Lower spending by customers after demonetization has sent two year inflation to a new low, with prices rising just 3.63% in the past month. People across the country have curbed their spending except for essential requirements, as the shortage of cash has yet to ease. In the meantime about 80% of the estimated old notes - Rs. 18.4 trillion - has been returned to Indian banks, according to the RBI. The global rating agency Standard & Poor, assessing the situation, said that demonetization along with GST would have long term positive effects, widening the tax base and improving India's financial health. 

About 93% of TCS shareholders voted to oust Cyrus Mistry as a director in the EGM, an unsurprising result considering that Tata Sons owns 73% of the company. However, 78% of voting shareholders who were not promoters or institutional holders voted against Mistry's ouster.

Stock in spotlight: Ambuja Cements, where promoters have increased their holdings by 10.8% in the September 2016 quarter.

Photo of the day: Artists work on snow sculptures at an exhibition in Harbin. CSN/Reuters