The business wrap: Welspun India’s shares fall by 20%, and six other top stories
Markets closed lower after Urjit Patel’s appointment as RBI governor, and Moody’s said India’s ratings outlook is positive based on strong growth potential.
A look at the headlines in the sector right now:
- Shares of Welspun India drop 20% after Target Corp terminates ties with the textile manufacturer: The US company said it found out last month that Welspun substituted Egyptian cotton in about 7.5 lakh bedsheets and pillow covers with non-Egyptian ones.
- Sensex, Nifty close lower on first trading day after Urjit Patel named next RBI governor: Traders and analysts expect Patel to keep interest rates on hold during the central bank’s next policy review in October.
- India's rating outlook is positive on strong growth potential, says Moody’s: However, the agency said bad loans in the banking sector continue to be a source of risk for India’s credit forecast.
- The Finance Ministry may advance Union Budget by a month, reports PTI: The government is considering doing away with the distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure.
- Sachin Bansal reveals he was replaced because of poor performance, defends deliver-or-go culture: The Flipkart co-founder's announcement reportedly pacified employees who were miffed about the recent layoffs.
- Accessing torrent websites now comes with a warning: Three years in jail and a fine up to Rs 3 lakh: A number of Internet Service Providers have been showing a notice as a cautionary message against 'viewing, dowloading, exhibiting' content under a blocked URL.
- Facebook launches Lifestage, a video-sharing app exclusively for teenagers: Available for iPhones, it takes visuals from various facets of users' lives, and compiles them into a video biography.