The US Federal Reserve hiked interest rates on Wednesday by 25 bps, and signalled more rate hikes are coming - three in the coming year as opposed to two, as expected earlier. The change in policy will impact developing markets such as India, as some investors bring money back to the US to take advantage of the higher interest rates.  

Even as Nusli Wadia accuses Tata Sons of coercing independent directors into voting in their favor, Livemint has accessed Tata Sons letters and documents.

The documents apparently show that Tata Sons sought legal advice on whether it was "necessary for the company to disclose to stock exchanges all the conclusions arrived at in every meeting of its independent directors." 

Stock in spotlight: Gruh Finance, which has seen high gains over the last day, and is among the top score gainers this week. 

Photo of the day: A man takes a photo of a hot-air balloon over Cairo, Egypt. Amr Dalsh/Reuters