $450 million via an IPO in November. The company is looking to sell anywhere between 38.7 million and 40 million new shares at a range of 750-775 rupees. The company had reported a profit after tax of Rs 327.6 crore in FY16, and revenue of Rs 2,699.54 crore. The issue is however, coming at a time when market fundamentals point to a downturn, so the IPO may be debuting during weakened sentiment. 

Faced with questions about the accuracy of GDP and industrial production data, the government has constituted a group to identify sources of GDP errors. For the first time, reviews of GDP data at the industry and geo level will also be set up, to ensure that the fiasco of the previous numbers is not repeated. 

Infosys has taken a beating in media coverage this year, with weak growth and downward revisions in guidance. Now, an area where it prides itself in leadership - corporate governance quality - is  under fire with the appointment of D N Prahlad, a relative of N R Narayana Murthy, to the board of directors. Prahlad, who also does business with Infosys through his company Surya Software, is perceived as close to NRN and may according to some investors, compromise the independence of the board. 

BRICS follow-up: China's double talk in Goa and back home makes it clear that India did not fully achieve its goals at BRICS to align BRICS partners against Pakistan. While the Goa Declaration condemned terrorism, it didn't explicitly name Pakistani outfits the same way it called out ISIS and Syrian rebel groups. India has been making a series of concerted moves to sideline Pakistan after its incursions across the Indian border, both by limiting its role at SAARC and working to get Russia and China on its side. However, China's role is complicated by its partnership with Pakistan in the China-Pak economic corridor, and India faces an uphill battle here, especially with China's new business investments in Bangladesh and Sri Lanka. 

Photo of the day: A well-earned nap - a farmer dozes on bags of harvested paddy at the grain market in Chandigarh. Reuters